<SEC-DOCUMENT>0001193125-25-169376.txt : 20250730
<SEC-HEADER>0001193125-25-169376.hdr.sgml : 20250730
<ACCEPTANCE-DATETIME>20250730172526
ACCESSION NUMBER:		0001193125-25-169376
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		21
FILED AS OF DATE:		20250730
DATE AS OF CHANGE:		20250730

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21413
		FILM NUMBER:		251168286

	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

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-289104
		FILM NUMBER:		251168285

	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
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>d877269dn2.htm
<DESCRIPTION>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND
<TEXT>
<HTML><HEAD>
<TITLE>BlackRock Floating Rate Income Strategies Fund</TITLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on July&nbsp;30, 2025 </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Securities Act File No.&nbsp;333- </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Investment Company Act File <FONT STYLE="white-space:nowrap">No.&nbsp;811-21413</FONT> </B></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">N-2</FONT> </B></P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Registration Statement </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><I>Under </I></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><I>the Securities Act of 1933</I></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#9746;<B></B><B>&#8195;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#9744;<B></B><B>&#8195;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Post-Effective Amendment No.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#9744;<B></B><B>&#8195;</B></TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-size:9pt"><B>and/or</B></FONT></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-size:16pt"><B>Registration Statement</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><I>Under</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><I>the Investment Company Act of 1940</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#9746;<B></B><B>&#8195;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Amendment No.&nbsp;12</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B></B>&#9746;<B></B><B>&#8195;</B></TD></TR>
</TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:22pt; 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:9pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified In Charter) </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>100 Bellevue Parkway </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Wilmington, Delaware 19809 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Registrant&#146;s Telephone Number, including Area Code:<B> (800) <FONT STYLE="white-space:nowrap">882-0052</FONT></B> </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>John M. Perlowski </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>President and Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; 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:9pt; font-family:Times New Roman" ALIGN="center"><B>50 Hudson Yards </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>New York,
New York 10001 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and Address of Agent For Service) </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies of information to: </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Margery K. Neale, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Elliot J. Gluck, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Willkie Farr&nbsp;&amp; Gallagher LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>787 Seventh Avenue</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New
York, New York 10019-6099</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Janey Ahn, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BlackRock Advisors, LLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>50 Hudson Yards</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York,
New York 10001</B></P></TD></TR>
</TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Approximate Date of Commencement of Proposed Public Offering:</B> From time to time after the effective date of this Registration Statement. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend or interest
reinvestment plans, check the following box&#8194;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If any securities being registered on this Form will be offered on a delayed or continuous basis
in reliance on Rule 415 under the Securities Act of 1933 (&#147;Securities Act&#148;), other than securities offered in connection with a dividend reinvestment plan, check the following box&#8194;&#9746; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box&#8194;&#9746; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with
the Commission pursuant to Rule 462(e) under the Securities Act, check the following box&#8194;&#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this Form is a post-effective amendment to a
registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box&#8194;&#9744; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is proposed that this filing will become effective (check appropriate box): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">when declared effective pursuant to Section&nbsp;8(c) of the Securities Act </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If appropriate, check the following box: </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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This [post-effective] amendment designates a new effective date for a previously filed [post-effective
amendment] [registration statement]. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the
Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: <U>&#8195;&#8195;&#8195;</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is: <U>&#8195;&#8195;&#8195;</U>. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is: <U>&#8195;&#8195;&#8195;</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check each box that appropriately characterizes the Registrant: </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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Registered <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund
<FONT STYLE="white-space:nowrap">(closed-end</FONT> company that is registered under the Investment Company Act of 1940 (the &#147;Investment Company Act&#148;)). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Business Development Company <FONT STYLE="white-space:nowrap">(closed-end</FONT> company that intends or has
elected to be regulated as a business development company under the Investment Company Act). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Interval Fund (Registered <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund or a Business Development
Company that makes periodic repurchase offers under Rule <FONT STYLE="white-space:nowrap">23c-3</FONT> under the Investment Company Act). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).
</P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Emerging Growth Company (as defined by Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Securities
and Exchange Act of 1934). </P></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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act. </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">ii </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months
preceding this filing). </P></TD></TR></TABLE><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;margin-left:3%;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE
REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE. </P> <P STYLE="font-size:18pt; 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">iii </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#ff4338">The information in this Preliminary Prospectus is not complete and may be changed.
BlackRock Floating Rate Income Strategies Fund, Inc. may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary Prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
 COLOR="#ff4338"><B>SUBJECT TO COMPLETION, DATED JULY&nbsp;30, 2025 </B></FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g877269g0729121940764.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PRELIMINARY BASE PROSPECTUS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>18,000,000 Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; 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>Shares of Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Rights to Purchase Shares of Common Stock </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Floating Rate Income Strategies Fund, Inc. (the &#147;Fund,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148;) is a diversified, <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company. 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. There can be no assurance that the investment objective of the Fund will be realized. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We may offer, from time to time, in one or more offerings, up to 18,000,000 shares of our common stock, par value $.10 per share (&#147;common shares&#148;).
We may also offer subscription rights to purchase our common shares. Common shares may be offered at prices and on terms to be set forth in one or more supplements to this Prospectus (each, a &#147;Prospectus Supplement&#148;). You should read this
Prospectus and the applicable Prospectus Supplement carefully before you invest in our common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our common shares may be offered directly to one or
more purchasers, including existing shareholders in a rights offering, through agents designated from time to time by us, or to or through underwriters or dealers. The Prospectus Supplement relating to the offering will identify any agents or
underwriters involved in the sale of our common shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon which such
amount may be calculated. The Prospectus Supplement relating to any offering of rights will set forth the number of common shares issuable upon the exercise of each right (or number of rights) and the other terms of such rights offering. We may not
sell any of our common shares through agents, underwriters or dealers without delivery of a Prospectus Supplement describing the method and terms of the particular offering of our common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our common shares are listed on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;FRA.&#148; The last reported sale price of our common
shares, as reported by the NYSE on [&#9679;], 2025 was $[&#9679;] per common share. The net asset value of our common shares at the close of business on [&#9679;], 2025 was $[&#9679;] per common share. Rights issued by the Fund may also be listed on
a securities exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investing in the Fund&#146;s common shares involves certain risks, including risks of leverage, that are described in the
&#147;<A HREF="#toc877269_9">Risks</A>&#148; section beginning on page 34 of this Prospectus. Certain of these risks are summarized in &#147;Prospectus Summary&#151;Special Risk Considerations&#148; beginning on page 4. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment companies frequently trade at a discount to their net asset value. The
Fund&#146;s common shares have traded at a discount to net asset value, including during recent </B></P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
periods. If the Fund&#146;s common shares trade at a discount to their net asset value, the risk of loss may increase for purchasers in a public offering. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission (&#147;SEC&#148;) nor any state securities commission has approved or disapproved these securities or passed
upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus is part of a registration statement
that we have filed with the SEC using the &#147;shelf&#148; registration process. Under the shelf registration process, we may offer, from time to time, separately or together in one or more offerings, the securities described in this Prospectus.
The securities may be offered at prices and on terms described in one or more supplements to this Prospectus. This Prospectus provides you with a general description of the securities that we may offer. Each time we use this Prospectus to offer
securities, we will provide a Prospectus Supplement that will contain specific information about the terms of that offering. The Prospectus Supplement may also add, update or change information contained in this Prospectus. This Prospectus, together
with any Prospectus Supplement, sets forth concisely the information about the Fund that a prospective investor should know before investing. You should read this Prospectus and applicable Prospectus Supplement, which contain important information,
before deciding whether to invest in the common shares. You should retain the Prospectus and Prospectus Supplement for future reference. A Statement of Additional Information (&#147;SAI&#148;), dated [&#9679;], 2025, containing additional
information about the Fund, has been filed with the SEC and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus. You may call (800) <FONT STYLE="white-space:nowrap">882-0052,</FONT> visit the Fund&#146;s
website (<FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U>http://www.blackrock.com</U></FONT><FONT STYLE="font-family:Times New Roman">) or write to the Fund to obtain, free of charge, copies of the SAI and the
Fund&#146;s semi-annual and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&#146;s semi-annual and annual reports, are also available for free on the SEC&#146;s
website (http://www.sec.gov). You may also <FONT STYLE="white-space:nowrap">e-mail</FONT> requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#146;s website is not part of this
Prospectus. </FONT></P> <P STYLE="margin-top:12pt; 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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Fund&#146;s
common shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve
Board or any other government agency. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Prospectus dated [&#9679;], 2025 </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></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="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_1">PROSPECTUS SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_2">SUMMARY OF FUND EXPENSES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_3">FINANCIAL HIGHLIGHTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_4">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_5">THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_6">DESCRIPTION OF CAPITAL STOCK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_7">THE FUND&#146;S INVESTMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_8">LEVERAGE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_9">RISKS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_10">HOW THE FUND MANAGES RISK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_11">MANAGEMENT OF THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_12">NET ASSET VALUE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_13">DISTRIBUTIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_14">DIVIDEND REINVESTMENT PLAN</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_15">RIGHTS OFFERINGS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_16">TAX MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_17">TAXATION OF HOLDERS OF RIGHTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_18">CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_19"><FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUND
STRUCTURE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_20">REPURCHASE OF COMMON SHARES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_21">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_22">INCORPORATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_23">PRIVACY PRINCIPLES OF THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information contained in, or incorporated by reference into, this Prospectus and any related
Prospectus Supplement in making your investment decisions. The Fund has not authorized any person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is
not making an offer to sell the common shares in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this Prospectus and any Prospectus Supplement is accurate only as of the dates on their covers. The
Fund&#146;s business, financial condition and prospects may have changed since the date of its description in this Prospectus or the date of its description in any Prospectus Supplement. </B></P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_1"></A>PROSPECTUS SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This is only a summary of certain information relating to BlackRock Floating Rate Income Strategies Fund, Inc. This summary may not contain all of the
information that you should consider before investing in our common shares. You should consider the more detailed information contained in the Prospectus and in any related Prospectus Supplement and in the Statement of Additional Information
(&#147;SAI&#148;) before purchasing common shares. </I></P> <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; font-size:10pt; font-family:Times New Roman"><B>The&nbsp;Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">BlackRock Floating Rate Income Strategies Fund, Inc. is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company. Throughout this Prospectus, we refer to BlackRock Floating Rate Income
Strategies Fund, Inc. simply as the &#147;Fund&#148; or as &#147;we,&#148; &#147;us&#148; or &#147;our.&#148; See &#147;The Fund.&#148;</TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Fund&#146;s shares of common stock, par value $.10 per share (&#147;common shares&#148;), are listed for trading on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;FRA.&#148; As of [&#9679;], 2025, the
net assets of the Fund were $[&#9679;], the total assets of the Fund were $[&#9679;] and the Fund had [&#9679;] common shares outstanding<I>. </I>The last reported sale price of the Fund&#146;s common shares, as reported by the NYSE on [&#9679;],
2025 was $[&#9679;] per common share. The net asset value (&#147;NAV&#148;) of the Fund&#146;s common shares at the close of business on [&#9679;], 2025 was $[&#9679;] per common share. See &#147;Description of Capital Stock.&#148; Rights issued by
the Fund may also be listed on a securities exchange.</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>The Offering</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">We may offer, from time to time, in one or more offerings, up to 18,000,000 of our common shares on terms to be determined at the time of the offering<I>. </I>We may also offer subscription rights to purchase our common
shares<I>. </I>The common shares may be offered at prices and on terms to be set forth in one or more Prospectus Supplements<I>. </I>You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in our common
shares<I>. </I>Our common shares may be offered directly to one or more purchasers, through agents designated from time to time by us, or to or through underwriters or dealers<I>. </I>The offering price per common share will not be less than the NAV
per common share at the time we make the offering, exclusive of any underwriting commissions or discounts, provided that rights offerings that meet certain conditions may be offered at a price below the then current NAV<I>. </I>See &#147;Rights
Offerings.&#148; The Prospectus Supplement relating to the offering will identify any agents, underwriters or dealers involved in the sale of our common shares, and will set forth any applicable purchase price, fee, commission or discount
arrangement between us and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated<I>. </I>See &#147;Plan of Distribution.&#148; The Prospectus Supplement relating to any offering of rights will
set forth the number of common shares issuable upon the exercise of each right (or number of rights) and the other terms of such rights offering<I>. </I>We may not sell any of our common shares through agents, underwriters or dealers without
delivery of a Prospectus Supplement describing the method and terms of the particular offering of our common shares.</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The net proceeds from the issuance of common shares hereunder will be invested in accordance with our investment objective and policies as appropriate investment opportunities are identified, which is expected to be substantially
completed in approximately three months from the date on which the proceeds from an offering are received by the Fund; however, the identification of appropriate investment opportunities pursuant to the Fund&#146;s investment style or changes in
market conditions could result in the Fund&#146;s</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">- 1 - </P>

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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">anticipated investment period extending to as long as six months<I>. </I>See &#147;Use of Proceeds.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Investment Objectives and Policies</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Please refer to the <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm#xx_e07a5a7f-558f-4738-8aca-44a6adbf91a8_fiopr-footer-fundbookname-934_1"><U>section of the Fund&#146;s most recent annual
 report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> entitled &#147;Investment Objectives, Policies and Risks&#151;BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)&#148;</U></A>, which is incorporated by reference herein, for a
discussion of the Fund&#146;s investment objective and policies.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Leverage</B></P></TD>
<TD VALIGN="bottom">&nbsp;&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. As of [&#9679;], 2025, this leverage
represented approximately [&#9679;]% of the Fund&#146;s Managed Assets. &#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). At times, the Fund could utilize leverage through borrowings, the issuance of short-term debt securities, the issuance of shares of preferred stock or a combination thereof.
The Fund has the ability to utilize leverage through borrowings or the issuance of short-term debt securities in an amount up to 33 1/3% of the value of its Managed Assets (which includes the amount obtained from such borrowings or debt issuance).
The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock in an amount up to 50% of the value of its Managed Assets (which includes the amount obtained from such issuance). The Fund may also leverage through
the use of reverse repurchase agreements.</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">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. 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:1pt; font-size:10pt; font-family:Times New Roman">The Fund also may borrow money as a temporary measure for extraordinary or emergency
purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities. See &#147;Leverage.&#148;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The use of leverage, if employed, is subject to numerous risks. The Fund&#146;s NAV, the market price of the Fund&#146;s common shares and the yield to holders of the Fund&#146;s common shares will be more volatile than if
leverage was not used. For example, if short-term interest rates continue to rise, they may reach a level at which those rates exceed the return earned on securities purchased with the leverage, which would result in a reduced yield and cause the
Fund&#146;s NAV to decline more than if the Fund had not used leverage. A reduction in the Fund&#146;s NAV may cause a reduction in the market price of the Fund&#146;s common shares. The Fund cannot assure you that the use of leverage, if employed,
will result in a higher yield on the Fund&#146;s common shares. In addition, because the Fund&#146;s management fee is calculated as a percentage of the Fund&#146;s Managed Assets, which include those assets purchased with leverage, during periods
in which the Fund is using leverage, the fee paid to the Advisor will be higher than if the Fund did not use leverage. Any leveraging strategy the Fund employs may not be successful.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Investment Advisor and <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">BlackRock Advisors, LLC (the &#147;Advisor&#148;) is the Fund&#146;s investment adviser. BlackRock International Limited (&#147;BIL&#148;) serves as <FONT STYLE="white-space:nowrap">sub-advisor</FONT> to the Fund (the <FONT
STYLE="white-space:nowrap">&#147;Sub-Advisor&#148;</FONT> and, together with the Advisor, the &#147;Advisors&#148;). The Advisor receives an annual fee, payable monthly, in an amount equal
to</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">- 2 - </P>

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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">0.75% of the aggregate of (i)&nbsp;the average daily value of the Fund&#146;s net assets and (ii)&nbsp;the proceeds of any outstanding
debt securities or borrowings used for leverage (together, &#147;average daily Managed Assets&#148;).</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 Advisor, and not the Fund, pays an annual <FONT STYLE="white-space:nowrap">sub-advisory</FONT> fee to the
<FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> equal to a percentage of the management fee received by the Advisor from the Fund with respect to the average daily value of the Managed Assets of the Fund allocated to the <FONT
STYLE="white-space:nowrap">Sub-Advisor.</FONT> See &#147;Management of the Fund&#151;Investment Advisor and <FONT STYLE="white-space:nowrap">Sub-Advisor.&#148;</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Distributions</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund distributes to shareholders monthly dividends of net investment income and all or a portion of net short-term capital gains.</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 has adopted a plan to support a level distribution of income, capital gains
and/or return of capital (the &#147;Distribution Plan&#148;). The Distribution Plan has been approved by the Fund&#146;s Board of Directors (the &#147;Board&#148;) and is consistent with the Fund&#146;s investment objective and policies. The fixed
amount distributed per share is subject to change at the discretion of the Board. The Fund is currently not relying on any exemptive relief from Section&nbsp;19(b) of the Investment Company Act of 1940, as amended (the &#147;Investment Company
Act&#148;). Under its Distribution Plan, the Fund will distribute all available investment income to its shareholders as required by the Code. If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a
monthly basis, the Fund will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. A return of capital distribution may involve a return of the shareholder&#146;s original investment.
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 at a loss to the
shareholder&#146;s original investment. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, the Fund may make additional distributions from time to time, including additional capital
gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act. Shareholders should not draw any conclusions about the Fund&#146;s investment performance from the amount of
these distributions or from the terms of the Distribution Plan. The Board may amend, suspend or terminate the Distribution Plan without prior notice if it deems such actions to be in the best interests of the Fund or its shareholders.</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Various factors will affect the level of the Fund&#146;s income, including the asset mix and the Fund&#146;s use of hedging. To permit the
Fund to maintain a more stable monthly distribution, the Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed income would be available to supplement future distributions. As a
result, the distributions paid by the Fund for any particular monthly period may be more or less than the amount of income actually earned by the Fund during that period. Undistributed income will add to the Fund&#146;s NAV (and indirectly benefits
the Advisor by increasing its fee) and, correspondingly, distributions from undistributed income will reduce the Fund&#146;s NAV. The Fund intends to distribute any long-term capital gains not distributed under the Distribution Plan annually.</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">Shareholders will automatically have all dividends and distributions reinvested in
common shares of the Fund in accordance with the Fund&#146;s</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">- 3 - </P>

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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">dividend reinvestment plan, unless an election is made to receive cash by contacting the Reinvestment Plan Agent (as defined herein), at (800) <FONT STYLE="white-space:nowrap">699-1236.</FONT> See &#147;Dividend Reinvestment
Plan.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Under normal market conditions, the Advisors 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.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">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. See
&#147;Distributions.&#148;</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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Listing</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Fund&#146;s common shares are listed on the NYSE under the symbol &#147;FRA.&#148; See &#147;Description of Capital Stock&#151;Common Shares.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Custodian and Transfer Agent</B></P></TD>
<TD VALIGN="bottom">&nbsp;&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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Administrator</B></P></TD>
<TD VALIGN="bottom">&nbsp;&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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Market Price of Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Common shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies frequently trade at prices lower than their NAV. The Fund cannot assure you that its common shares will trade at a price higher than or
equal to NAV. See &#147;Use of Proceeds.&#148; The Fund&#146;s common shares trade in the open market at market prices that are a function of several factors, including dividend levels (which are in turn affected by expenses), NAV, call protection
for portfolio securities, portfolio credit quality, liquidity, dividend stability, relative demand for and supply of the common shares in the market, general market and economic conditions and other factors. See &#147;Leverage,&#148;
&#147;Risks,&#148; &#147;Description of Capital Stock&#148; and &#147;Repurchase of Common Shares.&#148; The common shares are designed primarily for long-term investors and you should not purchase common shares of the Fund if you intend to sell
them shortly after purchase.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Special Risk Considerations</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">An investment in common shares of the Fund involves risk. Please refer to the <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm#xx_e07a5a7f-558f-4738-8aca-44a6adbf91a8_fiopr-footer-fundbookname-934_1">
<U>section of the Fund&#146;s most recent annual report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> entitled &#147;Investment Objectives, Policies and Risks&#151;Risk Factors&#148;</U></A>, which is incorporated by reference herein, for a
discussion of the risks of investing in the Fund. You should carefully consider those risks, which are described in more detail under &#147;Risks&#148; beginning on page 34 of this Prospectus, along with additional risks relating to investments in
the Fund.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Certain Provisions of the Charter and Bylaws</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Fund&#146;s Charter (as defined below) and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to
<FONT STYLE="white-space:nowrap">open-end</FONT> status or to change the composition of the Board. See &#147;Certain Provisions of the Charter and Bylaws.&#148;</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">- 4 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_2"></A>SUMMARY OF FUND EXPENSES </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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>Shareholder Transaction Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales load paid by you (as a percentage of offering price)<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1.00%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offering expenses borne by the Fund (as a percentage of offering price)<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">0.05%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$0.02&nbsp;per&nbsp;share&nbsp;for&nbsp;open-</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">market<BR>purchases of common</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">shares<SUP
STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan sale transaction fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">$2.50<SUP STYLE="font-size:75%; vertical-align:top">(2</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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>Estimated Annual Expenses</B> (as a percentage of net assets attributable to common
shares)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management Fees<SUP STYLE="font-size:75%; vertical-align:top">(3) (4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">.98%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1.97%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Other Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">0.09%&#8195;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest Expense<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1.88%&#8195;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acquired Fund Fees and Expenses<SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">0.02%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Annual Fund Operating
Expenses<SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2.97%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee Waivers and/or Expense
Reimbursements<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">&#151;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></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></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 After Fee Waivers and/or Expense Reimbursements<SUP
STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;2.97%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></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>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any
applicable sales load and the estimated offering expenses<I>. </I>Fund shareholders will pay all offering expenses involved with an offering. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Reinvestment Plan Agent&#146;s (as defined below under &#147;Dividend Reinvestment Plan&#148;) fees for the
handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a
$2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is
required to pay. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.75% based on an
aggregate of (i)&nbsp;the Fund&#146;s average daily net assets and (ii)&nbsp;the proceeds of any outstanding debt securities or borrowings used for leverage (previously defined as &#147;average daily Managed Assets&#148;). The Fund uses leverage in
the form of a credit facility, which as of December&nbsp;31, 2024 amounted to approximately 24% of the Fund&#146;s Managed Assets (approximately 32% 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 indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and
its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common
shareholder, bear the expenses of the Fund&#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. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Fund and the Advisor have entered into a fee waiver agreement (the &#147;Fee Waiver Agreement&#148;),
pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#146;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds
(&#147;ETFs&#148;) managed by the Advisor or its affiliates and other exchange-traded products sponsored by the </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">- 5 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
Advisor or its affiliates, in each case that have a contractual management fee, through June&nbsp;30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed
to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&nbsp;30, 2027. The Fee Waiver
Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the
&#147;Investment Company Act&#148;), of the Fund (the &#147;Independent Directors&#148;)) or a majority of the outstanding voting securities of the Fund), upon 90 days&#146; written notice by the Fund to the Advisor. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reflects leverage, in the form of a credit facility, in an amount equal to approximately 24% of the Fund&#146;s
Managed Assets as of December&nbsp;31, 2024. 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. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given
in the Fund&#146;s most recent annual report, which do not include acquired fund fees and expenses. </P></TD></TR></TABLE> <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 and offering costs of $0.47) that you would pay on a $1,000 investment in common shares, assuming (i)&nbsp;total net annual expenses of 2.97% of net assets attributable to common shares, and (ii)&nbsp;a
5% annual return: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="52%"></TD>

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

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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>One&nbsp;Year</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>Three&nbsp;Years</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>Five&nbsp;Years</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>Ten&nbsp;Years</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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 NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8195;40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</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 estimated
&#147;Other Expenses&#148; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#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: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">- 6 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_3"></A>FINANCIAL HIGHLIGHTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The financial highlights table is intended to help you understand the Fund&#146;s financial performance for the periods presented. Certain information
reflects financial results for a single Fund Share. The information for the fiscal years ended December&nbsp;31, 2024, 2023, 2022, 2021 and 2020 has been audited by [&#8195;], independent registered public accounting firm for the Fund. The report of
[&#8195;] is included in the Fund&#146;s December&nbsp;31, 2024 annual report, is incorporated by reference into the Prospectus and SAI and can be obtained by shareholders. The Fund&#146;s financial statements are included in the Fund&#146;s annual
report and are incorporated by reference into the Prospectus and SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(For a share outstanding throughout each period) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000">FRA</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="right">Year&nbsp;Ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="right">12/31/24</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="right">Year&nbsp;Ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="right">12/31/23</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="right">Year&nbsp;Ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="right">12/31/22</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="right">Year&nbsp;Ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="right">12/31/21</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc" STYLE=" BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL" ALIGN="right">Year&nbsp;Ended</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL" ALIGN="right">12/31/20</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1.00pt solid #000000" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Net asset value, beginning of year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$13.26</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$12.81</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$13.85</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$13.81</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$14.55</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Net investment income<SUP STYLE="font-size:75%; vertical-align:top">(a)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net realized and unrealized gain (loss)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(0.04)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">0.53</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(1.11)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">0.17</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(0.51)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Net increase (decrease) from investment operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.27)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Distributions<SUP STYLE="font-size:75%; vertical-align:top">(b)</SUP></B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">From net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.17)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.25)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.77)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.67)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.70)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Return of capital</P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(0.32)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(0.07)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(0.13)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(0.22)</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Total distributions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.49)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.32)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.77)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.80)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.92)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Net asset value, end of year</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$12.89</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$13.26</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$12.81</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$13.85</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$13.81</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Market price, end of year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$13.75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$12.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$11.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$13.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$12.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Total Return<SUP STYLE="font-size:75%; vertical-align:top">(c)</SUP></B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Based on net asset value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.88%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15.35%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.34)%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.48%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.76%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Based on market price</P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">21.65%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">25.29%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(10.57)%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">17.74%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">(2.45)%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Ratios to Average Net Assets</B><SUP STYLE="font-size:75%; vertical-align:top">(d)</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;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Total expenses</P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">2.95%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">2.88%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">2.17%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">1.55%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">1.69%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Total expenses after fees waived and/or reimbursed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.95%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.87%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.17%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.54%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.67%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Total expenses after fees waived and/or reimbursed and excluding interest expense and
fees</P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">1.07%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">1.04%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">1.15%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">1.14%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">1.13%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.84%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9.45%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.36%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.76%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.15%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD>
<TD HEIGHT="10" COLSPAN="4" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Supplemental Data</B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Net assets, end of year (000)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$455,119</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$467,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$451,188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$487,833</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$488,051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Borrowings outstanding, end of year (000)</P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$143,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$144,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$147,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$223,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">$208,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Asset coverage, end of year per $1,000 of bank
borrowings<SUP STYLE="font-size:75%; vertical-align:top">(e)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$4,183</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$4,245</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$4,069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$3,188</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$3,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" BGCOLOR="#f4fffc"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Portfolio turnover rate</P></TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">36%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">25%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">14%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">49%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc" ALIGN="right">65%</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#f4fffc">&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">- 7 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(a)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Based on average shares outstanding. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(b)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Distributions for annual periods determined in accordance with U.S. federal income tax regulations. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(c)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Total returns based on market price, which can be significantly greater or less than the net asset value, may result in
substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(d)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(e)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Calculated by subtracting the Fund&#146;s total liabilities (not including bank borrowings) from the Fund&#146;s total
assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="22" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">FRA</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Period&nbsp;from<BR>09/01/19&nbsp;to<BR>12/31/19</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Year Ended August&nbsp;31,</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2019</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2018<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;(a)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2017<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;(a)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2016<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;(a)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">2015<SUP STYLE="font-size:75%; vertical-align:top">&nbsp;(a)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Net asset value, beginning of period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15.38</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net investment income<SUP STYLE="font-size:75%; vertical-align:top">(b)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.76</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Net realized and unrealized gain (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.40</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.06</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.14</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.47</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Net increase from investment operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.34</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></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Distributions from net investment income<SUP STYLE="font-size:75%; vertical-align:top">(c)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.38</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.87</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.74</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.81</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.75</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(0.81</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Net asset value, end of period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.91</TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:75%; vertical-align:top">(d)</SUP>&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></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Market price, end of period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.94</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></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Total Return<SUP STYLE="font-size:75%; vertical-align:top">(e)</SUP></B></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></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Based on net asset value</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.41</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:75%; vertical-align:top">(f)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.94</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.28</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.93</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.00</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.88</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:75%; vertical-align:top">(d)</SUP></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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Based on market price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.08</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:75%; vertical-align:top">(f)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3.37</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.11</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.95</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(3.71</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></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Ratios to Average Net Assets<SUP STYLE="font-size:75%; vertical-align:top">(g)</SUP></B></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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Total expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.20</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:75%; vertical-align:top">(h)(i)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.23</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.88</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.56</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></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Total expenses after fees waived and/or reimbursed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.20</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:75%; vertical-align:top">(h)(i)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.22</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.88</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.54</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.56</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Total expenses after fees waived and/or reimbursed and excluding interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.19</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:75%; vertical-align:top">(h)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.16</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.20</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.21</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.19</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></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Net investment income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.26</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:75%; vertical-align:top">(h)</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.74</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.27</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.08</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.27</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.39</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></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL"><B>Supplemental Data</B></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></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Net assets, end of period (000)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">522,545</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">526,447</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">555,370</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">555,972</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">550,271</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">555,104</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Borrowings outstanding, end of period (000)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">214,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">204,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">233,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">237,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">225,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">196,000</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></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Asset coverage, end of period per $1,000 of bank borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,442</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,446</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,832</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Portfolio turnover rate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43</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></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:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(a)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Consolidated Financial Highlights through November&nbsp;30, 2017. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(b)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Based on average shares outstanding. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(c)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Distributions for annual periods determined in accordance with U.S. federal income tax regulations. </P></TD></TR></TABLE>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(d)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly,
the net asset value per share and total return performance presented herein are different than the information previously published on August&nbsp;31, 2015. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(e)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Total returns based on market price, which can be significantly greater or less than the net asset value, may result in
substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(f)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Aggregate total return. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(g)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></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>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></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="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">Period&nbsp;from<BR>09/01/19&nbsp;to<BR>12/31/19</TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Year Ended August&nbsp;31,</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2019</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2018</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2017</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2016</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">2015</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:ARIAL; 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:ARIAL">Investments in underlying funds 0.04%</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.04</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.03</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.01</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</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></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:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(h)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Annualized. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">(i)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7pt; font-family:ARIAL; " ALIGN="left">Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total
expenses and total expenses after fees waived and/or reimbursed would have been 2.23%. </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">- 8 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_4"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net proceeds from the issuance of common shares hereunder will be invested in accordance with the Fund&#146;s investment objective and policies as stated
below. We currently anticipate that we will be able to invest all of the net proceeds in accordance with our investment objective and policies within approximately three months from the date on which the proceeds from an offering are received by the
Fund. Pending such investment, it is anticipated that the proceeds will be invested in short-term securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_5"></A>THE FUND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Fund is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the Investment Company Act. The Fund was organized as a Maryland corporation on August&nbsp;14, 2003, pursuant to its charter
(the &#147;Charter&#148;) and is governed by the laws of the State of Maryland. The Fund was known as Floating Rate Income Strategies Fund, Inc. prior to September&nbsp;29, 2006. The Fund&#146;s principal office is located at 100 Bellevue Parkway,
Wilmington, Delaware 19809, and its telephone number is (800) <FONT STYLE="white-space:nowrap">882-0052.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund commenced operations on
October&nbsp;31, 2003, upon the initiation of an initial public offering of 5,750,000 of its common shares. The proceeds of such offering (not including any shares issued to cover overallotments) were approximately $307,527,500 after the payment of
organizational and offering expenses. The Fund&#146;s common shares are traded on the NYSE under the symbol &#147;FRA.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_6"></A>DESCRIPTION OF CAPITAL STOCK </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is authorized to issue 200,000,000 shares, par value $0.10 per share, all of which were initially
classified as common shares. The Board of Directors is authorized, however, to classify and reclassify any unissued shares of capital stock into one or more additional or other classes or series as may be established from time to time by setting or
changing in any one or more respects the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares of stock and pursuant to
such classification or reclassification to increase or decrease the number of authorized shares of any existing class or series. The Fund may reclassify an amount of unissued common shares as preferred shares and at that time offer preferred shares.
See &#147;Leverage&#151;Preferred Shares.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Common Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders are entitled to share <I>pro rata</I> in the net assets of the Fund available for distribution to shareholders upon liquidation of the Fund.
Shareholders are entitled to one vote for each share held. Shareholders do not have preemptive, conversion or subscription rights and the Fund&#146;s shares of common stock are not redeemable. Shares of common stock, when issued and outstanding,
will be fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unlike <FONT STYLE="white-space:nowrap">open-end</FONT> funds, <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy additional common shares or sell shares already held, the shareholder
may do so by trading through a broker on the NYSE or otherwise. Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies frequently trade on an exchange at prices lower than NAV. Shares of
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies like the Fund have during some periods traded at prices higher than NAV and during other periods have traded at prices lower than NAV. Because the market value of the common
shares may be influenced by such factors as dividend levels (which are in turn affected by expenses), call protection on its portfolio securities, dividend stability, portfolio credit quality, the Fund&#146;s NAV, relative demand for and supply of
such shares in the market, general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure you that its common shares will trade at a price equal to or higher than NAV in the future. The common shares
are designed primarily for long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase. See &#147;Repurchase of Common Shares&#148; below and &#147;Repurchase of Common Shares&#148; in the SAI.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s outstanding common shares are, and when issued, the common shares offered by this Prospectus will be, publicly held and listed and traded
on the NYSE under the symbol &#147;FRA.&#148; The Fund determines its NAV on a daily basis. The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common
share and the premium to or discount from NAV, on the date </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 9 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters. </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="39%"></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>

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

<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="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<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>NYSE&nbsp;Market&nbsp;Price<BR>Per&nbsp;Common&nbsp;Share</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>NAV&nbsp;per&nbsp;Common<BR>Share&nbsp;on&nbsp;Date&nbsp;of<BR>Market Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Premium/<BR>(Discount)&nbsp;on<BR>Date&nbsp;of&nbsp;Market<BR>Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</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>Trading</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>During Quarter Ended</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP 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" NOWRAP 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" NOWRAP 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" NOWRAP 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" NOWRAP 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>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Volume</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">June&nbsp;30, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;13.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;11.29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;12.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;12.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5.46</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7.31</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,390,852</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">March&nbsp;31, 2025</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6.27</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.44</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,455,675</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.01</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10.30</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.92</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,227,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">September&nbsp;30, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4.14</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2.55</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,660,877</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">June&nbsp;30, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0.45</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2.74</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,150,308</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">March&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(1.88</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(7.28</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,256,999</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.05</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4.52</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(11.65</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,077,905</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">September&nbsp;30, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.03</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4.58</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8.66</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,148,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">June&nbsp;30, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(6.18</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(10.88</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,930,478</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">March&nbsp;31, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12.83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(8.23</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(12.86</TD>
<TD NOWRAP VALIGN="bottom">)%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,970,737</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of [&#9679;], 2025, the NAV per common share of the Fund was $[&#9679;] and the market price per common share was
$[&#9679;], representing a [premium/discount] to NAV of [&#9679;]%. [Common shares of the Fund have historically traded at both a premium and discount to NAV.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of [&#9679;], 2025, the Fund has [&#9679;] common shares outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preferred Shares </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event the Fund issues preferred
shares, it is anticipated that such preferred shares will be issued in one or more series, with rights as determined by the Board of Directors, by action of the Board of Directors without the approval of the holders of common shares. Under the
Investment Company Act, the Fund is permitted to have outstanding more than one series of preferred shares so long as no single series has a priority over another series as to the distribution of assets of the Fund or the payment of dividends.
Holders of common shares will have no preemptive right to purchase any shares of preferred shares that might be issued. It is anticipated that the NAV per share of any preferred shares to be issued by the Fund will equal its original purchase price
per share plus accumulated dividends per share. The Fund does not currently intend to issue preferred shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Investment Company Act, the Fund
is not permitted to issue preferred shares 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 preferred shares (<I>i.e.</I>, 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 common shares unless, at the time of such declaration, the value of the Fund&#146;s total assets is at
least 200% of such liquidation value. If the Fund issues preferred shares, it may be subject to restrictions imposed by the guidelines of one or more rating agencies that may issue ratings for preferred shares issued by the Fund. These guidelines
may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the Advisors from managing
the Fund&#146;s portfolio in accordance with the Fund&#146;s investment objective and policies. Please see &#147;Description of Capital Stock&#148; in the SAI for more information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 10 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Authorized Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table provides the Fund&#146;s authorized shares and common outstanding as of [&#9679;], 2025. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="63%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Title of
Class&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount<BR>Authorized</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>Amount<BR>Held<BR>by&nbsp;Fund<BR>or<BR>for its<BR>Account</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>Amount<BR>Outstanding<BR>Exclusive of<BR>Amount<BR>held by<BR>Fund</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">200,000,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">&#9679;]&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">&#9679;]&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_7"></A>THE FUND&#146;S INVESTMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Objectives and Policies </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm#xx_e07a5a7f-558f-4738-8aca-44a6adbf91a8_fiopr-footer-fundbookname-934_1">section of the Fund&#146;s
 most recent annual report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> entitled &#147;Investment Objectives, Policies and Risks&#151;BlackRock Floating Rate Income Strategies Fund, Inc. (FRA)&#148;</A></U></FONT><FONT
STYLE="font-family:Times New Roman">, which is incorporated by reference herein, for a discussion of the Fund&#146;s investment objective and policies. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Process </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In selecting debt instruments and
other securities for the Fund, the Advisors will seek to identify issuers and industries that the Advisors believe are likely to experience stable or improving financial conditions. The Advisors&#146; 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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">credit research on the issuers&#146; financial strength; </P></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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assessment of the issuers&#146; ability to meet principal and interest payments; </P></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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">general industry trends; </P></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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuers&#146; managerial strength; </P></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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">analysis of deal structure and covenants; </P></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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changing financial conditions; </P></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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">borrowing requirements or debt maturity schedules; and </P></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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the issuers&#146; responsiveness to changes in business conditions and interest rates. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisors will consider relative values among issuers based on anticipated cash flow, interest or dividend coverage, asset coverage and earnings prospects.
Using these tools, the Advisors will seek to add consistent value and control performance volatility consistent with the Fund&#146;s investment objective and policies. The Advisors believe this strategy should enhance the Fund&#146;s ability to
achieve its investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisors&#146; analysis continues on an ongoing basis for any debt instruments or other securities in which the
Fund has invested. Although the Advisors use due care in making such analysis, there can be no assurance that such analysis will reveal factors that may impair the value of the debt instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Investment Policies </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Leverage </U></P>
<P STYLE="margin-top:12pt; 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. See &#147;Leverage&#151;Credit Facility.&#148; </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">- 11 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Indexed and Inverse Floating Obligations </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. The return on indexed securities will rise when the underlying index or interest rate rises and fall when the index or interest rate falls. 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; font-size:10pt; font-family:Times New Roman"><U>Interest Rate Transactions </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 transactions such as interest rate swaps and the purchase or sale of 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, 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. 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). The Fund is not required to pursue these portfolio
strategies and may choose not to do so. The Fund cannot guarantee that any strategies it uses will work. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman">The Fund will only enter into
interest rate swap, cap or floor transactions with counterparties the Advisors believe to be creditworthy at the time they enter into such transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Credit Default Swap Agreements </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may enter into
credit default swap agreements for hedging purposes or to seek to enhance its returns. 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 a reference obligation has occurred.
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. The Fund may be either the buyer or seller in the transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will enter into credit default swap agreements only with counterparties the Advisors believe to be creditworthy at the time they enter into such
transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Total Return Swap Agreements </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Fund may enter into total return swap agreements. 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. 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; font-size:10pt; font-family:Times New Roman"><U>Credit Linked Fund Certificates </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. 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 </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">- 12 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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; font-size:10pt; font-family:Times New Roman"><U>Call Options </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may purchase call options on
any of the types of securities or instruments in which it may invest. 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. 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. The Fund also may purchase and sell call
options on indices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Put Options </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. The Fund also has authority to 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 designating liquid assets segregated or earmarked on the Fund&#146;s books and records. 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. 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. 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
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">a&nbsp;marked-to-market&nbsp;basis</FONT></FONT> (as calculated pursuant to requirements of the SEC). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Futures and Options Thereon </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. The Fund has authority to purchase and write call and put options on futures contracts. The Fund may engage in options and futures transactions on exchanges and options in <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">the&nbsp;over-the-counter&nbsp;markets</FONT></FONT> (&#147;OTC&#148;) options. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will engage in transactions in OTC
options only with banks or dealers the Advisors believe to be creditworthy at the time they enter into such transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund intends to enter into
options and futures transactions, on an exchange or in the&nbsp;OTC&nbsp;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; 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)&nbsp;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)&nbsp;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 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 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; font-size:10pt; font-family:Times New Roman"><U>Short Sales </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may make short sales of 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">- 13 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Foreign Exchange Transactions </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. The Fund
will not speculate in Currency Instruments. 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. 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;). The Fund will only enter into a cross-hedge if the Advisors believe that (i)&nbsp;there is a demonstrable high correlation between the currency in which the cross-hedge is denominated and the currency being hedged, and
(ii)&nbsp;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; font-size:10pt; font-family:Times New Roman"><U>Other Investment Strategies </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 investments subject to the investment restrictions set forth herein, purchase
interests in senior loans (defined below) 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.
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; 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; font-size:10pt; font-family:Times New Roman"><U>Temporary Defensive Strategies </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For temporary defensive
purposes, for example, to respond to adverse market, economic, political or other conditions, the Fund may depart from its principal investment strategies and may restrict the markets in which it invests and may invest 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) or other high quality fixed income securities. Temporary defensive positions may affect the Fund&#146;s ability to achieve its investment objective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Portfolio Contents and Techniques </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s
portfolio will be composed principally of the following investments. Additional information with respect to the Fund&#146;s investment policies and restrictions and certain of the Fund&#146;s portfolio investments is contained in the SAI. There is
no guarantee the Fund will buy all of the types of securities or use all of the investment techniques that are described herein and in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Senior
Loans </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in senior secured floating rate and fixed rate loans or debt (&#147;Senior Loans&#148;). Senior Loans hold the most senior
position in the capital structure of a business entity (the &#147;Borrower&#148;), are typically secured with specific collateral and 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 proceeds of Senior Loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, refinancings, to finance internal growth and for other corporate purposes.
Senior Loans typically have rates of interest that are determined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium or credit spread. These base lending rates are primarily London Interbank Offered Rate
(&#147;LIBOR&#148;) or the Secured Overnight Financing Rate (&#147;SOFR&#148;) and secondarily, the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. </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">- 14 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Loans typically have a stated term of between five and nine years and have rates of interest that
typically are redetermined daily, monthly, quarterly or semi-annually. Longer interest rate reset periods generally increase fluctuations in the Fund&#146;s NAV as a result of changes in market interest rates. The Fund is not subject to any
restrictions with respect to the maturity of Senior Loans held in its portfolio. As a result, as short-term interest rates increase, interest payable to the Fund from its investments in Senior Loans should increase, and as short-term interest rates
decrease, interest payable to the Fund from its investments in Senior Loans should decrease. Because of prepayments, the Advisors expect the average life of the Senior Loans in which the Fund invests to be shorter than the stated maturity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Loans are subject to the risk of <FONT STYLE="white-space:nowrap">non-payment</FONT> of scheduled interest or principal. Such <FONT
STYLE="white-space:nowrap">non-payment</FONT> would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the NAV of the Fund. There can be no assurances that the liquidation of any
collateral securing a Senior Loan would satisfy the Borrower&#146;s obligation in the event of <FONT STYLE="white-space:nowrap">non-payment</FONT> of scheduled interest or principal payments or that such collateral could be readily liquidated. In
the event of 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. The collateral securing a Senior Loan may lose all or substantially
all of its value in the event of the bankruptcy of a Borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future
indebtedness of the Borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the Borrower. If interest were
required to be refunded, it could negatively affect the Fund&#146;s performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many Senior Loans in which the Fund will invest may not be rated by a
rating agency, will not be registered with the SEC, or any state securities commission, and will not be listed on any national securities exchange. The amount of public information available with respect to Senior Loans will generally be less
extensive than that available for registered or exchange-listed securities. In evaluating the creditworthiness of Borrowers, the Advisors will consider, and may rely in part, on analyses performed by others. 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 will invest 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. Because of the protective features of Senior Loans, the Advisors believe that Senior Loans tend to have more favorable loss recovery rates as compared to more junior
types of below investment grade debt obligations. The Advisors do not view ratings as the determinative factor in their investment decisions and rely more upon their credit analysis abilities than upon ratings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 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; font-size:10pt; font-family:Times New Roman">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 </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">- 15 - </P>

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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; font-size:10pt; font-family:Times New Roman">The Fund may purchase Senior Loans on a direct assignment
basis. If the Fund purchases a Senior Loan on direct assignment, it typically succeeds to all the rights and obligations under the loan agreement of the assigning lender and becomes a lender under the loan agreement with the same rights and
obligations as the assigning lender. Investments in Senior Loans on a direct assignment basis may involve additional risks to the Fund. For example, if such loan is foreclosed, the Fund could become part owner of any collateral and would bear the
costs and liabilities associated with owning and disposing of the collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may also purchase, without limitation, participations in Senior
Loans. The participation by the Fund in a lender&#146;s portion of a Senior Loan typically will result in the Fund having a contractual relationship only with such lender, not with the Borrower. As a result, the Fund may have the right to receive
payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by such lender of payments from the Borrower. Such indebtedness may be secured or unsecured. Loan
participations typically represent direct participations in a loan to a Borrower and generally are offered by banks or other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy part of a loan,
becoming a part lender. When purchasing loan participations, the Fund assumes the credit risk associated with the Borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The participation interests
in which the Fund intends to invest may not be rated by any nationally recognized rating service. Certain loan participations and assignments may be treated by the Fund as illiquid. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 Advisors may
utilize these instruments and similar instruments that may be available in the future. The Fund may invest in a derivative instrument known as a Select Aggregate Market Index (&#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; font-size:10pt; font-family:Times New Roman"><U>Variable and Floating Rate Instruments </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; 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; font-size:10pt; font-family:Times New Roman"><U>Emerging Markets Investments </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in securities of issuers located in emerging market countries, including securities denominated in currencies of emerging market
countries. Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. These issuers may be subject to risks that do not apply to
issuers in larger, more developed countries. These risks are more pronounced to the extent the Fund invests significantly in one country. Less information about emerging market issuers or markets may be available due to less rigorous disclosure and
accounting standards or regulatory </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">- 16 - </P>

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practices. Emerging markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Advisors may not be able to sell the Fund&#146;s portfolio securities in
amounts and at prices they consider reasonable. The U.S. dollar may appreciate against <FONT STYLE="white-space:nowrap">non-U.S.</FONT> currencies or an emerging market government may impose restrictions on currency conversion or trading. The
economies of emerging market countries may grow at a slower rate than expected or may experience a downturn or recession. Economic, political and social developments may adversely affect <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities
markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Corporate Bonds </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><U>U.S. Government Debt Securities </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in
debt securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, including U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance. Such obligations include U.S. Treasury bills
(maturity of one year or less), U.S. Treasury notes (maturity of one to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years), including the principal components or the interest components issued by the U.S. Government
under the separate trading of registered interest and principal securities program (<I>i.e.</I>, &#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; font-size:10pt; font-family:Times New Roman"><U>Sovereign Governmental and Supranational Debt </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund
may invest in all types of debt securities of governmental issuers in all countries, including foreign countries. These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or
instrumentalities and political subdivisions located in foreign countries; debt securities issued by government owned, controlled or sponsored entities located in foreign countries; interests in entities organized and operated for the purpose of
restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding
external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank. A supranational entity is a bank, commission or company
established or financially supported by the national governments of one or more countries to promote reconstruction or development. Sovereign government and supranational debt involve all the risks described herein regarding foreign and emerging
markets investments as well as the risk of debt moratorium, repudiation or renegotiation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Asset-Backed Securities </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: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">- 17 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>High Yield Securities </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in securities rated, at the time of investment, below investment grade quality, such as those rated Ba or lower by Moody&#146;s
Investor&#146;s Service, Inc. (&#147;Moody&#146;s&#148;), BB or below by S&amp;P Global Ratings (&#147;S&amp;P&#148;) or Fitch Ratings, Inc. (&#147;Fitch&#148;), or securities comparably rated by other rating agencies, or in unrated securities
determined by the Advisors to be of comparable quality. Such securities, sometimes referred to as &#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. 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; 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 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; 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; 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; font-size:10pt; font-family:Times New Roman">The ratings of Moody&#146;s, S&amp;P, Fitch and other rating agencies represent their
opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value
risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and
principal. To the extent that the Fund invests in lower grade securities that have not been rated by a rating agency, the Fund&#146;s ability to achieve its investment objective will be more dependent on the Advisors&#146; credit analysis than would
be the case when the Fund invests in rated securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Securities </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Securities. These securities may be U.S. dollar-denominated or <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> dollar-denominated. Some <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> 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 <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Securities, which include adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental
restrictions which might adversely affect or restrict the payment of principal and interest or dividends on the foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Securities may trade on days when the common shares are not priced or traded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Foreign Currency Transactions
</U></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s common shares are priced in U.S. dollars and the distributions paid by the Fund to common
shareholders are paid in U.S. dollars. However, a portion of the Fund&#146;s assets may be denominated in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> currencies and the income received by the Fund from such securities will be paid in <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> currencies. The Fund also may invest in or gain exposure to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> currencies for investment or hedging purposes. The Fund&#146;s investments in securities that
trade in, or receive revenues in, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> 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 <FONT STYLE="white-space:nowrap">non-U.S.</FONT> currencies through the use of derivative strategies, including forward foreign currency exchange
contracts, foreign currency futures contracts and options on foreign currencies and foreign currency futures. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in such
transactions at any given time or from time to time when they would be beneficial. Although the Fund has the flexibility to engage in such transactions, the Advisors may determine not to do so or to do so only in unusual circumstances or market
conditions. These transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable fluctuations in relevant foreign currencies. The Fund may also 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; font-size:10pt; font-family:Times New Roman"><U>Strategic Transactions and Other Management
Techniques </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques (collectively, &#147;Strategic Transactions&#148;). 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 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
Advisors&#146; ability to predict pertinent market movements as well as sufficient correlation among the instruments, which cannot be assured. The use of Strategic Transactions may result in losses greater than if they had not been used, may require
the Fund to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might
otherwise sell. Certain provisions of the Code may restrict or affect the ability of the Fund to engage in Strategic Transactions. In addition, the use of certain Strategic Transactions may give rise to taxable income and have certain other
consequences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Credit Derivatives. </I>The Fund may engage in credit derivative transactions. There are two broad categories of credit derivatives:
default price risk derivatives and market spread derivatives. Default price risk derivatives are linked to the price of reference securities or loans after a default by the issuer or borrower, respectively. Market spread derivatives are based on the
risk that changes in market factors, such as credit spreads, can cause a decline in the value of a security, loan or index. There are three basic transactional forms for credit derivatives: swaps, options and structured instruments. The Fund
currently intends to invest primarily in credit default swaps. A credit default swap is an agreement between two counterparties that allows one counterparty (the &#147;seller&#148;) to sell the swap and or be &#147;long&#148; on a third party&#146;s
credit risk and the other party (the &#147;buyer&#148;) to purchase the swap and be &#147;short&#148; on the credit risk. Typically, the seller agrees to make regular fixed payments to the buyer with the same frequency as the underlying reference
bond. In exchange, the seller typically has the right upon default of the underlying bond to put the bond to the buyer in exchange for the bond&#146;s par value plus interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Credit-Linked Notes. </I>The Fund may invest in credit-linked notes (&#147;CLN&#148;) for risk management purposes, including diversification. A CLN is a
derivative instrument. It is a synthetic obligation between two or more parties where 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">- 19 - </P>

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payment of principal and/or interest is based on the performance of some obligation (a reference obligation). In addition to credit risk of the reference obligations and interest rate risk, the
buyer/seller of the CLN is subject to counterparty risk. The Fund does not currently expect that investments in CLNs will be a significant portion of its investment program (<I>i.e., </I>no more than 5% of its Managed Assets). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Counterparty Credit Standards. </I>To the extent that the Fund engages in principal transactions, including, but not limited to, OTC options, forward
currency transactions, swap transactions, repurchase and reverse repurchase agreements and the purchase and sale of bonds and other fixed-income securities, it must rely on the creditworthiness of its counterparties under such transactions. In
certain instances, the credit risk of a counterparty is increased by the lack of a central clearing house for certain transactions, including certain swap contracts. In the event of the insolvency of a counterparty, the Fund may not be able to
recover its assets, in full or at all, during the insolvency process. Counterparties to investments may have no obligation to make markets in such investments and may have the ability to apply essentially discretionary margin and credit
requirements. Similarly, the Fund will be subject to the risk of bankruptcy of, or the inability or refusal to perform with respect to such investments by, the counterparties with which it deals. The Advisors will seek to minimize the Fund&#146;s
exposure to counterparty risk by entering into such transactions with counterparties the Advisors believe to be creditworthy at the time it enters into the transaction. Certain transactions, including option transactions and Strategic Transactions
may require the Fund to provide collateral to secure its performance obligations under a contract, which would also entail counterparty credit risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Collateralized Debt Obligations </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 trust 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 <FONT STYLE="white-space:nowrap">non-U.S.</FONT> senior secured loans, senior unsecured
loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by such issuer. Although certain CDOs may benefit from credit enhancement in the form of a senior-subordinate
structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect the Fund against the risk of loss on default of the collateral. Certain CDO 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; 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; font-size:10pt; font-family:Times New Roman"><U>Other Investment Companies </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in
securities of other investment companies (including ETFs, business development companies and money market funds, including other investment companies managed by the Advisor or its affiliates), subject to applicable regulatory limits, that invest
primarily in securities of the types in which the Fund may invest directly. The Fund generally expects to invest in other investment companies either during periods when it has large amounts of uninvested cash, such as the period shortly after the
Fund receives the proceeds of the offering of its common shares (or preferred shares, should the Fund determine to issue preferred shares in the future), or during periods when there </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">- 20 - </P>

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is a shortage of attractive fixed income securities available in the market. As a shareholder in an investment company, the Fund will bear its ratable share of that investment company&#146;s
expenses and will remain subject to payment of the Fund&#146;s advisory and other fees and expenses with respect to assets so invested. Holders of common shares will therefore be subject to duplicative expenses to the extent the Fund invests in
other investment companies (except that it will not be subject to duplicate advisory fees with respect to other investment companies managed by the Advisor or its affiliates). The Advisors will take expenses into account when evaluating the
investment merits of an investment in an investment company relative to available equity and/or fixed-income securities investments. In addition, the securities of other investment companies may be leveraged and will therefore be subject to the same
leverage risks to which the Fund may be subject to the extent it employs a leverage strategy. As described in the sections entitled &#147;Risks&#148; and &#147;Leverage,&#148; the NAV and market value of leveraged shares will be more volatile and
the yield to shareholders will tend to fluctuate more than the yield generated by unleveraged shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment companies may have investment policies
that differ from those of the Fund. In addition, to the extent the Fund invests in other investment companies that are not managed by the Advisor or its affiliates, the Fund will be dependent upon the investment and research abilities of persons
other than the Advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in ETFs, which are investment companies that typically aim to track or replicate a desired index, such as a
sector, market or global segment. ETFs are typically passively managed and their shares are traded on a national exchange or The NASDAQ Stock Market, Inc. ETFs do not sell individual shares directly to investors and only issue their shares in large
blocks known as &#147;creation units.&#148; The investor purchasing a creation unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary market. There can be no assurance
that an ETF&#146;s investment objective will be achieved, as ETFs based on an index may not replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks of investing in the
underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion of the ETF&#146;s expenses, including advisory fees (except that it will not be subject to duplicate advisory fees with respect to ETFs managed
by the Advisor or its affiliates). These expenses are in addition to the direct expenses of the Fund&#146;s own operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund treats its
investments in other investment companies that invest substantially all of their assets in fixed income securities as investments in fixed income securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Second Lien Loans </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in second lien or
other subordinated or unsecured floating rate and fixed rate loans or debt. Second lien loans have the same characteristics as Senior Loans except that such loans are second in lien property rather than first. Second lien loans typically have
adjustable floating rate interest payments. Accordingly, the risks associated with second lien loans are higher than the risk of loans with first priority over the collateral. In the event of default on a second lien loan, the first priority lien
holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder, which may result in a loss of investment to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Restricted and Illiquid Investments </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest
without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. Liquidity of an investment relates to the ability to
dispose easily of the investment and the price to be obtained upon disposition of the investment, which may be less than would be obtained for a comparable more liquid investment. &#147;Illiquid investments&#148; are investments which cannot be sold
within seven days in the ordinary course of business at approximately the value used by the Fund in determining its NAV. Illiquid investments may trade at a discount from comparable, more liquid investments. Illiquid investments are subject to legal
or contractual restrictions on disposition or lack an established secondary trading market. Investment of the Fund&#146;s assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a
fair price as well as its ability to take advantage of market opportunities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in securities that are not registered under the
Securities Act (&#147;restricted securities&#148;). Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither </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">- 21 - </P>

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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 illiquidity, could be less than those originally paid 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. Where registration is required for restricted 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 might obtain less favorable pricing
terms than when it decided to sell the security. Transactions in restricted securities may entail other transaction costs that are higher than those for transactions in unrestricted securities. 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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Temporary Defensive <FONT STYLE="white-space:nowrap">Positions;&nbsp;Invest-Up&nbsp;Period</FONT> </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During temporary defensive periods, if the Advisors determine that market conditions warrant, and also during the period in which the net proceeds of this
offering of common shares (or preferred shares, should the Fund determine to issue preferred shares in the future) are being invested, the Fund may invest any percentage of its assets without limitation in cash, cash equivalents, money market
securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term, unsecured, negotiable
promissory notes of a domestic or foreign issuer), repurchase agreements, obligations of supranational organizations, bank obligations, including U.S. subsidiaries and branches of foreign banks, or other high quality fixed-income securities.
Temporary defensive positions may affect the Fund&#146;s ability to achieve its investment objectives. Generally, such obligations will mature within one year from the date of settlement, but may mature within two years from the date of settlement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Distressed and Defaulted Securities </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><U>Mezzanine Investments </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in certain
high yield securities known as mezzanine investments, which are subordinated debt securities which are generally issued in private placements in connection with an equity security (e.g., with attached warrants). 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
</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">- 22 - </P>

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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 o 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; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Debtor-In-Possession</FONT></FONT> Financings </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;debtor-in-possession&#148;</FONT></FONT> or &#147;DIP&#148;
financings newly issued in connection with &#147;special situation&#148; restructuring and refinancing transactions. DIP financings are loans to a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debtor-in-possession</FONT></FONT>
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; font-size:10pt; font-family:Times New Roman"><U>Delayed Funding Loans and Revolving Credit Facilities </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><U>Zero-Coupon Bonds, <FONT STYLE="white-space:nowrap">Step-Ups</FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Payment-In-Kind</FONT></FONT> Securities </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Zero-coupon bonds pay interest only at
maturity rather than at intervals during the life of the security. Like <FONT STYLE="white-space:nowrap">zero-coupon</FONT> 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. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Payment-in-kind</FONT></FONT> 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, <FONT STYLE="white-space:nowrap">step-ups</FONT> 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; font-size:10pt; font-family:Times New Roman"><U>Preferred Securities </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><I>Traditional Preferred Securities</I>. 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, </P>

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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 <FONT STYLE="white-space:nowrap">non-cumulative,</FONT> in which case dividends do not accumulate and need not ever be paid. A portion of the portfolio may
include investments in <FONT STYLE="white-space:nowrap">non-cumulative</FONT> preferred securities, whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a
<FONT STYLE="white-space:nowrap">non-cumulative</FONT> preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely affected. There is no assurance that dividends or
distributions on the traditional preferred securities in which the Fund invests will be declared or otherwise made payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 traditional preferred securities have a liquidation value that generally equals the original purchase price at the date of issuance. The market value of preferred
securities may be affected by favorable and unfavorable changes impacting companies in the utilities and financial services sectors, which are prominent issuers of preferred securities, and by actual and anticipated changes in tax laws, such as
changes in corporate income tax rates or the &#147;Dividends Received Deduction.&#148; Because the claim on an issuer&#146;s earnings represented by traditional preferred securities may become onerous when interest rates fall below the rate payable
on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund&#146;s holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced and the Fund may be unable
to acquire securities of comparable credit quality paying comparable rates with the redemption proceeds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Trust Preferred Securities</I>. 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; 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Convertible Securities </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A convertible security is a
bond, debenture, note, preferred&nbsp;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; 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 </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">- 24 - </P>

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producing component and a convertible component. The income-producing component is achieved by investing in <FONT STYLE="white-space:nowrap">non-convertible,</FONT> 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; font-size:10pt; font-family:Times New Roman"><U>Equity Securities </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and rights and depositary receipts.
Common stock represents an equity ownership interest in a company. The Fund may hold or have exposure to common stocks of issuers of any size, including small and medium capitalization stocks. Because the Fund will ordinarily have exposure to common
stocks, historical trends would indicate that the Fund&#146;s portfolio and investment returns will be subject at times, and over time, to higher levels of volatility and market and issuer-specific risk than if it invested exclusively in debt
securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Inverse Floating Rate Securities </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap">non-cash</FONT> 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 <FONT STYLE="white-space:nowrap">non-cash</FONT> interest expense. Therefore, the Fund&#146;s NAV per common share and performance are not affected by the <FONT STYLE="white-space:nowrap">non-cash</FONT>
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; font-size:10pt; font-family:Times New Roman"><U>Structured Instruments </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may use structured
instruments for investment purposes, for risk management purposes, such as to reduce the duration and interest rate sensitivity of the Fund&#146;s portfolio, for leveraging purposes and, with respect to certain structured instruments, as an
alternative or complement to its options writing strategy. While structured instruments may offer the potential for a favorable rate of return from time to time, they also entail certain risks. Structured instruments may be less liquid than other
securities and the price of structured instruments may be more volatile. In some cases, depending on the terms of the embedded index, a structured instrument may provide that the principal and/or interest payments may be adjusted below zero.
Structured instruments also may involve significant credit risk and risk of default by the counterparty. Structured instruments may also be illiquid. Like other sophisticated strategies, the Fund&#146;s use of structured instruments may not work as
intended. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Structured Notes</I>. 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; font-size:10pt; font-family:Times New Roman"><I>Event-Linked Securities</I>. 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 illiquidity risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Equity-Linked Notes</I>. 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> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Repurchase Agreements and Purchase and Sale Contracts
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may enter into repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to
repurchase the same security at a specified price on a future date agreed upon by the parties. The agreed upon repurchase price determines the yield during the Fund&#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 Advisors will monitor the value of the collateral
at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed upon repurchase price. In the event the value of the
collateral declines below the repurchase price, the Advisors will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest. </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">- 26 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><U>Short Sales </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 enhance income or gain. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 any payments received on such borrowed securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. Government
securities or other liquid securities. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments
(including interest) on its collateral deposited with such broker-dealer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 will not make a short sale if, after giving effect to such sale, the market value of all securities
sold short exceeds 25% of the value of its Managed Assets or the Fund&#146;s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may also make short sales &#147;against the box&#148; without respect to such limitations. 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; font-size:10pt; font-family:Times New Roman">The Fund must comply with Rule <FONT
STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act with respect to its short sale borrowings, which are considered derivatives transactions under the Rule. See &#147;Additional Risk Factors&#151;Risk Factors in Strategic
Transactions and Derivatives&#151;Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> Under the Investment Company Act&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Participation
Notes </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; 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 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: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">- 27 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><U>When-Issued, Delayed Delivery Securities and Forward Commitment Securities</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. 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; 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. A default by a counterparty may result in the Fund missing
the opportunity of obtaining a price considered to be advantageous. The value of securities in these transactions on the delivery date may be more or less than the Fund&#146;s purchase price. The Fund may bear the risk of a decline in the value of
the security in these transactions and may not benefit from an appreciation in the value of the security during the commitment period. Settlements in the ordinary course are not treated by the Fund as when-issued or forward commitment transactions
and accordingly are not subject to the foregoing restrictions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The market value of the securities underlying a commitment to purchase securities, and any
subsequent fluctuations in their market value, is taken into account when determining the NAV of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase
until they are paid for and delivered on the settlement date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act permits
the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and <FONT STYLE="white-space:nowrap">non-standard</FONT> settlement cycle securities notwithstanding
the limitation on the issuance of senior securities in Section&nbsp;18 of the Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the
&#147;Delayed-Settlement Securities Provision&#148;). If a when-issued, forward-settling or <FONT STYLE="white-space:nowrap">non-standard</FONT> settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is
treated as a derivatives transaction under Rule <FONT STYLE="white-space:nowrap">18f-4.</FONT> See &#147;Additional Risk Factors&#151;Risk Factors in Strategic Transactions and Derivatives&#151;Rule <FONT STYLE="white-space:nowrap">18f-4</FONT>
Under the Investment Company Act&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Standby Commitment Agreements </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 </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">- 28 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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; 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; font-size:10pt; font-family:Times New Roman">Rule <FONT
STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and <FONT
STYLE="white-space:nowrap">non-standard</FONT> settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section&nbsp;18 of the Investment Company Act, provided that the Fund meets the Delayed-Settlement
Securities Provision. If a when-issued, forward-settling or <FONT STYLE="white-space:nowrap">non-standard</FONT> settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction
under Rule <FONT STYLE="white-space:nowrap">18f-4.</FONT> See &#147;Additional Risk Factors&#151;Risk Factors in Strategic Transactions and Derivatives&#151;Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> Under the Investment Company Act&#148; in
the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Securities Lending </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may lend
portfolio securities to certain borrowers determined to be creditworthy by the Advisor, including to borrowers affiliated with the 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 <FONT STYLE="white-space:nowrap">one-third</FONT> 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
<FONT STYLE="white-space:nowrap">non-cash</FONT> distributions paid on the loaned securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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. 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 Advisor or in registered money market funds advised by the Advisor or their affiliates; such investments are subject to investment risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 Advisor, acts as securities lending agent for
the Fund, subject to the overall supervision of the Advisor. BIM administers the lending program in accordance with guidelines approved by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To
the extent the Fund engages in securities lending, the Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Securities lending income is equal to the
total of income earned from the reinvestment of cash collateral (and excludes collateral investment expenses as defined below), and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all
operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan (the &#147;collateral investment expenses&#148;). The cash collateral
is invested in a private investment company managed by the Advisor or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. 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, distribution fee or service fee. If the
private investment company&#146;s weekly liquid assets fall below 30% of its total assets, BIM, as managing member of the private investment company, is permitted at any time, if it determines it to be in the best interests of the private investment
company, to impose a liquidity fee of up to 2% of the value of units withdrawn or impose a redemption gate that temporarily suspends the right of withdrawal out of the private investment company. In addition, if the private
</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">- 29 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
investment company&#146;s weekly liquid assets fall below 10% of its total assets at the end of any business day, the private investment company will impose a liquidity fee in the default amount
of 1% of the amount withdrawn, generally effective as of the next business day, unless BIM determines that a higher (not to exceed 2%) or lower fee level or not imposing a liquidity fee is in the best interests of the private investment company. The
shares of the private investment company purchased by the Fund would be subject to any such liquidity fee or redemption gate imposed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the
securities lending program, the Fund is categorized into a specific asset class. The determination of the Fund&#146;s asset class category (fixed income, domestic equity, international equity, or fund of funds), each of which may be subject to a
different fee arrangement, is based on a methodology agreed to between the Fund and BIM. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the current securities lending agreement:
(i)&nbsp;if the Fund were to engage in securities lending, the Fund retains 82% of securities lending income (which excludes collateral investment expenses), and (ii)&nbsp;this amount can never be less than 70% of the sum of securities lending
income plus collateral investment expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities lending income as
follows: (i)&nbsp;if the Fund were to engage in securities lending, 85% of securities lending income (which excludes collateral investment expenses); and (ii)&nbsp;this amount can never be less than 70% of the sum of securities lending income plus
collateral investment expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_8"></A>LEVERAGE </B></P>
<P STYLE="margin-top:12pt; 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. As of [&#9679;], this leverage represented approximately
[&#9679;]% of the Fund&#146;s Managed Assets (which includes the amount obtained from such borrowings or debt issuance. The Fund generally will not utilize leverage if it anticipates that the Fund&#146;s leveraged capital structure would result in a
lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount of time. At times, the Fund could utilize leverage through borrowings, including the issuance of short-term debt securities, the
issuance of shares of preferred stock or a combination thereof. The Fund has the ability to utilize leverage through borrowings or the issuance of short-term debt securities in an amount up to 33 1/3% of the value of its Managed Assets (which
includes the amount obtained from such borrowings or debt issuance). The Fund also has the ability to utilize leverage through the issuance of shares of preferred stock in an amount up to 50% of the value of its Managed Assets (which includes the
amount obtained from such issuance). The Fund may also leverage through the use of reverse repurchase agreements. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund&#146;s
assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The use of leverage, if employed, can create
risks. The NAV and market price of the common shares and the yield to holders of common shares will be more volatile than if leverage were not used. Changes in the value of the Fund&#146;s portfolio, including securities bought with the proceeds of
leverage, will be borne entirely by the holders of common shares. If there is a net decrease or increase in the value of the Fund&#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 fee paid to the Advisor for advisory
services will be higher than if the Fund did not use leverage, because the fees paid will be calculated on the basis of the Fund&#146;s Managed Assets, which includes the proceeds from leverage. The Fund&#146;s leveraging strategy may not be
successful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain types of leverage the Fund may use may result in the Fund being subject to covenants relating to asset coverage and portfolio
composition requirements. The Fund may be subject to certain restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue ratings for any short-term debt securities or preferred shares
issued by the Fund. The terms of any borrowings or rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act. The Advisors do not believe that
these covenants or guidelines will impede them from managing the Fund&#146;s portfolio in accordance with its investment objective and policies if the Fund were to utilize leverage. </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">- 30 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Investment Company Act, the Fund is not permitted to issue senior securities if, immediately after
the issuance of such senior securities, the Fund would have an asset coverage ratio (as defined in the Investment Company Act) of less than 300% with respect to senior securities representing indebtedness (<I>i.e.</I>, for every dollar of
indebtedness outstanding, the Fund is required to have at least three dollars of assets) or less than 200% with respect to senior securities representing preferred shares (<I>i.e.</I>, for every dollar of preferred shares outstanding, the Fund is
required to have at least two dollars of assets). The Investment Company Act also provides that the Fund may not declare distributions, or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset
coverage ratio of less than 300% or 200%, as applicable. Under the Investment Company Act, certain short-term borrowings (such as for cash management purposes) are not subject to these limitations if (i)&nbsp;repaid within 60&nbsp;days,
(ii)&nbsp;not extended or renewed, and (iii)&nbsp;not in excess of 5% of the total assets of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Effects of Leverage </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Assuming that leverage will represent approximately [&#9679;]% of the Fund&#146;s Managed Assets and that the Fund will bear expenses relating to that
leverage at an average annual rate of [&#9679;]%, the income generated by the Fund&#146;s portfolio (net of estimated expenses) must exceed [&#9679;]% in order to cover the expenses specifically related to the Fund&#146;s use of leverage. Of course,
these numbers are merely estimates used for illustration. Actual leverage expenses will vary frequently and may be significantly higher or lower than the rate estimated above.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return,
assuming investment portfolio total returns (comprised of income and changes in the value of investments held in the Fund&#146;s portfolio) of (10)%, (5)%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are
not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. The table further reflects the use of leverage representing [&#9679;]% of the Fund&#146;s Managed Assets and an assumed annual cost
of leverage of [&#9679;]%. </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="66%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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">Assumed Portfolio Total Return (Net of Expenses)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(10.00)%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">(5.00)%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">&#8195;&#8201;0%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">5.00%</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">10.00%</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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 Share Total Return</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">([&#9679;])%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">([&#9679;])%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">([&#9679;])%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">[&#9679;]%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">&#8194;&#8201;[&#9679;]%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Common share total return is composed of two elements: the common share dividends paid by the Fund (the amount of which is
largely determined by the net investment income of the Fund after paying for any leverage used by the Fund) and gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to
suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% the Fund must assume that the interest it receives on its investments is entirely offset by losses in the value of those securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Credit Facility </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is a party to a senior
committed secured, <FONT STYLE="white-space:nowrap">360-day</FONT> 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;). SSB may elect to
terminate its commitment upon <FONT STYLE="white-space:nowrap">360-days</FONT> written notice to the Fund. The Fund has granted a security interest in substantially all of its assets to SSB. Advances will be made by SSB to the Fund, at the
Fund&#146;s option of (a)&nbsp;the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above the Overnight LIBOR or (b) 0.80% above <FONT STYLE="white-space:nowrap">7-day,</FONT> <FONT STYLE="white-space:nowrap">30-day,</FONT> <FONT
STYLE="white-space:nowrap">60-day</FONT> or <FONT STYLE="white-space:nowrap">90-day</FONT> LIBOR. In addition, the Fund pays a commitment 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; 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. 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 policies and engage in certain transactions, including mergers and consolidations, require asset coverage ratios in addition to those required by the Investment Company Act and have the effect of
limiting the Fund&#146;s ability to pay distributions in certain circumstances. </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">- 31 - </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><B>Reverse Repurchase Agreements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the investment restrictions set forth herein.
Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. In accordance with Rule
<FONT STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i)&nbsp;maintain asset coverage of at least 300% with
respect to such transactions and any other borrowings in the aggregate, or (ii)&nbsp;treat such transactions as &#147;derivative transactions: and comply with Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> with respect to such transactions. See
&#147;Additional Risk Factors&#151;Risk Factors in Strategic Transactions and Derivatives &#150; Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> Under the Investment Company Act&#148; in the SAI. 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. 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; 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; 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; font-size:10pt; font-family:Times New Roman"><B>Dollar Roll Transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may enter into &#147;dollar roll&#148; transactions. In a dollar roll transaction, the Fund sells a mortgage related or other security to a dealer
and simultaneously agrees to repurchase a similar security (but not the same security) in the future at <FONT STYLE="white-space:nowrap">a&nbsp;pre-determined&nbsp;price.</FONT> 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 the pools of mortgages collateralizing those securities may have different prepayment histories than those sold. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 on the securities sold. Proceeds
of the sale will be invested in additional instruments for the Fund and the income from these investments will generate income for the Fund. If such income does not exceed the income, capital appreciation and gain that would have been realized on
the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what the performance would have been without the use of dollar rolls. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities
(e.g., dollar rolls and firm and standby commitments, including TBA commitments) and <FONT STYLE="white-space:nowrap">non-standard</FONT> settlement cycle securities notwithstanding the limitation on the issuance of senior securities in
Section&nbsp;18 of the Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision. If a when-issued, forward-settling or <FONT STYLE="white-space:nowrap">non-standard</FONT> settlement cycle security does
not satisfy the Delayed-Settlement </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">- 32 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities Provision, then it is treated as a derivatives transaction under Rule <FONT STYLE="white-space:nowrap">18f-4.</FONT> See &#147;Additional Risk Factors&#151;Risk Factors in Strategic
Transactions and Derivatives&#151;Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> Under the Investment Company Act&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preferred Shares </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is permitted to leverage its
portfolio by issuing preferred shares. Under the Investment Company Act, the Fund is not permitted to issue preferred shares if, immediately after such issuance, the liquidation value of the Fund&#146;s outstanding preferred shares exceeds 50% of
its assets (including the proceeds from the issuance) less liabilities other than borrowings (<I>i.e.</I>, the value of the Fund&#146;s assets must be at least 200% of the liquidation value of its outstanding preferred shares). In addition, the Fund
would not be permitted to declare any cash dividend or other distribution on its common shares unless, at the time of such declaration after giving effect to the declaration, the value of the Fund&#146;s assets less liabilities other than borrowings
is at least 200% of such liquidation value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund expects that preferred shares, if issued, will pay adjustable rate dividends based on shorter-term
interest rates, which would be redetermined periodically by a fixed spread or remarketing process, subject to a maximum rate which would increase over time in the event of an extended period of unsuccessful remarketing. The adjustment period for
preferred share dividends could be as short as one day or as long as a year or more. Preferred shares, if issued, could include a liquidity feature that allows holders of preferred shares to have their shares purchased by a liquidity provider in the
event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. The Fund expects that it would pay a fee to the provider of this liquidity feature, which would be borne by common shareholders of the Fund.
The terms of such liquidity feature could require the Fund to redeem preferred shares still owned by the liquidity provider following a certain period of continuous, unsuccessful remarketing, which may adversely impact the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If preferred shares are issued, the Fund may, to the extent possible, purchase or redeem preferred shares from time to time to the extent necessary in order
to maintain asset coverage of any preferred shares of at least 200%. In addition, as a condition to obtaining ratings on the preferred shares, the terms of any preferred shares issued are expected to include asset coverage maintenance provisions
which will require the redemption of the preferred shares in the event <FONT STYLE="white-space:nowrap">of&nbsp;non-compliance&nbsp;by</FONT> the Fund and may also prohibit dividends and other distributions on the common shares in such
circumstances. In order to meet redemption requirements, the Fund may have to liquidate portfolio securities. Such liquidations and redemptions would cause the Fund to incur related transaction costs and could result in capital losses to the Fund.
Prohibitions on dividends and other distributions on the common shares could impair the Fund&#146;s ability to qualify as a regulated investment company under the Code. If the Fund has preferred shares outstanding, two of the Directors will be
elected by the holders of preferred shares voting separately as a class. The remaining Directors will be elected by holders of common shares and preferred shares voting together as a single class. In the event the Fund failed to pay dividends on
preferred shares for two years, holders of preferred shares would be entitled to elect a majority of the Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Fund issues preferred shares,
the Fund expects that it will be subject to certain restrictions imposed by guidelines of one or more rating agencies that may issue ratings for preferred shares issued by the Fund. These guidelines are expected to impose asset coverage or portfolio
composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the Advisors from managing the Fund&#146;s portfolio in accordance
with the Fund&#146;s investment objective and policies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Derivatives </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may enter into derivative transactions that have leverage embedded in them. Derivative transactions that the Fund may enter into and the risks
associated with them are described elsewhere in this Prospectus and are also </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">- 33 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
referred to as &#147;Strategic Transactions.&#148; The Fund cannot assure you that investments in derivative transactions that have leverage embedded in them will result in a higher return on its
common shares. Under Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">value-at-risk.</FONT></FONT><B> </B>See &#147;Additional Risk Factors&#151;Risk Factors in Strategic Transactions and Derivatives&#151;Rule <FONT STYLE="white-space:nowrap">18f-4</FONT>
Under the Investment Company Act&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Temporary Borrowings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of
securities transactions which otherwise might require untimely dispositions of Fund securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_9"></A>RISKS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The NAV and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks of
investing in the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General Risks </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer
to the <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm#xx_e07a5a7f-558f-4738-8aca-44a6adbf91a8_fiopr-footer-fundbookname-934_1"><FONT STYLE="font-family:Times New Roman"><U>section of the Fund</U></FONT><FONT
STYLE="font-family:Times New Roman"><U>&#146;</U></FONT><FONT STYLE="font-family:Times New Roman"><U>s most recent annual report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> entitled </U></FONT><FONT STYLE="font-family:Times New Roman"><U>&#147;
</U></FONT><FONT STYLE="font-family:Times New Roman"><U>Investment Objectives, Policies and Risks&#151;Risk Factors</U></FONT><FONT STYLE="font-family:Times New Roman"><U>&#148;</U></FONT></A><FONT STYLE="font-family:Times New Roman">, which is
incorporated by reference herein, for a discussion of the general risks of investing in the Fund. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Other Risks </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Credit Derivatives Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The use of credit derivatives
is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If the Advisors are incorrect in their forecasts of default risks, counterparty risk market spreads
or other applicable factors, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. Moreover, even if the Advisors are correct in their forecasts, there is a risk that a credit
derivative position may correlate imperfectly with the price of the asset or liability being protected. The Fund&#146;s risk of loss in a credit derivative transaction varies with the form of the transaction. For example, if the Fund purchases a
default option on a security, and if no default occurs with respect to the security, the Fund&#146;s loss is limited to the premium it paid for the default option. In contrast, if there is a default by the grantor of a default option, the
Fund&#146;s loss will include both the premium that it paid for the option and the decline in value of the underlying security that the default option protected. Credit default swap agreements may involve greater risks than if the Fund invested in
the reference obligation directly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Credit-Linked Notes Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A CLN 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; font-size:10pt; font-family:Times New Roman"><B>Collateralized Debt Obligations Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the
typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations (&#147;CDOs&#148;), including collateralized loan obligations (&#147;CLOs&#148;), carry additional risks including, but not limited
to: (i)&nbsp;the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&nbsp;the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally
recognized statistical rating organization; (iii)&nbsp;the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv)&nbsp;the structure and complexity of the transaction and the legal documents could lead to disputes among
investors regarding the characterization of proceeds; (v)&nbsp;the investment return achieved by 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">- 34 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Fund could be significantly different than those predicted by financial models; (vi)&nbsp;the lack of a readily available secondary market for CDOs; (vii)&nbsp;the risk of forced &#147;fire
sale&#148; liquidation due to technical defaults such as coverage test failures; and (viii)&nbsp;the CDO&#146;s manager may perform poorly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment
Companies and ETFs Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Fund may acquire shares in
other investment companies and in ETFs and business development companies (&#147;BDCs&#148;), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their NAV. As
an investor in investment companies, including ETFs and BDCs, the Fund would bear its ratable share of that entity&#146;s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and
administration fees and other expenses (to the extent not offset by the Advisor through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies, including ETFs and BDCs
(to the extent not offset by the Advisor through waivers). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The securities of other investment companies, including ETFs and BDCs, in which the Fund may
invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies, including ETFs and BDCs, that use leverage may expose the Fund
to higher volatility in the market value of such securities and the possibility that the Fund&#146;s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The portfolios of ETFs are generally not actively managed and may be affected by a general decline in market segments relating to its index. An ETF typically
invests in securities included in, or representative of, its index regardless of their investment merits and does not attempt to take defensive positions in declining markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Second Lien Loans Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman">There is also a possibility that originators will not be able to sell participations in second lien loans, which would create greater credit
risk exposure for the holders of such loans. Second lien loans share the same risks as other below investment grade securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mezzanine Securities
Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap">non-investment</FONT> 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 obligation after giving effect to any senior obligations of the related borrower. 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks of Loan Assignments and Participations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. 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 <FONT STYLE="white-space:nowrap">set-off</FONT> 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 <FONT STYLE="white-space:nowrap">set-off</FONT> between the lender and the borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Loans Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure.
Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as SOFR, LIBOR or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less
exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. However, because the trading market for certain corporate loans may be less developed than the secondary market for bonds and
notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional
investments or to meet the Fund&#146;s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks and other
lenders. Leading financial institutions often act as agent for a broader group of lenders, generally referred to as a syndicate. The syndicate&#146;s agent arranges the corporate loans, holds collateral and accepts payments of principal and
interest. If the agent develops financial problems, the Fund may not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a member of the syndicate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although borrowers frequently provide collateral to
secure repayment of these obligations they do not always do so. If they do provide collateral, the value of the collateral may not completely cover the borrower&#146;s obligations at the time of a default. If a borrower files for protection from its
creditors under the U.S. bankruptcy laws, these laws may limit the Fund&#146;s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a corporate loan may not
recover its principal, may experience a long delay in recovering its investment and may not receive interest during the delay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Bonds Risk
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. 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 </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">- 36 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Yield and Ratings Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The yields on 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, S&amp;P and Fitch, which are described in Appendix A to the SAI, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not
absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Advisors will consider
such an event in determining whether the Fund should continue to hold the security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unrated Securities Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because the Fund may purchase securities that are not rated by any rating organization, the Advisors may, after assessing their credit quality, internally
assign ratings to certain of those securities in categories similar to those of rating organizations. 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 Advisors&#146; credit analysis than would be the case when the Fund
invests in rated securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Debtor-In-Possession</FONT></FONT> (DIP) Financing Risk
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 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; font-size:10pt; font-family:Times New Roman"><B>U.S. Government Securities Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Pay-in-Kind</FONT></FONT> Bonds Risks </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in PIK bonds. PIK bonds are bonds that pay interest through the issuance of additional debt or equity securities. Similar to zero coupon
obligations, PIK bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold and, if the issuer defaults, the Fund may obtain no return at all on
its investment. The market price of PIK bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of securities that pay interest in cash. Additionally, current federal tax law requires the
holder of certain PIK bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its qualification as a regulated investment company (&#147;RIC&#148;) 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Insolvency of Issuers of Indebtedness Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Various laws enacted for the protection of creditors may apply to indebtedness in which the Fund invests. The information in this and the following paragraph
is applicable with respect to U.S. issuers subject to U.S. federal bankruptcy law. Insolvency considerations may differ with respect to other issuers. If, in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer of
indebtedness, a court were to find that the issuer did not receive fair consideration or reasonably equivalent value for incurring the indebtedness and that, after giving effect to such indebtedness, the issuer (i)&nbsp;was insolvent, (ii)&nbsp;was
engaged in a business for which the remaining assets of such issuer constituted unreasonably small capital or (iii)&nbsp;intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could
determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of such issuer, or to recover amounts previously paid by such issuer in satisfaction of such
indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an issuer would be considered insolvent at a particular time if the sum of its debts was then greater than all of its property at a fair valuation, or if the
present fair saleable value of its assets was then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. 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. 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; 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. 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; font-size:10pt; font-family:Times New Roman">Indebtedness consisting of obligations of <FONT STYLE="white-space:nowrap">non-U.S.</FONT> issuers may
be subject to various laws enacted in the countries of their issuance for the protection of creditors. These insolvency considerations will differ depending on the country in which each issuer is located or domiciled and may differ depending on
whether the issuer is a <FONT STYLE="white-space:nowrap">non-sovereign</FONT> or a sovereign entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Frontier Markets Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely
to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more
developed and traditional emerging markets. Frontier markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. Economic, political,
illiquidity and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reference Rate
Replacement Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may be exposed to financial instruments that recently transitioned from, or continue to be tied to, the London Interbank
Offered Rate (&#147;LIBOR&#148;) to determine payment obligations, financing terms, hedging strategies or investment value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The United Kingdom&#146;s
Financial Conduct Authority (&#147;FCA&#148;), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings would continue to be published under a synthetic methodology until
September&nbsp;30, 2024 for certain legacy contracts. After September&nbsp;30, 2024, the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased. The Secured Overnight Financing Rate
(&#147;SOFR&#148;) is a broad measure of the cost of borrowing cash </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">- 38 - </P>

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overnight collateralized by U.S. Treasury securities in the repurchase agreement (&#147;repo&#148;) market and has been used increasingly on a voluntary basis in new instruments and transactions.
Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing LIBOR-based instruments may contemplate a
scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing
LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contracts,
securities or other instruments using LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to
other interbank offered rates that may also cease to be published in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Event Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><B>Indexed
and Inverse Securities Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><B>Structured Investments Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in
structured products, including structured notes, equity-linked notes (&#147;ELNs&#148;) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; 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 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: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">- 39 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Structured Notes Risk</I>. 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; font-size:10pt; font-family:Times New Roman"><I>Event-Linked Securities Risk</I>. 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 <FONT STYLE="white-space:nowrap">low-severity,</FONT> 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, <FONT STYLE="white-space:nowrap">low-probability</FONT> 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
<FONT STYLE="white-space:nowrap">pay-off</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Equity-Linked Notes Risk</I>. ELNs are hybrid securities with characteristics of
both fixed-income and equity securities. An ELN is a debt instrument, usually a bond, that pays interest based upon the performance of an underlying equity, which can be a single stock, basket of stocks or an equity index. The interest payment on an
ELN may in some cases be leveraged so that, in percentage terms, it exceeds the relative performance of the market. ELNs generally are subject to the risks associated with the securities of equity issuers, default risk and counterparty risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Credit-Linked Notes Risk</I>. 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; font-size:10pt; font-family:Times New Roman"><B>Dollar Roll Transaction Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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. 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. Successful use of dollar rolls may depend upon the
Advisor&#146;s ability to predict correctly interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed. These transactions may involve leverage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inflation Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inflation risk is the risk that the
value of assets or income from investment will be worth less in the future, as inflation decreases the value of money. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic
or global economy. As inflation increases, the real value of the common shares and distributions on those shares can decline. In addition, during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase,
which would tend to further reduce returns to the holders of common shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Deflation Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><B>Defensive Investing Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><B>Risk Associated with Recent Market Events </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although
interest rates were unusually low in recent years in the U.S. and abroad, in 2022, the Federal Reserve and certain foreign central banks raised interest rates as part of their efforts to address rising inflation. The Federal Reserve and certain
foreign central banks have started to lower interest rates, though economic or other factors, such as inflation, could stop such changes. It is difficult to accurately predict the pace at which interest rates might change, the timing, frequency or
magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Additionally, various economic and political factors could cause the Federal Reserve or other foreign central banks to change their approach in
the future and such actions may result in an economic slowdown both in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the market. Deteriorating economic
fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility,
reduce liquidity across various markets or decrease confidence in the markets, which could negatively affect the value of debt instruments held by the Fund and result in a negative impact on the Fund&#146;s performance. See &#147;&#151;Inflation
Risk.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Political and diplomatic events within the United States, including a contentious domestic political environment, changes in political party
control of one or more branches of the U.S. Government, the U.S. Government&#146;s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to
increase, the U.S. Government&#146;s borrowing limit (or &#147;debt ceiling&#148;), as well as political and diplomatic events abroad, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy,
perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns about the U.S. Government&#146;s credit quality in general, could have a substantial negative effect on the U.S. and global
economies. For example, concerns about the U.S. Government&#146;s credit quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or increased costs of
various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility that the United States could default on its obligations. The consequences of such an unprecedented event are impossible to
predict, but it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund&#146;s investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In recent years, some countries, including the United States, have adopted more protectionist trade policies. Slowing global economic growth, the rise in
protectionist trade policies, inflationary pressures, changes to some major international trade agreements, risks associated with the trade agreements between countries and regions, including the U.S. and other foreign nations, political or economic
dysfunction within some countries or regions, including the U.S., and dramatic changes in commodity and currency prices could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, if the
U.S. dollar continues to be strong, it may decrease foreign demand for U.S. assets, which could have a negative impact on certain issuers and/or industries. </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">- 41 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EMU and Redenomination Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting the EMU, or even the collapse of the Euro as a common
currency, arose, creating significant volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of one or more countries from the EMU, on the U.S. and global economy and securities
markets are impossible to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&#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, illiquidity
risk and valuation risk to a greater extent than similar investments currently denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain <FONT STYLE="white-space:nowrap">EMU-related</FONT>
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; font-size:10pt; font-family:Times New Roman"><B>Market Disruption and Geopolitical Risk
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 and the Middle East, international war or conflict (including the Israel-Hamas war), new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in
the United States and around the world, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of
foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential
exit of one or more countries from the EU or the EMU, and continued changes in the balance of political power among and within the branches of the U.S. Government, among others, may result in market volatility, may have long term effects on the U.S.
and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Russia launched a large-scale invasion
of Ukraine on February&nbsp;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, in the
region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including
purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, could have a severe
adverse effect on Russia and the European region, including significant negative impacts on the Russian economy, the European economy and the markets for certain securities and commodities, such as oil and natural gas, and may likely have collateral
impacts on such sectors globally as well as other sectors. How long such military action and related events will last cannot be predicted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trade tensions
between the United States and China have led to concerns about economic stability and could have an adverse impact on global economic conditions. The United States and China have each been implementing increased tariffs on imports from the other,
and the United States has also adopted certain targeted measures such as export controls or sanctions implicating Chinese companies and officials. While certain trade agreements have been agreed between the two countries, there remains much
uncertainty as to whether the trade negotiations between the United States and China will be successful and how the trade war between the United States and China will progress. Uncertainty regarding the outcome of the trade tensions and the
potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the Euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may
be imposed or other escalating actions may be taken in the future. If the trade war between the United States and China continues or escalates, or if additional tariffs or trade restrictions are implemented by the United States, China or other
countries in connection </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">- 42 - </P>

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with a global trade war, there could be material adverse effects on the global economy, and the Fund and its portfolio investments could be materially and adversely affected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;31, 2020, the United Kingdom officially left the European Union (Brexit), subject to a transitional period that ended December&nbsp;31, 2020.
The United Kingdom and European Union have reached an agreement on the terms of their future trading relationship effective January&nbsp;1, 2021, which principally relates to the trading of goods rather than services, including financial services.
Further discussions are to be held between the United Kingdom and the European Union in relation to matters not covered by the trade agreement, such as financial services. The Fund faces risks associated with the potential uncertainty and
consequences that may follow Brexit, including with respect to volatility in exchange rates and interest rates. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to
instability in global political institutions, regulatory agencies and financial markets. Brexit has also led to legal uncertainty and could lead to politically divergent national laws and regulations as a new relationship between the United Kingdom
and European Union is defined and the United Kingdom determines which European Union laws to replace or replicate. Any of these effects of Brexit could adversely affect any of the companies to which the Fund has exposure and any other assets that
the Fund invests in. The political, economic and legal consequences of Brexit are not yet known. In the short term, financial markets may experience heightened volatility, particularly those in the United Kingdom and Europe, but possibly worldwide.
The United Kingdom and Europe may be less stable than they have been in recent years, and investments in the United Kingdom and the European Union may be difficult to value or subject to greater or more frequent volatility. In the longer term, there
is likely to be a period of significant political, regulatory and commercial uncertainty as the United Kingdom continues to negotiate the terms of its future trading relationship with the European Union. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cybersecurity incidents affecting particular companies or industries may adversely affect the economies of particular countries, regions or parts of the world
in which the Fund invests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The occurrence of any of these 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 assurance that
similar events and other market disruptions will not have other material and adverse implications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>European Economic Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt
levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund&#146;s investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in
social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets
and asset valuations around the world. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the
European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly
affect the economies of every country in Europe, including countries that do not use the Euro and <FONT STYLE="white-space:nowrap">non-European</FONT> Union member states. The impact of these actions, especially if they occur in a disorderly
fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February&nbsp;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future
market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such
as oil and natural gas, as well as other sectors. </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">- 43 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation and Government Intervention Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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
objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In light of popular, political and judicial focus on finance related consumer protection, financial institution practices are also subject to
greater scrutiny and criticism generally. In the case of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation of terms and legal rights in favor of the consuming public,
particularly where there is a real or perceived disparity in risk allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction. In the event of conflicting interests between retail
investors holding common shares of a <FONT STYLE="white-space:nowrap">closed-end</FONT> 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; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><I>Investment Company Act Regulations</I>. The Fund is a
registered <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company and as such is subject to regulations under the Investment Company Act. Generally speaking, any contract or provision thereof that is made, or where
performance involves a violation of the Investment Company Act or any rule or regulation thereunder is unenforceable by either party unless a court finds otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation as a &#147;Commodity Pool&#148; </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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)&nbsp;invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC
Derivatives, or (ii)&nbsp;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 Advisor has claimed an exclusion from the definition of the term &#147;commodity pool operator&#148; under the CEA pursuant to Rule 4.5 under the CEA. The 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; font-size:10pt; font-family:Times New Roman"><B>Failure of Futures Commission Merchants
and Clearing Organizations Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is required to deposit funds to margin open positions in cleared derivative instruments (both
futures&nbsp;and swaps) 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&nbsp;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&nbsp;respect to any orders for the purchase
or sale of foreign futures contracts and segregate any such funds from the funds received with respect to domestic futures contracts. However, all funds and other property received by an FCM from its customers are held by an FCM on a commingled
basis in an omnibus account and amounts in excess of assets posted to the clearing organization may be invested by an FCM in certain instruments permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any
FCM as margin for futures contracts or commodity options may, in certain circumstances, be used to satisfy losses of other clients of the Fund&#146;s FCM. In addition, the assets of the Fund posted as margin against both swaps and futures contracts
may not be fully protected in the event of the FCM&#146;s bankruptcy. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Legal, Tax and Regulatory Risks </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Legal, tax and regulatory changes could occur that may have material adverse effects on the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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). 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The current presidential administration has called for significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government
regulatory policy. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened
uncertainty and introduced new and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">difficult-to-quantify</FONT></FONT> macroeconomic and political risks with potentially <FONT STYLE="white-space:nowrap">far-reaching</FONT>
implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current
presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory
environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund&#146;s business, they could adversely affect the Fund&#146;s business, financial condition, operating results and cash flows.
Until the Fund knows what policy changes are made and how those changes impact the Fund&#146;s business and the business of the Fund&#146;s competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be
negatively affected by them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the Internal Revenue Service (&#147;IRS&#148;) and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Potential Conflicts of Interest of the Advisor, <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> and Others </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investment activities of the Advisor, the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> and their affiliates (including BlackRock, Inc. and its
subsidiaries (collectively, the &#147;Affiliates&#148;)), and their respective directors, officers or employees, in managing their own accounts and other accounts, may present conflicts of interest that could disadvantage the Fund and its
shareholders. The Advisor and its Affiliates may engage in proprietary trading and advise accounts and other funds that have investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or similar
types of securities, currencies and other assets as are held by the Fund. Subject to the requirements of the Investment Company Act, the Advisor and its Affiliates intend to engage in such activities and may receive compensation from third parties
for their services. Neither the Advisor nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The
results of the Fund&#146;s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an Affiliate. 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 opposite result is also possible. The Advisor has adopted policies and procedures designed to address potential conflicts of interest. For additional information
about potential conflicts of interest and the way in which BlackRock addresses such conflicts, please see &#147;Conflicts of Interest&#148; and &#147;Management of the Fund&#151;Portfolio Management&#151;Potential Material Conflicts of
Interest&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Decision-Making Authority Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. The authority for all such decisions is generally delegated to the Board, </P>
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which in turn, has delegated the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Fund&#146;s investment activities to the Advisors,
subject to oversight by the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is subject to management risk because it is an actively managed investment portfolio. The Advisors and the individual portfolio managers will apply
investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund
may invest in derivative instruments, which may be highly specialized instruments that require investment techniques and risk analyses different from those associated with equities and bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Valuation Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is subject to valuation risk,
which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. The Advisor may use an
independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. See &#147;Net Asset Value.&#148;
When market quotations are not available, the Advisor may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of
market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual
market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Fund&#146;s investments. Technological issues and/or errors by pricing services or other third-party service
providers may also impact the Fund&#146;s ability to value its investments and the calculation of the Fund&#146;s NAV. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When market quotations are not
readily available or are believed by the Advisor to be unreliable, the Advisor will fair value the Fund&#146;s investments in accordance with its policies and procedures. Fair value represents a good faith approximation of the value of an asset or
liability. The fair value of an asset or liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an
<FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that
fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund is able to obtain upon sale, and it is possible that the fair value determined
for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that
security or other asset. For example, the Fund&#146;s NAV could be adversely affected if the Fund&#146;s determinations regarding the fair value of the Fund&#146;s investments were materially higher than the values that the Fund ultimately realizes
upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than
for investments with a more active secondary market because there is less reliable objective data available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of overall size, duration and
maturities of positions held by the Fund, the value at which its investments can be liquidated may differ, sometimes significantly, from the interim valuations obtained by the Fund. In addition, the timing of liquidations may also affect the values
obtained on liquidation. Securities held by the Fund may routinely trade <FONT STYLE="white-space:nowrap">with&nbsp;bid-offer&nbsp;spreads</FONT> that may be significant. There can be no guarantee that the Fund&#146;s investments could ultimately be
realized at the Fund&#146;s valuation of such investments. In addition, the Fund&#146;s compliance with the asset diversification tests applicable to regulated investment companies depends on the fair market values of the Fund&#146;s assets, and,
accordingly, a challenge to the valuations ascribed by the Fund could affect its ability to comply with those tests or require it to pay penalty taxes in order to cure a violation thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s NAV per share is a critical component in several operational matters including computation of advisory and services fees and determination of
the price at which a tender offer will be made. Consequently, variance in 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">- 46 - </P>

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valuation of the Fund&#146;s investments will impact, positively or negatively, the fees and expenses shareholders will pay. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reliance on the Advisor and <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is dependent upon services and resources provided by the Advisors, and therefore the Advisors&#146; parent, BlackRock, Inc. The Advisors are not
required to devote their full time to the business of the Fund and there is no guarantee or requirement that any investment professional or other employee of the Advisors will allocate a substantial portion of his or her time to the Fund. The loss
of one or more individuals involved with the Advisors could have a material adverse effect on the performance or the continued operation of the Fund. For additional information on the Advisor, the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT>
and BlackRock, see &#147;Management of the Fund&#151;Investment Advisor and <FONT STYLE="white-space:nowrap">Sub-Advisor.&#148;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Reliance on
Service Providers Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. 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. 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; font-size:10pt; font-family:Times New Roman"><B>Operational and Technology Risks </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund and the
entities with which it interacts directly or indirectly are susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of
artificial intelligence and machine learning (&#147;AI&#148;), which may result in losses for the Fund and its shareholders or impair the Fund&#146;s operations. These entities include, but are not limited to, the Fund&#146;s adviser, administrator,
distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized participants, listing exchanges, other financial market
operators, and governmental authorities. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund&#146;s investments in such issuers to lose
value. The Fund may incur substantial costs in order to mitigate operational and technology risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cybersecurity incidents can result from deliberate
attacks or unintentional events against an issuer in which the Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive information,
corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity
incidents may result in any of the following: financial losses; interference with the Fund&#146;s ability to calculate its NAV; disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous
subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs;
and other legal and compliance expenses. Furthermore, cybersecurity incidents may render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to the Fund&#146;s
functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by the Fund or its service providers, as well as market
events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data risk, transparency risk, and
operational risk. The AI technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into
such technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may </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">- 47 - </P>

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lack transparency as to how data is utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications.
The Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate,
continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules and the associated risks to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the Fund&#146;s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and
procedures, their methods of risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Fund and its adviser seek to reduce these risks through
controls, procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent limitations in such plans and systems, including the possibility that certain risks that may affect the
Fund have not been identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents;
or that prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the systems, information security or other cybersecurity of the issuers in which it invests or its service providers,
counterparties, and other third parties whose activities affect the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lastly, the regulatory climate governing cybersecurity and data protection is
developing quickly and may vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring
substantial resources to monitor and implement required changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Technology Systems Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is dependent on the Advisors for certain management services as well as back-office functions. The Advisors depend on information technology systems
in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Fund. It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the
Advisors&#146; ability to adequately assess and adjust investments, formulate strategies and provide adequate risk control. Any such information technology-related difficulty could harm the performance of the Fund. Further, failure of the
back-office functions of the Advisors to process trades in a timely fashion could prejudice the investment performance of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Misconduct of
Employees and of Service Providers Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Misconduct or misrepresentations by employees of the Advisor,
<FONT STYLE="white-space:nowrap">the&nbsp;Sub-Advisor&nbsp;or</FONT> the Fund&#146;s service providers could cause significant losses to the Fund. Employee misconduct may include binding the Fund to transactions that exceed authorized limits or
present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses
could also result from actions by the Fund&#146;s service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly use or disclose confidential
information, which could result in litigation or serious financial harm, including limiting the Fund&#146;s business prospects or future marketing activities. Despite the Advisors&#146; due diligence efforts, misconduct and intentional
misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Advisors&#146; due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Advisors will identify or
prevent any such misconduct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Risks for Holders of Rights </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is a risk that performance of the Fund may result in the common shares purchasable upon exercise of the rights being less attractive to investors at the
conclusion of the subscription period. This may reduce or eliminate the value of the rights. Investors who receive rights may find that there is no market to sell rights they do not wish to exercise. If investors exercise only a portion of the
rights, common shares may trade at less favorable prices than larger offerings for similar securities. </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">- 48 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Allocation Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s ability to achieve its investment objective depends upon the Advisors&#146; skill in determining the Fund&#146;s allocation of its assets and
in selecting the best mix of investments. There is a risk that the Advisors&#146; evaluation and assumptions regarding asset classes or investments may be incorrect in view of actual market conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s allocation of its investments across various segments of the securities markets and various countries, regions, asset classes and sectors may
vary significantly over time based on the Advisors&#146; analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&#146;s portfolio, may vary over time. The
Advisors employ an active approach to the Fund&#146;s investment allocations, but there is no guarantee that the Advisors&#146; allocation strategy will produce the desired results. The percentage of the Fund&#146;s total assets allocated to any
category of investment may at any given time be significantly less than the maximum percentage permitted pursuant to the Fund&#146;s investment policies. It is possible that the Fund will focus on an investment that performs poorly or underperforms
other investments under various market conditions. The flexibility of the Fund&#146;s investment policies and the discretion granted to the Advisors to invest the Fund&#146;s assets across various segments, classes and geographic regions of the
securities markets and in securities with various characteristics means that the Fund&#146;s ability to achieve its investment objective may be more dependent on the success of its investment advisers than other investment companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Portfolio Turnover Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s annual
portfolio turnover rate may vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. A higher portfolio turnover rate results
in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund which, when distributed to
common shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized capital losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Anti-Takeover Provisions Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s Charter
and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to <FONT STYLE="white-space:nowrap">open-end</FONT> status or to change the composition of the Board. Such
provisions may limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. See &#147;Certain Provisions of the Charter and Bylaws.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_10"></A>HOW THE FUND MANAGES RISK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Limitations </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund has adopted certain
investment limitations designed to limit investment risk. Some of these limitations are fundamental and thus may not be changed without the approval of the holders of a majority of the outstanding common shares. See &#147;Investment Objectives and
Policies&#151;Investment Restrictions&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The restrictions and other limitations set forth throughout this Prospectus and in the SAI apply
only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of the acquisition of securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management of Investment Portfolio and Capital Structure to Limit Leverage Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may take certain actions if short-term interest rates increase or market conditions otherwise change (or the Fund anticipates such an increase or
change) and any leverage the Fund may have outstanding begins (or is expected) to adversely affect common shareholders. In order to attempt to offset such a negative impact of any outstanding leverage on common shareholders, the Fund may shorten the
average maturity of its investment portfolio (by investing in short-term securities) or may reduce any indebtedness that it may have incurred. The </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">- 49 - </P>

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success of any such attempt to limit leverage risk depends on the Advisors&#146; ability to accurately predict interest rate or other market changes. Because of the difficulty of making such
predictions, the Fund may never attempt to manage its capital structure in the manner described in this paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If market conditions suggest that
employing additional leverage would be beneficial, the Fund may enter into one or more credit facilities, sell preferred shares or engage in additional leverage transactions, subject to the restrictions of the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Strategic Transactions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may use certain
Strategic Transactions designed to limit the risk of price fluctuations of securities and to preserve capital. These Strategic Transactions include using swaps, financial futures contracts, options on financial futures or options based on either an
index of long-term securities, or on securities whose prices, in the opinion of the Advisors, correlate with the prices of the Fund&#146;s investments. There can be no assurance that Strategic Transactions will be used or used effectively to limit
risk, and Strategic Transactions may be subject to their own risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_11"></A>MANAGEMENT OF THE FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Directors and Officers </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 Advisors. There are ten Directors. A majority of the Directors are Independent Directors. The name and business address of the Directors and officers of the Fund
and their principal occupations and other affiliations during the past five years are set forth under &#147;Management of the Fund&#148; in the SAI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Advisor and <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 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. BlackRock International Limited serves as the Fund&#146;s <FONT STYLE="white-space:nowrap">sub-advisor.</FONT> BlackRock International Limited performs certain of the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> investment management of the Fund. The Advisor, located at 50 Hudson Yard, New York, NY 10001, and BlackRock International Limited, located at Exchange Place One, 1 Semple Street, Edinburgh, EH3
8BL, United Kingdom, are majority-owned subsidiaries of BlackRock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock is one of the world&#146;s largest publicly-traded investment management
firms. As of March&nbsp;31, 2025, BlackRock&#146;s assets under management were approximately $11.6 trillion. BlackRock has over 30 years of experience managing <FONT STYLE="white-space:nowrap">closed-end</FONT> products and, as of March&nbsp;31,
2025, advised a registered <FONT STYLE="white-space:nowrap">closed-end</FONT> family of 49 active exchange-traded funds with approximately $43&nbsp;billion in managed assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Philosophy </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisors choose securities
and sectors that they believe will outperform other securities and sectors based on fundamentals and not just interest rates. The Advisors manage fixed income portfolios by using a strategy that invests in sectors of the fixed income market that
they believe are undervalued by moving out of sectors that the Advisors believe are fairly or overvalued. The Advisors research and are active in analyzing the sectors which they believe are under, fairly and overvalued in order to achieve a
portfolio&#146;s investment objective. The Advisors have <FONT STYLE="white-space:nowrap">in-depth</FONT> expertise in all sectors of the fixed income market. The Advisors specialize in managing fixed income portfolios against both published and
customized benchmarks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The BlackRock organization&#146;s philosophy has not changed since the inception of the firm. The technology that enables the
Advisors to implement their investment strategies, however, is constantly evolving. The Advisors&#146; </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">- 50 - </P>

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commitment to maintaining and developing their <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">state-of-the-art</FONT></FONT></FONT> analytics
in the most efficient manner is manifest in (1)&nbsp;the development of proprietary tools, (2)&nbsp;the use of external tools to assist in their analysis and (3)&nbsp;the integration of all of these tools into a unique portfolio level risk
management system. By continually updating their analytics and systems, the Advisors attempt to better quantify and evaluate the risk of each investment decision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisors&#146; style is designed with the objective of generating excess returns with lower risk than their benchmarks and competitors. The use of these
advanced analytics attempts to provide real time analysis of a vast array of risk measures designed to measure the potential impact of various strategies on total return. As a result, the Advisors seek to add consistent value and control performance
volatility consistent with the Fund&#146;s investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Portfolio Managers </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The members of the portfolio management team who are primarily responsible for the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Fund&#146;s portfolio are as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>David Delbos</I>, Managing Director, is <FONT STYLE="white-space:nowrap">Co-Head</FONT> of US Leveraged Finance within BlackRock&#146;s Fundamental Fixed
Income Platform. He is responsible for managing the US High Yield and Global High Yield strategies and also has oversight responsibility for the platform&#146;s US Leveraged loan strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Delbos&#146; tenure with the firm dates back to 2002. He spent ten years as a credit research analyst in the US Leveraged Finance group where he was
responsible for providing investment recommendations on companies in the consumer cyclicals, retail, industrials, services and packaging sectors. In 2012, Mr.&nbsp;Delbos transitioned to a relative value portfolio management role, also within the US
Leveraged Finance group, where he looked across all industries. Additionally, Mr.&nbsp;Delbos worked alongside BlackRock Global Credit&#146;s Chief Investment Officer in managing the liquid credit sleeves of several BlackRock-managed hedge funds. He
assumed his current, senior responsibilities in 2014. Mr.&nbsp;Delbos began his career in 2000 as an analyst in the mergers&nbsp;&amp; acquisitions investment banking division of Deutsche Bank Securities Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Delbos earned a bachelor&#146;s degree Magna Cum Laude in History from Tufts University in 2000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Mitchell S. Garfin</I>, CFA, Managing Director, is <FONT STYLE="white-space:nowrap">Co-Head</FONT> of US Leveraged Finance within BlackRock&#146;s
Fundamental Fixed Income Platform. He is responsible for managing the US High Yield and Global High Yield strategies and also has oversight responsibility for the platform&#146;s US Leveraged loan strategies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Garfin&#146;s tenure with the firm dates back to 1997 when he joined as an Analyst. He spent three years in the Account Management Group where he
maintained responsibility for developing and maintaining relationships with the firm&#146;s taxable financial institution clients. In 2000, Mr.&nbsp;Garfin moved to the investment side of the business where he initially spent four years as an
investment grade credit research analyst. Here, he was responsible for providing investment recommendations on companies in the metals&nbsp;&amp; mining, paper&nbsp;&amp; packaging, utilities and energy sectors. In 2005, Mr.&nbsp;Garfin transitioned
to a portfolio management role with the investment grade credit team where he was responsible for sector positioning and trading within the commodities and basic materials sectors. Since 2007, Mr.&nbsp;Garfin has been a portfolio manager with the
high yield credit team, and he assumed his current, senior responsibilities in 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Garfin earned a bachelor&#146;s degree, with distinction,
in Finance from the University of Michigan in 1997 and an MBA degree in Finance and Economics from NYU Stern in 2005. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Carly Wilson</I>,<I>
</I>Managing Director, serves as the Head of BlackRock&#146;s Bank Loans platform within BlackRock&#146;s Fundamental Fixed Income group. Wilson also <FONT STYLE="white-space:nowrap">co-manages</FONT> the Global Long/Short Credit Strategy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since joining BlackRock in 2009, Ms.&nbsp;Wilson has focused on leveraged loan investing, covering both single name and sector selection, as well as fund
level risk management. She assumed her current, senior responsibilities for the leveraged loans business in 2018, overseeing leveraged loan funds including mutual funds and separate accounts. On behalf of the platform&#146;s Global Long/Short Credit
Fund, Ms.&nbsp;Wilson leads asset allocation and cross-market relative value, as well as single name alpha generation and risk budgeting. </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">- 51 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Wilson is currently on the Board of Directors of the Loan Syndications&nbsp;&amp; Trading
Association (LSTA). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to her current role, Ms.&nbsp;Wilson worked at multi-strategy hedge fund R3 Capital where she focused on credit research and
portfolio management. Previously, she worked at Lehman Brothers in Global Principal Strategies as part of the capital structure arbitrage investment team. Ms.&nbsp;Wilson began her career in equity trading at Lehman Brothers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Wilson earned a bachelor&#146;s degree in Economics from the Wharton School of Business at the University of Pennsylvania in 2004. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The SAI provides additional information about each portfolio manager&#146;s compensation, other accounts managed by the portfolio management team and the
ownership of the Fund&#146;s securities by each portfolio manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Management Agreements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to an investment management agreement between the Advisor and the Fund (the &#147;Investment Management Agreement&#148;), the Fund has agreed to pay
the Advisor a monthly management fee at an annual rate equal to 0.75% of the Fund&#146;s average daily Managed Assets (as defined above) (as of [&#9679;] the leverage was [&#9679;]% of the Fund&#146;s net assets, assuming leverage of approximately
[&#9679;]% of the Fund&#146;s Managed Assets). Because the management fee is calculated on the basis of Managed Assets, which includes assets attributable to leverage, the fee paid to the Advisor will be higher than if the Fund did not use leverage.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor has entered into a <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreement with BlackRock International Limited, an affiliate of
BlackRock, Inc. The Advisor, and not the Fund, pays the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> for that portion of the Fund for which the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> acts as
<FONT STYLE="white-space:nowrap">sub-adviser,</FONT> a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A discussion regarding the basis for the approval of the Investment Management Agreement and the <FONT STYLE="white-space:nowrap">sub-advisory</FONT>
agreement by the Board is available in the Fund&#146;s semi-annual report to shareholders for the period ended June&nbsp;30, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as otherwise
described in this Prospectus, the Fund pays, in addition to the fees paid to the Advisor, all other costs and expenses of its operations, including compensation of its Directors (other than those affiliated with the Advisor), custodian, leveraging
expenses, transfer and dividend disbursing agent expenses, legal fees, rating agency fees, listing fees and expenses, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and distributing shareholder
reports, notices, proxy statements and reports to governmental agencies and taxes, if any. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund and the Advisor have entered into the Fee Waiver
Agreement, pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#146;s assets attributable to investments in any equity and fixed-income mutual funds and ETFs managed by the
Advisor or its affiliates that have a contractual management fee, through June&nbsp;30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory
fees the Fund pays to the Advisor indirectly through its investment in money market funds advised by the Advisor or its affiliates, through June&nbsp;30, 2027. The Fee Waiver Agreement may be continued from year to year thereafter, provided that
such continuance is specifically approved by the Advisor and the Fund (including by a majority of the Fund&#146;s Independent Directors). Neither the Advisor nor the Fund is obligated to extend the Fee Waiver Agreement. The Fee Waiver Agreement may
be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Independent Directors or a majority of the outstanding voting securities of the Fund), upon 90 days&#146; written notice by the Fund
to the Advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Administration and Accounting Services </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 Administration and Fund Accounting
Services Agreement (the &#147;Administration Agreement&#148;). Pursuant to 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">- 52 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. For these and other services it provides to the Fund, State Street Bank and Trust Company is paid a monthly fee from the Fund at an annual rate ranging from 0.0075% to 0.015% of the Fund&#146;s Managed Assets, along with an annual fixed
fee ranging from $3,000 to $10,000 for the services it provides to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Custodian and Transfer Agent </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The custodian of the assets of the Fund is State Street Bank and Trust Company, whose principal business address is One Congress Street, Boston, Massachusetts
02114-2016. 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; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A., whose principal business address is 150 Royall Street, Canton, Massachusetts 02021, serves as the
Fund&#146;s transfer agent with respect to the common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#9679;], whose principal business address is [&#9679;], is the independent registered public accounting firm of the Fund and is expected to render an
opinion annually on the financial statements of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_12"></A>NET ASSET VALUE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The NAV of the Fund&#146;s common shares 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 preferred shares 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 common shares of the Fund outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><I>Equity Investments</I>. Equity securities traded on a recognized securities exchange (e.g., NYSE), on separate trading
boards of a securities exchange or through a market system that provides contemporaneous transaction pricing information (each, an &#147;Exchange&#148;) are valued using information obtained via independent pricing services generally at the Exchange
closing price or if an Exchange closing price is not available, the last traded price on that Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances, other means of determining current
market value may be used. If an equity security is traded on more than one Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that there are no sales involving an equity security held
by the Fund on a day on which the Fund values such security, the last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If the Fund holds both long and short positions in the same
security, the last bid price will be applied to securities held long and the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which the Fund values such security, the prior day&#146;s price
will be used, unless the 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 (as defined below). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Fixed-Income Investments</I>. Fixed-income securities for which market quotations are readily available are generally valued using such securities&#146;
current market value. The Fund values fixed-income portfolio securities using the last available bid prices provided by dealers or prices (including evaluated prices) supplied by the Fund&#146;s approved independent third-party pricing services,
each in accordance with the Advisor&#146;s policies and procedures (the &#147;Valuation Procedures&#148;). The pricing services may use matrix pricing or valuation models that utilize certain inputs </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">- 53 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant
information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and
assumptions. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower
prices than institutional round lots. The amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair value. Certain fixed-income investments,
including asset-backed and mortgage related securities, may be valued based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an estimated tranche specific spread to the
benchmark yield based on the unique attributes of the tranche. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Options, Futures, Swaps and Other Derivatives</I>. 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 the 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. OTC derivatives may be valued using a mathematical model which may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded on exchanges, are valued at their last sale price or settle
price as of the close of such exchanges. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the Valuation Procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Underlying Funds</I>. Shares of underlying <FONT STYLE="white-space:nowrap">open-end</FONT> funds (including money market funds) are valued at NAV. Shares
of underlying exchange-traded <FONT STYLE="white-space:nowrap">closed-end</FONT> funds and ETFs will be valued at their most recent closing price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General Valuation Information </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In determining the market
value of portfolio investments, the Fund may employ independent third party pricing services, which may use, without limitation, a matrix or formula method that takes into consideration market indexes, matrices, yield curves and other specified
inputs and assumptions. This may result in the assets being valued at a price different from the price that would have been determined had the matrix or formula method not been used. The price the Fund could receive upon the sale of any particular
portfolio investment may differ from the Fund&#146;s valuation of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing
service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The
Fund&#146;s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 will be made considering pertinent facts and circumstances surrounding the revision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 approved by the Advisor, the Fund&#146;s valuation designee, as reflecting fair value. All other assets and liabilities
(including securities for which market quotations are not readily available) held by the Fund (including restricted securities) are valued at fair value as determined in good faith by the Advisor pursuant to the Valuation Procedures. Any assets and
liabilities which are denominated in a foreign currency are translated into U.S. dollars at the prevailing market 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">- 54 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the securities acquired by the Fund may be traded on foreign exchanges or OTC markets on days on
which the Fund&#146;s NAV is not calculated. In such cases, the NAV of the Fund&#146;s common shares may be significantly affected on days when investors can neither purchase nor sell shares of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Fair Value</I>. When market quotations are not readily available or are believed by the 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 Advisor in accordance with the Valuation Procedures. Pursuant to Rule <FONT STYLE="white-space:nowrap">2a-5</FONT> under the Investment Company Act, the Board of
Directors has designated the Advisor as the valuation designee for the Fund. The Advisor may reasonably conclude that a market quotation is not readily available or is unreliable if, among other things, a security or other asset or liability does
not have a price source due to its complete lack of trading, if the Advisor believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it varies significantly from a recent trade, or no longer reflects the fair value
of the security or other asset or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only thinly traded or due to the occurrence of a significant event subsequent to the most recent market
quotation. For this purpose, a &#147;significant event&#148; is deemed to occur if the Advisor determines, in its reasonable business judgment, that an event that has occurred after the close of trading for an asset or liability but prior to or at
the time of pricing the Fund&#146;s assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of one or more assets or liabilities held by the Fund. On any day the NYSE is open and a
foreign market or the primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior day&#146;s price, provided that the Advisor is not aware of any significant event or other
information that would cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated,
systematic fair value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets following
the close of the local markets to the price that might have prevailed as of the Fund&#146;s pricing time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor&#146;s Rule <FONT
STYLE="white-space:nowrap">2a-5</FONT> Committee is responsible for reviewing and approving methodologies by investment type and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Fund&#146;s accounting
agent assists the Advisor by periodically endeavoring to confirm the prices it receives from all third party pricing services, index providers and broker-dealers. The Advisor regularly evaluates the values assigned to the securities and other assets
and liabilities of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When determining the price for a Fair Value Asset, the Advisor will seek to determine the price that the Fund might
reasonably expect to receive from the current sale of that asset or liability in an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction on the date on which the asset or liability is being valued, and does not seek to determine the
price the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations will be based upon all available factors that the Advisor deems relevant
at the time of the determination, and may be based on analytical values determined by the Advisor using proprietary or third party valuation models. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fair
value represents a good faith approximation of the value of an asset or liability. When determining the fair value of an investment, one or more fair value methodologies may be used (depending on certain factors, including the asset type). For
example, the investment may be initially priced based on the original cost of the investment or, alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of actual, executed or historical
transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a basis for establishing the fair value of an
investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 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; 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 </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">- 55 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and Disclosures&#148; (&#147;ASC 820&#148;), which defines and establishes a framework for measuring fair value under US&nbsp;GAAP and expands financial statement disclosure requirements relating
to fair value measurements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are evolving. Such
changes may adversely affect the Fund. For example, the evolution of rules governing the determination of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to increase the cost and/or reduce
the availability of third-party determinations of fair market value. This may in turn increase the costs associated with selling assets or affect their liquidity due to the Fund&#146;s inability to obtain a third-party determination of fair market
value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_13"></A>DISTRIBUTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund distributes to shareholders monthly dividends of net investment income and all or a portion of net short-term capital gains. The Fund will pay
shareholders at least annually all or substantially all of its investment company taxable income. The Investment Company Act generally limits the Fund to one capital gain distribution per year, subject to certain exceptions, including as discussed
below in connection with the Distribution Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund has adopted a plan to support a level distribution of income, capital gains and/or return of
capital. The Distribution Plan has been approved by the Board and is consistent with the Fund&#146;s investment objective and policies. The fixed amount distributed per share is subject to change at the discretion of the Board. The Fund is currently
not relying on any exemptive relief from Section&nbsp;19(b) of the Investment Company Act. Under its Distribution Plan, the Fund will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as
amended (the &#147;Code&#148;). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital to shareholders in
order to maintain a level distribution. A return of capital distribution may involve a return of the shareholder&#146;s original investment. 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&#146;s shares, even if sold at a loss to the shareholder&#146;s original investment. Each monthly distribution to shareholders is expected to be at
the fixed amount established by the Board; however, the Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code
and/or the Investment Company Act. Shareholders should not draw any conclusions about the Fund&#146;s investment performance from the amount of these distributions or from the terms of the Distribution Plan. The Fund&#146;s total return performance
on NAV will be presented in its financial highlights table, which will be available in the Fund&#146;s shareholder reports, every <FONT STYLE="white-space:nowrap">six-months.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board may amend, suspend or terminate the Distribution Plan without prior notice if it deems such actions to be in the best interests of the Fund or its
shareholders. The suspension or termination of the Distribution Plan could have the effect of creating a trading discount (if the Fund&#146;s stock is trading at or above NAV) or widening an existing trading discount. The Fund is subject to risks
that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, decreased market volatility, companies suspending or decreasing
corporate dividend distributions and changes in the Code. Please see &#147;Risks&#148; for a more complete description of the Fund&#146;s risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 ultimate tax characterization of the Fund&#146;s distributions made in a fiscal
year cannot finally be determined until after the end of that fiscal year. As a result, there is a possibility that the Fund may make total distributions during a fiscal year in an amount that exceeds the Fund&#146;s earnings and profits for U.S.
federal income tax purposes. In such situations, the amount by which the Fund&#146;s total distributions exceed earnings and profits would generally be treated as a return of capital reducing the amount of a shareholder&#146;s tax basis in such
shareholder&#146;s shares, with any amounts exceeding such basis treated as gain from the sale of shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Various factors will affect the level of the
Fund&#146;s income, including the asset mix and the Fund&#146;s use of hedging. To permit the Fund to maintain a more stable monthly distribution, the Fund may from time to time distribute less than the entire amount of income earned in a particular
period. The undistributed income would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular monthly period may </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">- 56 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
be more or less than the amount of income actually earned by the Fund during that period. Undistributed income will add to the Fund&#146;s NAV and, correspondingly, distributions from
undistributed income will reduce the Fund&#146;s NAV. The Fund intends to distribute any long-term capital gains not distributed under the Distribution Plan annually. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under normal market conditions, the Advisor seeks 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; 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 shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders will automatically have all dividends and distributions reinvested in common shares 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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_14"></A>DIVIDEND REINVESTMENT PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm#xx_e07a5a7f-558f-4738-8aca-44a6adbf91a8_divre-footer-fundbookname-934_1">
<FONT STYLE="font-family:Times New Roman"><U>section of the Fund</U></FONT><FONT STYLE="font-family:Times New Roman"><U>&#146;</U></FONT><FONT STYLE="font-family:Times New Roman"><U>s most recent annual report on </U></FONT><FONT
STYLE="font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> entitled </U></FONT><FONT STYLE="font-family:Times New Roman"><U>&#147;</U></FONT><FONT STYLE="font-family:Times New Roman"><U>Automatic Dividend Reinvestment
Plan</U></FONT><FONT STYLE="font-family:Times New Roman"><U>&#148;</U></FONT></A><FONT STYLE="font-family:Times New Roman">, which is incorporated by reference herein, for a discussion of the Fund&#146;s dividend reinvestment plan. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_15"></A>RIGHTS OFFERINGS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase common shares. Rights may be issued
independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, we would distribute certificates or other
documentation (<I>i.e.</I>, rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to our shareholders as of the record date that we set for determining the shareholders eligible to receive rights in such
rights offering. Any such future rights offering will be made in accordance with the Investment Company Act. Under the laws of Maryland, the Board is authorized to approve rights offerings without obtaining shareholder approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The staff of the SEC has interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights offering to purchase common
shares at a price below the then current NAV so long as certain conditions are met, including: (i)&nbsp;a good faith determination by a fund&#146;s board that such offering would result in a net benefit to existing shareholders; (ii)&nbsp;the
offering fully protects shareholders&#146; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii) management uses its best efforts to ensure an adequate trading market
in the rights for use by shareholders who do not exercise such rights; and (iv)&nbsp;the ratio of a transferable rights offering does not exceed one new share for each three rights held. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered: </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the period of time the offering would remain open; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts
applicable to purchases of the rights; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the title of such rights; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the exercise price for such rights (or method of calculation thereof); </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">- 57 - </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the number of such rights issued in respect of each share; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the number of rights required to purchase a single share; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the extent to which such rights are transferable and the market on which they may be traded if they are
transferable; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or
exercise of such rights; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the date on which the right to exercise such rights will commence, and the date on which such right will expire
(subject to any extension); </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities
and the terms of such over-subscription privilege; and </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">termination rights we may have in connection with such rights offering. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A certain number of rights would entitle the holder of the right(s) to purchase for cash such number of common shares at such exercise price as in each case
is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the
Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation
properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the common shares purchased as a result of such exercise will be issued as soon as
practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such
methods, as set forth in the applicable Prospectus Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_16"></A>TAX MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following discussion is a brief summary of certain U.S. federal income tax considerations affecting the Fund and the purchase, ownership and disposition
of the Fund&#146;s common shares. A more detailed discussion of the tax rules applicable to the Fund and its common shareholders can be found in the SAI that is incorporated by reference into this Prospectus. Except as otherwise noted, this
discussion assumes you are a taxable U.S. holder (as defined below) and that you hold your common shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This discussion is based upon current provisions
of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the IRS, possibly with retroactive effect. No attempt is made to
present a detailed explanation of all U.S. federal tax concerns affecting the Fund and its common shareholders.<B></B>&nbsp;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 <FONT STYLE="white-space:nowrap">non-U.S.,</FONT> state or local tax.<B> The
discussion set forth herein does not constitute tax advice and potential investors are urged to consult their own tax advisers to determine the specific U.S. federal, state, local and foreign tax consequences to them of investing in the Fund.</B>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, no attempt is made to address tax considerations applicable to an investor with a special tax status, such as without limitation, a
financial institution, REIT, insurance company, regulated investment company, individual retirement account, other <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organization, dealer in securities or currencies, person holding shares of the Fund
as part of a hedging, integrated, conversion or straddle transaction, trader in securities that has elected the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting for its securities,
U.S. holder (as defined below) whose functional currency is not the U.S. dollar, investor with &#147;applicable financial statements&#148; within the meaning of Section&nbsp;451(b) 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">- 58 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Code, or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A U.S. holder is a beneficial owner that is for U.S. federal income tax purposes: </P> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a citizen or individual resident of the United States (including certain former citizens and
former&nbsp;long-term&nbsp;residents); </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized
in or under the laws of the United States or any state thereof or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust with respect to which a court within the United States is able to exercise primary supervision over its
administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a U.S. person for U.S. federal income
tax purposes, whose status as a U.S. person is not overridden by an applicable tax treaty. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of the Fund </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund has elected to be treated as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy certain
requirements relating to the sources of its income, diversification of its assets, and distribution of its income to its shareholders. First, the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with
respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business
of investing in such stock, securities or currencies, or net income derived from interests in &#147;qualified publicly traded partnerships&#148; (as defined in the Code) (the &#147;90% gross income test&#148;). Second, the Fund must diversify its
holdings so that, at the close of each quarter of its taxable year, (i)&nbsp;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)&nbsp;not more than 25% of
the market value of the total assets is invested in the securities (other than U.S. Government securities and securities of other RICs) of any one issuer, any two or more issuers controlled by the Fund and engaged in the same, similar or related
trades or businesses, or any one or more &#147;qualified publicly traded partnerships.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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)&nbsp;its net <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> interest income, if any, and (ii)&nbsp;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; 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)&nbsp;98% of its ordinary income (not taking into account any capital gain or loss) for the
calendar year and (ii)&nbsp;98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a <FONT STYLE="white-space:nowrap">one-year</FONT> period generally ending on October&nbsp;31 of the calendar year (unless
an election is made to use the Fund&#146;s fiscal 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 </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">- 59 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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&nbsp;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; 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)&nbsp;to
be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii)&nbsp;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 <FONT STYLE="white-space:nowrap">non-RIC</FONT> 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 <FONT STYLE="white-space:nowrap">built-in</FONT> 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 <FONT STYLE="white-space:nowrap">built-in</FONT> gain recognized for a period of five years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><I>The Fund&#146;s Investments.</I> Certain of the Fund&#146;s investment practices are subject to special and complex U.S. federal income tax provisions
(including <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market,</FONT></FONT> constructive sale, straddle, wash sale, short sale and other rules) that may, among other things, (i)&nbsp;disallow, suspend or otherwise
limit the allowance of certain losses or deductions, (ii)&nbsp;convert lower taxed long-term capital gains or qualified dividend income into higher taxed short-term capital gains or ordinary income, (iii)&nbsp;convert ordinary loss or a deduction
into capital loss (the deductibility of which is more limited), (iv)&nbsp;cause the Fund to recognize income or gain without a corresponding receipt of cash, (v)&nbsp;adversely affect the time as to when a purchase or sale of stock or securities is
deemed to occur, (vi)&nbsp;adversely alter the characterization of certain complex financial transactions and (vii)&nbsp;produce income that will not be &#147;qualified&#148; 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; 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; 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; 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 </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">- 60 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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; 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; 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; 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 <FONT STYLE="white-space:nowrap">non-U.S.</FONT> taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign currency gain or
loss on foreign currency exchange contracts, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> dollar-denominated securities contracts, and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> 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; font-size:10pt; font-family:Times New Roman">Income from options on individual
securities written by the Fund will generally not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject to a &#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; font-size:10pt; font-family:Times New Roman">Index options that qualify as &#147;section 1256 contracts&#148; will generally be <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;marked-to-market&#148;</FONT></FONT> 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 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> 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. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;Mark-to-market&#148;</FONT></FONT> 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; font-size:10pt; font-family:Times New Roman"><B>Taxation of Common Shareholders </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will either
distribute or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on such retained amount. In that event, the Fund expects to report the retained amount as
undistributed capital gain in a notice to its common shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;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)&nbsp;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)&nbsp;will increase its basis in its common shares 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: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">- 61 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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 shares. All other dividends paid to you by the Fund (including dividends from net short-term capital
gains) from its current or accumulated earnings and profits, other than exempt-interest dividends (&#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)&nbsp;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)&nbsp;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).&nbsp;There can be no assurance&nbsp;as to what portion, if
any, of the Fund&#146;s distributions will constitute qualified dividend income or be eligible for the dividends received deduction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 shares, and thereafter as capital gain from the sale of
common shares. The amount of any Fund distribution that is treated as a return of capital will reduce your adjusted tax basis in your common shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or
other disposition of your common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman">Dividends and other taxable distributions are taxable to you even though they are reinvested in additional common shares
of the Fund. Dividends and other distributions paid by the Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the
previous October, November or December to common shareholders of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received by you on
December&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; font-size:10pt; font-family:Times New Roman">Interest on certain &#147;private activity bonds&#148; is an item of tax preference subject to the alternative minimum tax on individuals. The Fund may invest
a portion of its assets in municipal bonds subject to this provision so that a portion of its exempt-interest dividends is an item of tax preference to the extent such dividends represent interest received from these private activity bonds.
Accordingly, investment in the Fund could cause a holder of common shares to be subject to, or result in an increased liability under, the alternative minimum tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exempt-interest dividends are included in determining what portion, if any, of a person&#146;s Social Security and railroad retirement benefits will be
includable in gross income subject to federal income tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The price of common shares purchased at any time may reflect the amount of a forthcoming
distribution. Those purchasing common shares just prior to the record date 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; 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; font-size:10pt; font-family:Times New Roman">The sale or other disposition of common shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have
held such common shares for more than one year at the time of sale. Any loss </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">- 62 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
upon the sale or other disposition of common shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts
credited as an undistributed capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition of common shares will be disallowed if you acquire other common shares (whether through the
automatic reinvestment of dividends or otherwise) within a <FONT STYLE="white-space:nowrap">61-day</FONT> period beginning 30 days before and ending 30 days after your sale or exchange of the common shares. In such case, your tax basis in the common
shares acquired will be adjusted to reflect the disallowed loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Fund liquidates, shareholders generally will realize capital gain or loss upon
such liquidation in an amount equal to the difference between the amount of cash or other property received by the shareholder (including any property deemed received by reason of its being placed in a liquidating trust) and the shareholder&#146;s
adjusted tax basis in its common shares. Any such gain or loss will be long-term if the shareholder is treated as having a holding period in the Fund shares of greater than one year, and otherwise will be short-term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT
STYLE="white-space:nowrap">non-corporate</FONT> 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; 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 common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 exempt-interest dividends or net capital gain (including amounts credited as an undistributed capital gain dividend) or upon the sale or other disposition of
common shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days or more during a taxable
year and certain other conditions are met. Foreign investors should consult their tax advisers regarding the tax consequences of investing in the Fund&#146;s common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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)&nbsp;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 <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> status (including, in general, furnishing an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or substitute
form). In the case of common shares held through an intermediary, the intermediary may have withheld tax even if the Fund reported the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact
their intermediaries with respect to the application of these rules to their accounts. There can be no assurance&nbsp;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; font-size:10pt; font-family:Times New Roman">In addition,&nbsp;withholding at a rate of 30% will apply to dividends paid in respect of common shares of the Fund
held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to shares in, and accounts maintained
by, the institution to the extent such shares or accounts are held by certain U.S. persons and by certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities that are wholly or partially owned by U.S. persons and to withhold on certain
payments. Accordingly, the entity through which common shares of the Fund are held will affect the determination of whether such withholding is required. Similarly, dividends paid in respect of common shares of the Fund held by an investor
</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">- 63 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
that is a <FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity
either (i)&nbsp;certifies that such entity does not have any &#147;substantial United States owners&#148; or (ii)&nbsp;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 common shareholders in respect of any amounts withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules on their
investment in the Fund&#146;s common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT STYLE="white-space:nowrap">non-exempt</FONT> 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; 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"><B>The foregoing is a general and abbreviated summary of certain provisions of the Code and the Treasury regulations currently in effect as they directly
govern the taxation of the Fund and its common shareholders. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. A more detailed discussion of the tax rules applicable to the Fund
and its common shareholders can be found in the SAI that is incorporated by reference into this Prospectus. Common shareholders are urged to consult their tax advisers regarding specific questions as to U.S. federal, state, local and foreign income
or other taxes. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the SAI for more detailed information. You are urged to consult your tax adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_17"></A>TAXATION OF HOLDERS OF RIGHTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The value of a right will not be includible in the income of a common shareholder at the time the right is issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The basis of a right issued to a common shareholder will be zero, and the basis of the share with respect to which the subscription right was issued (the old
share) will remain unchanged, unless either (a)&nbsp;the fair market value of the right on the date of distribution is at least 15% of the fair market value of the old share, or (b)&nbsp;such shareholder affirmatively elects (in the manner set out
in Treasury regulations under the Code) to allocate to the subscription right a portion of the basis of the old share. If either (a)&nbsp;or (b)&nbsp;applies, then except as described below such shareholder must allocate basis between the old share
and the right in proportion to their fair market values on the date of distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The basis of a right purchased in the market will generally be its
purchase price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holding period of a right issued to a common shareholder will include the holding period of the old share. No gain or loss will be
recognized by a common shareholder upon the exercise of a right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No loss will be recognized by a common shareholder if a right distributed to such common
shareholder expires unexercised because the basis of the old share may be allocated to a right only if the right is exercised. If a right that has been purchased in the market expires unexercised, there will be a recognized loss equal to the basis
of the right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any gain or loss on the sale of a right will be a capital gain or loss if the right is held as a capital asset (which in the case of rights
issued to common shareholders will depend on whether the old share of common stock is held as a capital asset), and will be a long-term capital gain or loss if the holding period is deemed to exceed one year. </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">- 64 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_18"></A>CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s Charter and Bylaws include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of
the Fund or to change the composition of its Board and 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 operations of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A Director
may be removed from office with or without cause but only by action taken by shareholders of at least <FONT STYLE="white-space:nowrap">sixty-six</FONT> 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; font-size:10pt; font-family:Times New Roman">In addition, the 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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a merger or consolidation or statutory share exchange of the Fund with any other corporation;
</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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">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 </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a liquidation or dissolution of the Fund; </P></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 <FONT STYLE="white-space:nowrap">two-thirds</FONT> 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 shares of capital stock is required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, conversion of the Fund to an <FONT STYLE="white-space:nowrap">open-end</FONT> 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 stockholders. 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 capital
stock entitled to be voted on the matter, voting as a single class (or a majority of such shares if the amendment was previously approved, adopted or authorized by <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the total number of Directors
fixed in accordance with the Bylaws). Such a vote also would satisfy a separate requirement in the Investment Company Act that the change be approved by the stockholders. Shareholders of an <FONT STYLE="white-space:nowrap">open-end</FONT> investment
company may require the company to redeem their common shares at any time (except in certain circumstances as authorized by or under the Investment Company Act) at their NAV, less such redemption charge, if any, as might be in effect at the time of
a redemption. If the Fund is converted to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company, it could be required to liquidate portfolio securities to meet requests for redemption, and the common shares would no longer be listed
on a stock exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Charter and Bylaws provide that the Board has the power, to the exclusion of stockholders, to make, alter or repeal any of the
Bylaws (except for any Bylaw specified not to be amended or repealed by the Board), subject to the requirements of the Investment Company Act. Neither this provision of the Charter, nor any of the foregoing provisions of the Charter requiring the
affirmative vote of 66 2/3% of shares of capital stock of the Fund, can be amended or repealed except by the vote of such required number of shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Board has determined that the 66 2/3% voting requirements described above, which are greater than the minimum requirements under Maryland law or the Investment Company Act, are in the best interests of stockholders generally. Reference should be
made to the Charter on file with the SEC for the full text of these provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 stockholder desires to nominate a person for election to the Board or to transact any other business at an annual meeting of stockholders. Notice of any such nomination or business must be delivered to or received at the
principal executive offices of the Fund not less than 120 calendar days nor more than 150 calendar days prior to the anniversary date of the prior </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">- 65 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
year&#146;s annual meeting (subject to certain exceptions). Any notice by a stockholder must be accompanied by certain information as provided in the Bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Maryland General Corporation Law provides that a Maryland corporation that has a class of securities registered under the Exchange Act and has at least
three outside directors can elect to be subject to certain corporate governance provisions that may be inconsistent with the corporation&#146;s charter or bylaws. Under the applicable statute, a board of directors may classify itself without the
vote of stockholders. Further, the board of directors may, by electing into applicable statutory provisions and notwithstanding the charter or bylaws, (i)&nbsp;reserve for itself the right to fix the number of directors; (ii)&nbsp;retain for itself
sole authority to fill vacancies created by an increase in the size of the board of directors or the death, removal or resignation of a director; and (iii)&nbsp;provide that all vacancies on the board of directors may be filled only by the
affirmative vote of a majority of the remaining directors, in office, even if the remaining directors do not constitute a quorum. Any director elected to fill such vacancy shall hold office for the remainder of the unexpired term and until his or
her successor is elected and qualified. A board of directors may implement all or any of these provisions without stockholder approval. A corporation may be prohibited by its charter or by resolution of its board of directors from electing any of
the provisions of the statute. The Fund is not prohibited from implementing any or all of the statute and, pursuant to the Fund&#146;s Bylaws and Charter, the Fund has elected to be subject to a specific provision of the statute such that all
vacancies on the Board of Directors resulting from an increase in the size of the Board or the death, resignation or removal of a Director, may be filled only by the affirmative vote of a majority of the remaining Directors, even if the remaining
Directors do not constitute a quorum. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_19"></A><FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUND STRUCTURE
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company (commonly referred to as a <FONT
STYLE="white-space:nowrap">closed-end</FONT> fund). <FONT STYLE="white-space:nowrap">Closed-end</FONT> funds differ from <FONT STYLE="white-space:nowrap">open-end</FONT> funds (which are generally referred to as mutual funds) in that <FONT
STYLE="white-space:nowrap">closed-end</FONT> 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 <FONT
STYLE="white-space:nowrap">closed-end</FONT> fund you must trade them on the stock exchange like any other stock at the prevailing market price at that time. In a mutual fund, if the shareholder wishes to sell shares of the fund, the mutual fund
will redeem or buy back the shares at NAV. Also, mutual funds generally offer new shares on a continuous basis to new investors and <FONT STYLE="white-space:nowrap">closed-end</FONT> 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, <FONT STYLE="white-space:nowrap">closed-end</FONT> 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; font-size:10pt; font-family:Times New Roman">Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> funds frequently trade at a discount to their NAV. Because of this possibility and the
recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, tender offers for shares or other programs intended to reduce the discount. We cannot
guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV. See
&#147;Repurchase of Common Shares&#148; below and &#147;Repurchase of Common Shares&#148; in the SAI. The Board might also consider converting the Fund to an <FONT STYLE="white-space:nowrap">open-end</FONT> mutual fund, which would also require a
vote of the shareholders of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_20"></A>REPURCHASE OF COMMON SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies often trade at a discount to their NAVs and the Fund&#146;s common shares
may also trade at a discount to their NAV, although it is possible that they may trade at a premium above NAV. The market price of the Fund&#146;s common shares will be determined by such factors as relative demand for and supply of such common
shares in the market, the Fund&#146;s NAV, general market and economic conditions, market sentiment and other factors beyond the control of the Fund. See &#147;Net Asset Value&#148; and &#147;Description of Capital Stock&#151;Common Shares.&#148;
Although the Fund&#146;s common shareholders will not have the right to redeem their common shares, the Fund may take action to repurchase common shares in the open market or make tender offers for its common shares. This may have the effect of
reducing any market discount from NAV. </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">- 66 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no assurance that, if action is undertaken to repurchase or tender for common shares, such action
will result in the common shares&#146; trading at a price which approximates their NAV. Although share repurchases and tender offers could have a favorable effect on the market price of the Fund&#146;s common shares, you should be aware that the
acquisition of common shares by the Fund will decrease the capital of the Fund and, therefore, may have the effect of increasing the Fund&#146;s expense ratio and decreasing the asset coverage with respect to any borrowings or preferred shares
outstanding. Any share repurchases or tender offers will be made in accordance with the requirements of the Exchange Act, the Investment Company Act and the principal stock exchange on which the common shares are traded. For additional information,
see &#147;Repurchase of Common Shares&#148; in the SAI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_21"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We may sell common shares, including to existing shareholders in a rights offering, through underwriters or dealers, directly to one or more purchasers
(including existing shareholders in a rights offering), through agents, to or through underwriters or dealers, or through a combination of any such methods of sale. The applicable Prospectus Supplement will identify any underwriter or agent involved
in the offer and sale of our common shares, any sales loads, discounts, commissions, fees or other compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds and the terms of any sale. In the case of
a rights offering, the applicable Prospectus Supplement will set forth the number of our common shares issuable upon the exercise of each right and the other terms of such rights offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The distribution of our common shares may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at
prevailing market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices. Sales of our common shares may be made in transactions that are deemed to be &#147;at the market&#148; as defined in Rule 415
under the Securities Act, including sales made directly on the NYSE or sales made to or through a market maker other than on an exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We may sell our
common shares directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the Securities Act for any resales of the securities. In this case, no underwriters or agents would be involved.
We may use electronic media, including the Internet, to sell offered securities directly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the sale of our common shares, underwriters
or agents may receive compensation from us in the form of discounts, concessions or commissions. Underwriters may sell our common shares to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or
commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate in the distribution of our common shares may be deemed to be underwriters under the
Securities Act, and any discounts and commissions they receive from us and any profit realized by them on the resale of our common shares may be deemed to be underwriting discounts and commissions under the Securities Act. Any such underwriter or
agent will be identified and any such compensation received from us will be described in the applicable Prospectus Supplement. The maximum amount of compensation to be received by any Financial Industry Regulatory Authority member or independent
broker-dealer will not exceed eight percent for the sale of any securities being offered pursuant to Rule 415 under the Securities Act. We will not pay any compensation to any underwriter or agent in the form of warrants, options, consulting or
structuring fees or similar arrangements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a Prospectus Supplement so indicates, we may grant the underwriters an option to purchase additional common
shares at the public offering price, less the underwriting discounts and commissions, within 45 days from the date of the Prospectus Supplement, to cover any over-allotments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under agreements into which we may enter, underwriters, dealers and agents who participate in the distribution of our common shares may be entitled to
indemnification by us against certain liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If so indicated in the applicable Prospectus Supplement, we will ourselves, or will authorize underwriters or other persons acting as our agents to solicit
offers by certain institutions to purchase our common shares from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which such contacts may be made </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">- 67 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others, but in all cases such institutions must be
approved by us. The obligation of any purchaser under any such contract will be subject to the condition that the purchase of the common shares shall not at the time of delivery be prohibited under the laws of the jurisdiction to which such
purchaser is subject. The underwriters and such other agents will not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions set forth in the Prospectus
Supplement, and the Prospectus Supplement will set forth the commission payable for solicitation of such contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent permitted under the
Investment Company Act and the rules and regulations promulgated thereunder, the underwriters may from time to time act as brokers or dealers and receive fees in connection with the execution of our portfolio transactions after the underwriters have
ceased to be underwriters and, subject to certain restrictions, each may act as a broker while it is an underwriter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A Prospectus and accompanying
Prospectus Supplement in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree to allocate a number of securities for sale to their online brokerage account holders. Such allocations of
securities for Internet distributions will be made on the same basis as other allocations. In addition, securities may be sold by the underwriters to securities dealers who resell securities to online brokerage account holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to comply with the securities laws of certain states, if applicable, our common shares offered hereby will be sold in such jurisdictions only through
registered or licensed brokers or dealers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_22"></A>INCORPORATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus is part of a registration statement that we have filed with the SEC. We are allowed to &#147;incorporate by reference&#148; the information
that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. We incorporate by reference into this Prospectus the documents listed below and any future filings we make with the SEC
under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including any filings on or after the date of this Prospectus from the date of filing (excluding any information furnished, rather than filed), until we have sold all of the offered
securities to which this Prospectus and any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is an important part of this Prospectus. Any statement in a document
incorporated by reference into this Prospectus will be deemed to be automatically modified or superseded to the extent a statement contained in (1)&nbsp;this Prospectus or (2)&nbsp;any other subsequently filed document that is incorporated by
reference into this Prospectus modifies or supersedes such statement. The documents incorporated by reference herein include: </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Fund&#146;s SAI, dated [&#9679;], 2025, filed with this Prospectus; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm"><U>annual report</U></A> on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the fiscal year ended December&nbsp;31, 2024 filed with the SEC on March&nbsp;7, 2025; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312524213402/d879856dncsrs.htm"><U>semi-annual report
</U></A> on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the fiscal period ended June&nbsp;30, 2024 filed with the SEC on September&nbsp;5, 2024; and </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <A HREF="http://www.sec.gov/Archives/edgar/data/0001259708/000090514803003666/efc3-1585_5448484fm8a12b.txt"><U>description
 of the Fund</U><U>&#146;</U><U>s common shares</U></A> contained in our Registration Statement on Form <FONT STYLE="white-space:nowrap">8-A</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-31851)</FONT> filed with the SEC on
October&nbsp;23, 2003, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering registered hereby. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will provide without charge to each person, including any beneficial owner, to whom this Prospectus is delivered, upon written or oral request, a
copy of any and all of the documents that have been or may be incorporated by reference in this Prospectus or the accompanying prospectus supplement. You should direct requests for documents by calling: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Client Services Desk </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(800) <FONT
STYLE="white-space:nowrap">882-0052</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 68 - </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund makes available this Prospectus, SAI and the Fund&#146;s annual and semi-annual reports, free of
charge, at <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U>http://www.blackrock.com</U></FONT><FONT STYLE="font-family:Times New Roman">. You may also obtain this Prospectus, the SAI, other documents incorporated by
reference and other information the Fund files electronically, including reports and proxy statements, on the SEC website (</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U>http://www.sec.gov</U></FONT><FONT
STYLE="font-family:Times New Roman">) or with the payment of a duplication fee, by electronic request at publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#146;s website is not incorporated by reference into
this Prospectus and should not be considered to be part of this Prospectus or the accompanying prospectus supplement. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc877269_23"></A>PRIVACY PRINCIPLES OF THE FUND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is committed to maintaining the privacy of shareholders and to safeguarding their <FONT
STYLE="white-space:nowrap">non-public</FONT> personal information. The following information is provided to help you understand what personal information the Fund collects, how we protect that information, and why in certain cases we may share such
information with select other parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund does not receive any <FONT STYLE="white-space:nowrap">non-public</FONT> personal information relating to
its shareholders who purchase shares through their broker-dealers. In the case of shareholders who are record holders of the Fund, the Fund receives personal <FONT STYLE="white-space:nowrap">non-public</FONT> information on account applications or
other forms. With respect to these shareholders, the Fund also has access to specific information regarding their transactions in the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund does
not disclose any <FONT STYLE="white-space:nowrap">non-public</FONT> personal information about its shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service our shareholders&#146; accounts (for
example, to a transfer agent). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund restricts access to <FONT STYLE="white-space:nowrap">non-public</FONT> personal information about its
shareholders to BlackRock employees with a legitimate business need for the information. The Fund maintains physical, electronic and procedural safeguards designed to protect the <FONT STYLE="white-space:nowrap">non-public</FONT> personal
information of our shareholders. </P> <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">- 69 - </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>18,000,000 Shares </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK FLOATING RATE INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Shares of Common Stock </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Rights to Purchase Shares of Common Stock </B></P> <P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>PROSPECTUS </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>&#9679;<B></B><B>], 2025 </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:72pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#d1000c">The information in this Prospectus Supplement is not complete and may be changed.
BlackRock Floating Rate Income Strategies Fund, Inc. may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus Supplement is not an offer to sell these securities
and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
 COLOR="#d1000c"><B>SUBJECT TO COMPLETION, DATED JULY&nbsp;30, 2025 </B></FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PROSPECTUS SUPPLEMENT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(To Prospectus dated [&#9679;], 2025) </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed
Pursuant to Rule 424(b)([&#9679;]) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-[&#9679;]</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK FLOATING RATE INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Up to [</B>&#9679;<B>] Shares of Common Stock</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Floating Rate Income Strategies Fund, Inc. (the &#147;Fund,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148;) is offering for sale [&#9679;]
of our common stock (&#147;common shares&#148;). Our common shares are listed on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;FRA.&#148; As of the close of business on [&#9679;], 2025, the last reported net asset value per
share of our common shares was $[&#9679;] and the last reported sales price per share of our common shares on the NYSE was $[&#9679;]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is a
diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;). 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, leverage portfolio consisting primarily of floating rate debt securities and instruments. The Fund&#146;s investment
adviser is BlackRock Advisors, LLC (the &#147;Advisor&#148;). BlackRock International Limited serves as <FONT STYLE="white-space:nowrap">sub-advisor</FONT> to the Fund (the <FONT STYLE="white-space:nowrap">&#147;Sub-Advisor&#148;).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales of our common shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions
that are deemed to be &#147;at the market&#148; as defined in Rule&nbsp;415 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), including sales made directly on the NYSE or sales made to or through a market maker other
than on an exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investing in the Fund&#146;s common shares involves certain risks that are described in the &#147;Risks&#148; section beginning
on page 34 of the accompanying Prospectus. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR
DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[&#9679;],
2025 </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">P-1 </P>

</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement, together with the accompanying Prospectus, sets forth concisely the information
about the Fund that a prospective investor should know before investing. You should read this Prospectus Supplement and the accompanying Prospectus, which contain important information, before deciding whether to invest in the common shares. You
should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A Statement of Additional Information (&#147;SAI&#148;), dated [&#9679;], 2025, containing additional information about the Fund, has been filed with the
Securities and Exchange Commission (&#147;SEC&#148;) and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying
Prospectus and the SAI are part of a &#147;shelf&#148; registration statement filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering, including the method of distribution. If information in this
Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. You may call (800) <FONT STYLE="white-space:nowrap">882-0052,</FONT> visit the Fund&#146;s website (<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U>http://www.blackrock.com</U></FONT><FONT STYLE="font-family:Times New Roman">) or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&#146;s semi-annual
and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&#146;s semi-annual and annual reports, are also available for free on the SEC&#146;s website
(http://www.sec.gov). You may also <FONT STYLE="white-space:nowrap">e-mail</FONT> requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#146;s website is not part of this Prospectus
Supplement or the accompanying Prospectus. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You should not construe the contents of this Prospectus Supplement and the accompanying Prospectus as
legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The common shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution,
and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P-2 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information contained or incorporated by reference in this Prospectus
Supplement and the accompanying Prospectus. Neither the Fund nor the underwriters have authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale
is not permitted. You should not assume that the information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus,
respectively. Our business, financial condition, results of operations and prospects may have changed since those dates. In this Prospectus Supplement and in the accompanying Prospectus, unless otherwise indicated, &#147;Fund,&#148; &#147;us,&#148;
&#147;our&#148; and &#147;we&#148; refer to BlackRock Floating Rate Income Strategies Fund, Inc., a Maryland corporation. </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF
CONTENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus Supplement </B></P> <P STYLE="font-size:4pt;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" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_1">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</A></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_2">PROSPECTUS SUPPLEMENT SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_3">SUMMARY OF FUND EXPENSES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_4">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_5">CAPITALIZATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_6">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_7">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp1877269_8">ADDITIONAL INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">P-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_1">PROSPECTUS SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_2">SUMMARY OF FUND EXPENSES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_3">FINANCIAL HIGHLIGHTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_4">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_5">THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_6">DESCRIPTION OF SHARES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_7">THE FUND&#146;S INVESTMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_8">LEVERAGE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_9">RISKS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_10">HOW THE FUND MANAGES RISK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_11">MANAGEMENT OF THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_12">NET ASSET VALUE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_13">DISTRIBUTIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_14">DIVIDEND REINVESTMENT PLAN</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_15">RIGHTS OFFERINGS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_16">TAX MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_17">TAXATION OF HOLDERS OF RIGHTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_18">CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_19"><FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUND
STRUCTURE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_20">REPURCHASE OF COMMON SHARES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_21">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_22">INCORPORATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_23">PRIVACY PRINCIPLES OF THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">]&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">P-3 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_1"></A>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement, the accompanying Prospectus and the SAI contain &#147;forward-looking statements.&#148; Forward-looking statements can be
identified by the words &#147;may,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;plan,&#148; &#147;anticipate,&#148; and similar terms and the negative of such terms. Such
forward-looking statements may be contained in this Prospectus Supplement as well as in the accompanying Prospectus. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from
those contemplated by the forward-looking statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the public markets and
other factors discussed in our periodic filings with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although we believe that the expectations expressed in our forward-looking statements are
reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are
subject to inherent risks and uncertainties, such as those disclosed in the &#147;Risks&#148; section of the accompanying Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the
accompanying Prospectus are made as of the date of this Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation,
to update any forward-looking statement. The forward-looking statements contained in this Prospectus Supplement, the accompanying Prospectus and the SAI are excluded from the safe harbor protection provided by Section&nbsp;27A of the Securities Act.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Currently known risk factors that could cause actual results to differ materially from our expectations include, but are not limited to, the factors
described in the &#147;Risks&#148; section of the accompanying Prospectus. We urge you to review carefully those sections for a more detailed discussion of the risks of an investment in our common shares. </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">P-4 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_2"></A>PROSPECTUS SUPPLEMENT SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The following summary is qualified in its entirety by reference to the more detailed information included elsewhere in this Prospectus Supplement and in
the accompanying Prospectus and in the SAI. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Fund </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company. The Fund&#146;s primary 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. There can be no assurance
that the Fund&#146;s investment objective will be achieved or that the Fund&#146;s investment program will be successful. The Fund&#146;s common shares are listed for trading on the NYSE under the symbol &#147;FRA.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Advisor </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Advisors, LLC (previously
defined as the &#147;Advisor&#148;) is the Fund&#146;s investment adviser. The 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 (as defined below). BlackRock
International Limited serves as <FONT STYLE="white-space:nowrap">sub-advisor</FONT> to the Fund (the <FONT STYLE="white-space:nowrap">&#147;Sub-Advisor&#148;</FONT> and, together with the Advisor, the &#147;Advisors&#148;). The Advisor, and not the
Fund, pays the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> for that portion of the Fund for which the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> acts as <FONT STYLE="white-space:nowrap">sub-adviser,</FONT> a monthly fee that is
equal to a percentage of the investment advisory fees paid by the Fund to the Advisor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Offering </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[The provisions of the Investment Company Act generally require that the public offering price of common shares (less any underwriting commissions and
discounts) must equal or exceed the net asset value per share of a company&#146;s common shares (calculated within 48 hours of pricing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales of our
common shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &#147;at the market&#148; as defined in Rule 415 under the Securities Act, including
sales made directly on the NYSE or sales made to or through a market maker other than on an exchange.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We currently anticipate that we will be able to invest all of the net proceeds of any sales of common shares pursuant to this Prospectus Supplement in
accordance with our investment objective and policies as described in the accompanying Prospectus under &#147;The Fund&#146;s Investments&#148; within approximately three months of the receipt of such proceeds. Pending such investment, it is
anticipated that the proceeds will be invested in short-term securities. Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in
accordance with the Fund&#146;s distribution policy and may be a return of capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_3"></A>SUMMARY OF FUND
EXPENSES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated
with investing in our common shares. </P> <P STYLE="font-size:18pt;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="75%"></TD>

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


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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>Shareholder Transaction Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales load paid by you (as a percentage of offering price)<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offering expenses borne by the Fund (as a percentage of offering price)<SUP
STYLE="font-size:75%; vertical-align:top">(1) </SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman"></P></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">0.02&nbsp;per&nbsp;share&nbsp;for&nbsp;open-market&#8194;&#8196;</FONT><BR>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">purchases&nbsp;of&nbsp;common&nbsp;shares<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP>&#8194;&#8196;</P></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan sale transaction fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$[&#9679;]<SUP STYLE="font-size:75%; vertical-align:top">(2</SUP>&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom">&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">P-5 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="94%"></TD>

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


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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>Estimated Annual Expenses </B>(as a percentage of net assets attributable to common
shares)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees<SUP STYLE="font-size:75%; vertical-align:top">(3)(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Other Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest Expense<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Annual Fund Operating Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee Waivers and/or Expense
Reimbursements<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&#8196;&#8194;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 after Fee Waivers and/or Expense Reimbursements<SUP
STYLE="font-size:75%; vertical-align:top"> (4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Fund shareholders will pay all offering expenses involved with this offering. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Computershare Trust Company, N.A.&#146;s (the &#147;Reinvestment Plan Agent&#148;) fees for the handling of the
reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and
pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
</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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.75% based on an
aggregate of (i)&nbsp;the Fund&#146;s average daily net assets and (ii)&nbsp;the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#147;average daily Managed Assets&#148;). The Fund uses leverage in the form of
a credit facility, which as of [&#9679;] amounted to approximately [&#9679;]% of the Fund&#146;s Managed Assets (approximately [&#9679;]% of the Fund&#146;s net assets). &#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&nbsp;stock are the Fund&#146;s
Managed Assets minus the value of the Fund&#146;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses
(including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear
the expenses of the Fund&#146;s use of leverage in the form of higher fees as a percentage of the Fund&#146;s net assets attributable to common&nbsp;stock than if the Fund did not use leverage. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">The Fund and the Advisor have entered into a fee waiver agreement (the &#147;Fee Waiver Agreement&#148;),
pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#146;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Advisor or its affiliates that have a contractual management fee, through June&nbsp;30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory
fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&nbsp;30, 2027. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in
the two years following such waivers and/or reimbursements. Any such repayment obligation will terminate on October&nbsp;19, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the
vote of a majority of the Directors who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;), 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 Advisor. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Reflects leverage, in the form of a credit facility, in an amount equal to approximately [&#9679;]% of the
Fund&#146;s Managed Assets as of [&#9679;]. 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. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Example </B></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 $[&#9679;] and offering costs of $[&#9679;]) that you would pay on a $1,000
investment in common shares, assuming (i)&nbsp;total net annual expenses of [&#9679;]% of net assets attributable to common shares and (ii)&nbsp;a 5% annual return: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="63%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>1&nbsp;Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>3&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>10&nbsp;Years</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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" NOWRAP ALIGN="center">$&#8196;&#8196;[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$&#8199;&#8196;[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$&#8199;&#8196;[&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$&#8196;&#8199;&#8196;[&#9679;]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; 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 estimated
&#147;Other expenses&#148; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than
</B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P-6 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
those assumed. 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_4"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We estimate the total net proceeds of the offering to be $[&#9679;], based on the public offering price of $[&#9679;] per share and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net proceeds from the issuance of common shares hereunder will
be invested in accordance with the Fund&#146;s investment objective and policies as set forth in this Prospectus Supplement and the accompanying Prospectus. We currently anticipate that we will be able to invest all of the net proceeds in accordance
with our investment objective and policies within approximately three months of the receipt of such proceeds. Pending such investment, it is anticipated that the proceeds will be invested in short-term securities. Depending on market conditions and
operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance with the Fund&#146;s distribution policy and may be a return of capital. A return of capital is a
return to investors of a portion of their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or a portion thereof) represents a return of a portion of a shareholder&#146;s
investment in the Fund, rather than making a distribution that is funded from the Fund&#146;s earned income or other profits. Although return of capital distributions may not be currently taxable, such distributions would decrease the basis of a
shareholder&#146;s shares, and therefore, may increase a shareholder&#146;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder&#146;s original investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_5"></A>CAPITALIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the unaudited capitalization of the Fund as of [&#9679;], 2025 and its adjusted capitalization assuming the common shares
available in the offering discussed in this Prospectus Supplement had been issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[To be provided.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_6"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[To be provided.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_7"></A>LEGAL MATTERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain legal matters in connection with the common shares will be passed upon for the Fund by Willkie Farr&nbsp;&amp; Gallagher
LLP, New York, New York, counsel to the Fund. Willkie Farr&nbsp;&amp; Gallagher LLP may rely as to certain matters of Maryland law on the opinion of Miles&nbsp;&amp; Stockbridge, P.C., Baltimore, Maryland. [Certain legal matters will be passed on by
[&#9679;] as special counsel to the Underwriters in connection with the offering.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp1877269_8"></A>ADDITIONAL
INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement and the accompanying Prospectus constitute part of a Registration Statement filed by the Fund with the SEC
under the Securities Act and the Investment Company Act. This Prospectus Supplement and the accompanying Prospectus omit certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement
and related exhibits for further information with respect to the Fund and the common shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is
made to the copy of such document filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC
upon payment of the fee prescribed by its rules and regulations or free of charge through the SEC&#146;s website (http://www.sec.gov). </P> <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">P-7 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK FLOATING RATE INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>[</B>&#9679;<B></B><B>] Shares of Common Stock </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>&#9679;<B>], 2025 </B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Until [&#8195;], 2025 (25 days after the date of this Prospectus Supplement), all dealers that buy, sell or trade the common shares, whether or not
participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers&#146; obligation to deliver a prospectus when acting as underwriters. </B></P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#d1000c">The information in this Prospectus Supplement is not complete and may be changed.
BlackRock Floating Rate Income Strategies Fund, Inc. may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus Supplement is not an offer to sell these securities
and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
 COLOR="#d1000c"><B>SUBJECT TO COMPLETION, DATED JULY&nbsp;30, 2025 </B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed Pursuant to Rule 424(b)([&#9679;]) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-[&#9679;]</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(To Prospectus dated [&#9679;],
2025) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK FLOATING RATE INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>&#9679;<B>] Rights for [</B>&#9679;<B>] Shares of Common Stock</B> </P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Issuable Upon the Exercise of </B></P>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Transferable Subscription Rights to Acquire Shares of Common Stock </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Floating Rate Income Strategies Fund, Inc. (the &#147;Fund,&#148; &#147;we,&#148; &#147;us&#148; or &#147;our&#148;) is issuing transferrable
subscription rights (the &#147;Rights&#148;) to our common shareholders (the &#147;Common Shareholders&#148;) to subscribe for an aggregate of [&#9679;] shares of common stock (each, a &#147;Common Share&#148; and collectively, the &#147;Common
Shares&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the
Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;). 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. The Fund&#146;s investment adviser is BlackRock Advisors, LLC (the &#147;Advisor&#148;). BlackRock International Limited serves as <FONT
STYLE="white-space:nowrap">sub-advisor</FONT> to the Fund (the <FONT STYLE="white-space:nowrap">&#147;Sub-Advisor&#148;).</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Common Shares are
listed on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;FRA.&#148; Common Shareholders of record on [&#9679;], 2025 (the &#147;Record Date&#148;) will receive [&#9679;] Right for each Common Share held. These Rights are
transferable and will allow the holders thereof to purchase additional Common Shares. The Rights will be listed for trading on the [&#9679;] under the symbol &#147;[&#9679;]&#148; during the course of the Rights offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Rights entitle their holders to purchase [&#9679;] new Common Share for every [&#9679;] Rights held. Any Common Shareholder who owns fewer than [&#9679;]
Common Shares as of the close of business on the Record Date may subscribe for [&#9679;] full Common Share. Common Shareholders as of the close of business on the Record Date who fully exercise all Rights initially issued to them (other than those
Rights that cannot be exercised because they represent the right to acquire less than one Common Share) will be entitled to subscribe for additional Common Shares that remain unsubscribed as a result of any unexercised Rights. This over-subscription
privilege is subject to a number of limitations and subject to allotment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The subscription price per Common Share (the &#147;Subscription Price&#148;)
will be determined based upon a formula equal to [&#9679;]% of the average of the last reported sales price of a Common Share on the NYSE on the date on which the Rights offering expires, as such date may be extended from time to time, and each of
the [&#9679; (&#9679;)]&nbsp;preceding trading days (the &#147;Formula Price&#148;). If, however, the Formula Price is less than [&#9679;]% of the net asset value (&#147;NAV&#148;) per </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">R-1 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Common Share at the close of trading on the NYSE on the Expiration Date (as defined below), then the Subscription Price will be [&#9679;]% of the Fund&#146;s NAV per Common Share at the close of
trading on the NYSE on the Expiration Date. All offering expenses, including sales commissions, will be borne by the Advisor, and not the Fund or any Common Shareholders. The Rights offering will expire at 5:00 p.m., Eastern time, on [&#9679;],
2025, unless extended as described in this Prospectus Supplement (the &#147;Expiration Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On [&#9679;], 2025 (the last trading date prior to
the Common Shares trading <FONT STYLE="white-space:nowrap">ex-Rights),</FONT> the last reported net asset value per share of the Common Shares was $[&#9679;] and the last reported sales price per share of Common Shares on the NYSE was $[&#9679;],
representing a [premium] to net asset value of [&#9679;]%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement, together with the accompanying Prospectus, sets forth concisely
the information about the Fund that a prospective investor should know before investing. You should read this Prospectus Supplement and the accompanying Prospectus, which contain important information, before deciding whether to invest in the Common
Shares. You should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A Statement of Additional Information (&#147;SAI&#148;), dated [&#9679;], 2025, containing additional information about the Fund, has been
filed with the Securities and Exchange Commission (&#147;SEC&#148;) and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus Supplement and the accompanying Prospectus. This Prospectus Supplement, the
accompanying Prospectus and the SAI are part of a &#147;shelf&#148; registration statement filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering, including the method of distribution. If information in
this Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. You may call (800) <FONT STYLE="white-space:nowrap">882-0052,</FONT> visit the Fund&#146;s website (<FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U>http://www.blackrock.com</U></FONT><FONT STYLE="font-family:Times New Roman">) or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&#146;s semi-annual
and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&#146;s semi-annual and annual reports, are also available for free on the SEC&#146;s website
(http://www.sec.gov). You may also <FONT STYLE="white-space:nowrap">e-mail</FONT> requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#146;s website is not part of this Prospectus
Supplement or the accompanying Prospectus. Common Shareholders please call toll-free at [&#9679;] (banks and brokers please call [&#9679;]) or please send written requests to [&#9679;]. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investing in Common Shares through Rights involves certain risks that are described in the &#147;Special Characteristics and Risks of the Rights
Offering&#148; section of this Prospectus Supplement. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SHAREHOLDERS WHO DO NOT FULLY EXERCISE THEIR RIGHTS MAY, AT THE COMPLETION OF THE RIGHTS
OFFERING, OWN A SMALLER PROPORTIONAL INTEREST IN THE FUND THAN IF THEY EXERCISED THEIR RIGHTS. AS A RESULT OF THE RIGHTS OFFERING YOU MAY EXPERIENCE SUBSTANTIAL DILUTION OF THE AGGREGATE NET ASSET VALUE OF YOUR COMMON SHARES DEPENDING UPON WHETHER
THE FUND&#146;S NET ASSET VALUE PER COMMON SHARE IS ABOVE OR BELOW THE SUBSCRIPTION PRICE ON THE EXPIRATION DATE. RIGHTS EXERCISED BY A SHAREHOLDER ARE IRREVOCABLE. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE FUND HAS DECLARED MONTHLY DISTRIBUTIONS PAYABLE ON [</B>&#9679;<B></B><B>], 2025 WITH A RECORD DATE OF [</B>&#9679;<B></B><B>], 2025. ANY COMMON SHARES
ISSUED AS A RESULT OF THE RIGHTS OFFERING WILL NOT BE RECORD DATE SHARES FOR THE FUND&#146;S MONTHLY DISTRIBUTION TO BE PAID ON [</B>&#9679;<B></B><B>], 2025 AND WILL NOT BE ENTITLED TO RECEIVE SUCH DISTRIBUTION. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></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="84%"></TD>

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

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Per<BR>Common&nbsp;Share</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Total<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Estimated Subscription Price of Common Shares to shareholders exercising Rights<SUP
STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Underwriting discounts and commissions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$[&#9679;]</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Estimated proceeds, before expenses, to the Fund<SUP STYLE="font-size:75%; vertical-align:top">(3)
(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[</TD>
<TD NOWRAP VALIGN="bottom">&#9679;]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$[&#9679;]</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">R-2 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
<DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Assumes that all Rights are exercised at the estimated Subscription Price (as described below). All of the
Rights may not be exercised, and the estimated Subscription Price may be higher or lower than the actual Subscription Price. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">The estimated Subscription Price to the public is based upon [&#9679;]% of the last reported sales price of the
Fund&#146;s Common Shares on the NYSE on [&#9679;], 2025 and each of the [&#9679; (&#9679;)]&nbsp;preceding trading days. See &#147;Terms of the Rights Offering&#151;Subscription Price.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Before deduction of expenses related to the Rights offering, which are estimated approximately at $[&#9679;].
Any offering expenses are paid indirectly by shareholders. Such fees and expenses will immediately reduce the net asset value per share of each Common Share purchased by an investor in the Rights offering. The indirect expenses of the offering that
shareholders will pay are estimated to be $[&#9679;] in the aggregate and $[&#9679;] per share. The amount of proceeds to the Fund net of any fees and expenses of the offering are estimated to be $[&#9679;] in the aggregate and $[&#9679;] per share.
Shareholders will not directly bear any offering expenses. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Funds received by check prior to the final due date of the Rights offering will be deposited into a segregated
account pending proration and distribution of Common Shares. The Subscription Agent (as defined in this Prospectus Supplement) may receive investment earnings on the funds deposited into such account. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Common Shares are expected to be ready for delivery in book-entry form through the [insert depository name] on or about [&#9679;], 2025 [, unless
extended. If the offering is extended, the Common Shares are expected to be ready for delivery in book-entry form through the [&#9679;] on or about [&#9679;], 2025.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You should not construe the contents of this Prospectus Supplement and the accompanying Prospectus as legal, tax or financial advice. You should consult with
your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The
Fund&#146;s Common Shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other government agency. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this Prospectus Supplement is [</B>&#9679;<B></B><B>], 2025.
</B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R-3 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information contained or incorporated by reference in this Prospectus
Supplement and the accompanying Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You
should not assume that the information contained in this Prospectus Supplement and the accompanying Prospectus is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus, respectively. This
Prospectus Supplement will be amended to reflect material changes to the information contained herein and will be delivered to shareholders. Our business, financial condition, results of operations and prospects may have changed since those dates.
In this Prospectus Supplement and in the accompanying Prospectus, unless otherwise indicated, &#147;Fund,&#148; &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to BlackRock Floating Rate Income Strategies Fund, Inc., a Maryland corporation.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus Supplement </B></P> <P STYLE="font-size:8pt;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="95%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_1">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_2">SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-5</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_3">DESCRIPTION OF THE RIGHTS OFFERING</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-9</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_4">SUMMARY OF FUND EXPENSES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-17</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_5">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-19</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_6">CAPITALIZATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-19</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_7">SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-19</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_8">TAXATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-21</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_9">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-22</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_10">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-24</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_11">FINANCIAL STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-25</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#prosupp2877269_12">ADDITIONAL INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">R-25</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus </B></P> <P STYLE="font-size:8pt;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="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_1">PROSPECTUS SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_2">SUMMARY OF FUND EXPENSES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_3">FINANCIAL HIGHLIGHTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_4">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_5">THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_6">DESCRIPTION OF SHARES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_7">THE FUND&#146;S INVESTMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_8">LEVERAGE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_9">RISKS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_10">HOW THE FUND MANAGES RISK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_11">MANAGEMENT OF THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_12">NET ASSET VALUE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_13">DISTRIBUTIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_14">DIVIDEND REINVESTMENT PLAN</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_15">RIGHTS OFFERINGS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_16">TAX MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_17">TAXATION OF HOLDERS OF RIGHTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_18">CERTAIN PROVISIONS OF THE CHARTER AND BYLAWS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_19"><FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUND
STRUCTURE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_20">REPURCHASE OF COMMON SHARES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_21">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_22">INCORPORATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#toc877269_23">PRIVACY PRINCIPLES OF THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">]&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">R-4 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><A NAME="prosupp2877269_1"></A>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement, the accompanying Prospectus and the SAI contain &#147;forward-looking statements.&#148; Forward-looking statements can be
identified by the words &#147;may,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;plan,&#148; &#147;anticipate,&#148; and similar terms and the negative of such terms. Such
forward-looking statements may be contained in this Prospectus Supplement as well as in the accompanying Prospectus and in the SAI. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ
materially from those contemplated by the forward-looking statements. Several factors that could materially affect our actual results are the performance of the portfolio of securities we hold, the price at which our shares will trade in the public
markets and other factors discussed in our periodic filings with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although we believe that the expectations expressed in our forward-looking
statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to
change and are subject to inherent risks and uncertainties, such as those disclosed in the &#147;Risks&#148; section of the accompanying Prospectus and &#147;Special Characteristics and Risks of the Rights Offering&#148; in this Prospectus
Supplement. All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus, or in the SAI, are made as of the date of this Prospectus Supplement or the accompanying Prospectus or
SAI, as the case may be. Except for our ongoing obligations under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking statements contained in this Prospectus
Supplement, the accompanying Prospectus and the SAI are excluded from the safe harbor protection provided by Section&nbsp;27A of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Currently known risk factors that could cause actual results to differ materially from our expectations include, but are not limited to, the factors described
in the &#147;Risks&#148; section of the accompanying Prospectus as well as in the &#147;Special Characteristics and Risks of the Rights Offering&#148; section of this Prospectus Supplement. We urge you to review carefully those sections for a more
detailed discussion of the risks of an investment in the Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_2"></A>SUMMARY OF THE TERMS OF THE
RIGHTS OFFERING </B></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="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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>Purpose of the Rights Offering</B></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">[To come.]</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <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>Terms of the Rights Offering</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#9679;] transferable subscription right (a &#147;Right&#148;) will be issued for each common share of the Fund (each, a &#147;Common
Share,&#148; and collectively, the &#147;Common Shares&#148;) held on the Record Date (as defined below). Rights are expected to trade on the [&#9679;] under the symbol &#147;[&#9679;].&#148; The Rights will allow Common Shareholders to subscribe
for new Common Shares of the Fund. [&#9679;] Common Shares of the Fund are outstanding as of [&#9679;], 2025. [&#9679;] Rights will be required to purchase one Common Share. Shares of the Fund, as a <FONT STYLE="white-space:nowrap">closed-end</FONT>
fund, can trade at a discount to net asset value (&#147;NAV&#148;). Upon exercise of the Rights offering, Fund shares are expected to be issued at a price below NAV per Common Share. [An over-subscription privilege will be offered, [subject to the
right of the Board of Directors of the Fund (the &#147;Board&#148;) to eliminate the over-subscription privilege.] [&#9679;] Common Shares of the Fund will be issued if all Rights are exercised. See &#147;Terms of the Rights Offering.&#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">The Fund has declared monthly distributions payable on [&#9679;], 2025 with a record
date of [&#9679;], 2025. Any Common Shares issued as a result of the Rights offering will not be record date shares for the Fund&#146;s monthly distribution to be paid on [&#9679;], 2025 and will not be entitled to receive such distribution.</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 exercise of Rights by a Rights holder is irrevocable.</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">R-5 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Subscription Rights to Acquire Shares of Common Stock</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Subscription Price</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The final subscription price per Common Share (the &#147;Subscription Price&#148;) will be determined based upon a formula equal to [&#9679;]% of the average of the last reported sales price of the Fund&#146;s Common Shares on
the New York Stock Exchange (&#147;NYSE &#147;) on the Expiration Date (as defined below) and each of the [&#9679;] preceding trading days (the &#147;Formula Price&#148;). If, however, the Formula Price is less than [&#9679;]% of the NAV per Common
Share of the Fund&#146;s Common Shares at the close of trading on the NYSE on the Expiration Date, then the Subscription Price will be [&#9679;]% of the Fund&#146;s NAV per Common Share at the close of trading on the NYSE on that day. See
&#147;Terms of the Rights Offering.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Record Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Rights will be issued to Common Shareholders of record as of the close of business on [&#9679;], 2025 (the &#147;Record Date&#148;). See &#147;Terms of the Rights Offering.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Number of Rights Issued</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;] Right will be issued in respect of each Common Share of the Fund outstanding as of the close of business on the Record Date. See &#147;Terms of the Rights Offering.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Number of Rights Required to Purchase One Common Share</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">A holder of Rights may purchase [&#9679;] Common Share of the Fund for every [&#9679;] Rights exercised. The number of Rights to be issued to a shareholder as of the close of business on the Record Date will be rounded up to the
nearest number of Rights evenly divisible by [&#9679;]. See &#147;Terms of the Rights Offering.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Over-Subscription Privilege</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Common Shareholders as of the close of business on the Record Date (&#147;Record Date Shareholders&#148;) who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they
represent the right to acquire less than one Common Share) generally are entitled, subject to the limitations described herein, to buy those Common Shares, referred to as &#147;primary over-subscription shares,&#148; that were not purchased by other
Rights holders at the same Subscription Price. If enough primary over-subscription shares are available, all such requests will be honored in full. If the requests for primary over-subscription shares exceed the primary over-subscription shares
available, the available primary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund. Common Shares acquired
pursuant to the primary over-subscription privilege are subject to allotment. <I>Holders of</I> <I>Rights acquired in the secondary market may not participate in the primary over-subscription privilege.</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[In addition, the Fund, in its sole discretion, may determine to issue additional Common Shares at the same Subscription Price in an amount of up to [&#9679;]% of the shares issued pursuant to the primary subscription, referred
to as &#147;secondary over-subscription shares.&#148; Should the Fund determine to issue some or all of the secondary over-subscription shares, they will be allocated only among Record Date Shareholders who submitted over-subscription requests.
Secondary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund. <I>Rights acquired in the secondary
</I></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">R-6 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>market may not participate in the secondary over-subscription privilege.</I>]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notwithstanding the above, the Board has the right in its absolute discretion to eliminate the primary over-subscription privilege and/or secondary over-subscription privilege (together, the &#147;over-subscription
privilege&#148;) if it considers it to be in the best interest of the Fund to do so. The Board may make that determination at any time, without prior notice to Rights holders or others, up to and including the fifth day following the Expiration Date
(as defined below). See &#147;Over-Subscription Privilege.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Any Common Shares issued pursuant to the over-subscription privilege will be shares registered under the Prospectus.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Transfer of Rights</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Rights will be transferable. See &#147;Terms of the Rights Offering,&#148; &#147;Sale of Rights&#148; and &#147;Method of Transferring Rights.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Subscription Period</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Rights may be exercised at any time after issuance and prior to expiration of the Rights (the &#147;Subscription Period&#148;), which will be [5:00 PM Eastern Time] on [&#9679;], 2025 (the &#147;Expiration Date&#148;), unless
otherwise extended. See &#147;Terms of the Rights Offering&#148; and &#147;Method of Exercise of Rights.&#148; The Rights offering may be terminated [or extended] by the Fund at any time for any reason before the Expiration Date. If the Fund
terminates the Rights offering, the Fund will issue a press release announcing such termination and will direct the Subscription Agent (defined below) to return, without interest, all subscription proceeds received to such shareholders who had
elected to purchase Common Shares.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Distribution Arrangements</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Offering Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The expenses of the Rights offering are expected to be approximately $[&#9679;] and will be borne by holders of the Fund&#146;s Common Shares. See &#147;Use of Proceeds.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Sale of Rights</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Rights are transferable until the completion of the Subscription Period and will be admitted for trading on the [&#9679;] under the symbol &#147;[&#9679;]&#148;. Although no assurance can be given that a market for the Rights
will develop, trading in the Rights on the [&#9679;] is expected to begin two Business Days prior to the Record Date and may be conducted until the close of trading on the last [&#9679;] trading day prior to the Expiration Date. For purposes of this
Prospectus Supplement, a &#147;Business Day&#148; shall mean any day on which trading is conducted on the [&#9679;].</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The value of the Rights, if any, will be reflected by their market price on the [&#9679;]. Rights may be sold by individual holders through their broker or financial advisor or may be submitted to the Subscription Agent (defined
below) for sale. Any Rights submitted to the Subscription Agent for sale must be received by the Subscription Agent prior to [5:00 PM, Eastern Time], on or before [&#9679;], 2025, [&#9679;] Business Days prior to the Expiration Date (or, if the
Subscription Period is extended, prior to [5:00 PM, Eastern Time], on the [&#9679;] Business Day prior to the extended Expiration Date).</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">R-7 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">

<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="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Rights that are sold will not confer any right to acquire any Common Shares in any over-subscription, and any Record Date Shareholder who sells any Rights will not be eligible to participate in the over-subscription privilege, if
any.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Trading of the Rights on the [&#9679;] will be conducted on a when-issued basis until and including the date on which the Subscription Certificates (as defined below) are mailed to Record Date Shareholders of record and
thereafter will be conducted on a <FONT STYLE="white-space:nowrap">regular-way</FONT> basis until and including the last [&#9679;] trading day prior to the completion of the Subscription Period. The shares are expected to begin trading <FONT
STYLE="white-space:nowrap">ex-Rights</FONT> one Business Day prior to the Record Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">If the Subscription Agent receives Rights for sale in a timely manner, the Subscription Agent will use its best efforts to sell the Rights on the [&#9679;]. The Subscription Agent will also attempt to sell any Rights attributable
to shareholders of record whose addresses are outside the United States, or who have an APO or FPO address. See &#147;Foreign Restrictions.&#148; The Subscription Agent will attempt to sell such Rights, including by first offering such Rights to the
Dealer Manager (defined below) for purchase by the Dealer Manager at the then-current market price on the [&#9679;]. The Subscription Agent will offer Rights to the Dealer Manager before attempting to sell them on the [&#9679;].</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Any commissions will be paid by the selling Rights holders. Neither the Fund nor the Subscription Agent will be responsible if Rights cannot be sold and neither has guaranteed any minimum sales price for the Rights. If the Rights
can be sold, sales of these Rights will be deemed to have been effected at the weighted average price received by the Subscription Agent on the day such Rights are sold, less any applicable brokerage commissions, taxes and other expenses
(<I>i.e.</I>, costs incidental to the sale of Rights).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">For a discussion of actions that may be taken by [&#9679;] (the &#147;Dealer Manager&#148;) to seek to facilitate the trading market for Rights and the placement of Common Shares pursuant to the exercise of Rights, including the
purchase of Rights and the sale during the Subscription Period by the Dealer Manager of Common Shares acquired through the exercise of Rights and the terms on which such sales will be made, see &#147;Plan of Distribution.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Shareholders are urged to obtain a recent trading price for the Rights on the [&#9679;] from their broker, bank, financial advisor or the financial press.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Banks, broker-dealers and trust companies that hold shares for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that such Rights will not participate in any over-subscription
privilege. See &#147;Terms of the Rights Offering.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Use of Proceeds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Fund estimates the net proceeds of the Rights offering to be approximately $[&#9679;]. This figure is based on the Subscription Price per Common Share of $[&#9679;] ([&#9679;]% of the last reported sales price of the
Fund&#146;s Common Shares on the NYSE on [&#9679;], 2025 and each of the [&#9679; (&#9679;)] preceding trading days) and assumes all new Common Shares</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">R-8 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="73%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">offered are sold and that the expenses related to the Rights offering estimated at approximately $[&#9679;] are paid.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Advisors anticipate that investment of the proceeds will be made in accordance with the Fund&#146;s investment objective and policies as appropriate investment opportunities are identified, which is expected to be
substantially completed in approximately three months; however, the identification of appropriate investment opportunities pursuant to the Fund&#146;s investment style or changes in market conditions may cause the investment period to extend as long
as six months. Pending such investment, the proceeds will be held in short-term securities.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance with the Fund&#146;s distribution policy and
may be a return of capital. A return of capital is a return to investors of a portion of their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or a portion thereof)
represents a return of a portion of a shareholder&#146;s investment in the Fund, rather than making a distribution that is funded from the Fund&#146;s earned income or other profits. Although return of capital distributions may not be currently
taxable, such distributions would decrease the basis of a shareholder&#146;s shares, and therefore, may increase a shareholder&#146;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder&#146;s original
investments. See &#147;Use of Proceeds.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Taxation/ERISA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">See &#147;Taxation&#148; and &#147;Employee Benefit Plan and IRA Considerations.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Subscription Agent</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;]. See &#147;Subscription Agent.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Information Agent</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[&#9679;]. See &#147;Information Agent.&#148;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_3"></A>DESCRIPTION OF THE RIGHTS OFFERING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Terms of the Rights Offering </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is issuing to
Record Date Shareholders Rights to subscribe for Common Shares of the Fund. Each Record Date Shareholder is being issued one transferable Right for each Common Share owned on the Record Date. The Rights entitle the holder to acquire, at the
Subscription Price, determined based upon the Formula Price, [&#9679;] new Common Shares for each [&#9679;] Rights held. If, however, the Formula Price is less than [&#9679;]% of the NAV per share of the Fund&#146;s Common Shares at the close of
trading on the NYSE on the Expiration Date, then the Subscription Price will be [&#9679;]% of the Fund&#146;s NAV per Common Share at the close of trading on the NYSE on that day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The estimated Subscription Price to the public of $[&#9679;] is based upon [&#9679;]% of the last reported sales price of the Fund&#146;s Common Shares on the
NYSE on [&#9679;], 2025. Fractional shares will not be issued upon the exercise of the Rights. Accordingly, Common Shares may be purchased only pursuant to the exercise of Rights in integral multiples of [&#9679;]. The number of Rights to be issued
to a Record Date Shareholder will be rounded up to the nearest number of Rights evenly divisible by [&#9679;]. In the case of Common Shares held of record by Cede&nbsp;&amp; Co. (&#147;Cede&#148;), as nominee for the Depository Fund Company, or any
other depository or nominee, the number of Rights issued to Cede or such other depository or nominee will be adjusted to permit rounding up (to the nearest number of Rights evenly divisible by [&#9679;]) of the Rights to be received by beneficial
owners for whom it is the holder of record only if [insert nominee name] or such other depository or nominee provides to the Fund on or before the close of business on [&#9679;], 2025 written representation of the number of Rights required for such
rounding. Rights may be exercised at any time </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">R-9 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">during the Subscription Period which commences on [&#9679;], 2025, and ends on the Expiration Date, unless
otherwise extended. Shares of the Fund, as a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund, can trade at a discount to NAV. Upon exercise of the Rights offering, Fund shares may be issued at a price below NAV per Common Share. The right to
acquire one Common Share for each [&#9679;] Rights held during the Subscription Period (or any extension of the Subscription Period) at the Subscription Price will be referred to in the remainder of this Prospectus Supplement as the &#147;Rights
offering.&#148; <I>Rights will expire on the Expiration Date and thereafter may not be exercised. </I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund has declared monthly distributions
payable on [&#9679;], 2025 with a record date of [&#9679;], 2025. <B><I>Any Common Shares issued as a result of the Rights offering will not be Record Date shares for the Fund&#146;s monthly distribution to be paid on
</I></B><B>[</B>&#9679;<B>]</B><B><I>, 2025 and will not be entitled to receive such distribution.</I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund has entered into a dealer manager
agreement with the Dealer Manager that allows the Dealer Manager to take actions to seek to facilitate the trading market for Rights and the placement of Common Shares pursuant Rights during the Subscription Period at prices determined at the time
of such exercise, which are expected to vary from the Subscription Price. See &#147;Plan of Distribution&#148; for additional information. to the exercise of Rights. Those actions are expected to involve the Dealer Manager purchasing and exercising
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rights may be evidenced by subscription certificates or may be uncertificated and evidenced by other appropriate documentation (<I>i.e.</I>, a rights
card distributed to registered shareholders in lieu of a subscription certificate) (&#147;Subscription Certificates&#148;). The number of Rights issued to each holder will be stated on the Subscription Certificate delivered to the holder. The method
by which Rights may be exercised and Common Shares paid for is set forth below in &#147;Method of Exercise of Rights,&#148; &#147;Payment for Shares&#148; and &#147;Plan of Distribution.&#148; A holder of Rights will have no right to rescind a
purchase after [&#9679;] (the &#147;Subscription Agent&#148;) has received payment. See &#147;Payment for Shares&#148; below. It is anticipated that the Common Shares issued pursuant to an exercise of Rights will be listed on the [&#9679;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Holders of Rights [who are Record Date Shareholders] are entitled to subscribe for additional Common Shares at the same Subscription Price pursuant to the
over-subscription privilege, subject to certain limitations, allotment and the right of the Board to eliminate the primary over-subscription privilege [or secondary] over-subscription privilege. See &#147;Over-Subscription Privilege&#148; below.]
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of determining the maximum number of Common Shares that may be acquired pursuant to the Rights offering, broker-dealers, trust companies,
banks or others whose shares are held of record by Cede or by any other depository or nominee will be deemed to be the holders of the Rights that are held by Cede or such other depository or nominee on their behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Rights are transferable until the completion of the Subscription Period and will be admitted for trading on the [&#9679;] under the symbol
&#147;[&#9679;].&#148; Assuming a market exists for the Rights, the Rights may be purchased and sold through usual brokerage channels and also sold through the Subscription Agent. Although no assurance can be given that a market for the Rights will
develop, trading in the Rights on the [&#9679;] is expected to begin two Business Days prior to the Record Date and may be conducted until the close of trading on the last [&#9679;] trading day prior to the Expiration Date. Trading of the Rights on
the [&#9679;] is expected to be conducted on a when-issued basis until and including the date on which the Subscription Certificates are mailed to Record Date Shareholders of record and thereafter is expected to be conducted on a regular way basis
until and including the last [&#9679;] trading day prior to the Expiration Date. The method by which Rights may be transferred is set forth below under &#147;Method of Transferring Rights.&#148; The Common Shares are expected to begin trading <FONT
STYLE="white-space:nowrap">ex-Rights</FONT> one Business Day prior to the Record Date as determined and announced by the [&#9679;]. The Rights offering may be terminated or extended by the Fund at any time for any reason before the Expiration Date.
If the Fund terminates the Rights offering, the Fund will issue a press release announcing such termination and will direct the Subscription Agent to return, without interest, all subscription proceeds received to such shareholders who had elected
to purchase Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nominees who hold the Fund&#146;s Common Shares for the account of others, such as banks, broker-dealers, trustees or
depositories for securities, should notify the respective beneficial owners of such shares as soon as possible to ascertain such beneficial owners&#146; intentions and to obtain instructions with respect to the Rights. If the beneficial owner so
instructs, the nominee should complete the Subscription Certificate and submit it to the Subscription Agent with proper payment. In addition, beneficial owners of the Common Shares or Rights held through such a nominee </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">R-10 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">should contact the nominee and request the nominee to effect transactions in accordance with such beneficial
owner&#146;s instructions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Participants in the Fund&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;) will be issued Rights in respect of the
Common Shares held in their accounts in the Plan. Participants wishing to exercise these Rights must exercise the Rights in accordance with the procedures set forth in &#147;Method of Exercise of Rights&#148; and &#147;Payment for Shares.&#148;]
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conditions of the Rights Offering </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Rights
offering is being made in accordance with the Investment Company Act of 1940, as amended (the &#147;Investment Company Act&#148;), without shareholder approval. The staff of the SEC has interpreted the Investment Company Act as not requiring
shareholder approval of a transferable rights offering to purchase common shares at a price below the then current NAV so long as certain conditions are met, including: (i)&nbsp;a good faith determination by a fund&#146;s board that such offering
would result in a net benefit to existing shareholders; (ii)&nbsp;the offering fully protects shareholders&#146; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)
management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&nbsp;the ratio of a transferable rights offering does not exceed one new share for each three
rights held. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Dates to Remember </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Please
note that the dates in the table below may change if the Rights offering is extended.] </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="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<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>Event</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:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Record Date</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">[&#9679;], 2025</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Subscription Period</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">[&#9679;], 2025 through&nbsp;[&#9679;], 2025&#134;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Final Date Rights Will Trade</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Expiration Date*</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">[&#9679;], 2025&#134;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Payment for Common Shares and Subscription Certificate or Notice of Guaranteed Delivery
Due*</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">[&#9679;], 2025&#134;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Issuance Date</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">[&#9679;], 2025&#134;</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Confirmation Date</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">[&#9679;], 2025&#134;</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 style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A shareholder exercising Rights must deliver to the Subscription Agent by [5:00 PM Eastern Time] on [&#9679;],
2025 (unless the Rights offering is extended) either (a)&nbsp;a Subscription Certificate and payment for Common Shares or (b)&nbsp;a notice of guaranteed delivery and payment for Common Shares. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#134;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless the Rights offering is extended. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Over-Subscription Privilege </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rights holders [who are
Record Date Shareholders and who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they represent the right to acquire less than one Common Share)] are entitled to subscribe for additional
Common Shares at the same Subscription Price pursuant to the over-subscription privilege, subject to certain limitations and subject to allotment. The Board has the right in its absolute discretion to eliminate the over-subscription privilege with
respect to primary over-subscription shares and secondary over-subscription shares if it considers it to be in the best interest of the Fund to do so. The Board may make that determination at any time, without prior notice to Rights holders or
others, up to and including the fifth day following the Expiration Date. If the primary over-subscription privilege is not eliminated, it will operate as set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Record Date Shareholders who fully exercise all Rights initially issued to them (other than those Rights that cannot be exercised because they represent the
right to acquire less than one Common Share)] are entitled to buy those Common Shares, referred to as &#147;primary over-subscription shares,&#148; that were not purchased by other holders of Rights at the same Subscription Price. If enough primary
over-subscription shares are available, all such requests will be honored in full. If the requests for primary over-subscription shares exceed the primary over-subscription </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">R-11 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">shares available, the available primary over-subscription shares will be allocated pro rata among those
fully exercising [Record Date Shareholders] who over-subscribe based on the number of Rights originally issued to them by the Fund. <B><I>Common Shares acquired pursuant to the over-subscription privilege are subject to allotment.</I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[In addition, the Fund, in its sole discretion, may determine to issue additional Common Shares at the same Subscription Price in an amount of up to[&#9679;]%
of the shares issued pursuant to the primary subscription, referred to as &#147;secondary over-subscription shares.&#148; Should the Fund determine to issue some or all of the secondary over-subscription shares, they will be allocated only among
Record Date Shareholders who submitted over-subscription requests. Secondary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued
to them by the Fund. <B><I>Holders of Rights acquired in the secondary market may not participate in the over-subscription privilege</I></B><I>. </I>In the event that the Subscription Price is lower than the Fund&#146;s NAV per share, any secondary
over-subscription shares issued by the Fund will not result in the ratio of the Rights offering exceeding one new share for each three Rights.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Record
Date Shareholders who are fully exercising their Rights during the Subscription Period should indicate, on the Subscription Certificate that they submit with respect to the exercise of the Rights issued to them, how many Common Shares they are
willing to acquire pursuant to the over-subscription privilege. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent sufficient Common Shares are not available to fulfill all over-subscription
requests, unsubscribed Common Shares (the &#147;Excess Shares&#148;) will be allocated pro rata among those Record Date Shareholders who over-subscribe based on the number of Rights issued to them by the Fund. The allocation process may involve a
series of allocations in order to assure that the total number of Common Shares available for over-subscriptions is distributed on a pro rata basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
formula to be used in allocating the Excess Shares is as follows: </P> <P STYLE="font-size:18pt;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="49%"></TD>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Shareholder&#146;s Record Date Position</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" NOWRAP>X</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2" NOWRAP>Excess Shares Remaining</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Total Record Date Position of All Over-Subscribers</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banks, broker-dealers, trustees and other nominee holders of Rights will be required to certify to the Subscription Agent,
before any over-subscription privilege may be exercised with respect to any particular beneficial owner, as to the aggregate number of Rights exercised during the Subscription Period and the number of Common Shares subscribed for pursuant to the
over-subscription privilege by such beneficial owner and that such beneficial owner&#146;s subscription was exercised in full. [Nominees should also notify holders purchasing Rights in the secondary market that such Rights may not participate in the
over-subscription privilege.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will not otherwise offer or sell any Common Shares that are not subscribed for pursuant to the primary
subscription, the primary over-subscription privilege or the secondary over-subscription privilege pursuant to the Rights offering.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Dealer Manager
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#9679;] (previously defined as the &#147;Dealer Manager&#148;), a registered broker-dealer, may also act on behalf of its clients to purchase or
sell Rights in the open market and may receive commissions from its clients for such services. Holders of Rights attempting to sell any unexercised Rights in the open market through a broker-dealer other than the Dealer Manager may be charged a
different commission and should consider the commissions and fees charged by the broker-dealer prior to selling their Rights on the open market. The Dealer Manager is not expected to purchase Rights as principal for its own account in order to seek
to facilitate the trading market for Rights or otherwise. See &#147;Plan of Distribution&#148; for additional information.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sale of Rights </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Rights are transferable and will be admitted for trading on the [&#9679;] under the symbol &#147;[&#9679;].&#148; Although no assurance can be given that
a market for the Rights will develop, trading in the Rights on the [&#9679;] is expected to begin </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">R-12 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">two Business Days prior to the Record Date and may be conducted until the close of trading on the last
[&#9679;] trading day prior to the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The value of the Rights, if any, will be reflected by the market price. Rights may be sold by
individual holders through their broker or other financial intermediary. Holders of Rights attempting to sell any unexercised Rights in the open market through their broker or financial advisor may be charged a commission or incur other transaction
expenses and should consider the commissions and fees charged prior to selling their Rights on the open market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Rights that are sold will not confer any
right to acquire any Common Shares in any primary over-subscription privilege or secondary over-subscription privilege, if any, and any Record Date Shareholder who sells any Rights will not be eligible to participate in the primary over-subscription
privilege or secondary over-subscription privilege, if any.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trading of the Rights on the [&#9679;] will be conducted on a when-issued basis until and
including the date on which the Subscription Certificates are mailed to Record Date Shareholders of record and thereafter will be conducted on a <FONT STYLE="white-space:nowrap">regular-way</FONT> basis until and including the last [&#9679;] trading
day prior to the Expiration Date. The Common Shares are expected to begin trading <FONT STYLE="white-space:nowrap">ex-Rights</FONT> one Business Day prior to the Record Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders are urged to obtain a recent trading price for the Rights on the [&#9679;] from their broker, bank, financial advisor or the financial press.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders of Rights who are unable or do not wish to exercise any or all of their Rights may contact the Subscription Agent to facilitate the sale of any
unexercised Rights. The Subscription Agent will contact the Dealer Manager or other brokers in order to assist Rights holders whose Rights are not currently held at a broker-dealer or other applicable financial intermediary to facilitate the sale of
the Rights. Shareholders of record whose addresses are outside the United States, or who have an APO or FPO address, are encouraged to contact the Subscription Agent to facilitate the sale of their Rights if they are otherwise unable or unwilling to
exercise the Rights. The selling Rights holder will pay all applicable brokerage commissions incurred. There can be no assurance that the Subscription Agent will be able to facilitate the sale of any of Rights and neither the Fund nor the
Subscription Agent has guaranteed any minimum sales price for the Rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Method of Transferring Rights </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Rights evidenced by a single Subscription Certificate may be transferred in whole by endorsing the Subscription Certificate for transfer in accordance
with the accompanying instructions. A portion of the Rights evidenced by a single Subscription Certificate (but not fractional Rights) may be transferred by delivering to the Subscription Agent a Subscription Certificate properly endorsed for
transfer, with instructions to register the portion of the Rights evidenced thereby in the name of the transferee (and to issue a new Subscription Certificate to the transferee evidencing the transferred Rights). In this event, a new Subscription
Certificate evidencing the balance of the Rights will be issued to the Rights holder or, if the Rights holder so instructs, to an additional transferee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders wishing to transfer all or a portion of their Rights (but not fractional Rights) should promptly transfer such Rights to ensure that: (i)&nbsp;the
transfer instructions will be received and processed by the Subscription Agent, (ii)&nbsp;a new Subscription Certificate will be issued and transmitted to the transferee or transferees with respect to transferred Rights, and to the holder with
respect to retained Rights, if any, and (iii)&nbsp;the Rights evidenced by the new Subscription Certificates may be exercised or sold by the recipients thereof prior to the Expiration Date. Neither the Fund nor the Subscription Agent shall have any
liability to a transferee or holder of Rights if Subscription Certificates are not received in time for exercise or sale prior to the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except for the fees charged by the Subscription Agent (which will be paid by the Fund as described below), all commissions, fees and other expenses (including
brokerage commissions and transfer taxes) incurred in connection with the purchase, sale, transfer or exercise of Rights will be for the account of the holder of the Rights, and none of these commissions, fees or expenses will be borne by the Fund
or the Subscription Agent. </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">R-13 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund anticipates that the Rights will be eligible for transfer through, and that the exercise of the
Rights may be effected through, the facilities of [insert depository] (Rights exercised through [insert depository] are referred to as &#147;[insert depository] Exercised Rights&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Subscription Agent </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Subscription Agent is [&#9679;].
The Subscription Agent will receive from the Fund an amount estimated to be $[&#9679;], comprised of the fee for its services and the reimbursement for certain expenses related to the Rights offering. The shareholders of the Fund will indirectly pay
such amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Agent </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INQUIRIES BY ALL
HOLDERS OF RIGHTS SHOULD BE DIRECTED TO: THE INFORMATION AGENT, [&#9679;]; HOLDERS PLEASE CALL TOLL-FREE AT [&#9679;]; BANKS AND BROKERS PLEASE CALL [&#9679;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Method of Exercise of Rights </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rights may be exercised by
completing and signing the Subscription Certificate and delivering the completed and signed Subscription Certificate to the Subscription Agent, together with payment for the Common Shares as described below under &#147;Payment for Shares.&#148;
Rights may also be exercised through the broker of a holder of Rights, who may charge the holder of Rights a servicing fee in connection with such exercise. See &#147;Plan of Distribution&#148; for additional information regarding the purchase and
exercise of Rights by the Dealer Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Completed Subscription Certificates and payment must be received by the Subscription Agent prior to [5:00 PM
Eastern Time], on the Expiration Date (unless payment is effected by means of a notice of guaranteed delivery as described below under &#147;Payment for Shares&#148;). Your broker, bank, trust company or other intermediary may impose a deadline for
exercising Rights earlier than [5:00 PM, Eastern Time], on the Expiration Date. The Subscription Certificate and payment should be delivered to the Subscription Agent at the following address: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If By Mail: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Floating Rate Income Strategies Fund,
Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#9679;] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If By Overnight Courier: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Floating Rate Income Strategies Fund, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#9679;]
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment for Shares </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders of Rights who acquire
Common Shares in the Rights offering may choose between the following methods of payment: </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A holder of Rights can send the Subscription Certificate, together with payment in the form of a check (which
must include the name of the shareholder on the check) for the Common Shares subscribed for in the Rights offering and, if eligible, for any additional Common Shares subscribed for pursuant to the over-subscription privilege, to the Subscription
Agent based on the Subscription Price. To be accepted, the payment, together with the executed Subscription Certificate, must be received by the Subscription Agent at one of the addresses noted above prior to [5:00 PM Eastern Time] on the Expiration
Date. The Subscription Agent will deposit all share purchase checks received by it prior to the final due date into a segregated account pending proration and distribution of Common Shares. The Subscription Agent will not accept cash as a means of
payment for Common Shares. </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">R-14 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Alternatively, a subscription will be accepted by the Subscription Agent if, prior to [5:00 PM Eastern Time] on
the Expiration Date, the Subscription Agent has received a written notice of guaranteed delivery by mail or email from a bank, trust company, or a NYSE member, guaranteeing delivery of a properly completed and executed Subscription Certificate. In
order for the notice of guarantee to be valid, full payment for the Common Shares at the Subscription Price must be received with the notice. The Subscription Agent will not honor a notice of guaranteed delivery unless a properly completed and
executed Subscription Certificate is received by the Subscription Agent by the close of business on the [second] Business Day after the Expiration Date. The notice of guaranteed delivery must be emailed to the Subscription Agent at [&#9679;] or
delivered to the Subscription Agent at one of the addresses noted above. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A PAYMENT PURSUANT TO THIS METHOD MUST BE IN UNITED STATES
DOLLARS BY CHECK (WHICH MUST INCLUDE THE NAME OF THE SHAREHOLDER ON THE CHECK) DRAWN ON A BANK LOCATED IN THE CONTINENTAL UNITED STATES, MUST BE PAYABLE TO BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. AND MUST ACCOMPANY AN EXECUTED
SUBSCRIPTION CERTIFICATE TO BE ACCEPTED. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The method and timing of payment for Common Shares acquired by the Dealer Manager through the exercise of Rights
is described under &#147;Plan of Distribution.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a holder of Rights who acquires Common Shares pursuant to the subscription makes payment of an
insufficient amount, the Fund reserves the right to take any or all of the following actions: (i)&nbsp;reallocate such subscribed and <FONT STYLE="white-space:nowrap">unpaid-for</FONT> Common Shares to Record Date Shareholders exercising the
over-subscription privilege who did not receive the full over-subscription requested; (ii)&nbsp;apply any payment actually received by it toward the purchase of the greatest whole number of Common Shares which could be acquired by such holder upon
exercise of the Rights or any over-subscription privilege; and (iii)&nbsp;exercise any and all other rights or remedies to which it may be entitled, including, without limitation, the right to set off against payments actually received by it with
respect to such subscribed Common Shares (in other words, retain such payments) and to enforce the exercising Rights holder&#146;s relevant payment obligation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any payment required from a holder of Rights must be received by the Subscription Agent prior to [5:00 PM Eastern Time] on the Expiration Date. Issuance and
delivery of the Common Shares purchased are subject to collection of checks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Within [&#9679;] Business Days following the Expiration Date (the
&#147;Confirmation Date&#148;), a confirmation will be sent by the Subscription Agent to each holder of Rights (or, if the Common Shares are held by [insert nominee name] or any other depository or nominee, to [insert nominee name] or such other
depository or nominee), showing (i)&nbsp;the number of Common Shares acquired pursuant to the subscription, (ii)&nbsp;the number of Common Shares, if any, acquired pursuant to the over-subscription privilege, and (iii)&nbsp;the per share and total
purchase price for the Common Shares. Any payment required from a holder of Rights must be received by the Subscription Agent on or prior to the Expiration Date. Any excess payment to be refunded by the Fund to a holder of Rights, or to be paid to a
holder of Rights as a result of sales of Rights on its behalf by the Subscription Agent, will be mailed by the Subscription Agent to the holder within [&#9679;] Business Days after the Expiration Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A holder of Rights will have no right to rescind a purchase after the Subscription Agent has received payment either by means of a notice of guaranteed
delivery or a check, which must include the name of the shareholder on the check. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon acceptance of a subscription, all funds received by the
Subscription Agent shall be held by the Subscription Agent as agent for the Fund and deposited in one or more bank accounts. Such funds may be invested by the Subscription Agent in: bank accounts, short-term certificates of deposit, bank repurchase
agreements, and disbursement accounts with commercial banks meeting certain standards. The Subscription Agent may receive interest, dividends or other earnings in connection with such deposits or investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders, such as broker-dealers, trustees or depositories for securities, who hold Common Shares for the account of others, should notify the respective
beneficial owners of the Common Shares as soon as possible to ascertain such beneficial owners&#146; intentions and to obtain instructions with respect to the Rights. If the beneficial owner so </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">R-15 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">instructs, the record holder of the Rights should complete Subscription Certificates and submit them to the
Subscription Agent with the proper payment. In addition, beneficial owners of Common Shares or Rights held through such a holder should contact the holder and request that the holder effect transactions in accordance with the beneficial owner&#146;s
instructions. <B>[Banks, broker-dealers, trustees and other nominee holders that hold Common Shares of the Fund for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that such Rights may not
participate in any over-subscription privilege offered.]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE INSTRUCTIONS ACCOMPANYING THE SUBSCRIPTION CERTIFICATES SHOULD BE READ CAREFULLY AND
FOLLOWED IN DETAIL. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE METHOD OF DELIVERY OF SUBSCRIPTION CERTIFICATES AND PAYMENT OF THE
SUBSCRIPTION PRICE TO THE SUBSCRIPTION AGENT WILL BE AT THE ELECTION AND RISK OF THE RIGHTS HOLDERS, BUT IF SENT BY MAIL IT IS RECOMMENDED THAT THE CERTIFICATES AND PAYMENTS BE SENT BY REGISTERED MAIL, PROPERLY INSURED, WITH RETURN RECEIPT
REQUESTED, AND THAT A SUFFICIENT NUMBER OF DAYS BE ALLOWED TO ENSURE DELIVERY TO THE SUBSCRIPTION AGENT AND CLEARANCE OF PAYMENT PRIOR TO [5:00 PM EASTERN TIME], ON THE EXPIRATION DATE BECAUSE UNCERTIFIED PERSONAL CHECKS MAY TAKE AT LEAST FIVE
BUSINESS DAYS TO CLEAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All questions concerning the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund,
whose determinations will be final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as it may determine, or reject the purported exercise of any
Right. Subscriptions will not be deemed to have been received or accepted until all irregularities have been waived or cured within such time as the Fund determines in its sole discretion. Neither the Fund nor the Subscription Agent will be under
any duty to give notification of any defect or irregularity in connection with the submission of Subscription Certificates or incur any liability for failure to give such notification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Foreign Restrictions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Offering documents, including
Subscription Certificates, will not be mailed to Record Date Shareholders whose addresses are outside the United States (for these purposes, the United States includes the District of Columbia and the territories and possessions of the United
States) or who have an APO or FPO address (the &#147;Foreign Shareholders&#148;) if such mailing cannot be made into the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction without additional registration and incurring other expense that
the Board has determined is not in the best interest of the Fund and its shareholders. In such cases, unless determined to be not in the best interest of the Fund and its shareholders in accordance with the previous sentence, the Subscription Agent
will send a letter via regular mail to Foreign Shareholders who own Common Shares directly (&#147;Direct Foreign Shareholders&#148;), as opposed to in &#147;street name&#148; with a broker or other financial intermediary, to notify them of the
Rights offering. Direct Foreign Shareholders who wish to exercise their Rights should contact the Information Agent, as described above under &#147;Information Agent,&#148; to facilitate the exercise of such Rights and for instructions or any other
special requirements that may apply in order for such Direct Foreign Shareholder to exercise its Rights. Direct Foreign Shareholders who wish to sell their Rights should contact the Subscription Agent and follow the procedures described above under
&#147;Sale of Rights.&#148; Direct Foreign Shareholders are encouraged to contact the Fund or the Subscription Agent as far in advance of the Expiration Date as possible to ensure adequate time for their Rights to be exercised or sold. Foreign
Shareholders who own Common Shares in &#147;street name&#148; through a broker or other financial intermediary should contact such broker or other financial intermediary with respect to any exercise or sale of Rights. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employee Benefit Plan and IRA Considerations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Holders of Rights that are employee benefit plans subject to limitations imposed by the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),
such as employee plans subject to the Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), Keogh Plans and Individual Retirement Accounts (&#147;IRA&#148;) (each a &#147;Benefit Plan&#148; and collectively, &#147;Benefit
Plans&#148;), should be aware that the use of additional contributions of cash outside of the Benefit </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">R-16 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Plan to exercise Rights may be treated as additional contributions to the Benefit Plan. When taken together with contributions previously made, such deemed additional contributions may be in
excess of tax limitations and subject the Rights holder to excise taxes for excess or nondeductible contributions. In the case of Benefit Plans qualified under Section&nbsp;401(a) of the Code, additional contributions could cause the maximum
contribution limitations of Section&nbsp;415 of the Code or other qualification rules to be violated. Benefit Plans contemplating making additional contributions to exercise Rights should consult with their legal and tax counsel prior to making such
contributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Benefit Plans and other tax exempt entities, including governmental plans, should also be aware that if they borrow to finance their
exercise of Rights, they may become subject to the tax on unrelated business taxable income under Section&nbsp;511 of the Code. If any portion of an IRA is used as security for a loan, the portion so used may also be treated as distributed to the
IRA depositor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A Benefit Plan may also be subject to laws, such as ERISA, that impose certain requirements on the Benefit Plan and on those persons who
are fiduciaries with respect to the Benefit Plans. Such requirements may include prudence and diversification requirements and require that investments be made in accordance with the documents governing the fiduciary. The exercise of Rights by a
fiduciary for a Benefit Plan should be considered in light of such fiduciary requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, ERISA and the Code prohibit certain transactions
involving the assets of a Benefit Plan and certain persons (referred to as &#147;parties in interest&#148; for purposes of ERISA and &#147;disqualified persons&#148; for purposes of the Code) having certain relationships to such Benefit Plans,
unless a statutory or administrative exemption is applicable to the transaction. A party in interest or disqualified person who engages in a nonexempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under
ERISA and the Code (or with respect to certain Benefit Plans, such as IRAs, a prohibited transaction may cause the Benefit Plan to lose its <FONT STYLE="white-space:nowrap">tax-exempt</FONT> status). In this regard, the U.S. Department of Labor has
issued prohibited transaction class exemptions (&#147;PTCEs&#148;) that may apply to the exercise of the Rights and holding of the Common Shares. These class exemptions include, without limitation, PTCE <FONT STYLE="white-space:nowrap">84-14</FONT>
respecting transactions determined by independent qualified professional asset managers, PTCE <FONT STYLE="white-space:nowrap">90-1</FONT> respecting insurance company pooled separate accounts, PTCE <FONT STYLE="white-space:nowrap">91-38</FONT>
respecting bank collective investment funds, PTCE <FONT STYLE="white-space:nowrap">95-60</FONT> respecting life insurance company general accounts and PTCE <FONT STYLE="white-space:nowrap">96-23</FONT> respecting transactions determined by <FONT
STYLE="white-space:nowrap">in-house</FONT> asset managers, PTCE <FONT STYLE="white-space:nowrap">84-24</FONT> governing purchases of shares in investment companies) and PTCE <FONT STYLE="white-space:nowrap">75-1</FONT> respecting sales of
securities. In addition, Section&nbsp;408(b)(17) of ERISA and Section&nbsp;4975(d)(20) of the Code each provides a limited exemption, commonly referred to as the &#147;service provider exemption,&#148; from the prohibited transaction provisions of
ERISA and Section&nbsp;4975 of the Code for certain transactions between a Benefit Plan and a person that is a party in interest and/or a disqualified person (other than a fiduciary or an affiliate that, directly or indirectly, has or exercises any
discretionary authority or control or renders any investment advice with respect to the assets of any Benefit Plan involved in the transaction) solely by reason of providing services to the Benefit Plan or by relationship to a service provider,
provided that the Benefit Plan receives no less, nor pays no more, than adequate consideration. There can be no assurance that all of the conditions of any such exemptions or any other exemption will be satisfied at the time that the Rights are
exercised, or thereafter while the Common Shares are held, if the facts relied upon for utilizing a prohibited transaction exemption change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to the
complexity of these rules and the penalties for noncompliance, fiduciaries of Benefit Plans should consult with their legal and tax counsel regarding the consequences of their exercise of Rights under ERISA, the Code and other similar laws.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_4"></A>SUMMARY OF FUND EXPENSES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in
our Common Shares as a percentage of net assets attributable to Common Shares. Amounts are for the current fiscal year after giving effect to anticipated net proceeds of the Rights offering. </P>
<P STYLE="font-size:18pt;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="98%"></TD>

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


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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>Shareholder Transaction Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sales load paid by you (as a percentage of offering price)<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></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">&#9679;]%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offering expenses borne by the Fund (as a percentage of offering price)<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP></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">&#9679;]%&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">R-17 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="74%"></TD>

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<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;<BR></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$[&#9679;]&nbsp;per&nbsp;share&nbsp;for&nbsp;open-market&#8194;&#8196;<BR>purchases&nbsp;of&nbsp;common&nbsp;shares<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP>&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom"><BR>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment plan sale transaction fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$[&#9679;]<SUP STYLE="font-size:75%; vertical-align:top">(2</SUP>&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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>Estimated Annual Expenses </B>(as a percentage of net assets attributable to common
shares)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management fees<SUP STYLE="font-size:75%; vertical-align:top">(3) (4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous Other Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.50em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest Expense<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Annual Fund Operating Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee Waivers and/or Expense
Reimbursements<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&#8194;&#8196;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 after Fee Waivers and/or Expense Reimbursements<SUP
STYLE="font-size:75%; vertical-align:top">(4)(</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">[&#9679;]%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Fund shareholders will pay all offering expenses involved with this offering. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Computershare Trust Company, N.A.&#146;s (in such capacity, the &#147;Reinvestment Plan Agent&#148;) fees for
the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a
$2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your Common Shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is
required to pay. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.75% based on an
aggregate of (i)&nbsp;the Fund&#146;s average daily net assets and (ii)&nbsp;the proceeds of any outstanding debt securities or borrowings used for leverage (together, &#147;average daily Managed Assets&#148;).&#8195;The Fund uses leverage in the
form of a credit facility, which as of [&#9679;] amounted to approximately [&#9679;]% of the Fund&#146;s Managed Assets (approximately [&#9679;]% 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&nbsp;stock are
the Fund&#146;s Managed Assets minus the value of the Fund&#146;s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets
and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common
shareholder, bear the expenses of the Fund&#146;s use of leverage in the form of higher fees as a percentage of the Fund&#146;s net assets attributable to common&nbsp;stock than if the Fund did not use leverage. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">The Fund and the Advisor have entered into a fee waiver agreement (the &#147;Fee Waiver Agreement&#148;),
pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund&#146;s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Advisor or its affiliates that have a contractual management fee, through June&nbsp;30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory
fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June&nbsp;30, 2027. The Fund may have to repay some of these waivers and/or reimbursements to BlackRock in
the two years following such waivers and/or reimbursements. Any such repayment obligation will terminate on October&nbsp;19, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the
vote of a majority of the Directors who are not &#147;interested persons&#148; (as defined in the Investment Company Act, 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 Advisor. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Reflects leverage, in the form of a credit facility, in an amount equal to approximately [&#9679;]% of the
Fund&#146;s Managed Assets as of [&#9679;]. 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. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The purpose of the table above and the examples below is to help you
understand all fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Example </B></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 $[&#9679;] and offering costs of $[&#9679;]) that you would pay on a $1,000
investment in common shares, assuming (i)&nbsp;total net annual expenses of [&#9679;]% of net assets attributable to common shares, and (ii)&nbsp;a 5% annual return: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>1&nbsp;Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>3&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>10&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$&#8199;&#8194;[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$&#8199;&#8194;[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$&#8199;&#8194;[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">$&#8199;&#8194;&#8199;[&#9679;]</TD>
<TD NOWRAP VALIGN="bottom">&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">R-18 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The example should not be considered a representation of future expenses. The example assumes that the
estimated &#147;Other expenses&#148; set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund&#146;s
actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_5"></A>USE OF PROCEEDS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund estimates the net proceeds of the Rights offering to be approximately $[&#9679;], based on the estimated Subscription
Price per Common Share of $[&#9679;] ([&#9679;]% of the last reported sales price of the Fund&#146;s Common Shares on the NYSE on [&#9679;], 2025 and each of the [&#9679; (&#9679;)]&nbsp;preceding trading days), assuming all new Common Shares
offered are sold and that the expenses related to the Rights offering estimated at approximately $[&#9679;] are paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net proceeds from the Rights
offering hereunder will be invested in accordance with the Fund&#146;s investment objective and policies as set forth in this Prospectus Supplement and the accompanying Prospectus. We currently anticipate that we will be able to invest all of the
net proceeds in accordance with our investment objective and policies within approximately three months of the receipt of such proceeds. Pending such investment, it is anticipated that the proceeds will be invested in short-term securities.
Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance with the Fund&#146;s distribution policy and may be a return of
capital. A return of capital is a return to investors of a portion of their original investment in the Fund. In general terms, a return of capital would involve a situation in which a Fund distribution (or a portion thereof) represents a return of a
portion of a shareholder&#146;s investment in the Fund, rather than making a distribution that is funded from the Fund&#146;s earned income or other profits. Although return of capital distributions may not be currently taxable, such distributions
would decrease the basis of a shareholder&#146;s shares, and therefore, may increase a shareholder&#146;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder&#146;s original investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_6"></A>CAPITALIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the unaudited capitalization of the Fund as of [&#9679;], 2025 and its adjusted capitalization assuming the Common Shares
available in the Rights offering discussed in this Prospectus Supplement had been issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[To be provided.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_7"></A>SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Risk is inherent in all investing. Therefore, before investing in the Common Shares you should consider the risks associated with such an investment
carefully. See &#147;Risks&#148; in the Prospectus. The following summarizes some of the matters that you should consider before investing in the Fund through the Rights offering: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Dilution</I>. Record Date Shareholders who do not fully exercise their Rights will, at the completion of the Rights offering, own a smaller proportional
interest in the Fund than owned prior to the Rights offering. The completion of the Rights offering will result in immediate voting dilution for such shareholders. [Further, both the sales load and the expenses associated with the Rights offering
will immediately reduce the NAV of each outstanding Common Share.] In addition, if the Subscription Price is less than the NAV per Common Share as of the Expiration Date, the completion of this Rights offering will result in an immediate dilution of
the NAV per Common Share for all existing Common Shareholders (<I>i.e.</I>, will cause the NAV per Common Share to decrease). As a result, existing Common Shareholders may experience immediate dilution even if they fully exercise their Rights. Such
dilution, if any, is not currently determinable because it is not known how many Common Shares will be subscribed for, what the NAV per Common Share or market price of the Common Shares will be on the Expiration Date or what the Subscription Price
per Common Share will be. If the Subscription Price is substantially less than the current NAV per Common Share, this dilution could be substantial. The Fund will pay expenses associated with the Rights offering, estimated at approximately
$[&#9679;]. In addition, the Fund has agreed to pay the Dealer Manager fee (sales load) equal to [&#9679;]% of the Subscription Price per Common Share issued pursuant to the exercise of Rights </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">R-19 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(including pursuant to the Over-Subscription Privilege). The Fund, not investors, pays the sales load, which
is ultimately borne by all Common Shareholders. All of the costs of the Rights offering will be borne by the Fund&#146;s Common Shareholders. See &#147;Table of Fees and Expenses&#148; in this Prospectus Supplement and &#147;Summary of Fund
Expenses&#148; in the accompanying Prospectus for more information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will experience an immediate dilution of the aggregate NAV per Common Share if
you do not participate in the Rights offering and will experience a reduction in the NAV per Common Share whether or not you exercise your Rights, if the Subscription Price is below the Fund&#146;s NAV per Common Share on the Expiration Date,
because: </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the offered Common Shares are being sold at less than their current NAV; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">you will indirectly bear the expenses of the Rights offering; and </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the number of Common Shares outstanding after the Rights offering will have increased proportionately more than
the increase in the amount of the Fund&#146;s net assets. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the other hand, if the Subscription Price is above the Fund&#146;s NAV per
Common Share on the Expiration Date, you may experience an immediate accretion of the aggregate NAV per share of your Common Shares even if you do not exercise your Rights and an immediate increase in the NAV per Common Share whether or not you
participate in the Rights offering, because: </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the offered Common Shares are being sold at more than their current NAV after deducting the expenses of the
Rights offering; and </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the number of Common Shares outstanding after the Rights offering will have increased proportionately less than
the increase in the amount of the Fund&#146;s net assets. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Furthermore, if you do not participate in the secondary over-subscription,
if it is available, your percentage ownership will also be diluted.] The Fund cannot state precisely the amount of any dilution because it is not known at this time what the NAV per Common Share will be on the Expiration Date or what proportion of
the Rights will be exercised or what the Subscription Price per Common Share will be. The impact of the Rights offering on NAV per Common Share is shown by the following examples, assuming the Rights offering is fully subscribed and the estimated
Subscription Price of $[&#9679;]: </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="82%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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"><B>[Scenario 1: (assumes NAV per share is above Subscription
Price)(1)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">NAV(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Subscription Price(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Reduction in NAV ($)(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Reduction in NAV (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]]</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="82%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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"><B>[Scenario 2: (assumes NAV per share is below Subscription
Price)(1)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">NAV(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Subscription Price(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Increase in NAV ($)(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Increase in NAV (%)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">[&#9679;]]</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<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 style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Both examples assume the full primary subscription [and secondary over-subscription privilege] are exercised.
Actual amounts may vary due to rounding. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">For illustrative purposes only. It is not known at this time what the NAV per Common Share will be on the
Expiration Date. </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:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">For illustrative purposes only; reflects an estimated Subscription Price of $[&#9679;] based upon [&#9679;]% of
the last reported sales price of the Fund&#146;s Common Shares on the NYSE on [&#9679;], 2025 and each of the [&#9679; (&#9679;)] preceding trading days. It is not known at this time what the Subscription Price will be on the Expiration Date.
</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">R-20 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Assumes $[&#9679;] in estimated offering expenses. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you do not wish to exercise your Rights, you should consider selling them as set forth in this Prospectus Supplement. Any cash you receive from selling
your Rights may serve as partial compensation for any possible dilution of your interest in the Fund. The Fund cannot give assurance, however, that a market for the Rights will develop or that the Rights will have any marketable value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[The Fund&#146;s largest shareholders could increase their percentage ownership in the Fund through the exercise of the primary subscription and
over-subscription privilege.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Risks of Investing in Rights.</I> Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> funds such as the Fund
frequently trade at a discount to NAV. The Subscription Price may be greater than the market price of a Common Share on the Expiration Date. If that is the case, the Rights will have no value, and a person who exercises Rights will experience an
immediate loss of value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Leverage. </I>Leverage creates a greater risk of loss, as well as a potential for more gain, for the Common Shares than if
leverage were not used. Following the completion of the Rights offering, the Fund&#146;s amount of leverage outstanding will decrease. The leverage of the Fund as of [&#9679;], 2025 was approximately [&#9679;]% of the Fund&#146;s Managed Assets.
After the completion of the Rights offering, the amount of leverage outstanding is expected to decrease to approximately [&#9679;]% of the Fund&#146;s Managed Assets. The use of leverage for investment purposes creates opportunities for greater
total returns but at the same time increases risk. When leverage is employed, the NAV and market price of the Common Shares and the yield to holders of Common Shares may be more volatile. Any investment income or gains earned with respect to the
amounts borrowed in excess of the interest due on the borrowing will augment the Fund&#146;s income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on such borrowings, the value of the
Fund&#146;s Common Shares may decrease more quickly than would otherwise be the case, and distributions on the Common Shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce the
amount of net income available for distribution to holders of the Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because the fee paid to the Advisor is calculated on the basis of the
Fund&#146;s Managed Assets, which include the proceeds of leverage, the dollar amount of the management fee paid by the Fund to the Advisor will be higher (and the Advisor will be benefited to that extent) when leverage is used. The Advisor will use
leverage only if it believes such action would result in a net benefit to the Fund&#146;s shareholders after taking into account the higher fees and expenses associated with leverage (including higher management fees). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund&#146;s leveraging strategy may not be successful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Increase in Share Price Volatility; Decrease in Share Price. </I>The Rights offering may result in an increase in trading of the Common Shares, which may
increase volatility in the market price of the Common Shares. The Rights offering may result in an increase in the number of shareholders wishing to sell their Common Shares, which would exert downward price pressure on the price of Common Shares.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Under-Subscription. </I>It is possible that the Rights offering will not be fully subscribed. Under-subscription of the Rights offering would have an
impact on the net proceeds of the Rights offering and whether the Fund achieves any benefits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_8"></A>TAXATION
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[The following is a general summary of the U.S. federal income tax consequences of the Rights offering to Record Date Shareholders who are U.S.
persons for U.S. federal income tax purposes. The following summary supplements the discussion set forth in the accompanying Prospectus and SAI and is subject to the qualifications and assumptions set forth therein. The discussion set forth herein
does not constitute tax advice and potential investors are urged to consult their own tax advisers to determine the tax consequences of investing in the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the &#147;Tax Matters&#148; sections in the Fund&#146;s Prospectus and SAI for a description of the consequences of investing in the
Fund&#146;s Common Shares. Special tax considerations relating to this Rights offering are summarized 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">R-21 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The value of a Right will not be includible in the income of a Common Shareholder at the time the subscription
Right is issued. </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The basis of a Right issued to a Common Shareholder will be zero, and the basis of the share with respect to
which the Right was issued (the old share) will remain unchanged, unless either (a)&nbsp;the fair market value of the Right on the date of distribution is at least 15% of the fair market value of the old share, or (b)&nbsp;such Common Shareholder
affirmatively elects (in the manner set out in Treasury regulations under the Code) to allocate to the Right a portion of the basis of the old share. If either (a)&nbsp;or (b) applies, such Common Shareholder must allocate basis between the old
share and the Right in proportion to their fair market values on the date of distribution. </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The basis of a Right purchased in the market will generally be its purchase price. </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The holding period of a Right issued to a Common Shareholder will include the holding period of the old share.
</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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No loss will be recognized by a Common Shareholder if a Right distributed to such Common Shareholder expires
unexercised because the basis of the old share may be allocated to a Right only if the Right is exercised. If a Right that has been purchased in the market expires unexercised, there will be a recognized loss equal to the basis of the Right.
</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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Any gain or loss on the sale of a Right will be a capital gain or loss if the Right is held as a capital asset
(which in the case of a Right issued to Record Date Shareholders will depend on whether the old share is held as a capital asset), and will be a long term capital gain or loss if the holding period is deemed to exceed one year.
</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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No gain or loss will be recognized by a Common Shareholder upon the exercise of a Right, and the basis of any
Common Share acquired upon exercise (the new Common Share) will equal the sum of the basis, if any, of the Right and the subscription price for the new Common Share. The holding period for the new Common Share will begin on the date when the Right
is exercised (or, in the case of a Right purchased in the market, potentially the day after the date of exercise).] </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The foregoing is
a general and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the Fund and holders of its Common Shares, with respect to U.S. federal income taxation only. Other tax
issues such as state and local taxation may apply. Investors are urged to consult their own tax advisers to determine the tax consequences of investing in the Fund. These provisions are subject to change by legislative or administrative action, and
any such change may be retroactive. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_9"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[Distribution Arrangements </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#9679;] will act as Dealer
Manager for this Rights offering. Under the terms and subject to the conditions contained in the Dealer Manager Agreement among the Dealer Manager, the Fund and the Advisors, the Dealer Manager will provide financial structuring and solicitation
services in connection with the Rights offering and will solicit the exercise of Rights and participation in the over-subscription privilege. The Rights offering is not contingent upon any number of Rights being exercised. The Dealer Manager will
also be responsible for forming and managing a group of selling broker-dealers (each, a &#147;Selling Group Member&#148; and collectively, the &#147;Selling Group Members&#148;), whereby each Selling Group Member will enter into a Selling Group
Agreement with the Dealer Manager to solicit the exercise of Rights and to sell Common Shares purchased by the Selling Group Member from the Dealer Manager. In addition, the Dealer Manager will enter into a Soliciting Dealer Agreement with other
soliciting broker-dealers (each, a &#147;Soliciting Dealer&#148; and collectively, the &#147;Soliciting Dealers&#148;) to solicit the exercise of Rights. See &#147;&#151;Compensation to Dealer Manager&#148; for a discussion of fees and other
compensation to be paid to the Dealer Manager, Selling Group Members and Soliciting Dealers in connection with the Rights offering. </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">R-22 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund and the Advisors have each agreed to indemnify the Dealer Manager for losses arising out of certain
liabilities, including liabilities under the Securities Act. The Dealer Manager Agreement also provides that the Dealer Manager will not be subject to any liability to the Fund in rendering the services contemplated by the Dealer Manager Agreement
except for any act of willful misfeasance, bad faith or gross negligence of the Dealer Manager or reckless disregard by the Dealer Manager of its obligations and duties under the Dealer Manager Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to seek to facilitate the trading market in the Rights for the benefit of <FONT STYLE="white-space:nowrap">non-exercising</FONT> shareholders, and
the placement of the Common Shares to new or existing investors pursuant to the exercise of the Rights, the Dealer Manager Agreement provides for special arrangements with the Dealer Manager. Under these arrangements, the Dealer Manager is expected
to purchase Rights on the [&#9679;], as well as Rights received by the Subscription Agent for sale by Record Date Shareholders and offered to the Dealer Manager and unexercised Rights of Record Date Shareholders whose record addresses are outside
the United States that are held by the Subscription Agent and for which no instructions are received. The number of rights, if any, purchased by the Dealer Manager will be determined by the Dealer Manager in its sole discretion. The Dealer Manager
is not obligated to purchase Rights or Common Shares as principal for its own account to facilitate the trading market for Rights or for investment purposes. Rather, its purchases are expected to be closely related to interest in acquiring Common
Shares generated by the Dealer Manager through its marketing and soliciting activities. The Dealer Manager intends to exercise Rights purchased by it during the Subscription Period but prior to the Expiration Date. The Dealer Manager may exercise
those Rights at its option on one or more dates, which are expected to be prior to the Expiration Date. The Subscription Price for the Common Shares issued through the exercise of Rights by the Dealer Manager prior to the Expiration Date will be the
greater of [&#9679;]% of the last reported sale price of a Common Share on the NYSE on the date of exercise or [&#9679;]% of the last reported NAV of a Common Share on the date prior to the date of exercise. The price and timing of these exercises
are expected to differ from those described herein for the Rights offering. The Subscription Price will be paid to the Fund and the dealer manager fee with respect to such proceeds will be paid by the Fund on the applicable settlement date(s) of
such exercise(s). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the exercise of Rights and receipt of Common Shares, the Dealer Manager intends to offer those Common Shares for
sale to the public and/or through a group of selling members it has established. The Dealer Manager may set the price for those Common Shares at any price that it determines, in its sole discretion. The Dealer Manager has advised that the price at
which such Common Shares are offered is expected to be at or slightly below the closing price of the Common Shares on the NYSE on the date the Dealer Manager exercises Rights. No portion of the amount paid to the Dealer Manager or to a Selling Group
Member from the sale of Common Shares in this manner will be paid to the Fund. If the sales price of the Common Shares is greater than the Subscription Price paid by the Dealer Manager for such Common Shares plus the costs to purchase Rights for the
purpose of acquiring those Common Shares, the Dealer Manager will receive a gain. Alternatively, if the sales price of the Common Shares is less than the Subscription Price for such Common Shares plus the costs to purchase Rights for the purpose of
acquiring those Common Shares, the Dealer Manager will incur a loss. The Dealer Manager will pay a concession to Selling Group Members in an amount equal to approximately [&#9679;]% of the aggregate price of the Common Shares sold by the respective
Selling Group Member. Neither the Fund nor the Advisors have a role in setting the terms, including the sales price, on which the Dealer Manager offers for sale and sells Common Shares it has acquired through purchasing and exercising Rights or the
timing of the exercise of Rights or sales of Common Shares by the Dealer Manager. Persons who purchase Common Shares from the Dealer Manager or the selling group will purchase shares at a price set by the Dealer Manager, which may be more or less
than the Subscription Price, and at a time set by the Dealer Manager, which is expected to be prior to the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Dealer Manager may
purchase Rights as principal or act as agent on behalf of its clients for the resale of such Rights. The Dealer Manager may realize gains (or losses) in connection with the purchase and sale of Rights and the sale of Common Shares, although such
transactions are intended by the Dealer Manager to facilitate the trading market in the Rights and the placement of the Common Shares to new or existing investors pursuant to the exercise of the Rights. Any gains (or losses) realized by the Dealer
Manager from the purchase and sale of Rights and the sale of Common Shares is independent of and in addition to its fee as Dealer Manager. The Dealer Manager has advised that any such gains (or losses) are expected to be immaterial relative to its
fee as Dealer Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since neither the Dealer Manager nor persons who purchase Common Shares from the Dealer Manager or members of the selling group
were Record Date Shareholders, they would not be able to participate in the over-subscription privilege. </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">R-23 </P>

</DIV>


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

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Persons who purchase Common Shares from the Dealer Manager or the selling group will not purchase shares at
the Subscription Price based on the formula price mechanism through which Common Shares will be sold in the Rights offering. Instead, those persons will purchase Common Shares at a price set by the Dealer Manager, which may be more or less than the
Subscription Price, and will not have the uncertainty of waiting for the determination of the Subscription Price on the Expiration Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There is no
limit on the number of Rights the Dealer Manager can purchase or exercise. Common Shares acquired by the Dealer Manager pursuant to the exercise of Rights acquired by it will reduce the number of Common Shares available pursuant to the
over-subscription privilege, perhaps materially, depending on the number of Rights purchased and exercised by the Dealer Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the Dealer
Manager can seek to facilitate the trading market for Rights as described above, investors can acquire Common Shares at the Subscription Price by acquiring Rights on the [&#9679;] and exercising them in the method described above under
&#147;Description of the Rights&#151;Method of Exercise of Rights&#148; and &#147;Description of the Rights&#151;Payment for Shares.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[The Dealer
Manager and selling members may engage in stabilizing activities, which may have the effect of lowering or otherwise affecting the market price of the common shares.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the ordinary course of their businesses, the Dealer Manager and/or its affiliates may engage in investment banking or financial transactions with the Fund,
the Advisors and their affiliates. In addition, in the ordinary course of their businesses, the Dealer Manager and/or its affiliates may, from time to time, own securities of the Fund or its affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principal business address of the Dealer Manager is [&#9679;]. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compensation to Dealer Manager </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Dealer
Manager Agreement, the Fund has agreed to pay the Dealer Manager a fee for its financial structuring and solicitation services equal to [&#9679;]% of the Subscription Price per Common Share for each Common Share issued pursuant to the exercise of
Rights, including the over-subscription privilege. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Dealer Manager will reallow to Selling Group Members in the selling group to be formed and managed
by the Dealer Manager selling fees equal to [&#9679;]% of the Subscription Price for each Common Share issued pursuant to the Rights offering or the over-subscription privilege as a result of their selling efforts. In addition, the Dealer Manager
will reallow to Soliciting Dealers that have executed and delivered a Soliciting Dealer Agreement and have solicited the exercise of Rights, solicitation fees equal to [&#9679;]% of the Subscription Price for each Common Share issued pursuant to the
exercise of Rights as a result of their soliciting efforts, subject to a maximum fee based on the number of Common Shares held by such Soliciting Dealer through [insert depository] on the Record Date. Fees will be paid to the broker-dealer
designated on the applicable portion of the Subscription Certificates or, in the absence of such designation, to the Dealer Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the
Fund, has agreed to pay the Dealer Manager an amount up to $[&#9679;] as a partial reimbursement of its expenses incurred in connection with the Rights offering, including reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and expenses, if any and not to exceed $[&#9679;], incurred by the Dealer Manager, Selling Group Members, Soliciting Dealers and other brokers,
dealers and financial institutions in connection with their customary mailing and handling of materials related to the Rights offering to their customers. No other fees will be payable by the Fund or the Advisors to the Dealer Manager in connection
with the Rights offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_10"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain legal matters in connection with the Common Shares will be passed upon for the Fund by Willkie Farr&nbsp;&amp; Gallagher LLP, New York, New York,
counsel to the Fund. Willkie Farr&nbsp;&amp; Gallagher LLP may rely as to certain matters of Maryland law on the opinion of Miles&nbsp;&amp; Stockbridge, P.C., Baltimore, Maryland. [Certain legal matters will be passed on by [&#9679;] as special
counsel to the Dealer Manager in connection with the Rights offering.] </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">R-24 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_11"></A>FINANCIAL STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The audited annual financial statements of the Fund for the fiscal year ended December&nbsp;31, 202[&#9679;] [and the unaudited financial statements for the
six months ended June&nbsp;30, 202[&#9679;]] are incorporated by reference into this Prospectus Supplement, the accompanying Prospectus and the SAI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="prosupp2877269_12"></A>ADDITIONAL INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement and the accompanying Prospectus constitute part of a Registration Statement filed by the Fund with the SEC under the Securities Act
and the Investment Company Act. This Prospectus Supplement and the accompanying Prospectus omit certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for
further information with respect to the Fund and the common shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such
document filed as an exhibit to the Registration Statement or otherwise filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee
prescribed by its rules and regulations or free of charge through the SEC&#146;s website (http://www.sec.gov). </P> <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">R-25 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:130pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK FLOATING RATE INCOME </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>[</B>&#9679;<B></B><B>] Rights for [</B>&#9679;<B></B><B>] Shares of Common Stock </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Subscription Rights to Acquire Shares of Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Issuable Upon Exercise of Rights to Subscribe for </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Such Shares of Common Stock </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="margin-top:130pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[</B>&#9679;<B></B><B>], 2025 </B></P> <P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Until
[&#8195; ], 2025 (25 days after the date of this Prospectus Supplement), all dealers that buy, sell or trade the common shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the
dealers&#146; obligation to deliver a prospectus when acting as underwriters. </B></P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT COLOR="#ff4338"><B>The information in this Statement of Additional Information is not
complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is
not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. </B></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
 COLOR="#ff4338"><B>SUBJECT TO COMPLETION, DATED JULY&nbsp;30, 2025 </B></FONT></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g877269g0728235114346.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; 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:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENT OF ADDITIONAL INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Floating Rate Income Strategies Fund, Inc. (the &#147;Fund&#148;) is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management
investment company. This Statement of Additional Information (&#147;SAI&#148;) relating to shares of the Fund&#146;s common stock (&#147;common shares&#148;) does not constitute a prospectus, but should be read in conjunction with the prospectus
relating thereto dated [&#9679;], 2025 and any related prospectus supplement. This SAI, which is not a prospectus, does not include all information that a prospective investor should consider before purchasing common shares, and investors should
obtain and read the Prospectus and any related prospectus supplement prior to purchasing such shares. A copy of the Prospectus and any related prospectus supplement may be obtained without charge by calling (800)
<FONT STYLE="white-space:nowrap">882-0052.</FONT> You may also obtain a copy of the Prospectus on the Securities and Exchange Commission&#146;s (the &#147;SEC&#148;) website (http://www.sec.gov). Capitalized terms used but not defined in this SAI
have the meanings ascribed to them in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">References to the Investment Company Act of 1940, as amended (the &#147;Investment Company
Act&#148; or the &#147;1940 Act&#148;), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, including court
interpretations, and exemptive, <FONT STYLE="white-space:nowrap">no-action</FONT> or other relief or permission from the SEC, SEC staff or other authority. </P> <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">S-1 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></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="95%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_1">THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_2">INVESTMENT OBJECTIVE AND POLICIES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-3</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_3">INVESTMENT POLICIES AND TECHNIQUES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-4</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_4">OTHER INVESTMENT POLICIES AND TECHNIQUES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-22</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_5">ADDITIONAL RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-23</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_6">MANAGEMENT OF THE FUND</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-46</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_7">PORTFOLIO TRANSACTIONS AND BROKERAGE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-52</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_8">CONFLICTS OF INTEREST</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-57</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_9">DESCRIPTION OF CAPITAL STOCK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-66</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_10">REPURCHASE OF COMMON SHARES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-68</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_11">TAX MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-69</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_12">CUSTODIAN AND TRANSFER AGENT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-76</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_13">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-76</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_14">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-76</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_15">INCORPORATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-76</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_16">FINANCIAL STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">S-77</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_17">APPENDIX A&#151;RATINGS OF INVESTMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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"><A HREF="#saitoc877269_18">APPENDIX B&#151; PROXY VOTING POLICY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>This Statement of Additional Information is dated [</B>&#9679;<B></B><B>], 2025. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-2 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_1"></A>THE FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered under the Investment Company Act. The
Fund was organized as a Maryland corporation on August&nbsp;14, 2003. The Fund&#146;s investment adviser is BlackRock Advisors, LLC (the &#147;Advisor&#148;). BlackRock International Limited serves as
<FONT STYLE="white-space:nowrap">sub-advisor</FONT> to the Fund (the <FONT STYLE="white-space:nowrap">&#147;Sub-Advisor&#148;</FONT> and, together with the Advisor, the &#147;Advisors&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The common shares of the Fund are listed on the New York Stock Exchange (&#147;NYSE&#148;) under the symbol &#147;FRA.&#148; As of [&#9679;], 2025, the Fund
has outstanding [&#9679;] common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_2"></A>INVESTMENT OBJECTIVE AND POLICIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Restrictions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund has adopted
restrictions and policies relating to the investment of the Fund&#146;s assets and its activities. Certain of the restrictions are fundamental policies of the Fund and may not be changed without the approval of the holders of a majority of the
Fund&#146;s outstanding voting securities (which for this purpose and under the Investment Company Act means the lesser of (i) 67% of the shares of each class of shares represented at a meeting at which more than 50% of the outstanding shares of
each class of shares are represented or (ii)&nbsp;more than 50% of the outstanding shares of each class of shares), including class approval by a majority of the Fund&#146;s outstanding shares of preferred stock (&#147;preferred shares&#148;), if
any (which for this purpose and under the Investment Company Act means the lesser of (i) 67% of the preferred shares, as a single class, represented at a meeting at which more than 50% of the Fund&#146;s outstanding preferred shares are represented
or (ii)&nbsp;more than 50% of the outstanding preferred shares). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Fundamental Investment Restrictions</I>. Under these 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Make any investment inconsistent with the Fund&#146;s classification as a diversified investment company under
the Investment Company Act </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Make investments for the purpose of exercising control or management. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase or sell real estate, commodities or commodity contracts, except that, to the extent 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. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Issue senior securities or borrow money except as permitted by Section&nbsp;18 of the Investment Company Act or
as otherwise permitted by applicable law. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the
Securities Act in selling portfolio securities. </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Make loans to other persons, except (i)&nbsp;to the extent that the Fund may be deemed to be making loans by
purchasing senior loans, as a <FONT STYLE="white-space:nowrap">co-lender</FONT> or otherwise, or other debt securities or enters into repurchase agreements or any similar instruments and (ii)&nbsp;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. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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;Portfolio Contents and Techniques&#151;Senior Loans&#148; in the Prospectus) 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. </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">S-3 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Non-Fundamental</FONT> Investment Restrictions. </I>Additional
investment restrictions adopted by the Fund, which may be changed by the Fund&#146;s Board of Directors (the &#147;Board&#148;) without shareholder 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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase securities of other investment companies, except to the extent that such purchases are permitted by
applicable law. </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">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)&nbsp;above or except as may be necessary in connection with transactions described under &#147;The Fund&#146;s Investments&#151;Other
Investment Policies&#148; in the Prospectus. </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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Purchase any securities on margin, except that the Fund may obtain such short term credit as may be necessary
for the clearance of purchases and sales of portfolio securities (the deposit or payment by the Fund of initial or variation margin in connection with financial futures contracts and options thereon is not considered the purchase of a security on
margin). </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Change its policy of investing, under normal circumstances, at least 80% of the value of its Managed Assets in
floating rate debt securities, unless the Fund provides its stockholders with at least 60 days&#146; prior written notice of such change. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The restrictions and other limitations set forth in the Fund&#146;s Prospectus and in this SAI will apply only at the time of purchase of securities and will
not be considered violated if an investment rating is subsequently downgraded to a rating that would have precluded the Fund&#146;s initial investment in such security. In the event that the Fund disposes of a portfolio security subsequent to its
being downgraded, the Fund may experience a greater risk of loss than if such security had been sold prior to such downgrade. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All references to
securities ratings by Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) and S&amp;P Global Ratings (&#147;S&amp;P&#148;) 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; font-size:10pt; font-family:Times New Roman">Any investment policy or restriction described in the Prospectus or in this SAI is deemed to be a
<FONT STYLE="white-space:nowrap">non-fundamental</FONT> policy or restriction of the Fund, unless otherwise stated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is currently classified as a
diversified fund under the Investment Company Act. This means that the Fund may not purchase securities of an issuer (other than (i)&nbsp;obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and
(ii)&nbsp;securities of other investment companies) if, with respect to 75% of its total assets, (a)&nbsp;more than 5% of the Fund&#146;s total assets would be invested in securities of that issuer or (b)&nbsp;the Fund would hold more than 10% of
the outstanding voting securities of that issuer. For purposes of this restriction, the Fund will regard each state and each political subdivision, agency or instrumentality of such state and each multi-state agency of which such state is a member
and each public authority which issues securities on behalf of a private entity as a separate issuer, except that if the security is backed only by the assets and revenues of a <FONT STYLE="white-space:nowrap">non-government</FONT> entity then the
entity with the ultimate responsibility for the payment of interest and principal may be regarded as the sole issuer. With respect to the remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the
Investment Company Act, a fund cannot change its classification from <FONT STYLE="white-space:nowrap">diversified&nbsp;to&nbsp;non-diversified&nbsp;without&nbsp;shareholder</FONT> approval. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_3"></A>INVESTMENT POLICIES AND TECHNIQUES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following information supplements the discussion of the Fund&#146;s investment objective, policies and techniques that are described in the 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">S-4 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cash Equivalents and Short-Term Debt Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For temporary defensive purposes or to keep cash on hand fully invested, the Fund may invest up to 100% of its total assets in cash equivalents and short-term
debt securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxable short-term debt securities are defined to include, without limitation: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(1) U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or
guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities. U.S. Government securities include securities issued by (a)&nbsp;the Federal Housing Administration (&#147;FHA&#148;), Farmers Home Administration, Export-Import
Bank of the United States, Small Business Administration and Government National Mortgage Association (&#147;GNMA&#148;), whose securities are supported by the full faith and credit of the United States; (b)&nbsp;the Federal Home Loan Banks
(&#147;FHLBs&#148;), 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)&nbsp;Federal National Mortgage Association (&#147;FNMA&#148;),
whose securities are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the agency or instrumentality; and (d)&nbsp;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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite
period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of
deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(3) Repurchase agreements, which
involve purchases of debt securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(4) Commercial paper, which consists of short-term unsecured promissory notes, including variable
rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by
the Fund at any time. The Advisors will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">Tax-exempt</FONT> short-term debt securities are defined to include, without limitation: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(1) Bond anticipation
notes (&#147;BANs&#148;) are usually general obligations of state and local governmental issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The
ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer&#146;s access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest
on the BANs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(2) Tax anticipation notes (&#147;TANs&#148;) are issued by state and local governments to finance the current operations of
such governments. Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer&#146;s capacity to raise taxes due to, among other things, a decline in its tax
base or a rise in delinquencies could adversely affect the issuer&#146;s ability to meet its obligations on outstanding TANs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(3) Revenue
anticipation notes (&#147;RANs&#148;) are issued by governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In general, they also constitute general obligations of the
issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely affect an issuer&#146;s ability to meet its obligations on outstanding RANs. In addition, the possibility that the
revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and interest on RANs. </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">S-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(4) Construction loan notes are issued to provide construction financing for specific
projects. Frequently, these notes are redeemed with funds obtained from the Federal Housing Administration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(5) Bank notes are notes
issued by local government bodies and agencies as those described above to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working capital or
capital-project needs. These notes may have risks similar to the risks associated with TANs and RANs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman">(6)
<FONT STYLE="white-space:nowrap">Tax-exempt</FONT> commercial paper (&#147;municipal paper&#148;) represents very short-term unsecured, negotiable promissory notes, issued by states, municipalities and their agencies. Payment of principal and
interest on issues of municipal paper may be made from various sources, to the extent the funds are available therefrom. Maturities on municipal paper generally will be shorter than the maturities of TANs, BANs or RANs. There is a limited secondary
market for issues of municipal paper. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain municipal securities may carry variable or floating rates of interest whereby the rate of interest is not
fixed but varies with changes in specified market rates or indices, such as a bank prime rate or <FONT STYLE="white-space:nowrap">tax-exempt</FONT> money market indices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the various types of notes described above as a group represent the major portion of the <FONT STYLE="white-space:nowrap">tax-exempt</FONT> note market,
other types of notes are available in the marketplace and the Fund may invest in such other types of notes to the extent permitted under its investment objective, policies and limitations. Such notes may be issued for different purposes and may be
secured differently from those mentioned above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Strategic Transactions and Other Management Techniques </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As described in the prospectus, the Fund may use Strategic Transactions (as defined in the prospectus). This section contains various additional information
about the types of Strategic Transactions in which the Fund may engage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Swaps.</I> 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> i.e.</I>, 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;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Whether the Fund&#146;s use of swap agreements will be successful in furthering its investment objectives will depend on the 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. Restrictions imposed by the tax rules applicable to regulated investments
companies (&#147;RICs&#148;) may limit the Fund&#146;s ability to use swap agreements. 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; font-size:10pt; font-family:Times New Roman"><I>Swaptions</I>. A swaption is a contract that gives a counterparty the right
(but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call
swaptions. Depending on the terms of the particular option agreement, the Fund may incur a greater degree of risk when it writes a swaption than it would incur when it purchases a swaption with the same terms. When the Fund purchases a swaption, it
risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, </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">S-6 </P>

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when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement, and the Fund could be exposed to losses in excess
of the amount of premium it received from the purchaser of the swaption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Credit Default Swaps</I>. 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 has occurred. 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 in the transaction. If the Fund is a buyer and no credit event occurs, the Fund will generally receive no
payments from its counterparty under the swap if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional amount of the swap in exchange for an equal face amount of
deliverable obligations of the reference entity, the value of which may have significantly decreased. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap, which typically is between
six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full notional amount of the swap in exchange for an equal face amount of deliverable obligations of the
reference entity, the value of which may have significantly decreased. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its Managed Assets, the Fund would be subject to investment exposure on the
notional amount of the swap in excess of any premium and margin required to establish and maintain the position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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. A buyer generally will also lose its upfront payment or any periodic payments it makes to the seller counterparty and receive no payments from its counterparty should no credit event occur and the swap is held to its termination date. If a
credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional amount it pays to the buyer, resulting in a loss of
value to the seller. A seller of a credit default swap or similar instrument is exposed to many of the same risks of leverage since, if a credit event occurs, the seller generally will be required to pay the buyer the full notional amount of the
contract net of any amounts owed by the buyer related to its delivery of deliverable obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the credit derivatives market is subject
to a changing regulatory environment. It is possible that regulatory or other developments in the credit derivatives market could adversely affect the Fund&#146;s ability to successfully use credit derivatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 (as defined in the prospectus), the Fund would be subject to investment exposure on the notional amount of the swap in excess of any
premium and margin required to establish and maintain the position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total return swap agreements are subject to market risk as well as the risk that a
counterparty will default on its payment obligations to the Fund thereunder. Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. Generally, the Fund will enter into total return swaps on a
net basis (<I>i.e.</I>, 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). </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">S-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Interest Rate Transactions</I>. The Fund may enter into interest rate swaps and purchase or sell interest
rate caps and floors. The Fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique, to protect against any increase in the price
of securities the Fund anticipates purchasing at a later date and/or to hedge against increases in the Fund&#146;s costs associated with any leverage strategy. The Fund will ordinarily use these transactions as a hedge or for duration and risk
management although it is permitted to enter into them to enhance income or gain. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate
payments for fixed rate payments with respect to a notional amount of principal). The purchase of an interest rate cap entitles the purchaser, to the extent that the level of a specified interest rate exceeds a predetermined interest rate
(<I>i.e.</I>, 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; 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; font-size:10pt; font-family:Times New Roman">The Fund
may hedge both its assets and liabilities through interest rate swaps, caps and floors. Usually, payments with respect to interest rate swaps will be made on a net basis (<I>i.e.</I>, the two payment streams are netted out) with the Fund receiving
or paying, as the case may be, only the net amount of the two payments on the payment dates. If there is a default by the other party to an uncleared interest rate swap transaction, generally the Fund will have contractual remedies pursuant to the
agreements related to the transaction. With respect to interest rate swap transactions cleared through a central clearing counterparty, a clearing organization will be substituted for the counterparty and will guaranty the parties&#146; performance
under the swap agreement. However, there can be no assurance that the clearing organization will satisfy its obligation to the Fund or that the Fund would be able to recover the full amount of assets deposited on its behalf with the clearing
organization in the event of the default by the clearing organization or the Fund&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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;). 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 <FONT STYLE="white-space:nowrap">a&nbsp;yen-denominated&nbsp;security.</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Forward Foreign Currency Contracts</I>.&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 </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">S-8 </P>

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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 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 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 purchase forward currency
contracts to enhance income when the 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 Advisor anticipates that there will be a correlation between the two currencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 usually 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 with the counterparty. Thus, there can be no assurance that the Fund will in fact be able to close out a forward currency contract at a favorable price prior to maturity. In addition, in the event of
insolvency of the counterparty, the Fund might be unable to close out a forward currency contract. In either event, the Fund would continue to be subject to market risk with respect to the position. The precise matching of forward currency contract
amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the foreign currency, will change after the forward currency contract has been established. Thus, the Fund might need
to purchase or sell foreign currencies in the spot (cash) market to the extent such foreign currencies are not covered by forward currency contracts. The projection of short-term currency market movements is extremely difficult and the successful
execution of a short-term hedging strategy is highly uncertain. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Use of Options as Strategic Transactions.</I> In addition to the options strategy
described in the prospectus as part of the Fund&#146;s investment strategy, the Fund may also use options as Strategic Transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Call Options as
Strategic Transactions</U>. 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; font-size:10pt; font-family:Times New Roman">The Fund may write (<I>i.e.</I>, sell) covered call options on the securities or instruments it holds and enter into closing purchase
transactions with respect to certain of such options. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set
at the time of the contract. The principal reason for writing covered call options is the </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">S-9 </P>

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attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Writing covered call options also serves as a partial hedge against declines
in the price of the underlying security, to the extent of the premium received. By writing covered call options, the Fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the
option exercise price. In addition, the Fund&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may write (<I>i.e.</I>, sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the Fund.
The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, the Fund must deposit and maintain sufficient
margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. During periods of declining securities prices or when prices
are stable, writing uncovered calls can be a profitable strategy to increase the Fund&#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; font-size:10pt; font-family:Times New Roman"><U>Put Options as Strategic Transactions</U>. 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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund also may write (<I>i.e.</I>, sell)
put options on securities or instruments in which it may invest but that the Fund does not currently have a corresponding short position or has not deposited cash equal to the exercise value of the put option with the broker-dealer through which it
made the uncovered put option as collateral. The principal reason for writing such put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. The Fund has the obligation to
buy the securities or instruments at an agreed upon price if the securities or instruments decrease below the exercise price. If the securities or instruments price increases during the option period, the option will expire worthless and the Fund
will retain the premium and will not have to purchase the securities or instruments at the exercise price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><I>Futures Contracts and Options on Futures
Contracts.</I> 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>i.e.</I>, 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 Commodity Futures Trading Commission (&#147;CFTC&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 </P>
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the net asset value (&#147;NAV&#148;) 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; font-size:10pt; font-family:Times New Roman">The Fund 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 conditions (<I>i.e.</I>, 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; font-size:10pt; font-family:Times New Roman">The Fund may engage in options and futures transactions
on exchanges and options in the OTC markets. In general, exchange-traded contracts are third-party contracts (<I>i.e.</I>, performance of the parties&#146; obligation is guaranteed by an exchange or clearing corporation) with standardized strike
prices and expiration dates. OTC options transactions are <FONT STYLE="white-space:nowrap">two-party</FONT> contracts with price and terms negotiated by the buyer and seller. See &#147;&#151;Additional Information About Options,&#148; below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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;). It is
expected that the initial margin that the Fund will pay may range 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 or as required by the Fund&#146;s clearing broker.
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; font-size:10pt; font-family:Times New Roman"><I>Additional Information About Options.</I> 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 OCC, which guarantees the performance of the obligations of the parties to such options.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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)&nbsp;insufficient trading interest in certain options; (ii)&nbsp;restrictions on transactions imposed by an
exchange; (iii)&nbsp;trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities; (iv)&nbsp;interruption of the normal operations on an exchange; (v)&nbsp;inadequacy of
the facilities of an exchange or OCC to handle current trading volume; </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">S-11 </P>

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or (vi)&nbsp;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 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. OTC options and assets used to cover OTC options written by the may be illiquid. The
illiquidity of such options or assets may prevent a successful sale of such options or assets, result in a delay of sale, or reduce the amount of proceeds that might otherwise be realized. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><I>Restrictions on OTC Options</I>. The Fund will engage in OTC options only with member banks of the Federal Reserve System and primary dealers in U.S.
Government securities or with affiliates of such banks or dealers that have capital of at least $50&nbsp;million or whose obligations are guaranteed by an entity having capital of at least $50&nbsp;million. OTC options and assets used to cover OTC
options written by the Fund may be considered 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; font-size:10pt; font-family:Times New Roman"><I>Hybrid Instruments.</I> 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 shares if the Fund invests in hybrid instruments.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>New Products.</I> 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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The principal risks relating to the use of futures contracts and other Strategic Transactions are: (i)&nbsp;less than perfect correlation between the prices of
the instrument and the market value of the securities in the Fund&#146;s portfolio; (ii)&nbsp;possible lack of a liquid secondary market for closing out a position in such instruments; (iii)&nbsp;losses resulting from interest rate or other market
movements not anticipated by the Advisor; and (iv)&nbsp;the obligation to meet additional variation margin or other payment requirements, all of which could result in the Fund being in a worse position than if such transactions had not been used.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The requirements of Subchapter M of the Internal Revenue Code for qualification as a regulated investment
company may restrict or affect the ability of the Fund to engage in Strategic Transactions. See &#147;Tax Matters.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mortgage Related Securities
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT
STYLE="white-space:nowrap">sub-prime</FONT> mortgages or MBS that are backed by <FONT STYLE="white-space:nowrap">sub-prime</FONT> mortgages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT
STYLE="white-space:nowrap">B-Note,</FONT> if any, then by the &#147;first loss&#148; subordinated security holder (generally, the <FONT STYLE="white-space:nowrap">&#147;B-Piece&#148;</FONT> 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 <FONT STYLE="white-space:nowrap">B-Notes,</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Mortgage Pass-Through Securities. </I>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 GNMA) are described as
&#147;modified pass-through.&#148; 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; font-size:10pt; font-family:Times New Roman"><I>RMBS. </I>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 <FONT STYLE="white-space:nowrap">(one-</FONT> 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. <FONT STYLE="white-space:nowrap">Non-agency</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Agency RMBS. </I>The principal U.S. Governmental guarantor of mortgage related securities is GNMA, which is a wholly owned U.S. Government corporation.
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 FHA or guaranteed by the Department of Veterans Affairs (&#147;VA&#148;). MBS issued by GNMA include GNMA Mortgage Pass-Through 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 </P>
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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; 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 FNMA 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. 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; 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; 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&nbsp;billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. This agreement contains various covenants that severely limit each enterprise&#146;s operations. In exchange for
entering into these agreements, the U.S. Treasury received $1&nbsp;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&nbsp;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&nbsp;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 FHLBs, 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; 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 mortgage-backed security 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 </P>
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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 mortgage-backed security 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; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Non-Agency</FONT> RMBS. </I><FONT STYLE="white-space:nowrap">Non-agency</FONT> RMBS are issued by
commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other <FONT STYLE="white-space:nowrap">non-governmental</FONT> issuers. Timely payment of principal and interest on RMBS backed by pools
created by <FONT STYLE="white-space:nowrap">non-governmental</FONT> 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 common shares. RMBS issued by <FONT STYLE="white-space:nowrap">non-governmental</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>CMBS.
</I>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; 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 <FONT STYLE="white-space:nowrap">&#147;B-Pieces.&#148;</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>CMOs</I>. 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)&nbsp;GNMA, FNMA or FHLMC pass-through certificates, (ii)&nbsp;unsecuritized mortgage loans insured by the FHA or guaranteed by the VA, (iii)&nbsp;unsecuritized conventional mortgages, (iv)&nbsp;other MBS or (v)&nbsp;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; 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 </P>
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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; font-size:10pt; font-family:Times New Roman"><I>Stripped MBS. </I>Stripped MBS are created by segregating the cash flows from underlying
mortgage loans or mortgage securities to create two or more new securities, each receiving a specified percentage of the underlying security&#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; font-size:10pt; font-family:Times New Roman"><I>Adjustable Rate Mortgage Securities</I>. 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; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Sub-Prime</FONT> Mortgages</I>. <FONT STYLE="white-space:nowrap">Sub-prime</FONT> mortgages are mortgages rated below
&#147;A&#148; by S&amp;P, Moody&#146;s, or Fitch Ratings, Inc. (&#147;Fitch&#148;). Historically, <FONT STYLE="white-space:nowrap">sub-prime</FONT> mortgage loans have been made to borrowers with blemished (or
<FONT STYLE="white-space:nowrap">non-existent)</FONT> 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. <FONT
STYLE="white-space:nowrap">Sub-prime</FONT> mortgages are subject to both state and federal anti-predatory lending statutes that carry potential liability to secondary market purchasers such as the Fund.
<FONT STYLE="white-space:nowrap">Sub-prime</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Mortgage Related ABS</I>. 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. 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; font-size:10pt; font-family:Times New Roman"><I>Mortgage REITs</I>. 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 </P>
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loans secured by mortgages on real property, and distribute to shareholders annually substantially all of its otherwise taxable income. REITs possess certain risks which differ from an investment
in common stocks. REITs are financial vehicles that pool investor&#146;s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types (i.e., hotels, shopping malls,
residential complexes and office buildings). Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on a
<FONT STYLE="white-space:nowrap">pre-tax</FONT> basis) than operating companies, to the extent application of the Fund&#146;s investment strategy results in the Fund investing in REIT shares, the percentage of the Fund&#146;s dividend income
received from REIT shares will likely exceed the percentage of the Fund&#146;s portfolio which is comprised of REIT shares. There are three general categories of REITs: equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in
direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source
of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill.
They also are subject to heavy cash flow dependency and the possibility of failing to qualify for REIT status under the Code or to maintain exemption from the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Mortgage Related Derivative Instruments</I>. The Fund may invest in MBS credit default swaps. MBS credit default swaps include swaps the reference
obligation for which is an MBS or related index, such as the CMBX Index (a tradeable index referencing a basket of CMBS), the TRX Index (a tradeable index referencing total return swaps based on CMBS) or the ABX Index (a tradeable index referencing
a basket of <FONT STYLE="white-space:nowrap">sub-prime</FONT> MBS). The Fund may engage in other derivative transactions related to MBS, including purchasing and selling exchange-listed and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter</FONT></FONT> put and call options, futures and forwards on mortgages and MBS. The Fund may invest in newly developed mortgage related derivatives that may hereafter become available. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Net Interest Margin (NIM) Securities</I>. 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 mortgage-backed securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments)
on the underlying home equity loans. NIM securities are highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Tiered Index Bonds</I>. 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; font-size:10pt; font-family:Times New Roman"><I>TBA Commitments</I>. 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 mortgage-backed securities, for a fixed price, with payment and delivery on an
agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Other Mortgage Related Securities</I>. 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Municipal Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in municipal securities, which include debt obligations issued to obtain funds for various public purposes, including the construction of
a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and loans to other public institutions and facilities. In addition, certain types of private activity bonds (&#147;PABs&#148;)
(or industrial development bonds, under <FONT STYLE="white-space:nowrap">pre-1986</FONT> law) are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including among other things, airports, public
ports, mass commuting facilities, multi-family housing projects, as well as facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the proceeds of which are used for the
construction, equipment or improvement of privately operated industrial or commercial facilities, may constitute municipal securities. The interest on municipal securities may bear a fixed rate or be payable at a variable or floating rate. The two
principal classifications of municipal securities are &#147;general obligation&#148; bonds and &#147;revenue&#148; bonds, which latter category includes PABs. Municipal securities typically are issued to finance public projects, such as roads or
public buildings, to pay general operating expenses or to refinance outstanding debt. Municipal securities may also be issued for private activities, such as housing, medical and educational facility construction, or for privately owned industrial
development and pollution control projects. General obligation bonds are backed by the full faith and credit, or taxing authority, of the issuer and may be repaid from any revenue source. Revenue bonds may be repaid only from the revenues of a
specific facility or source. Municipal securities may be issued on a long term basis to provide permanent financing. The repayment of such debt may be secured generally by a pledge of the full faith and credit taxing power of the issuer, a limited
or special tax, or any other revenue source, including project revenues, which may include tolls, fees and other user charges, lease payments and mortgage payments. Municipal securities may also be issued to finance projects on a short-term interim
basis, anticipating repayment with the proceeds of the later issuance of long-term debt. Obligations are included within the term municipal securities if the interest paid thereon is excluded from gross income for U.S. federal income tax purposes in
the opinion of bond counsel to the issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>General Obligation Bonds</I>. 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; font-size:10pt; font-family:Times New Roman"><I>Revenue Bonds</I>. 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 <FONT STYLE="white-space:nowrap">low-income,</FONT>
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 <FONT
STYLE="white-space:nowrap">non-recourse</FONT> 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:7%; font-size:10pt; font-family:Times New Roman"><I>Moral Obligation Bonds</I>. The Fund may also 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman"><I>Municipal Lease Obligations</I>. 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 <FONT STYLE="white-space:nowrap">&#147;non-appropriation&#148;</FONT> 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 <FONT STYLE="white-space:nowrap">&#147;non-appropriation&#148;</FONT> lease, the Fund&#146;s ability to recover under the lease in the event of <FONT
STYLE="white-space:nowrap">non-appropriation</FONT> 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
<FONT STYLE="white-space:nowrap">re-leasing</FONT> of the property might prove difficult. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:10pt; font-family:Times New Roman"><I>Certificates of Participation</I>. 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:7%; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Pre-Refunded</FONT> Municipal Securities</I>. The principal of,
and interest on, <FONT STYLE="white-space:nowrap">pre-refunded</FONT> 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 <FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal securities. Issuers of municipal securities use
this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest
rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the <FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal securities. However, except for a change in the
revenue source from which principal and interest payments are made, the <FONT STYLE="white-space:nowrap">pre-refunded</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Private Activity Bonds</I>. 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:7%; font-size:10pt; font-family:Times New Roman"><I>Special Taxing Districts</I>. 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 <FONT STYLE="white-space:nowrap">tax-supported</FONT> 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 </P>
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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:7%; font-size:10pt; font-family:Times New Roman"><I>VRDOs</I>. Variable rate demand obligations
(&#147;VRDOs&#148;) are <FONT STYLE="white-space:nowrap">tax-exempt</FONT> 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 <FONT STYLE="white-space:nowrap">tax-exempt</FONT> 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:7%; font-size:10pt; font-family:Times New Roman"><I>Taxable Municipal Securities</I>. The Fund may invest in taxable municipal securities, which include obligations issued pursuant to the
American Recovery and Reinvestment Act (&#147;ARRA&#148;) or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support (any bonds so issued are considered &#147;Build America Bonds&#148;). If
the Fund invests in Build America Bonds, it expects to invest in direct pay Build America Bonds and &#147;principal only&#148; strips of tax credit Build America Bonds. Provisions of the ARRA relevant to the issuance of Build America Bonds expired
on December&nbsp;31, 2010 and, as such, issuance has ceased. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inflation-Indexed Bonds </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in inflation-indexed bonds, which are fixed-income securities or other instruments whose principal value is periodically adjusted
according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index
(&#147;CPI&#148;) accruals as party of a semi-annual coupon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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
<FONT STYLE="white-space:nowrap">mid-year</FONT> 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 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-year</FONT></FONT> 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 which may or may not provide a similar
guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases inflation-indexed bonds offered by foreign issuers, the
rate of inflation measured by the foreign inflation index may not be correlated to the rate of inflation in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 the nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than
</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">S-20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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; 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; 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 <FONT STYLE="white-space:nowrap">(&#147;CPI-U&#148;),</FONT> which is calculated monthly by the U.S. Bureau of Labor Statistics. The
<FONT STYLE="white-space:nowrap">CPI-U</FONT> 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 <FONT STYLE="white-space:nowrap">CPI-U</FONT> 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; font-size:10pt; font-family:Times New Roman">Any increase in the principal amount of inflation-indexed bond will be considered taxable ordinary income, even though investors do not received their
principal until maturity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sovereign Government and Supranational Debt </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in all types of debt securities of governmental issuers in all countries, including foreign countries. These sovereign debt securities may
include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in foreign countries; debt securities issued by government owned, controlled or sponsored entities located in
foreign countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of
the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as
the World Bank. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development. Sovereign government and supranational debt
involve all the risks described herein regarding foreign and emerging markets investments as well as the risk of debt moratorium, repudiation or renegotiation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brady Bonds are not considered to be U.S. Government securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or
floating rate discount bonds, are generally collateralized in full as to principal by U.S. Treasury <FONT STYLE="white-space:nowrap">zero-coupon</FONT> bonds having the same maturity as the Brady Bonds. Interest payments on these Brady Bonds
generally are collateralized on a <FONT STYLE="white-space:nowrap">one-year</FONT> or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one year of interest payments or, in
the case of floating rate bonds, initially is equal to at least one year&#146;s interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter. Certain Brady Bonds are entitled to &#147;value
recovery payments&#148; in certain circumstances, which in effect constitute supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan Brady Bonds include attached value recovery options, which
increase interest payments if oil revenues rise. Brady Bonds are often viewed as having three or four valuation components: (i)&nbsp;the collateralized repayment of principal at final maturity; (ii)&nbsp;the collateralized interest payments;
(iii)&nbsp;the uncollateralized interest payments; and (iv)&nbsp;any uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the &#147;residual risk&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 assurances 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: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">S-21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Purpose Acquisition Companies </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in stock, warrants, rights and other interests issued by special purpose acquisition companies (&#147;SPACs&#148;) or similar special
purpose entities that pool funds to seek potential acquisition opportunities, including the &#147;founder&#146;s&#148; shares and warrants described below. A SPAC is a publicly traded company that raises investment capital via an initial public
offering (&#147;IPO&#148;) for the purpose of identifying and acquiring one or more operating businesses or assets. In connection with forming a SPAC, the SPAC&#146;s sponsors acquire &#147;founder&#146;s&#148; shares, generally for nominal
consideration, and warrants that will result in the sponsors owning a specified percentage (typically 20%) of the SPAC&#146;s outstanding common stock upon completion of the IPO. At the time a SPAC conducts an IPO, it has selected a management team
but has not yet identified a specific acquisition opportunity. Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. government securities, money market securities and cash. If an acquisition that meets the
requirements for the SPAC is not completed within a <FONT STYLE="white-space:nowrap">pre-established</FONT> period of time, the invested funds are returned to the SPAC&#146;s public shareholders, the warrants expire, and the
&#147;founder&#146;s&#148; shares and such warrants become worthless. Because SPACs and similar entities are in essence &#147;blank check&#148; companies without operating histories or ongoing business operations (other than identifying and pursuing
acquisitions), the potential for the long term capital appreciation of their securities is particularly dependent on the ability of the SPAC&#146;s management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in
which the Fund invests will complete an acquisition or that any acquisitions completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within certain industries or regions, which may ultimately lead
to an increase in the volatility of their prices following the acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Environmental, Social and Governance (&#147;ESG&#148;) Integration </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the Fund does not seek to implement a specific sustainability objective, strategy or process unless disclosed in the Prospectus, Fund management will
consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing
risk-adjusted returns. These ESG considerations will vary depending on the Fund&#146;s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary research of the Advisor across the
ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Fund&#146;s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are
eligible for investment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of these considerations may affect the Fund&#146;s exposure to certain companies or industries. While Fund management
views ESG considerations as having the potential to contribute to the Fund&#146;s long-term performance, there is no guarantee that such results will be achieved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_4"></A>OTHER INVESTMENT POLICIES AND TECHNIQUES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rights Offerings and Warrants to Purchase </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may
participate in rights offerings and may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of
time. Subscription rights normally have a short life span to expiration. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not
exercised prior to the rights&#146; and warrants&#146; expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may
exceed the value of the subscribed security&#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. The warrant holder has no
voting or dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for this reason investments in warrants may be more speculative than other equity-based investments. </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">S-22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_5"></A>ADDITIONAL RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk Factors in Strategic Transactions and Derivatives </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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. There are significant risks that apply generally to derivatives transactions, 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%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><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. There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or
inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument. </P></TD></TR></TABLE>
<P STYLE="font-size: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 style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Counterparty Risk</I>&#151;the risk that the counterparty in a derivative transaction will be unable to honor
its financial obligation to the Fund. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains
in such instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or otherwise fail to honor their obligations. The Fund will typically attempt to minimize counterparty risk by
engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have provided the Fund with a third-party guaranty or other credit support. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Credit Risk</I>&#151;the risk that the reference entity in a credit default swap or similar derivative will
not be able to honor its financial obligations. </P></TD></TR></TABLE> <P STYLE="font-size: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%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><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. </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 style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Illiquidity Risk</I>&#151;the risk that certain securities or instruments may be difficult or impossible to
sell at the time or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments. There can be no assurance that the Fund will be able to unwind or offset a derivative at its desired price, in a
secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without incurring substantial losses (if at all). The absence of liquidity may also make it more difficult for the Fund to
ascertain a market value for such instruments. Although both OTC and exchange-traded derivatives markets may experience a lack of liquidity, certain derivatives traded in OTC markets, including swaps and OTC options, involve substantial illiquidity
risk. The Fund will, therefore, acquire illiquid OTC derivatives (i)&nbsp;if the agreement pursuant to which the instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii)&nbsp;for which the Advisor
anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation from only one dealer is available, in which case that dealer&#146;s quotation may be used. The illiquidity of the derivatives markets
may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition,
the liquidity of a secondary 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. 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="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">S-23 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><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.
</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 style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Legal Risk</I>&#151;the risk of insufficient documentation, insufficient capacity or authority of
counterparty, or legality or enforceability of a contract. </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Leverage Risk&#151;</I>the risk that the Fund&#146;s derivatives transactions can magnify the Fund&#146;s
gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Market Risk</I>&#151;the risk that changes in the value of one or more markets or changes with respect to the
value of the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, the Fund may be required to pay substantial additional margin to maintain its position or the Fund&#146;s returns may be adversely
affected. </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 style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Operational Risk</I>&#151;the risk related to potential operational issues, including documentation issues,
settlement issues, systems failures, inadequate controls and human error. </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Valuation Risk</I>&#151;the risk that valuation sources for a derivative will not be readily available in the
market. This is possible especially in times of market distress, since many market participants may be reluctant to purchase complex instruments or quote prices for them. </P></TD></TR></TABLE>
<P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Volatility Risk</I>&#151;the risk that the value of derivatives will fluctuate significantly within a short
time period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 Advisors 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; font-size:10pt; font-family:Times New Roman">When engaging in
a hedging transaction, the Fund may determine not to seek to establish a perfect correlation between the hedging instruments utilized and the portfolio holdings being hedged. Such an imperfect correlation may prevent the Fund from achieving the
intended hedge or expose the Fund to a risk of loss. The Fund may also determine not to hedge against a particular risk because it does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of the hedge or
because it does not foresee the occurrence of the risk. It may not be possible for the Fund to hedge against a change or event at attractive prices or at a price sufficient to protect the assets of the Fund from the decline in value of the portfolio
positions anticipated as a result of such change. In addition, it may not be possible to hedge at all against certain risks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Fund invests in a
derivative instrument it could lose more than the principal amount invested. Moreover, derivatives raise certain tax, legal, regulatory and accounting issues that may not be presented by investments in securities, and there is some risk that certain
issues could be resolved in a manner that could adversely impact the performance of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is not required to use derivatives or other
portfolio strategies to seek to increase return or to seek to hedge its portfolio and may choose not to do so. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage
in these transactions to reduce exposure to other risks when that would be beneficial. Although the Advisors seek to use derivatives to further the Fund&#146;s investment objective, there is no assurance that the use of derivatives will achieve this
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">S-24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Counterparty Risk. </I>The Fund will be subject to credit risk with respect to the counterparties to the
derivative contracts entered into 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 Advisors believe to be creditworthy, there can be no assurance that, as a result, a counterparty will not default and that the Fund will not sustain a loss on a
transaction. In the event of the counterparty&#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; font-size:10pt; font-family:Times New Roman">The counterparty credit risk for cleared
derivatives is generally lower than for uncleared OTC derivative transactions since a clearing organization is the each counterparty to a cleared derivative contract and a clearing organization is generally considered to be of better credit quality
than a counterparty to an uncleared OTC derivative transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">marking-to-market</FONT></FONT> and settlement, and segregation and minimum capital requirements applicable to
intermediaries. Uncleared OTC derivative transactions generally may 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; 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; font-size:10pt; font-family:Times New Roman"><I>Swaps Risk. </I>Swaps are a type of derivative. Swap agreements
involve the risk of changes in market value of the swap position as well as the risk that the swap counterparty will default on its payment or other obligations to the Fund and the risk that the Fund will not be able to meet its obligations to pay
the other party to the agreement. In order to seek to hedge the value of the Fund&#146;s portfolio, to hedge against increases in the Fund&#146;s cost associated with interest payments on any outstanding borrowings or to seek to increase the
Fund&#146;s return, the Fund may enter into swaps, including interest rate swap, total return swap (sometimes referred to as a &#147;contract for difference&#148;) and/or credit default swap transactions. In interest rate swap transactions, there is
a risk that yields will move in the direction opposite of the direction anticipated by the Fund, which would cause the Fund to make payments to its counterparty in the transaction that could adversely affect Fund performance. In addition to the
risks applicable to swaps generally (including counterparty risk, high volatility, illiquidity 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 or other credit event 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; font-size:10pt; font-family:Times New Roman">The United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the &#147;Dodd-Frank Act&#148;), requires that
certain derivatives with U.S. persons must be executed on a regulated market and a substantial portion of OTC derivatives must be submitted for clearing to regulated clearinghouses. As a result, swap transactions entered into by the Fund may become
subject to various requirements applicable to swaps under the Dodd-Frank Act, including clearing, exchange-execution, reporting and recordkeeping requirements, which may </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">S-25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
make it more difficult and costly for the Fund to enter into swap transactions and may also render certain strategies in which the Fund might otherwise engage impossible or so costly that they
will no longer be economical to implement. Furthermore, the number of counterparties that may be willing to enter into swap transactions with the Fund may also be limited if the swap transactions with the Fund are subject to the swap regulation
under the Dodd-Frank Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 in excess of any premium and margin required to establish and maintain the position. Total return swap agreements are subject to market risk
as well as the risk that a counterparty will default on its payment obligations to the Fund thereunder. The Fund is not required to enter into swap transactions for hedging purposes or to enhance income or gain and may choose not to do so. In
addition, the swaps market is subject to a changing regulatory environment. It is possible that regulatory or other developments in the swaps market could adversely affect the Fund&#146;s ability to successfully use swaps. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Options Risk.</I> There are several risks associated with transactions in options on securities and indexes. For example, there are significant differences
between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. In addition, a liquid secondary market for particular options, whether traded
OTC or on a recognized securities exchange (e.g., NYSE), separate trading boards of a securities exchange or through a market system that provides contemporaneous transaction pricing information (an &#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; font-size:10pt; font-family:Times New Roman"><I>Futures Transactions and Options Risk.</I> The primary risks associated with the use of futures contracts and options are (a)&nbsp;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)&nbsp;possible lack of a liquid secondary market for a futures contract and the resulting inability to
close a futures contract when desired; (c)&nbsp;losses caused by unanticipated market movements, which are potentially unlimited; (d)&nbsp;the Advisors&#146; inability to predict correctly the direction of securities prices, interest rates, currency
exchange rates and other economic factors; and (e)&nbsp;the possibility that the counterparty will default in the performance of its obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment in futures contracts involves the risk of imperfect correlation between movements in the price of the futures contract and the price of the
security being hedged. The hedge will not be fully effective when there is imperfect correlation between the movements in the prices of two financial instruments. For example, if the price of the futures contract moves more or less than the price of
the hedged security, the Fund will experience either a loss or gain on the futures contract which is not completely offset by movements in the price of the hedged securities. To compensate for imperfect correlations, the Fund may purchase or sell
futures contracts in a greater dollar amount than the hedged securities if the volatility of the hedged securities is historically greater than the volatility of the futures contracts. Conversely, the Fund may purchase or sell fewer futures
contracts if the volatility of the price of the hedged securities is historically lower than that of the futures contracts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The particular securities
comprising the index underlying a securities index financial futures contract may vary from the securities held by the Fund. As a result, the Fund&#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. 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. In addition, the correlation between
movements in the value of the 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">S-26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
index may be subject to change over time as additions to and deletions from the securities index alter its structure. The correlation between futures contracts on U.S. Government securities and
the securities held by the Fund may be adversely affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures contracts and the prices of securities held by the Fund may be greater. The trading of
futures contracts also is subject to certain market risks, such as inadequate trading activity, which could at times make it difficult or impossible to liquidate existing positions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may liquidate futures contracts it enters into through offsetting transactions on the applicable contract market. There can be no assurance, however,
that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close out a futures position. In the event of adverse price movements, the Fund would continue to be required to make
daily cash payments of variation margin. In such situations, if the Fund has insufficient cash, it may be required to sell portfolio securities to meet daily variation margin requirements at a time when it may be disadvantageous to do so. The
inability to close out futures positions also could have an adverse impact on the Fund&#146;s ability to hedge effectively its investments in securities. 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 which limit the amount of fluctuation in a futures contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be
entered into at a price beyond the limit, thus preventing the liquidation of open futures positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The successful use of transactions in futures and related options also depends on the ability of the Advisors to forecast correctly the direction and extent
of interest rate movements within a given time frame. To the extent interest rates remain stable during the period in which a futures contract or option is held by the Fund or such rates move in a direction opposite to that anticipated, the Fund may
realize a loss on the Strategic Transaction which is not fully or partially offset by an increase in the value of portfolio securities. As a result, the Fund&#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; font-size:10pt; font-family:Times New Roman">Because of low initial margin deposits made upon the opening of a futures position, futures transactions involve substantial leverage. As a
result, relatively small movements in the price of the futures contracts can result in substantial unrealized gains or losses. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with which the Fund
has an open position in a financial futures contract. Because the Fund may engage in the purchase and sale of futures contracts for hedging purposes or to seek to enhance the Fund&#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; font-size:10pt; font-family:Times New Roman">The amount of risk the Fund assumes when it purchases an option on a futures contract is the premium paid for the option plus related transaction costs. In
addition to the correlation risks discussed above, the purchase of an option on a futures contract also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>General Risk Factors in Hedging Foreign Currency</I>. Hedging transactions involving Currency Instruments involve substantial risks, including
correlation risk. While the Fund&#146;s use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund&#146;s common shares, the NAV of the Fund&#146;s common shares will fluctuate. Moreover,
although Currency Instruments may be used with the intention of hedging against adverse currency movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be accurately predicted and that the
Fund&#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; 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)&nbsp;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)&nbsp;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 </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">S-27 </P>

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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; font-size:10pt; font-family:Times New Roman"><I>Foreign Currency Forwards Risk</I>. Forward foreign currency exchange contracts do not eliminate fluctuations in the value of <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> 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; 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; 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 Advisors may believe that Canadian dollars will deteriorate against Japanese yen. The Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This
strategy would be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the value of the Japanese yen relative to the U.S. dollar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some of the forward <FONT STYLE="white-space:nowrap">non-U.S.</FONT> currency contracts entered into by the Fund may be classified as <FONT
STYLE="white-space:nowrap">non-deliverable</FONT> forwards (&#147;NDFs&#148;). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated in <FONT STYLE="white-space:nowrap">non-convertible</FONT> foreign
currency, where the profit or loss at the time at the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs
have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the
difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign
currencies that are not internationally traded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Currency Futures Risk.</I> The Fund may also seek to hedge against the decline in the value of a
currency or to enhance returns through use of currency futures or options thereon. Currency futures are similar to forward foreign exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign exchange
transactions are traded in the OTC market. Currency futures involve substantial currency risk, and also involve leverage risk. </P>
 <p STYLE="margin-top: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">S-28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Currency Options Risk.</I> The Fund may also seek to hedge against the decline in the value of a currency
or to enhance returns through the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option)
or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Fund may engage in transactions in options on currencies either on exchanges or OTC
markets. Currency options involve substantial currency risk, and may also involve credit, leverage or illiquidity risk. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Currency Swaps Risk.</I> The
Fund may enter into currency swaps. Currency swaps involve the exchange of the rights of the Fund and another party to make or receive payments in specified currencies. The Fund may also hedge portfolio positions through currency swaps, which are
transactions in which one currency is simultaneously bought for a second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps usually involve the delivery of the entire principal value of one designated
currency in exchange for the other designated currency. Because currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency, the entire principal value of a
currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Over-the-Counter</FONT></FONT> Trading Risk.</I> The derivative instruments that may be purchased or sold by the Fund may include instruments not traded on an exchange. The risk of
nonperformance by the counterparty to an instrument may be greater than, and the ease with which the Fund can dispose of or enter into closing transactions with respect to an instrument may be less than, the risk associated with an exchange traded
or cleared OTC instrument. In addition, significant disparities may exist between &#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 or cleared OTC instruments, and many
of the protections afforded to participants in a regulated environment may not be available in connection with the transactions. Because derivatives traded in OTC markets generally are not guaranteed by an exchange or clearing corporation and
generally do not require payment of margin, to the extent that the Fund has unrealized gains in such instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or otherwise fail
to honor its obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> Under the Investment Company Act. </I>Rule
<FONT STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act permits the Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of &#147;senior
securities&#148; under Section&nbsp;18 of the Investment Company Act. Section&nbsp;18 of the Investment Company Act, among other things, prohibits <FONT STYLE="white-space:nowrap">closed-end</FONT> funds, including the Fund, from issuing or selling
any &#147;senior security&#148; representing indebtedness (unless the fund maintains 300% &#147;asset coverage&#148;) or any senior security representing stock (unless the fund maintains 200% &#147;asset coverage&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under Rule <FONT STYLE="white-space:nowrap">18f-4,</FONT> &#147;Derivatives Transactions&#148; include the following: (1)&nbsp;any swap, security-based swap
(including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery
of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2)&nbsp;any short sale borrowing; (3)&nbsp;reverse repurchase agreements and similar financing
transactions (e.g., recourse and <FONT STYLE="white-space:nowrap">non-recourse</FONT> tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule
<FONT STYLE="white-space:nowrap">18f-4;</FONT> and (4)&nbsp;when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and <FONT STYLE="white-space:nowrap">non-standard</FONT>
settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities Provision (as defined in the prospectus under &#147;The Fund&#146;s Investments&#151;Portfolio Contents and Techniques&#151;When-Issued, Delayed Delivery
Securities and Forward Commitment Securities&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund
must comply with Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> with respect to its Derivatives Transactions. Rule <FONT STYLE="white-space:nowrap">18f-4,</FONT> among other things, requires the Fund to adopt and implement a comprehensive
written derivatives risk management program (&#147;DRMP&#148;) and comply with a relative or absolute limit on fund leverage risk calculated based on <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">value-at-risk</FONT></FONT>
(&#147;VaR&#148;). The DRMP is administered by a &#147;derivatives risk manager,&#148; who is appointed by the Board, including a majority of the Directors who are not </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">S-29 </P>

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&#147;interested persons&#148; (as defined in the Investment Company Act) (the &#147;Independent Directors&#148;), and periodically reviews the DRMP and reports to the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> provides an exception from the DRMP, VaR limit and certain other requirements if the Fund&#146;s
&#147;derivatives exposure&#148; is limited to 10% of its net assets (as calculated in accordance with Rule <FONT STYLE="white-space:nowrap">18f-4)</FONT> and the Fund adopts and implements written policies and procedures reasonably designed to
manage its derivatives risks (the &#147;Limited Derivatives User Exception&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Dodd-Frank Act Risk.</I> Title VII of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (the &#147;Dodd-Frank Act&#148;) (the &#147;Derivatives Title&#148;) imposed a substantially new regulatory structure on derivatives markets, with particular emphasis on swaps (which are subject to
oversight by the CFTC) and security-based swaps (which are subject to oversight by the SEC). The regulatory framework covers a broad range of swap market participants, including banks, <FONT STYLE="white-space:nowrap">non-banks,</FONT> credit
unions, insurance companies, broker-dealers and investment advisers. Prudential regulators were granted authority to regulate margining of swaps and security-based swaps of banks and bank-related entities. Current regulations for swaps require the
mandatory central clearing and mandatory exchange trading of particular types of interest rate swaps and index credit default swaps (together, &#147;Covered Swaps&#148;). The Fund is required to clear its Covered Swaps through a clearing broker,
which requires, among other things, posting initial margin and variation margin to the Fund&#146;s clearing broker in order to enter into and maintain positions in Covered Swaps. Covered Swaps generally are required to be executed through a swap
execution facility (&#147;SEF&#148;), which can involve additional transaction fees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, under the Dodd-Frank Act, with respect to uncleared
swaps (both uncleared swaps and uncleared security-based swaps entered into with banks), swap dealers are required to collect from the Fund both initial and variation margin (comprised of specified liquid instruments and subject to a required
haircut). Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. As capital and margin requirements for swap dealers and capital and margin requirements for security-based
swaps are implemented, such requirements may make certain types of trades and/or trading strategies more costly. There may be market dislocations due to uncertainty during the implementation period of any new regulation and the Advisor cannot know
how the derivatives market will adjust to such new regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, regulations adopted by global prudential regulators that are now in effect
require certain bank-regulated counterparties and certain of their affiliates to include in &#147;qualified financial contracts,&#148; including many derivatives contracts as well as repurchase agreements and securities lending agreements, terms
that delay or restrict the rights of counterparties to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of affiliate credit enhancements (such as guarantees) in the event that the
bank-regulated counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Legal and Regulatory Risk</I>.
At any time after the date hereof, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund. Changing approaches to regulation may have a negative impact on the securities in which the Fund invests.
Legislation or regulation may also change the way in which the Fund itself is regulated. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability
of the Fund to achieve its investment objective. 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 Advisor expects. Whether the Fund achieves its investment objective may depend on, among other things, whether the Advisor correctly forecasts market reactions to this and other legislation. In the event
the Advisor incorrectly forecasts market reaction, the Fund may not achieve its investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mortgage Related Securities Risks </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 <FONT
STYLE="white-space:nowrap">closed-end,</FONT> under what terms </P>
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(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. To the extent the Fund invests in junior tranches of MBS, it will be subject to additional risks, such as the risk that the proceeds that would otherwise be distributed to the Fund will be used to pay down
more senior tranches. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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
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; 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 <FONT STYLE="white-space:nowrap">B-Note,</FONT> if any, then by the &#147;first loss&#148; subordinated security holder (generally, the <FONT
STYLE="white-space:nowrap">&#147;B-Piece&#148;</FONT> 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 <FONT STYLE="white-space:nowrap">B-Notes,</FONT> 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; 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; font-size:10pt; font-family:Times New Roman"><I>RMBS 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. <FONT STYLE="white-space:nowrap">Non-agency</FONT> residential mortgage loans are obligations of
the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan secured by residential property is dependent upon the income or assets of the borrower. A number of
factors, including general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower&#146;s ability to repay its loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Agency RMBS Risks</I>. MBS issued by FNMA or FHLMC are guaranteed as to timely payment of principal and interest by FNMA or FHLMC, but are not backed by
the full faith and credit of the U.S. Government. In 2008, FHFA placed FNMA and FHLMC into conservatorship. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations,
including its guaranty obligations, associated with its MBS. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and
FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into an agreement with each of FNMA and FHLMC that contains various covenants that severely limit each enterprise&#146;s operations. There is
no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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. 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; font-size:10pt; font-family:Times New Roman"><I>RMBS Legal Risks</I>. 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 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Truth-in-Lending</FONT></FONT> 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; 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; 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
</P>
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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; font-size:10pt; font-family:Times New Roman"><I><FONT STYLE="white-space:nowrap">Non-Agency</FONT> RMBS Risks</I>. <FONT STYLE="white-space:nowrap">Non-agency</FONT> RMBS are
securities issued by <FONT STYLE="white-space:nowrap">non-governmental</FONT> issuers. <FONT STYLE="white-space:nowrap">Non-agency</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Borrower Credit Risk</I>. 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. <FONT STYLE="white-space:nowrap">Non-agency</FONT> residential mortgage loans are
obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The rate of delinquencies and defaults on residential mortgage loans and the aggregate amount of the resulting losses will be
affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#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; font-size:10pt; font-family:Times New Roman"><I>Mortgage Loan Market
Risk</I>. 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 <FONT STYLE="white-space:nowrap">sub-prime</FONT> 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; 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 more susceptible to a downturn in the economy, including in particular industries that are highly represented in such states or regions, natural calamities and other adverse
conditions affecting such areas. The economic downturn experienced in the recent past at the national level, and the more serious economic downturn experienced in the recent past in certain geographic areas of the United States, including in
particular areas of the United States where rates of delinquencies and defaults on residential mortgage loans were particularly high, is generally viewed as having contributed to the higher rates of delinquencies and defaults on the residential
mortgage loans underlying RMBS during this period. There also can be no assurance that areas of the United States that mostly avoided higher rates of delinquencies and defaults on residential mortgage loans during this period would continue to do so
if an economic downturn were to reoccur at the national level. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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.&nbsp;Any increase in prevailing market interest rates, which are currently at historical lows, may result in increased payments for borrowers who have ARMs.&nbsp;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 <FONT STYLE="white-space:nowrap">non-agency</FONT> RMBS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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
<FONT STYLE="white-space:nowrap">sub-prime</FONT> 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 <FONT
STYLE="white-space:nowrap">non-agency</FONT> 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 <FONT STYLE="white-space:nowrap">non-agency</FONT> RMBS
generally. Some or all of the underlying residential mortgage </P>
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loans in an issue of <FONT STYLE="white-space:nowrap">non-agency</FONT> 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 <FONT STYLE="white-space:nowrap">non-agency</FONT> RMBS may experience
losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT STYLE="white-space:nowrap">&#147;Alt-A</FONT> mortgage loans.&#148; 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 <FONT STYLE="white-space:nowrap">&#147;sub-prime&#148;</FONT> mortgage loans. <FONT
STYLE="white-space:nowrap">Sub-prime</FONT> mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience delinquency, foreclosure, bankruptcy and
loss rates that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Certain categories of RMBS, such as option ARM RMBS and
<FONT STYLE="white-space:nowrap">sub-prime</FONT> RMBS, have been referred to by the financial media as &#147;toxic assets.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the United
States economy has been slowly improving in recent years, the impact of the coronavirus pandemic on the United States has caused the economy to deteriorate again and led to a high incidence of missed mortgage payments, which could result in the
incidence of mortgage foreclosures, especially <FONT STYLE="white-space:nowrap">sub-prime</FONT> mortgages, beginning 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; font-size:10pt; font-family:Times New Roman"><I>CMBS Risks</I>. 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; 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; new and ongoing epidemics and pandemics of
infectious diseases and other global health events; natural/environmental disasters; terrorist threats and attacks and social unrest and civil disturbances. Consequently, adverse changes in economic conditions and circumstances are more likely to
have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential properties. In addition, commercial lending generally is viewed as exposing the lender to a greater risk of loss than <FONT
STYLE="white-space:nowrap">one-</FONT> to four- family residential lending. Commercial lending, for example, typically involves larger loans to single borrowers or groups of related borrowers than residential
<FONT STYLE="white-space:nowrap">one-</FONT> to four- family mortgage loans. In addition, the repayment of loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and the
cash flow generated therefrom. The coronavirus pandemic in the United States has had a severe adverse effect on many commercial businesses, resulting in them not paying rent, which in turn will likely result in the owners of the underlying
properties being impaired in their ability to make mortgage payments. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; 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 <FONT STYLE="white-space:nowrap">non-governmental</FONT> issuers. Subordinated CMBS have no governmental guarantee and are subordinated in some manner as to the payment of principal and/or interest to the holders of more senior
CMBS arising out of the same pool of mortgages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subordinated CMBS are often referred to as <FONT STYLE="white-space:nowrap">&#147;B-Pieces.&#148;</FONT>
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; font-size:10pt; font-family:Times New Roman"><I>CMO Risk</I>. 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; 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; 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; font-size:10pt; font-family:Times New Roman"><I>Credit Risk Associated With Originators and Servicers of Mortgage Loans</I>. 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 </P>
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breaches of representations regarding loan quality and characteristics. Such difficulties may affect the performance of MBS backed by mortgage loans. Furthermore, the inability of the originator
to repurchase such mortgage loans in the event of loan representation breaches or the servicer to repurchase such mortgage loans upon a breach of its servicing obligations also may affect the performance of related MBS. Delinquencies and losses on,
and, in some cases, claims for repurchase by the originator of, mortgage loans originated by some mortgage lenders have recently increased as a result of inadequate underwriting procedures and policies, including inadequate due diligence, failure to
comply with predatory and other lending laws and, particularly in the case of any &#147;no documentation&#148; or &#147;limited documentation&#148; mortgage loans that may support <FONT STYLE="white-space:nowrap">non-agency</FONT> 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 <FONT STYLE="white-space:nowrap">non-agency</FONT> MBS and subordinated security holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The servicers of <FONT STYLE="white-space:nowrap">non-agency</FONT> 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; 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; 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Adjustable Rate Mortgage Risk</I>. 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; 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. 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; font-size:10pt; font-family:Times New Roman"><I>Stripped MBS Risk</I>. 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:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><I>Interest Rate Risk</I>. In addition to the interest rate risks described above, certain MBS may be subject to additional risks as the rate of interest
payable on certain MBS may be set or effectively capped at the weighted average net coupon of the underlying mortgage loans themselves, often referred to as an &#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; font-size:10pt; font-family:Times New Roman"><I>Structural Risk</I>. 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 </P>
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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; font-size:10pt; font-family:Times New Roman"><I>Subordination Risk</I>. 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 <FONT STYLE="white-space:nowrap">non-fulfillment</FONT> of repurchase obligations,
overadvancing on a pool of loans and the costs of transferring servicing than senior classes of securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Prepayment, Extension and Redemption
Risks</I>. 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. Prepayments can
result in lower yields to shareholders. The increased likelihood of prepayment when interest rates decline also limits market price appreciation of MBS. This is known as prepayment risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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. 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; 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; font-size:10pt; font-family:Times New Roman">MBS also are subject to extension risk. Extension risk is the possibility that rising interest rates may
cause prepayments to occur at a slower than expected rate. This particular risk may effectively change a security which was considered short or intermediate term into a long-term security. The values of long-term securities generally fluctuate more
widely in response to changes in interest rates than short or intermediate-term securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT STYLE="white-space:nowrap">&#147;pay-off&#148;</FONT> 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; font-size:10pt; font-family:Times New Roman"><I>Spread Widening Risk</I>. 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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Illiquidity Risk</I>. The liquidity of MBS varies by type of security; at certain times the Fund may
encounter difficulty in disposing of such investments. Because MBS have the potential to be less liquid than other securities, the Fund may be more susceptible to illiquidity risk than funds that invest in other securities. In the past, in stressed
markets, certain types of MBS suffered periods of illiquidity when disfavored by the market. Due to increased instability in the credit markets, the market for some MBS has experienced reduced liquidity and greater volatility with respect to the
value of such securities, making it more difficult to value such securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REITs Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent that the Fund invests in real estate related investments, including REITs, it will be subject to the risks associated with owning real estate
and with the real estate industry generally. These include difficulties in valuing and disposing of real estate, the possibility of declines in the value of real estate, risks related to general and local economic conditions, the possibility of
adverse changes in the climate for real estate, environmental liability risks, the risk of increases in property taxes and operating expenses, possible adverse changes in zoning laws, the risk of casualty or condemnation losses, limitations on
rents, the possibility of adverse changes in interest rates and in the credit markets and the possibility of borrowers paying off mortgages sooner than expected, which may lead to reinvestment of assets at lower prevailing interest rates. To the
extent that the Fund invests in REITs, it will also be subject to the risk that a REIT may default on its obligations or go bankrupt. REITs are generally not taxed on income timely distributed to shareholders, provided they comply with the
applicable requirements of the Code. By investing in REITs indirectly through the Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. Mortgage REITs
are pooled investment vehicles that invest the majority of their assets in real property mortgages and which generally derive income primarily from interest payments thereon. Investing in mortgage REITs involves certain risks related to investing in
real property mortgages. In addition, mortgage REITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Code. No assurances can be given that a mortgage REIT in
which the Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT&#146;s ability to execute its business plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many REITs focus on particular types of properties or properties which are especially suited for certain uses, and those REITs are affected by the risks which
impact the users of their properties. For REITs that own healthcare facilities, for example, the physical characteristics of these properties and their operations are highly regulated, and those regulations often require capital expenditures or
restrict the profits realizable from these properties. Some of these properties are also highly dependent upon Medicare and Medicaid payments, which are subject to changes in governmental budgets and policies. These properties may experience losses
if their tenants receive lower Medicare or Medicaid rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Municipal Securities Market Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Economic exposure to the municipal securities market involves certain risks. The municipal market is one in which dealer firms make markets in bonds on a
principal basis using their proprietary capital. Most municipal securities will not be registered with the SEC or any state securities commission and will not be listed on any national securities exchange. The amount of public information available
about the municipal securities to which the Fund is economically exposed is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the
Advisors than would be a fund investing solely in stocks or taxable bonds. The secondary market for municipal securities, particularly the below investment grade securities to which the Fund may be economically exposed, also tends to be less
well-developed or liquid than many other securities markets, which may adversely affect the Fund&#146;s ability to sell such securities at attractive prices or at prices approximating those at which the Fund currently values them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, many state and municipal governments that issue securities are under significant economic and financial stress and may not be able to satisfy
their obligations. This stress may be significantly exacerbated by the coronavirus pandemic. The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns and as governmental
cost burdens are reallocated among federal, state and local governments. The taxing power of any governmental entity may be limited by provisions of state constitutions or laws and an entity&#146;s credit will depend on many factors, including the
entity&#146;s tax base, the extent to which the entity relies on federal or state aid and other factors which are beyond the entity&#146;s control. In addition, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
laws enacted in the future by Congress or state legislatures or referenda could extend the time for payment of principal and/or interest, or impose other constraints on enforcement of such
obligations or on the ability of municipalities to levy taxes. Issuers of municipal securities might seek protection under bankruptcy laws. In the event of bankruptcy of such an issuer, holders of municipal securities could experience delays in
collecting principal and interest and such holders may not, in all circumstances, be able to collect all principal and interest to which they are entitled. To enforce its rights in the event of a default in the payment of interest or repayment of
principal, or both, the Fund may take possession of and manage the assets securing the issuer&#146;s obligations on such securities, which may increase the Fund&#146;s operating expenses. Any income derived from the Fund&#146;s ownership or
operation of such assets may not be <FONT STYLE="white-space:nowrap">tax-exempt</FONT> or may fail to generate qualifying income for purposes of the income tests applicable to RICs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxable Municipal Securities Risk</B><I> </I><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Build
America Bonds involve similar risks as municipal bonds, including credit and market risk. In particular, should a Build America Bond&#146;s issuer fail to continue to meet the applicable requirements imposed on the bonds as provided by the ARRA , it
is possible that such issuer may not receive federal cash subsidy payments, impairing the issuer&#146;s ability to make scheduled interest payments. The Build America Bond program expired on December&nbsp;31, 2010 and no further issuance is
permitted unless Congress renews the program. As a result, the number of available Build America Bonds is limited, which may negatively affect the value of the Build America Bonds. In addition, there can be no assurance that Build America Bonds will
be actively traded. It is difficult to predict the extent to which a market for such bonds will continue, meaning that Build America Bonds may experience greater illiquidity than other municipal obligations. The Build America Bonds outstanding as of
December&nbsp;31, 2010 will continue to be eligible for the federal interest rate subsidy, which continues for the life of the Build America Bonds; however, no bonds issued following expiration of the Build America Bond program will be eligible for
the U.S. federal tax subsidy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Inflation-Indexed Bonds Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 treasury inflation-protected securities, 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; font-size:10pt; font-family:Times New Roman">Two structures are common. The U.S. Treasury and some
other issuers use a structure that accrues inflation into the principal value of the bond. Most other issues pay out the CPI accruals as part of a semi-annual coupon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT STYLE="white-space:nowrap">mid-year</FONT> 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
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-year</FONT></FONT> 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>
 <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">S-40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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; 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; 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; 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 <FONT STYLE="white-space:nowrap">CPI-U,</FONT> which is calculated monthly by the U.S. Bureau of Labor Statistics. The <FONT STYLE="white-space:nowrap">CPI-U</FONT> 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 <FONT STYLE="white-space:nowrap">CPI-U</FONT> 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; 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; font-size:10pt; font-family:Times New Roman"><B>When-Issued, Forward Commitment and
Delayed-Delivery Transactions Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may purchase fixed income securities on a when-issued basis (including on a forward commitment or
&#147;TBA&#148; basis) and may purchase or sell those 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; font-size:10pt; font-family:Times New Roman">Rule <FONT
STYLE="white-space:nowrap">18f-4</FONT> under the Investment Company Act permits the Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and <FONT
STYLE="white-space:nowrap">non-standard</FONT> settlement cycle securities, notwithstanding the limitation on the issuance of senior securities in Section&nbsp;18 of the Investment Company Act, provided that the transaction meets the
Delayed-Settlement Securities Provision (as defined in the prospectus under &#147;The Fund&#146;s Investments&#151;Portfolio Contents and Techniques&#151;When-Issued Securities, Delayed Delivery Securities and Forward Commitments&#148;). If a
when-issued, forward-settling or <FONT STYLE="white-space:nowrap">non-standard</FONT> settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule <FONT
STYLE="white-space:nowrap">18f-4.</FONT> See &#147;Additional Risk Factors&#151;Risk Factors in Strategic Transactions and Derivatives&#151;Rule <FONT STYLE="white-space:nowrap">18f-4</FONT> Under the Investment Company Act&#148; above.<SUP
STYLE="font-size:75%; vertical-align:top"> </SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rights Risk </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><B>Warrants Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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; font-size:10pt; font-family:Times New Roman"><B>Repurchase Agreements Risk </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to its investment
objective and policies, the Fund may enter into in repurchase agreements. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or
broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under
its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including possible decline in the value of
the underlying security during the period in which the Fund seeks to enforce its rights thereto; possible lack of access to income on the underlying security during this period; and expenses of enforcing its rights. While repurchase agreements
involve certain risks not associated with direct investments in fixed-income securities, the Fund follows procedures approved by the Fund&#146;s Board that are designed to minimize such risks. In addition, the value of the collateral underlying the
repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to
liquidate such collateral. However, the exercise of the Fund&#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; font-size:10pt; font-family:Times New Roman"><B>Short Sales Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may take short positions in securities that the Advisors believe may decline in price or in the aggregate may underperform broad market benchmarks.
The Fund may also engage in derivatives transactions that provide similar short exposure. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement a short selling
strategy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Short sales are transactions in which the Fund sells a security or other instrument (such as an option, forward, futures or other derivative
contract) that it does not own. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities. If a security sold short increases in price,
the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. The Fund may not be able to
borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, the Fund may not be able to successfully
implement its short sale strategy due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a
long position arises from decreases in the value of the security and is limited by the fact that a security&#146;s value cannot go below zero. The use of short sales in combination with long positions in the Fund&#146;s portfolio in an attempt to
improve performance or reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. It is possible that the Fund&#146;s long securities positions will
decline in value at the same time that the value of its short securities positions increase, </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">S-42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
thereby increasing potential losses to the Fund. In addition, the Fund&#146;s short selling strategies will limit its ability to fully benefit from increases in the securities markets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks.
The use of leverage may increase the Fund&#146;s exposure to long securities positions and make any change in the Fund&#146;s NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no
guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regulatory authorities in the
United States or other countries may adopt bans on short sales of certain securities, either generally, or with respect to certain industries or countries, in response to market events. Restrictions and/or bans on short selling may make it
impossible for the Fund to execute certain investment strategies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Securities Lending Risk </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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), foreign exchange risk (i.e., the risk of a shortfall at default when a
cash collateral investment is denominated in a currency other than the currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,
including but not limited to corporate actions, could lead the Fund to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend less or not at all, which could lead to reduced securities
lending revenue). If the Fund were to lend out securities that are subject to a corporate action and commit to the borrower a particular election as determined by the Advisor, the benefit the Fund would receive in respect of committing to such
election may or may not be less than the benefit the Fund would have received from making a different election in such corporate action. 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&#146;s ability to participate in a corporate
action event may be impacted, or 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 latter 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 received by the Fund representing dividends paid on securities loaned out by the Fund will not be considered qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified dividend income.
Additionally, substitute payments received by the Fund representing qualified REIT dividends paid on REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund of such substitute payments
will not be eligible for a 20% deduction currently available for ordinary REIT dividends paid to <FONT STYLE="white-space:nowrap">non-corporate</FONT> shareholders provided certain other requirements are satisfied. The securities lending agent will
take into account the tax effects on shareholders caused by these differences in connection with the Fund&#146;s securities lending program. Substitute payments received on <FONT STYLE="white-space:nowrap">tax-exempt</FONT> securities loaned out
will not be <FONT STYLE="white-space:nowrap">tax-exempt</FONT> income. There could also be changes in the status of issuers under applicable laws and regulations, including tax regulations, that may impact the regulatory or tax treatment of loaned
securities and could, for example, result in a delay in the payment of dividend equivalent payments owed to the Fund (as permitted by applicable law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their affiliates to include in certain
financial contracts, including many securities lending agreements, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default rights or restrict
transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government regulation
and other developments in the market, could adversely affect the Fund&#146;s ability to terminate existing securities lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor lenders that
can provide additional protections, such as liens that are exercisable upon lender default, to bank borrowers. The Fund may provide additional protections to bank </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">S-43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
borrowers, where permitted pursuant to the Fund&#146;s investment policies and if the Advisor believes doing so is in the best interest of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk of Investing in Asia-Pacific Countries </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition
to the risks of investing in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities and the risks of investing in emerging markets, Asia-Pacific countries are subject to certain additional or specific risks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In many of the developing market Asia-Pacific countries, there is a high concentration of market capitalization and trading volume in a small number of
issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many developing market Asia-Pacific countries have experienced rapid growth and industrialization in recent years, but
there is no assurance that this growth rate will be maintained. Other developing market Asia-Pacific countries, however, have experienced high inflation, high unemployment, currency devaluations and restrictions, and over-extension of credit.
Brokers in developing market Asia-Pacific countries typically are fewer in number and less well capitalized than brokers in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Many of
the developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability than is the case in the United States and Western European countries. Such instability may result from, among other things:
(i)&nbsp;authoritarian governments or military involvement in political and economic decision-making, including changes in government through extra-constitutional means; (ii)&nbsp;popular unrest associated with demands for improved political,
economic and social conditions; (iii)&nbsp;internal insurgencies; (iv)&nbsp;hostile relations with neighboring countries; and (v)&nbsp;ethnic, religious and racial disaffection. In addition, the governments of many of such countries have a
substantial role in regulating and supervising the economy. Another risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international trade. The existence of overburdened
infrastructure and obsolete financial systems also presents risks in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon exports of primary commodities and, therefore, are vulnerable to changes
in commodity prices that, in turn, may be affected by a variety of factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The rights of investors in developing market Asia-Pacific companies may be
more limited than those of shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some developing Asia-Pacific countries prohibit or impose substantial restrictions on investments in their capital markets, particularly their equity markets,
by foreign entities. For example, certain countries may require governmental approval prior to investments by foreign persons or limit the amount of investment by foreign persons in a particular company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Geopolitical hostility, political instability, and economic or environmental events in any one of the Asia-Pacific countries may have a significant economic
effect on the entire Asia-Pacific region, as well as on major trading partners outside the Asia-Pacific region. Any adverse event in the Asia-Pacific markets may have a significant adverse effect on some or all of the economies of the Asia-Pacific
countries. In particular, China is a key trading partner of many Asia-Pacific countries and any changes in trading relationships between China and other Asia-Pacific countries may affect the region as a whole. Many Asia-Pacific countries are subject
to political risk, including political instability, corruption and regional conflict with neighboring countries. North Korea and South Korea each have substantial military capabilities, and historical tensions between the two countries present the
risk of war. Escalated tensions involving the two countries and any outbreak of hostilities between the two countries, or even the threat of an outbreak of hostilities, could have a severe adverse effect on the entire Asia-Pacific region. Certain
Asia-Pacific countries have developed increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect Asia-Pacific issuers that rely on the U.S. for trade. In addition, many Asia-Pacific
countries are subject to social and labor risks associated with demands for improved political, economic and social conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk of Investing in
Latin America </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The economies of Latin American countries have experienced high inflation rates, high interest rates, rates,
economic volatility, currency devaluations, government debt defaults and high unemployment. The emergence of the Latin American economies and securities markets will require continued economic and fiscal discipline that has been lacking at times in
the past, as well as stable political and social conditions. International economic conditions, particularly those in the United States, as well as world prices for oil and other commodities may also influence the development of the Latin American
economies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Some Latin American currencies have experienced steady devaluations relative to the U.S. dollar and certain Latin American countries have had
to make major adjustments in their currencies from time to time. In addition, governments of many Latin American countries have exercised and continue to exercise substantial influence over many aspects of the private sector. Governmental actions in
the future could have a significant effect on economic conditions in Latin American countries, which could affect the companies in which the Fund invests and, therefore, the value of Fund shares. As noted, in the past, many Latin American countries
have experienced substantial, and in some periods extremely high, rates of inflation for many years. For companies that keep accounting records in the local currency, inflation accounting rules in some Latin American countries require, for both tax
and accounting purposes, that certain assets and liabilities be restated on the company&#146;s balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits
for certain Latin American companies. Inflation and rapid fluctuations in inflation rates have had, and could, in the future, have very negative effects on the economies and securities markets of certain Latin American countries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Substantial limitations may exist in certain countries with respect to the Fund&#146;s ability to repatriate investment income, capital or the proceeds of
sales of securities. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain Latin American countries have entered into regional trade agreements that are designed to, among other things, reduce barriers between countries,
increase competition among companies and reduce government subsidies in certain industries. No assurance can be given that these changes will be successful in the long-term, or that these changes will result in the economic stability intended. There
is a possibility that these trade arrangements will not be fully implemented, or will be partially or completely unwound. It is also possible that a significant participant could choose to abandon a trade agreement, which could diminish its
credibility and influence. Any of these occurrences could have adverse effects on the markets of both participating and <FONT STYLE="white-space:nowrap">non-participating</FONT> countries, including sharp appreciation or depreciation of
participants&#146; national currencies and a significant increase in exchange rate volatility, a resurgence in economic protectionism, an undermining of confidence in the Latin American markets, an undermining of Latin American economic stability,
the collapse or slowdown of the drive towards Latin American economic unity, and/or reversion of the attempts to lower government debt and inflation rates that were introduced in anticipation of such trade agreements. Such developments could have an
adverse impact on the Fund&#146;s investments in Latin America generally or in specific countries participating in such trade agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other Latin
American market risks include foreign exchange controls, difficulties in pricing securities, defaults on sovereign debt, difficulties in enforcing favorable legal judgments in local courts and political and social instability. Legal remedies
available to investors in certain Latin American countries may be less extensive than those available to investors in the United States or other foreign countries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk of Investing in Japan </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There are special risks
associated with investments in Japan. If the Fund invests in Japan, the value of the Fund&#146;s shares may vary widely in response to political and economic factors affecting companies in Japan. Political, social or economic disruptions in Japan or
in other countries in the region may adversely affect the values of Japanese securities and thus the Fund&#146;s holdings. Additionally, since securities in Japan are denominated and quoted in yen, the value of the Fund&#146;s Japanese securities as
measured in U.S. dollars may be affected by fluctuations in the value of the Japanese yen relative to the U.S. dollar. Japanese securities are also subject to the more general risks associated with foreign securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk of Investing in Russia </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-45 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia&#146;s
banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration system for
equity share registration in Russia and registration was carried out either by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to effective state supervision or licensed with any
governmental entity. In 2013, Russia established the National Settlement Depository (&#147;NSD&#148;) as a recognized central securities depository, and title to Russian equities is now based on the records of the NSD and not on the records of the
local registrars. The implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally, issuers and registrars remain
prominent in the validation and approval of documentation requirements for corporate action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to the completion and submission of corporate action
elections. To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, Russia also may attempt to assert its influence in the region through economic or even military measures, as it did with Georgia in the summer of
2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion of Ukraine on February&nbsp;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in
its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting
actual and threatened response to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian
individuals, including politicians, may impact Russia&#146;s economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities,
such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Governments in the United States and many other countries (collectively, the &#147;Sanctioning Bodies&#148;) have imposed economic sanctions on certain
Russian individuals, including politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute broader sanctions on Russia, including banning Russia from global payments systems that facilitate
cross-border payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These
sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of the Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could also result in
Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_6"></A>MANAGEMENT OF THE FUND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Management Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the Advisor intends to devote such time and effort to the business of the Fund as is reasonably necessary to perform its duties to the Fund, the
services of the Advisor are not exclusive and the Advisor provides similar services to other investment companies and other clients and may engage in other activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The investment management agreement between the Advisor and the Fund (the &#147;Investment Management Agreement&#148;) also provides that except for a loss
resulting from a breach of fiduciary duty with respect to the receipt of compensation or a loss resulting from willful misfeasance, bad faith or gross negligence on the Advisor&#146;s part in the performance of its duties or from reckless disregard
by the Advisor of its duties under the Investment Management Agreement, the Advisor is not liable for any error of judgment or mistake of law or for any loss suffered by the Advisor or the Fund in connection with the performance of the Investment
Management Agreement. The Investment Management Agreement also provides for indemnification by the Fund of the Advisor and each of the Advisor&#146;s directors, officers, employees, agents, associates and controlling persons, and the directors,
partners, members, officers, employees and agents thereof (including any individual who serves at the Advisor&#146;s request as </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">S-46 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
director, officer, partner, member, trustee or the like of another entity) for liabilities and expenses incurred by them in connection with their services to the Fund, subject to certain
limitations and conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement provides for the Fund to pay a monthly management fee at an annual rate of 0.75% based on
an aggregate of (i)&nbsp;the Fund&#146;s average daily net assets and (ii)&nbsp;the proceeds of any outstanding debt securities or 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 [&#9679;] amounted to approximately [&#9679;]% of the Fund&#146;s Managed Assets (approximately [&#9679;]% 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 indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and
its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund and the Advisor have entered into a fee waiver agreement (the &#147;Fee Waiver Agreement&#148;), pursuant to which the Advisor has contractually
agreed to waive the management fee with respect to any portion of the Fund&#146;s assets attributable to investments in any equity and fixed-income mutual funds and exchanged-traded funds managed by the Advisor or its affiliates that have a
contractual management fee, through June&nbsp;30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor
indirectly through its investment in money market funds advised by the Advisor or its affiliates, through June&nbsp;30, 2027. The Fee Waiver Agreement may be continued from year to year thereafter, provided that such continuance is specifically
approved by the Advisor and the Fund (including by a majority of the Independent Directors). Neither the Advisor nor the Fund is obligated to extend the Fee Waiver Agreement. The Fee Waiver Agreement may be terminated at any time, without the
payment of any penalty, only by the Fund (upon the vote of a majority of the Independent Directors or a majority of the outstanding voting securities of the Fund), upon 90 days&#146; written notice by the Fund to the Advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Investment Management Agreement will continue in effect from year to year provided that each continuance is specifically approved at least annually by
both (1)&nbsp;the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Fund (as such term is defined in the Investment Company Act) and (2)&nbsp;by the vote of a majority of the Directors who are not
parties to the Investment Management Agreement or &#147;interested persons&#148; (as such term is defined in the Investment Company Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Investment
Management Agreement may be terminated as a whole at any time by the Fund, without the payment of any penalty, upon the vote of a majority of the Directors or a majority of the outstanding voting securities of the Fund or by the Advisor, on 60
days&#146; written notice by either party to the other which can be waived by the <FONT STYLE="white-space:nowrap">non-terminating</FONT> party. The Investment Management Agreement will terminate automatically in the event of its
&#147;assignment&#148; (as such term is defined in the Investment Company Act and the rules thereunder). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below sets forth information about the
total management fees paid by the Fund to the Advisor, and the amounts waived by the Advisor, for the periods indicated: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" 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="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Fiscal Year/Period
Ended&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Paid&nbsp;to&nbsp;the&nbsp;Advisor</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>Waived&nbsp;by&nbsp;the&nbsp;Advisor</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8194;&#8195;&#8195;4,514,059</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8194;30,769</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,506,441</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,941,913</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,049</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Sub-Investment</FONT> Advisory Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock International Limited (the <FONT STYLE="white-space:nowrap">&#147;Sub-Advisor&#148;),</FONT> a majority owned subsidiary of BlackRock, performs
certain of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> investment management of the Fund pursuant to a separate <FONT STYLE="white-space:nowrap">sub-investment</FONT> advisory agreement. The
Advisor, and not the Fund, pays the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> for that portion of the Fund for which the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> acts as <FONT STYLE="white-space:nowrap">sub-adviser,</FONT> a
monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Advisor. </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">S-47 </P>

</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">sub-investment</FONT> advisory agreement provides that, in the absence
of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations thereunder, the Fund will indemnify the <FONT STYLE="white-space:nowrap">Sub-Advisor,</FONT> its directors, officers, employees, agents, associates and
control persons for liabilities incurred by them in connection with their services to the Fund, subject to certain limitations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the <FONT
STYLE="white-space:nowrap">Sub-Advisor</FONT> intends to devote such time and effort to the business of the Fund as is reasonably necessary to perform its duties to the Fund, the services of the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT>
are not exclusive and the <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> 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; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">sub-investment</FONT> advisory agreement will continue in effect for a period of two years from its effective date, and
if not sooner terminated, will continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved at least annually by both (1)&nbsp;the vote of a majority of the Board or the vote of a
majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act) and (2)&nbsp;by the vote of a majority of the Directors who are not parties to such agreement or interested persons (as such term is defined in the
Investment Company Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The <FONT STYLE="white-space:nowrap">sub-investment</FONT> advisory agreement may be terminated as a whole at any time by the
Fund without the payment of any penalty, upon the vote of a majority of the Board or a majority of the outstanding voting securities of the Fund or by the Advisor or the <FONT STYLE="white-space:nowrap">Sub-Advisor,</FONT> on 60 days&#146; written
notice by either party to the other. The <FONT STYLE="white-space:nowrap">sub-investment</FONT> advisory agreement will also terminate automatically in the event of their assignment (as such term is defined in the Investment Company Act and the
rules thereunder). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Biographical Information Pertaining to the Directors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board consists of ten individuals (each, a &#147;Director&#148;), eight of whom are Independent Directors. The registered investment companies advised by
the Advisor or its affiliates (the &#147;BlackRock-advised Funds&#148;) are organized into one complex of <FONT STYLE="white-space:nowrap">closed-end</FONT> funds and <FONT STYLE="white-space:nowrap">open-end</FONT>
<FONT STYLE="white-space:nowrap">non-index</FONT> fixed-income funds (the &#147;BlackRock Fixed-Income Complex&#148;), one complex of <FONT STYLE="white-space:nowrap">open-end</FONT> equity, multi-asset, index and money market funds (the
&#147;BlackRock Multi-Asset Complex&#148;) and one complex of exchange-traded funds (each, a &#147;BlackRock Fund Complex&#148;).&nbsp;The Fund is included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex.&nbsp;The
Directors also oversee as board members the operations of the other <FONT STYLE="white-space:nowrap">open-end</FONT> and <FONT STYLE="white-space:nowrap">closed-end</FONT> registered investment companies included in the BlackRock Fixed-Income
Complex. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the section of the Fund&#146;s May&nbsp;22, 2025 definitive proxy statement on Schedule 14A for the annual meeting of the
Fund&#146;s shareholders entitled: &#147;Proposal 1&#151;Election of Board Nominees&#151;Board Members&#146;/Nominees&#146; Biographical Information&#148;, which is incorporated by reference herein, for a discussion of the Fund&#146;s directors,
their principal occupations and other affiliates during the past five years, the number of portfolios in the Fixed-Income Complex that they oversee, and other information about them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board Leadership Structure and Oversight </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer
to the sections of the Fund&#146;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#146;s shareholders entitled: &#147;Proposal 1&#151;Election of Board Nominees&#151;Board Leadership Structure and Oversight&#148; and
&#147;Appendix E&#151;Committees of the Board&#148; which is incorporated by reference herein, for a discussion of the Board&#146;s leadership structure and oversight </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Director Share Ownership </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the section of
the Fund&#146;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#146;s shareholders entitled: &#147;Appendix C &#150; Equity Securities Owned by Board Members and Board Nominees&#148;, which is incorporated by reference
herein, for information relating to share ownership in the Fund by each Director. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compensation of Directors </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the section of the Fund&#146;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#146;s shareholders entitled:
&#147;Appendix B &#150; Compensation of the Board Members&#148;, which is incorporated 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">S-48 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
reference herein, for information pertaining to the compensation received by each Director for their services as a Board Member of the BlackRock-advised funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Independent Director Ownership of Securities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of
December&nbsp;31, 2024, none of the Independent Directors of the Fund or their immediate family members owned beneficially or of record any securities of BlackRock or any affiliate of any BlackRock person controlling, controlled by or under common
control with BlackRock nor did any Independent Directors of the Fund or their immediate family members have any material interest in any transaction, or series of similar transactions, during the most recently completed two calendar years involving
the Fund, BlackRock or any affiliate of any BlackRock person controlling, controlled by or under common control with the Fund or BlackRock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[As of the
date of this SAI, the officers and Directors of the Fund, as a group, beneficially owned less than 1% of the outstanding common shares of the Fund.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Pertaining to the Officers </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to
the section of the Fund&#146;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&#146;s shareholders entitled: &#147;Appendix F &#150; Information Pertaining to the Executive Officers of the Funds&#148;, which is
incorporated by reference herein, for certain biographical and other information relating to the officers of the Fund who are not Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indemnification of Directors and Officers </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Closed-end</FONT> funds in the BlackRock Fixed-Income Complex, including the Fund, have also entered into a separate
indemnification agreement with the board members of each board of such funds (the &#147;Indemnification Agreement&#148;). The Indemnification Agreement (i)&nbsp;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 BlackRock Fixed-Income Complex; (ii)&nbsp;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)&nbsp;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&nbsp;&amp; Co., Inc.&#146;s investment management business, clarifies that such fund continues to indemnify the trustee for claims arising out of his or her past service to that fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Portfolio Management </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Portfolio Manager Assets Under
Management </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth information about funds and accounts other than the Fund for which the portfolio managers are primarily
responsible for the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> portfolio management as of December&nbsp;31, 2024: </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">S-49 </P>

</DIV>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(ii)&nbsp;Number&nbsp;of&nbsp;Other&nbsp;Accounts&nbsp;Managed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>and Assets by Account Type</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(iii)&nbsp;Number&nbsp;of&nbsp;Other&nbsp;Accounts&nbsp;and</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Assets&nbsp;for Which Advisory Fee is</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Performance-Based</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(i) Name of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Portfolio Manager</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Companies</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other
Pooled</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vehicles</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Accounts</B></P></TD>

<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Companies</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other
Pooled</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Vehicles</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Accounts</B></P></TD></TR>


<TR BGCOLOR="#d6fff5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER:1px solid #000000; padding-left:8pt">David Delbos</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">28</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">25</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">118</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">5</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$42.44 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$9.75 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$17.54 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$652.1 Million</TD></TR>
<TR BGCOLOR="#d6fff5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER:1px solid #000000; padding-left:8pt">Mitchell Garfin, CFA</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">29</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">25</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">131</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">5</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$43.61 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$9.90 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$18.01 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$652.1 Million</TD></TR>
<TR BGCOLOR="#d6fff5" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER:1px solid #000000; padding-left:8pt">Carly Wilson</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">13</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">9</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">14</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">0</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$9.13 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1.30 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$3.60 Billion</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$0</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Portfolio Manager Compensation Overview </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The discussion below describes the portfolio managers&#146; compensation as of December&nbsp;31, 2024. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor&#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 include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based
discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by the Advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Base Compensation</B>. Generally, portfolio managers receive base compensation based on their position with the firm. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Discretionary Incentive Compensation</B>. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., 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 Fund or
other accounts managed by the portfolio managers are measured. 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
Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed-income funds is measured on a <FONT STYLE="white-space:nowrap">pre-tax</FONT> and/or <FONT STYLE="white-space:nowrap">after-tax</FONT>
basis over various time periods including <FONT STYLE="white-space:nowrap">1-,</FONT> <FONT STYLE="white-space:nowrap">3-</FONT> and <FONT STYLE="white-space:nowrap">5-</FONT> year periods, as applicable. With respect to these portfolio managers,
such benchmarks for the Fund and other accounts are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&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="27%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"><U>Portfolio Manager</U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><U>Benchmarks</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">Carly Wilson</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">A combination of market-based indices (e.g. ICE BofA <FONT STYLE="white-space:nowrap">3-Month</FONT> U.S.
Treasury Bill Index).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">David Delbos <BR>Mitchell Garfin, CFA</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index),
certain customized indices and certain fund industry peer groups.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Distribution of Discretionary Incentive Compensation</B>.<B> </B>Discretionary incentive compensation is distributed to
portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a
specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts
compensation earned by a portfolio manager for a given year &#147;at risk&#148; based on BlackRock&#146;s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to
certain key employees as part of a long-</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">S-50 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of
BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally
track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of
years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Compensation Benefits.</B><B></B>&nbsp;In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to
receive or participate in one or more of the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Incentive Savings Plans&#151;</I>BlackRock,&nbsp;Inc. has created a variety of incentive
savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k)&nbsp;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 <FONT STYLE="white-space:nowrap">to&nbsp;3-5%&nbsp;of</FONT> eligible
compensation up to the Internal Revenue Service (&#147;IRS&#148;) limit ($345,000 for 2024). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc.
contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant
attains age 65.&nbsp;The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date.&nbsp;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.&nbsp;All of the eligible portfolio managers are eligible to participate in these plans.] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Securities Ownership of Portfolio Managers </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of
December&nbsp;31, 2024, the end of the Fund&#146;s most recently completed fiscal year end, the dollar range of securities beneficially owned by each portfolio manager in the Fund is shown below: </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="66%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Portfolio Manager</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities of the Fund</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Beneficially Owned</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David Delbos</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$100.001 - $500,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mitchell Garfin,
CFA</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Carly Wilson</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Potential Material Conflicts of Interest </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[The Advisor has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against
potential incentives that may favor one account over another. The Advisor has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other
potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, the Advisor furnishes investment management and advisory services to numerous clients in addition to the Fund, and
the Advisor may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge </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">S-51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
funds or have performance or higher fees paid to the Advisor, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from
those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale the Advisor recommends to
the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by the Advisor with respect
to the same securities. Moreover, the Advisor may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.&#146;s (or its affiliates&#146; or significant shareholders&#146;) officers, directors
or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material
<FONT STYLE="white-space:nowrap">non-public</FONT> information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. [It should also be noted that Messrs. Delbos
and Garfin and Ms.&nbsp;Wilson may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Delbos and Garfin and Ms.&nbsp;Wilson may therefore be
entitled to receive a portion of any incentive fees earned on such accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a fiduciary, the Advisor owes a duty of loyalty to its clients and must
treat each client fairly. When the Advisor purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. The Advisor attempts to allocate investments in a fair and equitable
manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide the Advisor with sufficient
flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Proxy
Voting Policies </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of the Fund has delegated the voting of proxies for the Fund&#146;s securities to the Manager pursuant to the <FONT
STYLE="white-space:nowrap">Closed-End</FONT> Fund Proxy Voting Policy. The Manager has adopted the BlackRock Active Investment Stewardship&#151;Global Engagement and Voting Guidelines (the &#147;BAIS Guidelines&#148;) with respect to certain funds,
including the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copies of the <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund Proxy Voting Policy and the BAIS Guidelines are attached as
Appendix A to this Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Information on how the Fund voted proxies relating to portfolio securities during the most recent <FONT
STYLE="white-space:nowrap">12-month</FONT> period ended June&nbsp;30 is available (i)&nbsp;without charge, upon request, by calling (800) <FONT STYLE="white-space:nowrap">882-0052,</FONT> (ii) at www.blackrock.com and (iii)&nbsp;on the SEC&#146;s
website at http://www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Codes of Ethics </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Fund and the Advisor have adopted codes of ethics pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;17j-1</FONT> under the Investment Company Act. These codes permit personnel subject to the codes to invest in securities, including securities
that may be purchased or held by the Fund. These codes may be obtained by calling the SEC at (202) <FONT STYLE="white-space:nowrap">551-8090.</FONT> These codes of ethics are available on the EDGAR Database on the SEC&#146;s website
(http://www.sec.gov), and copies of these codes may be obtained, after paying a duplicating fee, by electronic request at the following <FONT STYLE="white-space:nowrap">e-mail</FONT> address: publicinfo@sec.gov. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Information </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock, Inc. is independent in
ownership and governance, with no single majority stockholder and a majority of Independent Directors.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_7"></A>PORTFOLIO TRANSACTIONS AND BROKERAGE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to policies established by the Board, the Advisor is primarily responsible for the execution of the Fund&#146;s portfolio transactions and the
allocation of brokerage. The Advisor does not execute transactions through any particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage
commission or dealer spread), size of order, difficulty of execution, </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">S-52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
operational facilities of the firm and the firm&#146;s risk and skill in positioning blocks of securities. While the Advisor generally seeks reasonable trade execution costs, the Fund does not
necessarily pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,
the Advisor may select a broker based partly upon brokerage or research services provided to the Advisor and its clients, including the Fund. In return for such services, the Advisor may cause the Fund to pay a higher commission than other brokers
would charge if the Advisor determines in good faith that the commission is reasonable in relation to the services provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In selecting brokers or
dealers to execute portfolio transactions, the Advisor seeks to obtain the best price and most favorable execution for the Fund, taking into account a variety of factors including: (i)&nbsp;the size, nature and character of the security or
instrument being traded and the markets in which it is purchased or sold; (ii)&nbsp;the desired timing of the transaction; (iii)&nbsp;the Advisor&#146;s knowledge of the expected commission rates and spreads currently available; (iv)&nbsp;the
activity existing and expected in the market for the particular security or instrument, including any anticipated execution difficulties; (v)&nbsp;the full range of brokerage services provided; (vi)&nbsp;the broker&#146;s or dealer&#146;s capital;
(vii)&nbsp;the quality of research and research services provided; (viii)&nbsp;the reasonableness of the commission, dealer spread or its equivalent for the specific transaction; and (ix)&nbsp;the Advisor&#146;s knowledge of any actual or apparent
operational problems of a broker or dealer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;28(e) of the Exchange Act (&#147;Section&nbsp;28(e)&#148;) permits an investment adviser, under
certain circumstances and, if applicable, subject to the restrictions of MiFID II as described further below, 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)&nbsp;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)&nbsp;furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio
strategy, and the performance of accounts; and (3)&nbsp;effecting securities transactions and performing functions incidental to securities transactions (such as clearance, settlement, and custody). The Advisor believes that access to independent
investment research is beneficial to its investment decision-making processes and, therefore, to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor, unless prohibited by applicable
law, may participate in client commission arrangements under which the Advisor may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or commission credits to another firm that
provides research to the Advisor. The Advisor believes that research services obtained through soft dollar or commission sharing arrangements enhance its investment decision-making capabilities, thereby increasing the prospects for higher investment
returns. The Advisor will engage only in soft dollar or commission sharing transactions that comply with the requirements of Section&nbsp;28(e) and MiFID II. Under MiFID II, European Union (&#147;EU&#148;) investment managers, including the <FONT
STYLE="white-space:nowrap">Sub-Advisor,</FONT> pay for any research out of their own resources and not through soft dollars or commission sharing arrangements. The Advisor regularly evaluates the soft dollar products and services utilized, as well
as the overall soft dollar and commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to execute trades for client accounts, while at the same time providing access to the research and other
services the Advisor views as impactful to its trading results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor, unless prohibited by applicable law, may utilize soft dollars and related
services, including research (whether prepared by the broker-dealer or prepared by a third-party and provided to the Advisor by the broker-dealer) and execution or brokerage services within applicable rules and the Advisor&#146;s policies to the
extent that such permitted services do not compromise the Advisor&#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)&nbsp;provides access to company management; (b)&nbsp;provides access to their analysts; (c)&nbsp;provides meaningful/insightful research notes on companies or other potential investments; (d)&nbsp;facilitates calls on
which meaningful or insightful ideas about companies or potential investments are discussed; (e)&nbsp;facilitates conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or (f)&nbsp;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: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">S-53 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Research-oriented services for which the Advisor, unless prohibited by applicable law, might pay with Fund
commissions may be in written form or through direct contact with individuals and may include information as to particular companies or industries and securities or groups of securities, as well as market, economic, or institutional advice and
statistical information, political developments and technical market information that assists in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be used in servicing some or all client
accounts and not all services may be used in connection with the Fund or account that paid commissions to the broker providing such services. In some cases, research information received from brokers by investment company management personnel, or
personnel principally responsible for the Advisor&#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 the Advisor are not reduced as a result of
the Advisor&#146;s receipt of research services. In some cases, the Advisor may receive a service from a broker that has both a &#147;research&#148; and a <FONT STYLE="white-space:nowrap">&#147;non-research&#148;</FONT> use. When this occurs the
Advisor makes a good faith allocation, under all the circumstances, between the research and <FONT STYLE="white-space:nowrap">non-research</FONT> uses of the service. The percentage of the service that is used for research purposes may be paid for
with client commissions, while the Advisor will use its own funds to pay for the percentage of the service that is used for <FONT STYLE="white-space:nowrap">non-research</FONT> purposes. In making this good faith allocation, the Advisor faces a
potential conflict of interest, but the Advisor believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and
<FONT STYLE="white-space:nowrap">non-research</FONT> uses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Effective January&nbsp;3, 2018 under MiFID II, investment managers in the EU, including the <FONT
STYLE="white-space:nowrap">Sub-Advisor,</FONT> are no longer able to use soft dollars to pay for research from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss or agree with clients to
have research costs paid by clients through research payment accounts that are funded out of execution commissions or by a specific client research charge, provided that the payments for research are unbundled from the payments for execution. MiFID
II restricts the use of soft dollars by <FONT STYLE="white-space:nowrap">sub-advisers</FONT> to the Fund located in the EU, such as the <FONT STYLE="white-space:nowrap">Sub-Advisor,</FONT> if applicable. The
<FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> will pay for any research out of its own resources and not through soft dollars or commission sharing arrangements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT STYLE="white-space:nowrap">17e-1</FONT>
under the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, the Fund may purchase new issues of securities in a fixed price offering. In these situations, the
broker may be a member of the selling group that will, in addition to selling securities, provide the Advisor with research services. The Financial Industry Regulatory Authority, Inc. has adopted rules expressly permitting these types of
arrangements under certain circumstances. Generally, the broker will provide research &#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&nbsp;28(e). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Advisor does not consider sales of shares of the investment companies it advises as a factor in the
selection of brokers or dealers to execute portfolio transactions for the Fund; however, whether or not a particular broker or dealer sells shares of the investment companies advised by the Advisor neither qualifies nor disqualifies such broker or
dealer to execute transactions for those investment companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund anticipates that its brokerage transactions involving foreign securities
generally will be conducted primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by the Fund in the form of depositary receipts, or other securities convertible into foreign equity securities.
Depositary receipts may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be. American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated
commission rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers who make a market in
the particular securities, except in those circumstances in which better prices and execution are available elsewhere. Under the Investment Company Act, persons affiliated with the Fund and persons who are affiliated with such affiliated persons are
prohibited from dealing with the Fund as principal in the purchase and sale of securities unless a permissive order allowing such transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the
dealers acting as principal for their own accounts, the Fund will not deal with affiliated persons in connection with such transactions. However, an affiliated person of the Fund may </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">S-54 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
serve as its broker in OTC transactions conducted on an agency basis provided that, among other things, the fee or commission received by such affiliated broker is reasonable and fair compared to
the fee or commission received by <FONT STYLE="white-space:nowrap">non-affiliated</FONT> brokers in connection with comparable transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">OTC issues,
including most fixed-income securities such as corporate debt and U.S. Government securities, are normally traded on a &#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; 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; 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; font-size:10pt; font-family:Times New Roman">The Advisor or <FONT STYLE="white-space:nowrap">Sub-Advisor</FONT> 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; font-size:10pt; font-family:Times New Roman">Investment decisions for the Fund and for other investment accounts managed by the Advisor or <FONT
STYLE="white-space:nowrap">Sub-Advisor</FONT> are made independently of each other in light of differing conditions. The Advisor allocates investments among client accounts in a fair and equitable manner. A variety of factors will be considered in
making such allocations. These factors include: (i)&nbsp;investment objectives or strategies for particular accounts, including sector, industry, country or region and capitalization weightings, (ii)&nbsp;tax considerations of an account,
(iii)&nbsp;risk or investment concentration parameters for an account, (iv)&nbsp;supply or demand for a security at a given price level, (v)&nbsp;size of available investment, (vi)&nbsp;cash availability and liquidity requirements for accounts,
(vii)&nbsp;regulatory restrictions, (viii)&nbsp;minimum investment size of an account, (ix)&nbsp;relative size of account, and (x)&nbsp;such other factors as may be approved by the Advisor&#146;s general counsel. Moreover, investments may not be
allocated to one client account over another based on any of the following considerations: (i)&nbsp;to favor one client account at the expense of another, (ii)&nbsp;to generate higher fees paid by one client account over another or to produce
greater performance compensation to the Advisor, (iii)&nbsp;to develop or enhance a relationship with a client or prospective client, (iv)&nbsp;to compensate a client for past services or benefits rendered to the Advisor or to induce future services
or benefits to be rendered to the Advisor, or (v)&nbsp;to manage or equalize investment performance among different client accounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT STYLE="white-space:nowrap">pro-rata</FONT> allocation may result in the Fund receiving less of a particular security than if <FONT
STYLE="white-space:nowrap">pro-ration</FONT> 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; font-size:10pt; font-family:Times New Roman">Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the secondary market. When the Advisor is given an
opportunity to invest in such an initial offering or &#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 the Advisor&#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 </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">S-55 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
international equity securities, the country where the offering is taking place and the investment mandate of the client account. Generally, shares received during the initial public offering
will be allocated among participating client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be allocated among all accounts for which the investment is eligible, portfolio managers may
rotate such investment opportunities among one or more accounts so long as the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are considered by the Advisor to be fair and equitable to
clients may be used as well. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because different accounts may have differing investment objectives and policies, the Advisor may buy and sell the same
securities at the same time for different clients based on the particular investment objectives, guidelines and strategies of those accounts. For example, the Advisor may decide that it may be entirely appropriate for a growth fund to sell a
security at the same time a value fund is buying that security. To the extent that transactions on behalf of more than one client of the Advisor or its affiliates during the same period may increase the demand for securities being purchased or the
supply of securities being sold, there may be an adverse effect on price. For example, sales of a security by the Advisor on behalf of one or more of its clients may decrease the market price of such security, adversely impacting other of the
Advisor&#146;s 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 the Advisor or an affiliate act as investment
manager, transactions in such securities will be made, insofar as feasible, for the respective funds and clients in a manner deemed equitable to all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
certain instances, the Advisor may find it efficient for purposes of seeking to obtain best execution, to aggregate or &#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 the Advisor on behalf of more than one of its clients during the
same period may increase the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price. The trader will give the bunched order to the broker dealer that the trader has identified as being able
to provide the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount of time of the order receipt and bunched orders will be kept bunched only long enough to execute the order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will not purchase securities during the existence of any underwriting or selling group relating to such securities of which the Advisor or any
affiliated person (as defined in the Investment Company Act) thereof is a member except pursuant to procedures adopted by the Board in accordance with Rule <FONT STYLE="white-space:nowrap">10f-3</FONT> under the Investment Company Act. In no
instance will portfolio securities be purchased from or sold to the Advisor or any affiliated person of the foregoing entities except as permitted by SEC exemptive order or by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While the Fund generally does not expect to engage in trading for short-term gains, it will effect portfolio transactions without regard to any holding period
if, in the Advisor&#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; font-size:10pt; font-family:Times New Roman">Information
about the brokerage commissions paid by the Fund, including commissions paid to affiliates, for the last three fiscal years, is set forth in the following table: </P>
 <p STYLE="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">S-56 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Fiscal Year/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>Aggregate&nbsp;Brokerage<BR>Commissions&nbsp;Paid</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>Commissions&nbsp;Paid&nbsp;to&nbsp;Affiliates</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2024</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8195;9,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,215</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">December&nbsp;31, 2022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,526</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the fiscal year ended December&nbsp;31, 2024, the brokerage commissions paid to affiliates by the Fund represented 0% of
the aggregate brokerage commissions paid and involved 0% of the dollar amount of transactions involving payment of commissions during the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
following table shows the dollar amount of brokerage commissions paid to brokers for providing third-party research services and the approximate dollar amount of the transactions involved for the fiscal year ended December&nbsp;31, 2024. The
provision of third-party research services was not necessarily a factor in the placement of all brokerage business with such brokers. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="57%"></TD>

<TD VALIGN="bottom" WIDTH="40%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount&nbsp;of&nbsp;Commissions&nbsp;Paid&nbsp;to&nbsp;Brokers&nbsp;for<BR>Providing Research Services</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Amount&nbsp;of&nbsp;Brokerage&nbsp;Transactions&nbsp;Involved</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$0</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$0</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2024, the Fund held no securities of its &#147;regular brokers or dealers&#148; (as defined in <FONT
STYLE="white-space:nowrap">Rule&nbsp;10b-1&nbsp;under</FONT> the Investment Company Act) whose shares were purchased during the fiscal year ended December&nbsp;31, 2024, is as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Regular Broker or Dealer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Debt&nbsp;(D)&nbsp;/<BR>Equity&nbsp;(E)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate&nbsp;Holdings&nbsp;(000&#146;s)</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Jefferies Finance LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">D&#8195;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$693</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_8"></A>CONFLICTS OF INTEREST </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Certain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other subsidiaries of BlackRock, Inc. (collectively
referred to in this section as &#147;BlackRock&#148;) and their respective directors, officers or employees, with respect to the Fund and/or other accounts managed by BlackRock, may give rise to actual or perceived conflicts of interest such as
those described below. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock is one of the world&#146;s largest asset management firms. BlackRock, its subsidiaries and their respective
directors, officers and employees, including the business units or entities and personnel who may be involved in the investment activities and business operations of the Fund, are engaged worldwide in businesses, including managing equities, fixed
income securities, cash and alternative investments, and other financial services, and have interests other than that of managing the Fund. These are considerations of which investors in the Fund should be aware, and which may cause conflicts of
interest that could disadvantage the Fund and its shareholders. These businesses and interests include potential multiple advisory, transactional, financial and other relationships with, or interests in companies and interests in securities or other
instruments that may be purchased or sold by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock has proprietary interests in, and may manage or advise with respect to, accounts or
funds (including separate accounts and other funds and collective investment vehicles) that have investment objectives similar to those of the Fund and/or that engage in transactions in the same types of securities, currencies and instruments as the
Fund. BlackRock is also a major participant in the global currency, equities, swap and fixed income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such, BlackRock is or may be actively engaged in
transactions in the same securities, currencies, and instruments in which the Fund invests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 </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">S-57 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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; font-size:10pt; font-family:Times New Roman">In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an identical or substantially
similar manner as certain funds are made publicly available on a more timely basis than the applicable Fund. In some cases, such portfolio holdings are made publicly available on a daily basis. While not expected, it is possible that a recipient of
portfolio holdings information for such an investment vehicle could cause harm to the Fund that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund based on the information received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When BlackRock seeks to purchase or sell the same assets for client accounts, including the Fund, the assets actually purchased or sold may be allocated among
the accounts on a basis determined in its good faith discretion to be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for the Fund. In addition, transactions in investments by one or more
other accounts managed by BlackRock may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Fund, particularly, but not limited to, with respect to small capitalization, emerging market or less
liquid strategies. This may occur with respect to BlackRock-advised accounts when investment decisions regarding the Fund are based on research or other information that is also used to support decisions for other accounts. When BlackRock implements
a portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or strategies for the Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable
trading results and the costs of implementing such decisions or strategies could be increased or the Fund could otherwise be disadvantaged. BlackRock may, in certain cases, elect to implement internal policies and procedures designed to limit such
consequences, which may cause the Fund to be unable to engage in certain activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so. Conflicts may also arise because portfolio decisions
regarding the Fund may benefit other accounts managed by BlackRock. For example, the sale of a long position or establishment of a short position by the Fund may impair the price of the same security sold short by (and therefore benefit) BlackRock
or its other accounts or funds, and the purchase of a security or covering of a short position in a security by the Fund may increase the price of the same security held by (and therefore benefit) BlackRock or its other accounts or funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock, on behalf of other client accounts, on the one hand, and the Fund, on the other hand, may invest in or extend credit to different parts of the
capital structure of a single issuer. BlackRock may pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of other clients with respect to an issuer
in which the Fund has invested, and such actions (or refraining from action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the Fund) hold positions in multiple parts of the capital structure
of an issuer, BlackRock may not pursue certain actions or remedies that may be available to the Fund, as a result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest based on the
facts and circumstances of particular situations. For example, BlackRock may determine to rely on information barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly
situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, to the extent
permitted by applicable law, the Fund may invest its assets in other funds advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could result in conflicts of interest relating to asset
allocation, timing of Fund purchases and redemptions, and increased remuneration and profitability for BlackRock and/or its personnel, including portfolio managers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not limited to, marketing and promotional activities
and presentations, educational training programs and conferences) for registered representatives, other professionals and individual investors. There is a potential conflict of interest as such sponsorships may defray the costs of such activities to
BlackRock, and may provide an incentive to BlackRock to retain such third parties to provide services to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In certain circumstances, BlackRock,
on behalf of the Fund, may seek to buy from or sell securities to another fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients (&#147;cross trades&#148;), including the
Fund, if BlackRock believes such transactions are appropriate </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">S-58 </P>

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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; font-size:10pt; font-family:Times New Roman">BlackRock and its clients may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have an adverse
effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund&#146;s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the Fund may be impaired or effected at prices
or terms that may be less favorable than would otherwise have been the case. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 for its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It is possible that one or more accounts managed or
advised by BlackRock and such other accounts will achieve investment results that are substantially more or less favorable than the results achieved by the Fund. Moreover, it is possible that the Fund will sustain losses during periods in which one
or more proprietary or other accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to
time, the Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or advised by
BlackRock, and/or the internal policies of BlackRock designed to comply with such requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain types of transactions in certain securities or
instruments with respect to which BlackRock is performing services or when position limits have been reached. For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may limit the investment
opportunities for the Fund in certain emerging and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with its management of the Fund, BlackRock may have access to certain fundamental analysis and proprietary technical models developed by
BlackRock. BlackRock will not be under any obligation, however, to effect transactions on behalf of the Fund in accordance with such analysis and models. In addition, BlackRock will not have any obligation to make available any information regarding
its proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Fund and it is not anticipated that BlackRock will have access to such information for the
purpose of managing the Fund. The proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict with the transactions and strategies
employed by BlackRock in managing the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 net asset value and liquidity of the
Fund may be impacted by purchases and sales of the Fund by model-driven investment portfolios, as well as by BlackRock itself and by its advisory clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, certain principals and certain employees of the Fund&#146;s investment adviser are also principals or employees of other business units or
entities within BlackRock. As a result, these principals and employees may have obligations to such other business units or entities or their clients and such obligations to other business units or entities or their clients may be a consideration of
which investors in the Fund should be aware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of the
Fund in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, 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. </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">S-59 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock may also create, write or issue derivatives for 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. Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of certain
BlackRock-advised funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are based on such
iShares ETFs. Trading activity in these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets under management for BlackRock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by BlackRock and may also enter
into transactions with other clients of BlackRock where such other clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities within BlackRock to give advice to clients that may cause these
clients to take actions adverse to the interests of the Fund. To the extent such transactions are permitted, the Fund will deal with BlackRock on an arms-length basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in other commercial capacities for the Fund. It
is anticipated that the commissions, <FONT STYLE="white-space:nowrap">mark-ups,</FONT> mark-downs, financial advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or
profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other amounts that are favorable to BlackRock and
such sales personnel, which may have an adverse effect on the Fund. Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock that acts as a broker, dealer, agent, lender or in other
commercial capacities for the Fund or BlackRock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to
retain fees and other amounts that they receive in connection with their service to the Fund as broker, dealer, agent, lender, adviser or in other commercial capacities. No accounting to the Fund or their shareholders will be required, and no fees
or other compensation payable by the Fund or its shareholders will be reduced by reason of receipt by BlackRock of any such fees or other amounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When
BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Fund, BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will be required to establish business relationships with its counterparties based on the Fund&#146;s own credit standing. BlackRock will not have
any obligation to allow its 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 in evaluating the Fund&#146;s
creditworthiness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Investment Management, LLC (&#147;BIM&#148;) or BlackRock Institutional Trust Company, N.A. (&#147;BTC&#148;), as applicable,
each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and receives a share of securities lending revenues from, the Fund. BlackRock will also receive compensation for managing the reinvestment of the
cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program, including but not limited to: (i)&nbsp;BlackRock as securities lending agent may have an incentive to, among other things,
increase or decrease the amount of securities on loan or to lend particular securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii)&nbsp;BlackRock as securities lending agent may have an incentive
to allocate loans to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending clients with equal lending opportunities over time in order to
approximate pro rata allocation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of its securities lending program, BlackRock indemnifies the Fund and certain other clients and/or funds against
a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the potential dollar exposure of collateral shortfall resulting from a borrower default (&#147;shortfall risk&#148;) in the securities lending
program. BlackRock establishes program-wide borrower limits (&#147;credit limits&#148;) to actively manage borrower-specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using loan-level
factors such as loan and collateral type and market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible
</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">S-60 </P>

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collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities
lending activity BlackRock may conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by asset type, collateral type and/or revenue profile). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock may decline to make a securities loan on behalf of the Fund, discontinue lending on behalf of the Fund or terminate a securities loan on behalf of
the Fund for any reason, including but not limited to regulatory requirements and/or market rules, liquidity considerations, or credit considerations, which may impact the Fund by reducing or eliminating the volume of lending opportunities for
certain types of loans, loans in particular markets, loans of particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against lender
default that are favored by their prudential regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock uses a predetermined systematic process in order to approximate pro rata allocation
over time. In order to allocate a loan to a portfolio: (i)&nbsp;BlackRock as a whole must have sufficient lending capacity pursuant to the various program limits (i.e. indemnification exposure limit and borrower credit limits); (ii) the lending
portfolio must hold the asset at the time a loan opportunity arrives; and (iii)&nbsp;the lending portfolio must also have enough inventory, either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the
loan request. In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.
Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on different securities, and the overall limits imposed by the firm. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchases and sales of securities and other assets for the Fund may be bunched or aggregated with orders for other BlackRock client accounts, including with
accounts that pay different transaction costs solely due to the fact that they have different research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management decisions for different accounts
are made separately, or if they determine that bunching or aggregating is not practicable or required, or in cases involving client direction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prevailing
trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Fund will be charged or credited with the
average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund will not be charged the same commission or commission equivalent rates in connection
with a bunched or aggregated order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed in the section below entitled &#147;Portfolio Transactions and Brokerage,&#148; BlackRock, unless
prohibited by applicable law, may cause the Fund or account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for effecting the same transaction in recognition of
the value of brokerage and research services provided by that broker or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited, pay for research from brokers and dealers directly out of their own resources, rather
than through client commissions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client
accounts 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; font-size:10pt; font-family:Times New Roman">Research or other
services obtained in this manner may be used in servicing any or all of the Fund and other BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker relating to the research
or other service arrangements. Such products and services may disproportionately benefit other BlackRock client accounts relative to the Fund based on the amount of brokerage commissions paid by the Fund and such other BlackRock client accounts. For
example, research or other services that are paid for through one client&#146;s commissions may not be used in managing that client&#146;s account. In addition, </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">S-61 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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; font-size:10pt; font-family:Times New Roman">BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such arrangements, provide research or other
services in order to ensure the continued receipt of research or other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to time choose not to engage in the above described arrangements to
varying degrees. BlackRock, unless prohibited by applicable law, may also enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of the
commissions or commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 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; font-size:10pt; font-family:Times New Roman">BlackRock owns a minority interest in, and is a member of,
Members Exchange (&#147;MEMX&#148;), a newly created U.S. stock exchange. Transactions for the Fund may be executed on MEMX if third party brokers select MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf of
client portfolios. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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, 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 and Procedures.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It
is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and separately managed accounts) 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. BlackRock reserves the right, subject to compliance with applicable law, to redeem at any time
some or all of the shares of the Fund acquired for its own accounts. A large redemption of shares of the Fund by BlackRock could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund&#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 but is not obligated to do so and may elect not to do so.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is possible that the Fund may invest in securities of, or engage in transactions with, companies in which BlackRock has significant debt or equity
investments or other interests. The Fund may also invest in issuances (such as structured notes) by entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the sale of such issuances. In
making investment decisions for the Fund, BlackRock is not permitted to obtain or use material <FONT STYLE="white-space:nowrap">non-public</FONT> information acquired by any unit of BlackRock, in the course of these activities. In addition, from
time to time, the activities of BlackRock may limit the Fund&#146;s flexibility in purchases and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which BlackRock-advised funds or other clients of
BlackRock have an investment. </P>
 <p STYLE="margin-top: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">S-62 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock and its personnel and other financial service providers may have interests in promoting sales of
the Fund. With respect to BlackRock and its 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 sales personnel may directly or indirectly receive a portion of the fees and commissions charged to the Fund or their 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 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; font-size:10pt; font-family:Times New Roman">BlackRock may provide valuation assistance to certain clients with respect to certain securities or other investments and the valuation recommendations made
for such clients&#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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As disclosed in more detail in &#147;Net Asset Value&#148; in the Prospectus, when market quotations are not readily available or are believed by BlackRock to
be unreliable, the Fund&#146;s investments are valued at fair value by BlackRock. BlackRock has been designated as the Fund&#146;s valuation designee pursuant to Rule <FONT STYLE="white-space:nowrap">2a-5</FONT> under the Investment Company Act and
acts through BlackRock&#146;s Rule <FONT STYLE="white-space:nowrap">2a-5</FONT> Committee (the <FONT STYLE="white-space:nowrap">&#147;2a-5</FONT> Committee&#148;), with assistance from other BlackRock pricing committees and in accordance with
BlackRock&#146;s policies and procedures (the &#147;Valuation Procedures&#148;). When determining a &#147;fair value price,&#148; the <FONT STYLE="white-space:nowrap">2a-5</FONT> Committee seeks to determine the price that the Fund might reasonably
expect to receive from the current sale of that asset or liability in an <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. 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 the <FONT STYLE="white-space:nowrap">2a-5</FONT> Committee at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders and may affect
the amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the extent permitted by applicable law,
the Fund may invest all or some of its short term cash investments in any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments, the Fund, to the extent permitted by the
Investment Company Act, may pay its share of expenses of a money market fund or other similarly-managed private fund in which it invests, which may result in the Fund bearing some additional expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their own accounts and may have conflicts of
interest with respect to investments made on behalf of the Fund. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the same, different from or
made at different times than positions taken for the Fund. To lessen the possibility that the Fund will be adversely affected by this personal trading, the Fund, BRIL and BlackRock each have adopted a Code of Ethics in compliance with
Section&nbsp;17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the Fund&#146;s portfolio transactions.
Each Code of Ethics is also available on the EDGAR Database on the Commission&#146;s Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by <FONT STYLE="white-space:nowrap">e-mail</FONT> at
publicinfo@sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the
Fund may in accordance with rules or guidance adopted under the Investment Company Act engage </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">S-63 </P>

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in transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors, or investment advisers or pursuant to exemptive orders granted to the
Fund and/or BlackRock by the Commission. These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and
another client of BlackRock to purchase, the same security or instrument on the same day. From time to time, the activities of the Fund may be restricted because of regulatory requirements applicable to BlackRock and/or BlackRock&#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 its advice in certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other services or has proprietary positions.
For example, when BlackRock is engaged to provide advisory or risk management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf of the Fund, particularly where such
services result in BlackRock obtaining material <FONT STYLE="white-space:nowrap">non-public</FONT> information about the company (e.g., in connection with participation in a creditors&#146; committee). Similar situations could arise if personnel of
BlackRock serve as directors of companies the securities of which the Fund wish to purchase or sell. However, if permitted by 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 advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or
officers of the issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise in
connection with the advisory services BlackRock provides to the Fund and other clients. Certain BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock advisory
personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than or adverse to the decisions made or the actions taken (or not
taken) by the Fund&#146;s portfolio management teams. The various portfolio management teams may not share information with each other, including as a result of certain information barriers and other policies, and will not have any obligation or
other duty to do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock has established certain information barriers and other policies to address the sharing of information between different
businesses within BlackRock, including, effective on or about January&nbsp;21, 2025, with respect to personnel responsible with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for
managing portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of BlackRock generally will not have access, or will have limited access, to certain information and personnel, including
senior personnel, in other units of BlackRock, and generally will not manage the Fund with the benefit of information possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Fund with the benefit
of information held by certain areas of BlackRock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock may determine to move certain personnel, businesses, or business units from one side of an
information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that were moved will no longer have access to the information and personnel from the side of the
information barrier from which they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect transactions on behalf of the Fund
(including purchasing or selling securities that BlackRock may otherwise have purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not have their intended impact due to, for example, changes
in applicable law or inadvertent crossings of the barriers, and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of a barrier. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although the information barriers are intended to allow for independent portfolio management decision-making and proxy voting among certain BlackRock
businesses, the investment activities of BlackRock for BlackRock clients, as well as BlackRock&#146;s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the Fund). As BlackRock&#146;s assets
under management increases, BlackRock clients may face greater negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain circumstances where a BlackRock client
invests in securities issued by companies that operate in certain industries (e.g., banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate ownership restrictions (e.g., with
mechanisms such as poison pills </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">S-64 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
in place to prevent takeovers), or where a BlackRock client invest in certain futures and derivatives, there may be limits on the aggregate amount invested by BlackRock for its clients and
BlackRock&#146;s proprietary accounts that may not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver or <FONT STYLE="white-space:nowrap">non-disapproval</FONT> or, if exceeded, may
cause BlackRock or its clients to be subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased compliance costs or suffer disadvantages or business restrictions. In
light of certain restrictions, BlackRock may also seek to make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to certain securities in excess of the applicable ownership restrictions and limitations when
legally permitted that will expose such clients to additional costs and additional risks, including any risks associated with investing in derivatives. There may be limited availability of derivatives that provide indirect exposure to an impacted
security. BlackRock clients can be subject to more than one ownership limitation depending on each client&#146;s holdings, and each ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have
their own overlapping obligations to monitor their compliance with ownership limitations across their investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If certain aggregate ownership
thresholds are reached either through the actions of BlackRock or a BlackRock client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or dispose of investments, or exercise rights
(including voting) or undertake business transactions, may be restricted by law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or restriction, a client may be
unable to purchase or directly hold a security the client would otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients instead of the specific client being restricted. For index funds, this
means a fund may not be able to track its index as closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its index. BlackRock on behalf of
its clients may limit purchases, sell existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting voting rights or
forgoing the right to receive dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds. These
types of restrictions could negatively impact a client&#146;s performance or ability to meet its investment objective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When BlackRock or a BlackRock
client is subject to an ownership limitation, BlackRock may in its discretion seek permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that permission will be granted, or that, once granted,
it will not be modified or revoked at a later date with minimal or no notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain from taking certain actions in connection with the
approval, order, consent, relief or <FONT STYLE="white-space:nowrap">non-disapproval,</FONT> which BlackRock may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it otherwise would take. In those
circumstances where ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt
certain controls designed to prevent the occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in
such securities or, with respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection with purchases of Creation Units of such Fund. If client 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 reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory
actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ownership limitations are highly
complex. It is possible that, despite BlackRock&#146;s intent to either comply with or be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief
or <FONT STYLE="white-space:nowrap">non-disapproval</FONT> that was obtained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman">BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Fund may seek to license and use such indices as part of their
investment strategy. Index based funds that seek to track the </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">S-65 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
performance of securities indices also may use the name of the index or index provider in the fund name. Index providers, including BlackRock (to the extent permitted by applicable law), may be
paid licensing fees for use of their index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index.
BlackRock may benefit from the Fund using BlackRock indices by creating increasing acceptance in the marketplace for such indices. BlackRock is not obligated to license its indices to the Fund and the Fund is under no obligation to use BlackRock
indices. Any fund that enters into a license for a BlackRock index cannot be assured that the terms of any index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock may enter into contractual arrangements with third-party service providers to the Fund (e.g., custodians, administrators and index providers)
pursuant to which BlackRock receives fee discounts or concessions in recognition of BlackRock&#146;s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with such service providers pursuant to
which BlackRock incurs additional costs if the service provider&#146;s services are terminated with respect to the Fund. To the extent that BlackRock is responsible for paying service providers out of its fees that it receives from the Fund, the
benefits of lower fees, including any fee discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result in conflicts of interest relating to the use or termination of service providers to the
Fund. In addition, conflicts of interest may arise with respect to contractual arrangements with third-party service providers to the Fund, or the selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of
both funds that have a unitary management fee and those that do not or different service providers have different fee structures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Conflicts of interest
may arise as a result of simultaneous investment management of multiple client accounts by the BlackRock&#146;s investment professionals. For example, differences in the advisory fee structure may create the appearance of actual or potential
conflicts of interest because such differences could create pecuniary incentives for BlackRock to favor one client account over another. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock owns
or has an ownership interest in certain trading, portfolio management, operations and/or information systems used by Fund service providers. These systems are, or will be, used by 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 for the use of the
systems. The Fund service provider&#146;s payments to BlackRock for the use of these systems may enhance the profitability of BlackRock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock&#146;s
receipt of fees from a service provider in connection with the use of systems provided by BlackRock may create an incentive for BlackRock to recommend that the Fund enter into or renew an arrangement with the service provider. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In recognition of a BlackRock client&#146;s overall relationship with BlackRock, BlackRock may offer special pricing arrangements for certain services
provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses applicable to such client&#146;s investment in the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Present and future activities of BlackRock and its directors, officers and employees, in addition to those described in this section, may give rise to
additional conflicts of interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_9"></A>DESCRIPTION OF CAPITAL STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Common Shares </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund intends to hold annual meetings
of shareholders so long as the common shares are listed on a national securities exchange and such meetings are required as a condition to such listing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preferred Shares </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund currently does not intend to
issue preferred stock. Although the terms of any preferred stock that the Fund might issue in the future, including dividend rate, liquidation preference and redemption provisions, will be </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">S-66 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
determined by the Board, subject to applicable law and the Charter, it is likely that any such preferred stock issued would be structured to carry a relatively short-term dividend rate reflecting
interest rates on short-term debt securities, by providing for the periodic redetermination of the dividend rate at relatively short intervals through a fixed spread or remarketing procedure, subject to a maximum rate which would increase over time
in the event of an extended period of unsuccessful remarketing. The Fund also believes that it is likely that the liquidation preference, voting rights and redemption provisions of any such preferred stock would be similar to those stated below.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Liquidation Preference</I>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of shares of
any outstanding preferred stock will be entitled to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus an amount equal to accumulated but unpaid dividends, whether or not earned or declared)
before any distribution of assets is made to holders of common stock. After payment of the full amount of the liquidating distribution to which they are entitled, it is expected that preferred stockholders will not be entitled to any further
participation in any distribution of assets by the Fund. A consolidation or merger of the Fund with or into any other corporation or corporations or a sale of all or substantially all of the assets of the Fund will not be deemed to be a liquidation,
dissolution or winding up of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Voting Rights</I>. Except as otherwise indicated in this prospectus and except as otherwise required by
applicable law, holders of shares of any outstanding preferred stock will have equal voting rights with holders of shares of common stock (one vote per share) and will vote together with holders of common stock as a single class. In connection with
the election of the Fund&#146;s Directors, holders of shares of any outstanding preferred stock, voting as a separate class, will be entitled to elect two of the Fund&#146;s Directors, and the remaining Directors will be elected by all holders of
capital stock, voting as a single class. So long as any preferred stock is outstanding, it is expected that the Fund will have not less than five Directors. If at any time dividends on shares of any outstanding preferred stock shall be unpaid in an
amount equal to two full years&#146; dividends thereon, the holders of all outstanding shares of preferred stock, voting as a separate class, will be entitled to elect a majority of the Fund&#146;s Directors until all dividends in default have been
paid or declared and set apart for payment. It is expected that the affirmative vote of the holders of a majority of the outstanding shares of any outstanding preferred stock, voting as a separate class, will be required to (i)&nbsp;authorize,
create or issue any class or series of stock ranking prior to any series of preferred stock with respect to payment of dividends or the distribution of assets on liquidation or (ii)&nbsp;amend, alter or repeal the provisions of the Charter, whether
by merger, consolidation or otherwise, so as to adversely affect any of the contract rights expressly set forth in the Charter of holders of preferred stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Redemption Provisions</I>. It is anticipated that any outstanding shares of preferred stock will generally be redeemable at the option of the Fund at a
price equal to their liquidation preference plus accumulated but unpaid dividends to the date of redemption plus, under certain circumstances, a redemption premium. Shares of preferred stock will also be subject to mandatory redemption at a price
equal to their liquidation preference plus accumulated but unpaid dividends to the date of redemption upon the occurrence of certain specified events, such as the failure of the Fund to maintain asset coverage requirements for the preferred stock
specified by the Investment Company Act and rating services that issue ratings on the preferred stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Liquidity Feature</I>. Preferred stock may
include a liquidity feature that allows holders of preferred stock to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. The Fund
would pay a fee to the provider of this liquidity feature, which would be borne by common shareholders of the Fund. The terms of such liquidity feature may require the Fund to redeem preferred stock still owned by the liquidity provider following a
certain period of continuous, unsuccessful remarketing, which may adversely impact the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The discussion above describes the possible offering of
preferred stock by the Fund. If the Board determines to proceed with such an offering, the terms of the preferred stock may be the same as, or different from, the terms described above, subject to applicable law and the Charter. The Board, without
the approval of the holders of common shares, may authorize an offering of preferred stock or may determine not to authorize such an offering, and may fix the terms of the preferred stock to be offered. </P>
 <p STYLE="margin-top: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">S-67 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board (subject to applicable law and Charter) may authorize an offering, without the approval of the holders of common shares and, depending on their
terms, any preferred shares outstanding at that time, of other classes of shares, or other classes or series of shares, as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and
restrictions as the Board sees fit. The Fund currently does not expect to issue any other classes of shares, or series of shares, except for the common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_10"></A>REPURCHASE OF COMMON SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund is a <FONT STYLE="white-space:nowrap">closed-end</FONT> 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 shares will trade in the open market at a price that will be a function of several factors, including dividend levels (which are in turn affected by expenses), NAV, call protection for
portfolio securities, dividend stability, liquidity, relative demand for and supply of the common shares in the market, general market and economic conditions and other factors. Because shares of a <FONT STYLE="white-space:nowrap">closed-end</FONT>
investment company may frequently trade at prices lower than NAV, the Board may consider action that might be taken to reduce or eliminate any material discount from NAV in respect of common shares, which may include the repurchase of such shares in
the open market or in private transactions, the making of a tender offer for such shares, or the conversion of the Fund to an <FONT STYLE="white-space:nowrap">open-end</FONT> 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; 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 shares unless (1)&nbsp;all accrued preferred share dividends have been paid and (2)&nbsp;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 shares) is at least 200% of the liquidation value of any outstanding preferred shares (expected to equal
the original purchase price per share plus any accrued and unpaid dividends thereon). Any service fees incurred in connection with any tender offer made by the Fund will be borne by the Fund and will not reduce the stated consideration to be paid to
tendering shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; 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 Investment Company Act and the rules and regulations thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 shares or a tender offer for such shares if: (i)&nbsp;such transactions, if consummated, would (a)&nbsp;result in the delisting of the common shares from the
NYSE, or (b)&nbsp;impair the Fund&#146;s status as a regulated investment company (&#147;RIC&#148;) 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 <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company under the Investment Company Act; (ii)&nbsp;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)&nbsp;there is, in the Board&#146;s judgment, any (a)&nbsp;material legal action or proceeding instituted or
threatened challenging such transactions or otherwise materially adversely affecting the Fund, (b)&nbsp;general suspension of or limitation on prices for trading securities on the NYSE, (c)&nbsp;declaration of a banking moratorium by federal or
state authorities or any suspension of payment by United States or New York banks, (d)&nbsp;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)&nbsp;commencement of war, armed hostilities or other international or national calamity directly or indirectly involving the United States, or (f)&nbsp;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: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">S-68 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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 common shares trading at a price equal to their NAV. Nevertheless, the fact that the
Fund&#146;s common shares may be the subject of repurchases or tender offers from time to time, or that the Fund may be converted to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company, may reduce any spread between market price
and NAV that might otherwise exist. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, a purchase by the Fund of its common shares 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 shares at a time when preferred shares are outstanding will increase the leverage applicable to the outstanding common shares then remaining. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before deciding whether to take any action if the common shares trade below NAV, the Board would likely consider all relevant factors, including the extent
and duration of the discount, the liquidity of the Fund&#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 common shares
should trade at a discount, the Board may determine that, in the interest of the Fund and its shareholders, no action should be taken. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_11"></A>TAX MATTERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[The following is a description of certain U.S. federal income tax consequences to a shareholder of acquiring, holding and disposing
of common shares of the Fund. Except as otherwise noted, this discussion assumes you are a taxable U.S. holder (as defined below). This discussion is based upon current provisions of the 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 IRS, possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns
affecting the Fund and its shareholders, and the discussions set forth here do not constitute tax advice. This discussion assumes that investors hold common shares of the Fund as capital assets for U.S. federal income tax purposes (generally, assets
held for investment). The Fund has not sought and will not seek any ruling from the 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 <FONT STYLE="white-space:nowrap">non-U.S.,</FONT> 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 common shares, as well as the effects of state, local and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, no attempt is made to address tax considerations applicable to an investor with a special tax status, such as a financial institution, REIT,
insurance company, regulated investment company, individual retirement account, other <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organization, dealer in securities or currencies, person holding shares of the Fund as part of a hedging,
integrated, conversion or straddle transaction, trader in securities that has elected the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting for its securities, U.S. holder (as defined
below) whose functional currency is not the U.S. dollar, investor with &#147;applicable financial statements&#148; within the meaning of Section&nbsp;451(b) of the Code, or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> investor. Furthermore, this
discussion does not reflect possible application of the alternative minimum tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A U.S. holder is a beneficial owner that is for U.S. federal income tax
purposes: </P> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a citizen or individual resident of the United States (including certain former citizens and former long-term
residents); </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized
in or under the laws of the United States or any state thereof or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust with respect to which a court within the United States is able to exercise primary supervision over its
administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be
</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">S-69 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
treated as a U.S. person for U.S. federal income tax purposes, whose status as a U.S. person is not overridden by an applicable tax treaty. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of the Fund </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund intends to elect to be
treated and to qualify to be taxed as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must, among other things, satisfy certain requirements relating to the sources of its income, diversification of its assets, and
distribution of its income to its shareholders. First, the Fund must derive at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities
or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, or net income derived from interests
in &#147;qualified publicly traded partnerships&#148; (as defined in the Code) (the &#147;90% gross income test&#148;). Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i)&nbsp;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)&nbsp;not more than 25% of the market value of the total assets is invested in the securities (other than U.S. Government
securities and securities of other RICs) of any one issuer, any two or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or any one or more &#147;qualified publicly traded partnerships.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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)&nbsp;its net <FONT STYLE="white-space:nowrap">tax-exempt</FONT> interest income, if any, and (ii)&nbsp;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; 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)&nbsp;98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&nbsp;98.2% of its capital gain in excess of its capital loss (adjusted for certain
ordinary losses) for a <FONT STYLE="white-space:nowrap">one-year</FONT> period generally ending on October&nbsp;31 of the calendar year (unless an election is made to use the Fund&#146;s fiscal 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; 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)&nbsp;to be treated as qualified dividend
income in the case of shareholders taxed as individuals and (ii)&nbsp;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 <FONT STYLE="white-space:nowrap">non-RIC</FONT> 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 <FONT STYLE="white-space:nowrap">built-in</FONT> gain (the excess of aggregate gain, including items of income, over aggregate loss that
would have been </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">S-70 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such <FONT STYLE="white-space:nowrap">built-in</FONT> gain recognized for a period of five years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman"><B>The Fund&#146;s Investments </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain of the Fund&#146;s
investment practices are subject to special and complex U.S. federal income tax provisions (including <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market,</FONT></FONT> constructive sale, straddle, wash sale, short sale
and other rules) that may, among other things, (i)&nbsp;disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii)&nbsp;convert lower taxed long-term capital gains or qualified dividend income into higher taxed
short-term capital gains or ordinary income, (iii)&nbsp;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)&nbsp;adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi)&nbsp;adversely alter the characterization of certain complex financial transactions and (vii)&nbsp;produce income that will not be
&#147;qualified&#148; 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; font-size:10pt; font-family:Times New Roman">The Fund may invest a portion of its net assets in
below investment grade securities, commonly known as &#147;junk&#148; 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; 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; 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; 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; 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; 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 <FONT STYLE="white-space:nowrap">non-U.S.</FONT> taxes. </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">S-71 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Foreign currency gain or loss on foreign currency exchange contracts,
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> dollar-denominated securities contracts, and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> 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; font-size:10pt; font-family:Times New Roman">Income from options on individual securities written by the Fund will generally
not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject to a &#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; 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 <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;marked-to-market&#148;</FONT></FONT> 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&nbsp;gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss.
Because the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> 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. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;Mark-to-market&#148;</FONT></FONT> 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; font-size:10pt; font-family:Times New Roman"><B>Taxation of Common Shareholders </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will
either distribute or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate income tax on such retained amount. In that event, the Fund expects to report the retained amount
as undistributed capital gain in a notice to its common shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;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)&nbsp;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)&nbsp;will increase its basis in its common shares 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; 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 shares. All other dividends paid to you by the Fund (including dividends from net short-term capital gains) from its current or accumulated
earnings and profits, other than exempt-interest dividends (&#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)&nbsp;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)&nbsp;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). There can be no assurance as to what portion, if any, of the Fund&#146;s distributions will constitute
qualified dividend income or be eligible for the dividends received deduction. </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">S-72 </P>

</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; 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 shares, and thereafter as capital gain from the sale of common shares. The amount of any Fund distribution that is treated as a return of capital
will reduce your adjusted tax basis in your common shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman">Dividends and other taxable distributions are taxable to you even though they are reinvested in additional common shares of the Fund. Dividends and other
distributions paid by the Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however, the Fund pays you a dividend in January that was declared in the previous October, November or
December to common shareholders of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Fund and received by you on December&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; font-size:10pt; font-family:Times New Roman">Interest on certain &#147;private activity bonds&#148; is an item of tax preference subject to the alternative minimum tax on individuals. The Fund may invest
a portion of its assets in municipal bonds subject to this provision so that a portion of its exempt-interest dividends is an item of tax preference to the extent such dividends represent interest received from these private activity bonds.
Accordingly, investment in the Fund could cause a holder of common shares to be subject to, or result in an increased liability under, the alternative minimum tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exempt-interest dividends are included in determining what portion, if any, of a person&#146;s Social Security and railroad retirement benefits will be
includable in gross income subject to federal income tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The price of common shares purchased at any time may reflect the amount of a forthcoming
distribution. Those purchasing common shares just prior to the record date for a distribution will receive a distribution which will be taxable to them even though it represents, economically, a return of invested capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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; font-size:10pt; font-family:Times New Roman">The sale or other disposition of common shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have
held such common shares for more than one year at the time of sale. Any loss upon the sale or other disposition of common shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends
received (including amounts credited as an undistributed capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition of common shares will be disallowed if you acquire other common shares
(whether through the automatic reinvestment of dividends or otherwise) within a <FONT STYLE="white-space:nowrap">61-day</FONT> period beginning 30 days before and ending 30&nbsp;days after your sale or exchange of the common shares. In such case,
your tax basis in the common shares acquired will be adjusted to reflect the disallowed loss. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the Fund conducts a tender offer for its shares, a
repurchase by the Fund of a shareholder&#146;s shares pursuant to such tender offer generally will be treated as a sale or exchange of the shares by a shareholder provided that either (i)&nbsp;the shareholder tenders, and the Fund repurchases, all
of such shareholder&#146;s shares, thereby reducing the shareholder&#146;s percentage ownership of the Fund, whether directly or by attribution under Section&nbsp;318 of the Code, to 0%, (ii)&nbsp;the shareholder meets numerical safe harbors under
the Code with respect to percentage voting interest and reduction in ownership of the Fund following completion of the tender offer, or (iii)&nbsp;the tender offer otherwise results in a &#147;meaningful reduction&#148; of the shareholder&#146;s
ownership percentage interest in the Fund, which determination depends on a particular shareholder&#146;s facts and circumstances. </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">S-73 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a tendering shareholder&#146;s proportionate ownership of the Fund (determined after applying the
ownership attribution rules under Section&nbsp;318 of the Code) is not reduced to the extent required under the tests described above, such shareholder will be deemed to receive a distribution from the Fund under Section&nbsp;301 of the Code with
respect to the shares held (or deemed held under Section&nbsp;318 of the Code) by the shareholder after the tender offer (a &#147;Section&nbsp;301 distribution&#148;). The amount of this distribution will equal the price paid by the Fund to such
shareholder for the shares sold, and will be taxable as a dividend, <I>i.e.</I>, as ordinary income, to the extent of the Fund&#146;s current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of
capital reducing the shareholder&#146;s tax basis in the shares held after the tender offer, and thereafter as capital gain. Any Fund shares held by a shareholder after a tender offer will be subject to basis adjustments in accordance with the
provisions of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Provided that no tendering shareholder is treated as receiving a Section&nbsp;301 distribution as a result of selling shares
pursuant to a particular tender offer, shareholders who do not sell shares pursuant to that tender offer will not realize constructive distributions on their shares as a result of other shareholders selling shares in the tender offer. In the event
that any tendering shareholder is deemed to receive a Section&nbsp;301 distribution, it is possible that shareholders whose proportionate ownership of the Fund increases as a result of that tender offer, including shareholders who do not tender any
shares, will be deemed to receive a constructive distribution under Section&nbsp;305(c) of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the tender offer. Such constructive distribution will be
treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Use of the Fund&#146;s cash to repurchase shares may
adversely affect the Fund&#146;s ability to satisfy the distribution requirements for treatment as a regulated investment company described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share
purchases, in which case the Fund would take any such income into account in determining whether such distribution requirements have been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
the Fund liquidates, shareholders generally will realize capital gain or loss upon such liquidation in an amount equal to the difference between the amount of cash or other property received by the shareholder (including any property deemed received
by reason of its being placed in a liquidating trust) and the shareholder&#146;s adjusted tax basis in its shares. Any such gain or loss will be long-term if the shareholder is treated as having a holding period in Fund shares of greater than one
year, and otherwise will be short-term. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing discussion does not address the tax treatment of shareholders who do not hold their shares as a
capital asset. Such shareholders should consult their own tax advisors on the specific tax consequences to them of participating or not participating in the tender offer or upon liquidation of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 <FONT
STYLE="white-space:nowrap">non-corporate</FONT> 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; 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 common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 exempt-interest dividends or net capital gain (including amounts credited as an undistributed capital gain dividend) or upon the sale or other disposition of
common shares of the Fund. Different tax consequences may result if the foreign investor is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days or more during a taxable
year and certain other conditions are met. Foreign investors should consult their tax advisers regarding the tax consequences of investing in the Fund&#146;s common shares. </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">S-74 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ordinary income dividends properly reported by the RIC are generally exempt from U.S. federal withholding
tax where they (i)&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)&nbsp;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 <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status (including, in general, furnishing an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> or substitute form). In the case of common shares held through an intermediary, the intermediary may have withheld tax even if the Fund reported the payment as
qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance as to what portion of the
Fund&#146;s distributions would qualify for favorable treatment as qualified net interest income or qualified short-term capital gains if the provision is extended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition withholding at a rate of 30% will apply to dividends paid in respect of common shares of the Fund held by or through certain foreign financial
institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to shares in, and accounts maintained by, the institution to the extent such shares
or accounts are held by certain U.S. persons and by certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which
common shares of the Fund are held will affect the determination of whether such withholding is required. Similarly, dividends paid in respect of common shares of the Fund held by an investor that is a
<FONT STYLE="white-space:nowrap">non-financial</FONT> foreign entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i)&nbsp;certifies that such entity does not have any
&#147;substantial United States owners&#148; or (ii)&nbsp;provides certain information regarding the entity&#146;s &#147;substantial United States owners,&#148; which the applicable withholding agent will in turn provide to the Secretary of the
Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. The Fund will not pay any additional amounts to common
shareholders in respect of any amounts withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules on their investment in the Fund&#146;s common shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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
<FONT STYLE="white-space:nowrap">non-exempt</FONT> 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; 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">Under U.S. Treasury regulations, if a common shareholder recognizes a loss with respect to common shares of $2&nbsp;million or more for an individual
shareholder in a single taxable year (or $4&nbsp;million or more in any combination of taxable years in which the transaction is entered into and the five succeeding taxable years) or $10&nbsp;million or more for a corporate shareholder in any
single taxable year (or $20&nbsp;million or more in any combination of taxable years in which the transaction is entered into and the five succeeding taxable years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. The
fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer&#146;s treatment of the loss is proper. Common shareholders should consult their tax advisors to determine the applicability of
these regulations in light of their individual circumstances.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; 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, </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">S-75 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
reference should be made to the pertinent Code sections and Treasury Regulations. The Code and the Treasury Regulations are subject to change by legislative or administrative action, and any such
change may be retroactive with respect to Fund transactions. Holders of common shares are advised to consult their own tax advisers for more detailed information concerning the U.S. federal income taxation of the Fund and the income tax consequences
to its holders of common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_12"></A>CUSTODIAN AND TRANSFER AGENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The custodian of the assets of the Fund is State Street Bank and Trust Company, whose principal business address is One Congress Street, Boston, Massachusetts
02114. 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; font-size:10pt; font-family:Times New Roman">Computershare Trust Company, N.A., whose principal business address is 150 Royall Street, Canton, Massachusetts 02021, serves as the Fund&#146;s transfer
agent with respect to the common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_13"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[&#9679;], whose principal business address is [&#9679;], is the independent registered public accounting firm of the Fund and is expected to render an
opinion annually on the financial statements of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_14"></A>CONTROL PERSONS AND PRINCIPAL HOLDERS OF
SECURITIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A control person is a person who beneficially owns, either directly or indirectly, more than 25% of the voting securities of a company.
[As of [&#9679;], 2025, the Fund did not know of any person or entity who &#147;controlled&#148; the Fund. As of [&#9679;], 2025, to the knowledge of the Fund, no person owned of record or beneficially 5% or more of the outstanding common shares of
any class of the Fund]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_15"></A>INCORPORATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This SAI is part of a registration statement that we have filed with the SEC. We are allowed to &#147;incorporate by reference&#148; the information that we
file with the SEC, which means that we can disclose important information to you by referring you to those documents. We incorporate by reference into this SAI the documents listed below and any future filings we make with the SEC under Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act, including any filings on or after the date of this SAI from the date of filing (excluding any information furnished, rather than filed), until we have sold all of the offered securities to which this
SAI, the Prospectus and any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is an important part of this SAI. Any statement in a document incorporated by reference into
this SAI will be deemed to be automatically modified or superseded to the extent a statement contained in (1)&nbsp;this SAI or (2)&nbsp;any other subsequently filed document that is incorporated by reference into this SAI modifies or supersedes such
statement. The documents incorporated by reference herein include: </P> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Fund&#146;s Prospectus, dated [&#9679;], 2025, filed with this SAI; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm"><U>annual report</U></A> on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the fiscal year ended December&nbsp;31, 2024 filed with the SEC on March&nbsp;7, 2025; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our <A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312524213402/d879856dncsrs.htm"><U>semi-annual report
</U></A> on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the fiscal period ended June&nbsp;30, 2024 filed with the SEC on September&nbsp;5, 2024; </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Fund&#146;s <FONT COLOR="#0000ff"><U><A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001259708/000119312525125142/d892899ddef14a.htm">definitive
 proxy statement</A></U></FONT> on Schedule 14A, filed with the SEC on May&nbsp;22, 2025; and </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 style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <A HREF="http://www.sec.gov/Archives/edgar/data/0001259708/000090514803003666/efc3-1585_5448484fm8a12b.txt"><U>description
 of the Fund</U><U>&#146;</U><U>s common shares</U></A> contained in our Registration Statement on Form <FONT STYLE="white-space:nowrap">8-A</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-31851)</FONT> filed with the SEC on
October&nbsp;23, 2003, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering registered hereby. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S-76 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund will provide without charge to each person, including any beneficial owner, to whom this SAI is
delivered, upon written or oral request, a copy of any and all of the documents that have been or may be incorporated by reference in this SAI, the Prospectus or the accompanying prospectus supplement. You should direct requests for documents by
calling: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Client Services Desk </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(800) <FONT STYLE="white-space:nowrap">882-0052</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund makes available the Prospectus, SAI and the Fund&#146;s annual and semi-annual reports, free of charge, at <FONT
STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U>http://www.blackrock.com</U></FONT><FONT STYLE="font-family:Times New Roman">. You may also obtain this SAI, the Prospectus, other documents incorporated by reference and other
information the Fund files electronically, including reports and proxy statements, on the SEC website (</FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U>http://www.sec.gov</U></FONT><FONT
STYLE="font-family:Times New Roman">) or with the payment of a duplication fee, by electronic request at publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&#146;s website is not part of this SAI, the Prospectus
or the accompanying prospectus supplement. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="saitoc877269_16"></A>FINANCIAL STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The audited financial statements and financial highlights included in the <FONT STYLE="font-family:Times New Roman; font-size:10pt" COLOR="#0000ff"><U><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm">annual
 report</A></U></FONT><FONT STYLE="font-family:Times New Roman"> to the Fund&#146;s shareholders for the fiscal year ended December&nbsp;31, 2024 (the &#147;2024 Annual Report&#148;), together with the report of [&#9679;] on the financial statements
and financial highlights included in the Fund&#146;s 2024 Annual Report are incorporated herein by reference. </FONT></P> <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">S-77 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><A NAME="saitoc877269_17"></A><B>APPENDIX</B> A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RATINGS OF INVESTMENTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A rating is
generally assigned to a fixed-income security at the time of issuance by a credit rating agency designated as a nationally recognized statistical rating organization (&#147;NRSRO&#148;) by the SEC. While NRSROs may from time to time revise such
ratings, they undertake no obligation to do so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NRSROs may rate specific investments (e.g., bonds), issuers (e.g., corporations, governments and financial institutions) and/or programs (e.g., commercial
paper programs). However, certain types of investments may not be rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time deposits at financial institutions, and derivative instruments such as
credit default swaps. For these types of investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the specific investment but has rated the investment&#146;s issuer, program, financial institution or
underlying reference asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (&#147;BlackRock&#148;) may consider the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying
reference asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same security (e.g., &#147;underlying,&#148; &#147;insured&#148; and/or &#147;enhanced&#148; ratings), BlackRock may consider the
security to have the highest of the multiple ratings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial
offering. Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when
deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute an expected rating to the security based on: (i)&nbsp;the expected rating of the security set forth in the preliminary prospectus or
term sheet for the security; (ii)&nbsp;the NRSRO&#146;s rating for the issuer of the security set forth in the preliminary prospectus or term sheet for the security; or (iii)&nbsp;with respect to asset-backed securities, the rating of a prior
issuance having a similar structure or the same sponsor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Where the investment objective of a fund is to track the performance of an index that includes
credit ratings eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit
ratings practices of an index provider may differ from BlackRock&#146;s practices, as described above. Further, the fund may invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that
differs from the credit rating specified in its index methodology in various circumstances, including where a security is downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by the fund
or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fixed-income securities which are unrated may
expose the investor to risks with respect to capacity to pay interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these securities is dependent on BlackRock&#146;s judgment, analysis and
experience in the evaluation of such securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the
effect of recent developments on the issuer&#146;s ability to make interest and principal payments or on the likelihood of default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities deemed to
be high yield are rated below Baa3 by Moody&#146;s and below <FONT STYLE="white-space:nowrap">BBB-</FONT> by S&amp;P Global Ratings and Fitch. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
descriptions below relate to general long-term and short-term obligations of an issuer. </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-1 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>A Description of Moody&#146;s Investors Service, Inc.&#146;s (&#147;Moody&#146;s&#148;) Global Rating
Scales </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ratings assigned on Moody&#146;s global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of
financial obligations issued by <FONT STYLE="white-space:nowrap">non-financial</FONT> corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody&#146;s defines credit risk as the risk
that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody&#146;s ratings are those that call
for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody&#146;s rating addresses the issuer&#146;s ability
to obtain cash sufficient to service the obligation, and its willingness to pay. Moody&#146;s ratings do not address <FONT STYLE="white-space:nowrap">non-standard</FONT> sources of variation in the amount of the principal obligation (e.g., equity
indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a
default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and
reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Moody&#146;s issues ratings at the issuer level and instrument level on
both the long-term scale and the short-term scale. Typically, ratings are made publicly available although private and unpublished ratings may also be assigned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public
sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade
level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies,
however, Moody&#146;s aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Moody&#146;s Global Long-Term Rating Scale </B></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 WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 and are typically in default, with little prospect for recovery of principal or interest.</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-2 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Note</I>: 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 <FONT STYLE="white-space:nowrap">mid-range</FONT> 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment
if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security
is an expression of the relative credit risk associated with that security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Moody&#146;s Global Short-Term Rating Scale </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">P-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ratings of <FONT STYLE="white-space:nowrap">Prime-1</FONT> reflect a superior ability to repay short-term obligations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">P-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ratings of <FONT STYLE="white-space:nowrap">Prime-2</FONT> reflect a strong ability to repay short-term obligations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">P-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ratings of <FONT STYLE="white-space:nowrap">Prime-3</FONT> reflect an acceptable ability to repay short-term obligations.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Moody&#146;s U.S. Municipal Short-Term Debt and Demand Obligation Ratings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Moody&#146;s Short-Term Obligation Ratings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs
may be backed by external letters of credit or liquidity facilities, or by an issuer&#146;s self-liquidity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For other short-term municipal obligations,
Moody&#146;s uses one of two other short-term rating scales, the Municipal Investment Grade (&#147;MIG&#148;) and Variable Municipal Investment Grade (&#147;VMIG&#148;) scales discussed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature
in three years or less. Under certain circumstances, Moody&#146;s uses the MIG scale for bond anticipation notes with maturities of up to five years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>MIG Scale </U></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 WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MIG&nbsp;1</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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MIG&nbsp;2</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="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">MIG&nbsp;3</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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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>
 <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>

</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Moody&#146;s Demand Obligation Ratings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the case of variable rate demand obligations (&#147;VRDOs&#148;), a <FONT STYLE="white-space:nowrap">two-component</FONT> rating is assigned. The
components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer&#146;s ability to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of
the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature (&#147;demand feature&#148;) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support
use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand obligations with
conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer&#146;s long-term rating drops below investment grade. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Moody&#146;s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the
frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is &#147;NR&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VMIG Scale </U></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" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">VMIG&nbsp;1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase
price upon demand.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">VMIG&nbsp;2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">VMIG&nbsp;3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of
purchase price upon demand.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SG</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or
legal protections necessary to ensure the timely payment of purchase price upon demand.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of S&amp;P Global Ratings (&#147;S&amp;P&#148;), a Division of S&amp;P Global Inc., Issue Credit Ratings
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An S&amp;P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation,
a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of
credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P&#146;s view of the obligor&#146;s capacity and willingness to meet its financial commitments as they come
due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Issue
credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term
issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&amp;P would typically assign a long-term issue credit rating to an obligation with an original maturity of
greater than 365 days. However, the ratings S&amp;P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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="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>

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

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The likelihood of payment&#151;the capacity and willingness of the obligor to meet its financial commitments on
an obligation in accordance with the terms of the obligation; </P></TD></TR></TABLE> <P STYLE="font-size: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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The nature and provisions of the financial obligation, and the promise S&amp;P imputes; and
</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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,
reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors&#146; rights. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An issue rating is
an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as
noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Long-Term Issue Credit Ratings* </B></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="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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 commitments on the obligation is extremely strong.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 commitments on the obligation is very strong.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 commitments on the obligation is still strong.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 weaken the obligor&#146;s capacity to meet its financial commitments on
the obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">BB,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CCC,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CC,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">and&nbsp;C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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 exposure to adverse conditions.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 that could lead to
the obligor&#146;s inadequate capacity to meet its financial commitments on the obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 commitments on the obligation. Adverse business, financial,
or economic conditions will likely impair the obligor&#146;s capacity or willingness to meet its financial commitments on the obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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 commitments on the obligation. In the event
of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.</TD></TR>
</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-5 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">

<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="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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="page-break-inside:avoid ; 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 with 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="page-break-inside:avoid ; 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 <FONT STYLE="white-space:nowrap">non-hybrid</FONT> capital instruments, the &#145;D&#146; rating category is used when payments on an obligation
are not made on the date due, unless S&amp;P believes that such payments will be made within 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. A rating on an obligation is lowered to &#145;D&#146;
if it is subject to a distressed debt restructuring.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* 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 rating categories. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Short-Term Issue Credit Ratings </B></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 WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A short-term obligation rated <FONT STYLE="white-space:nowrap">&#145;A-1&#146;</FONT> is rated in the highest category by S&amp;P. The obligor&#146;s capacity to meet its financial commitments on the obligation is strong. Within
this category, certain obligations are designated with a plus sign (+). This indicates that the obligor&#146;s capacity to meet its financial commitments on these obligations is extremely strong.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">A-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A short-term obligation rated <FONT STYLE="white-space:nowrap">&#145;A-2&#146;</FONT> 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 commitments on the obligation is satisfactory.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">A-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A short-term obligation rated <FONT STYLE="white-space:nowrap">&#145;A-3&#146;</FONT> exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an
obligor&#146;s capacity to meet its financial commitments on the obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD 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 that could lead to the obligor&#146;s inadequate capacity to meet its financial commitments.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD 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 commitments on the
obligation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A short-term obligation rated &#145;D&#146; is in default or in breach of an imputed promise. For <FONT STYLE="white-space:nowrap">non-hybrid</FONT> capital instruments, the &#145;D&#146; rating category is used when payments on an
obligation are not made on the date due, unless S&amp;P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The &#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. A rating on an obligation is lowered to
&#145;D&#146; if it is subject to a distressed debt restructuring.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of S&amp;P&#146;s Municipal Short-Term Note Ratings </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An S&amp;P 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 </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-6 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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: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 style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amortization schedule&#151;the larger the final maturity relative to other maturities, the more likely it will be
treated as a note; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Source of payment&#151;the more dependent the issue is on the market for its refinancing, the more likely it will
be treated as a note. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S&amp;P&#146;s municipal short-term note rating symbols are as follows: </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="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;"><FONT STYLE="white-space:nowrap">SP-1</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:10pt ;">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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;"><FONT STYLE="white-space:nowrap">SP-2</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:10pt ;">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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;"><FONT STYLE="white-space:nowrap">SP-3</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:10pt ;">Speculative capacity to pay principal and interest.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#145;D&#146; is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual
certainty, for example due to automatic stay provisions.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Fitch Ratings&#146; (&#147;Fitch&#146;s&#148;) Credit Ratings Scales </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the agency also publishes ratings, scores and other
relative opinions relating to financial or operational strength. For example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset managers and funds. In each case, users should refer to the definitions
of each individual scale for guidance on the dimensions of risk covered in each assessment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch&#146;s credit ratings relating to issuers are an
opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Credit ratings relating to securities and obligations of an
issuer can include a recovery expectation. Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. The agency&#146;s credit ratings cover the
global spectrum of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and <FONT STYLE="white-space:nowrap">sub-national</FONT> entities) and the securities or other obligations they issue, as well
as structured finance securities backed by receivables or other financial assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The terms &#147;investment grade&#148; and &#147;speculative
grade&#148; have established themselves over time as shorthand to describe the categories &#145;AAA&#146; to &#145;BBB&#146; (investment grade) and &#145;BB&#146; to &#145;D&#146; (speculative grade). The terms investment grade and speculative grade
are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative categories either
signal a higher level of credit risk or that a default has already occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience of investors, Fitch may also include issues relating to
a rated issuer that are not and have not been rated on its web page. Such issues are also denoted as &#145;NR&#146;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Credit ratings express risk in
relative rank order, which is to say they are ordinal measures of credit risk and are not predictive of a specific frequency of default or loss. For information about the historical performance of ratings
</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-7 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
please refer to Fitch&#146;s Ratings Transition and Default studies which detail the historical default rates and their meaning. The European Securities and Markets Authority also maintains a
central repository of historical default rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch&#146;s credit ratings do not directly address any risk other than credit risk. In particular,
ratings do not deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market considerations. However, in terms of payment obligation on the rated liability, market risk may be considered
to the extent that it influences the ability of an issuer to pay upon a commitment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ratings nonetheless do not reflect market risk to the extent that
they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked bonds). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the
default components of ratings assigned to individual obligations or instruments, the agency typically rates to the likelihood of <FONT STYLE="white-space:nowrap">non-payment</FONT> or default in accordance with the terms of that instrument&#146;s
documentation. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation&#146;s documentation). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note issuance programs or for private ratings. In
this case the rating is not published, but only provided to the issuer or its agents in the form of a rating letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The primary credit rating scales may
also be used to provide ratings for a more narrow scope, including interest strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services. Credit opinions are either a notch- or category-specific
view using the primary rating scale and omit one or more characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower case letter symbol combined with either an &#145;*&#146; (e.g.
&#145;bbb+*&#146;) or (cat) suffix to denote the opinion status. Credit opinions will be <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-in-time</FONT></FONT> typically but may be monitored if the analytical group believes
information will be sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions
and rating assessment services are <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">point-in-time</FONT></FONT> and are not monitored, they may have a directional watch or outlook assigned, which can signify the trajectory of the
credit profile. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Fitch&#146;s Long-Term Corporate Finance Obligations Rating Scales </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition,
for financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which incorporate both an indication of the probability
of default and of the recovery given a default of this debt instrument. On the contrary, Ratings of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debtor-in-possession</FONT></FONT> (&#147;DIP&#148;) obligations incorporate the
expectation of full repayment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The relationship between the issuer scale and obligation scale assumes a generic historical average recovery. Individual
obligations can be assigned ratings higher, lower, or the same as that entity&#146;s issuer rating or issuer default rating (&#147;IDR&#148;), based on their relative ranking, relative vulnerability to default or based on explicit Recovery Ratings.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the same as that entity&#146;s issuer
rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and obligation ratings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch long-term obligations rating scales are as follows: </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-8 </P>

</DIV>


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<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AAA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Highest Credit Quality. &#145;AAA&#146; ratings denote the lowest expectation of credit 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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">AA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Very High Credit Quality. &#145;AA&#146; ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable
events.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">High Credit Quality. &#145;A&#146; ratings denote expectations of low credit 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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BBB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Good Credit Quality. &#145;BBB&#146; ratings indicate that expectations of credit 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>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Speculative. &#145;BB&#146; ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be
available to allow financial commitments to be met.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Highly Speculative. &#145;B&#146; ratings indicate that material credit risk is present.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CCC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Substantial Credit Risk. &#145;CCC&#146; ratings indicate that substantial credit risk is present.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Very High Levels of Credit Risk. &#145;CC&#146; ratings indicate very high levels of credit risk.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exceptionally High Levels of Credit Risk. &#145;C&#146; indicates exceptionally high levels of credit risk.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Within rating categories, Fitch may use modifiers. The modifiers &#147;+&#148; or &#147;-&#148; may be appended to a rating to
denote relative status within major rating categories. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For example, the rating category &#145;AA&#146; has three notch-specific rating levels
(&#145;AA+&#146;; &#145;AA&#146;; &#145;AA&#150;&#146;; each a rating level). Such suffixes are not added to &#145;AAA&#146; ratings and ratings below the &#145;CCC&#146; category. For the short-term rating category of &#145;F1&#146;, a
&#145;+&#146; may be appended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Description of Fitch&#146;s Short-Term Ratings Assigned to Issuers and Obligations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; 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 and relates to the capacity to
meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. 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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fitch short-term ratings are as follows: </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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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">F1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Highest Short-Term Credit Quality. 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="page-break-inside:avoid ; 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.<B> </B>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="page-break-inside:avoid ; 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.<B> </B>The intrinsic capacity for timely payment of financial commitments is adequate.</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-9 </P>

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<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">High Short-Term Default Risk.<B> </B>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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">RD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restricted Default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.</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-10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="saitoc877269_18"></A>APPENDIX B </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g877269g38g25.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-LEFT:1px solid #f2f2f2; BORDER-TOP:1px solid #f2f2f2; BORDER-RIGHT:1px solid #f2f2f2; padding-left:8pt; padding-right:2pt" BGCOLOR="#000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Cambria"><FONT COLOR="#FFFFFF"><FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund Proxy Voting Policy</FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10.5pt; font-family:Cambria; "><FONT COLOR="#FFFFFF"><B><I>Procedures Governing Delegation of Proxy Voting to Fund
Adviser</I></B></FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13" STYLE="BORDER-LEFT:1px solid #f2f2f2; BORDER-RIGHT:1px solid #f2f2f2; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;BORDER-LEFT:1px solid #f2f2f2; BORDER-RIGHT:1px solid #f2f2f2; BORDER-BOTTOM:1px solid #f2f2f2; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-family:Cambria; ">Effective Date: January&nbsp;1,
2025</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.50pt solid #7f7f7f">&nbsp;</DIV>
<P STYLE="font-size:2pt;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:10.5pt" ALIGN="center">


<TR>

<TD WIDTH="99%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #f2f2f2; BORDER-TOP:1px solid #f2f2f2; BORDER-RIGHT:1px solid #f2f2f2; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:5pt ;BORDER-LEFT:1px solid #f2f2f2; BORDER-RIGHT:1px solid #f2f2f2; BORDER-BOTTOM:1px solid #f2f2f2; padding-left:8pt; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Cambria"><B>Applies to the following types of Funds registered under the 1940 Act:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.29em; font-size:10.5pt; font-family:Cambria">Index Equity Mutual Funds and Exchange-Traded Funds</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.29em; font-size:10.5pt; font-family:Cambria"><FONT STYLE="white-space:nowrap">Open-End</FONT> Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.29em; font-size:10.5pt; font-family:Cambria">Money Market Funds</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:0.29em; font-size:10.5pt; font-family:Cambria"><FONT
STYLE="white-space:nowrap">Closed-End</FONT> Funds</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0.29em; font-size:10.5pt; font-family:Cambria">Other</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.50pt solid #7f7f7f">&nbsp;</DIV>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Objective and Scope </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Set forth below is the <FONT
STYLE="white-space:nowrap">Closed-End</FONT> Fund Proxy Voting Policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Policy / Document Requirements and Statements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">The Boards of Trustees/Directors (the &#147;Directors&#148;) of the <FONT STYLE="white-space:nowrap">closed-end</FONT> 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 the responsibility to vote proxies 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:Cambria">BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from time to time amended, the &#147;Guidelines&#148;)
governing proxy voting by accounts managed by BlackRock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues
in respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines; provided, however, that in the case of underlying <FONT STYLE="white-space:nowrap">closed-end</FONT> funds (including business
development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a)&nbsp;vote in favor of proposals to adopt classification and against
proposals to eliminate classification, and (b)&nbsp;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:12pt; font-family:Cambria"><B>Conflicts
Management </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock Active Investment Stewardship (&#147;BAIS&#148;) maintains policies and procedures that seek to prevent undue influence on
BlackRock&#146;s proxy voting activity and to mitigate material conflicts of interest in the exercise of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship
between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock&#146;s affiliates or employees, or a Fund or a Fund&#146;s affiliates. </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">B-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">
BlackRock has taken certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In certain instances, BAIS will engage an independent third-party voting service provider to make </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">proxy voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise
required by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted and BlackRock may
determine to recall them for voting, as guided by BlackRock&#146;s fiduciary responsibility to act in clients&#146; financial interests. The Guidelines set forth BlackRock&#146;s approach to recalling securities on loan in connection with proxy
voting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Reports to the Board </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock will report on an annual
basis to the Directors on (1)&nbsp;a summary of the proxy voting process as applicable to the Funds covered by this Policy in the preceding year together with a representation that all votes were in accordance with the Guidelines (as modified
pursuant to the immediately preceding paragraph), and (2)&nbsp;any material changes to the Guidelines, including material changes to conflicts management practices, 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:Times New Roman" ALIGN="center">B-2 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:60pt; font-family:Cambria">BlackRock Active Investment Stewardship </P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:22pt; font-family:Cambria">Global Engagement and Voting Guidelines </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Cambria">Effective as of January 2025 </P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</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="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">B-3 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:26pt; font-family:Cambria">Contents </P> <P STYLE="font-size:20pt;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:11pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_1"><U>Overview</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_2"><U>Introduction to BlackRock</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_3"><U>About BlackRock Active Investment Stewardship</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_4"><U>Our approach to stewardship within active equities</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_5"><U>Our approach to stewardship within fixed income</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_6"><U>Boards of Directors</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_7"><U>Executive compensation</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_8"><U>Non-executive director compensation</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_9"><U>Capital structure</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_10"><U>Transactions and special situations</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_11"><U>Corporate reporting, risk management and audit</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_12"><U>Shareholder rights and protections</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_13"><U>Shareholder proposals</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_14"><U>Corporate political activities</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_15"><U>Sustainability, or environmental and social,
considerations</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_16"><U>Key stakeholders</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_17"><U>Climate and decarbonization investment objectives</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Cambria"><A HREF="#appb877269_18"><U>Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities
</U></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Cambria; ">B-21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Cambria; ">&nbsp;</FONT></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">B-4 </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_1"></A>Overview </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a
shareholder vote, or on which investors engage with issuers. BAIS works in partnership with BlackRock&#146;s investment teams, excluding index equity, providing expertise on investment stewardship, engaging with companies on behalf of those teams
when appropriate, and assisting in recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS&#146; voting recommendations to BlackRock&#146;s active portfolio managers. It applies to active equity holdings in
BlackRock&#146;s fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock&#146;s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct
issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients&#146; or funds&#146; investment objectives.
There are separate, independently developed principles and voting policies that are applied to BlackRock&#146;s index equity investments by a distinct and independent function, BlackRock Investment Stewardship. </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">B-5 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_2"></A>Introduction to BlackRock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock&#146;s purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a
full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as individuals around the
world. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_3"></A>About BlackRock Active Investment Stewardship </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock&#146;s stewardship engagement and
voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting
Guidelines (&#147;the Guidelines&#148;) and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing. Through direct dialogue with company leadership,
we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists engage jointly on substantive matters. Our discussions
focus on topics relevant to a company&#146;s success over time including governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability-related risks, as well as macro-economic, geopolitical
and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open
dialogue and mutual respect. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio
manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We
provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on their portfolio investment objectives and strategy. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">These guidelines discuss corporate governance topics on which we may engage with management teams and board directors3 and matters that routinely come to a shareholder
vote. We recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company&#146;s ability to manage material risks and opportunities
and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized
international best practices. As one of many minority shareholders, BlackRock cannot &#150; and does not try to &#150; direct a company&#146;s strategy or its implementation. We look to companies to provide disclosures that explain how their
approach to corporate governance best aligns with the financial interests of their investors. </P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Cambria"><SUP STYLE="font-size:75%; vertical-align:top">3</SUP> References to the board, board directors or <FONT STYLE="white-space:nowrap">non-executive</FONT> directors
should be understood to include supervisory boards and their members, where relevant. </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">B-6 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_4"></A>Our approach to stewardship within active equities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">As shareholders of public companies, BlackRock&#146;s clients have certain fundamental rights, including the right to vote on proposals put forth by a company&#146;s
management or its shareholders. The voting rights attached to these clients&#146; holdings are an important mechanism for investors to express support for, or concern about, a company&#146;s performance. As a fiduciary, BlackRock is legally required
to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner that is consistent with their investment objectives. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we
have concerns about how companies are serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting but consider the different corporate governance regulations and norms in various markets.
Votes are determined on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis, in the context of a company&#146;s situation and the investment mandate we have from clients. Please see page 16 for more
information about how we fulfil and oversee BlackRock&#146;s <FONT STYLE="white-space:nowrap">non-index</FONT> equity investment stewardship responsibilities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_5"></A>Our approach to stewardship within fixed income </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at
BlackRock, particularly those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active
equity investors. In addition to the topics listed below, engagement with fixed income investment teams can help inform an issuer&#146;s approach to structuring specialist issuances, such as green bonds, and the standard terms and information in
bond documentation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_6"></A>Boards of Directors </B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Roles and responsibilities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">There is widespread consensus that the
foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We look to the board of directors (hereafter &#145;the board&#146;) to have an oversight role in the establishment and realization of a company&#146;s strategy,
purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and
retain the caliber of workers necessary to deliver financial performance over time. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In promoting the success of the company, the board ensures the necessary
resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">One of the most important
responsibilities of the board is to appoint, and remove as necessary, the chief executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive
compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Composition and effectiveness </B></P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Appointment process </I></B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix
of skills and experience. The board or a <FONT STYLE="white-space:nowrap">sub-committee</FONT> should determine the general criteria given the company&#146;s circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria
for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether a director
candidate&#146;s characteristics would be additive. We welcome disclosures that explain how the board considered different skills, backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities.
We assess a company&#146;s board composition against that of its peer group and local market requirements. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Shareholders periodically vote to elect, remove and
nominate directors to serve on the board. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high
functioning board with the appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate
skills or experience to contribute to the board&#146;s effectiveness. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Independence </I></B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of
the interests of minority shareholders such as </P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Cambria"><SUP STYLE="font-size:75%; vertical-align:top">4</SUP> See the Corporate Governance Codes of
<FONT STYLE="font-family:Cambria; font-size:8pt" COLOR="#2e74b5"><U>Germany</U></FONT><FONT STYLE="font-family:Cambria">, </FONT><FONT STYLE="font-family:Cambria; font-size:8pt" COLOR="#2e74b5"><U>Japan</U></FONT><FONT STYLE="font-family:Cambria">,
and the </FONT><FONT STYLE="font-family:Cambria; font-size:8pt" COLOR="#2e74b5"><U>UK</U></FONT><FONT STYLE="font-family:Cambria">, as well as the corporate governance principles of the US </FONT><FONT
STYLE="font-family:Cambria; font-size:8pt" COLOR="#2e74b5"><U>Business Roundtable</U></FONT><FONT STYLE="font-family:Cambria"> as examples. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock&#146;s clients. At least half of the directors should be independent and free from conflicts of interest
or undue influence.<SUP STYLE="font-size:75%; vertical-align:top">5</SUP> This ensures sufficient independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher threshold for board independence
should meet those requirements. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against the election of <FONT STYLE="white-space:nowrap">non-independent</FONT> directors if the board does not have a
sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Independent board leadership </I></B></P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Practices across markets differ, as
do board structures, but we observe two main approaches to independent board leadership. One is a <FONT STYLE="white-space:nowrap">non-executive,</FONT> independent chair of the board who is responsible for leading the board in the effective
exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other <FONT STYLE="white-space:nowrap">non-executive</FONT> directors and working closely with the executive chair on the board
agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the
chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their independent board leadership model and how it serves
the interests of shareholders. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against the election of the chair of the committee responsible for board composition if there is not an identified
independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Tenure and succession </I></B></P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Boards should establish the length of time a
director would normally be expected to serve, in line with market norms where those exist. In such markets, we find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have
served for longer periods than provided for in local practices. In our experience, long-serving directors could become less independent given their relationship with management and involvement in past board decisions. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh
perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In markets where there is not
specific director tenure guidance, we may vote against the election of the chair of the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board renewal. We may vote against the election
of directors who have served for longer duration than typical in markets with specific guidance, where the case for their continued service is not evident. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Capacity </I></B></P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Cambria"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP> Common impediments to independence may include but are not limited to: current or recent employment at the
company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could
reasonably be perceived to, materially interfere with a director&#146;s ability to act in the best interests of the company and shareholders. </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">B-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">To be effective and engaged, directors must commit appropriate time and energy to the role. A board should assess
the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time
commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Director elections </I></B></P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In support of director accountability to
shareholders, directors should stand for election on a regular basis, ideally annually. A classified board structure may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business
model, e.g., a <FONT STYLE="white-space:nowrap">non-operating</FONT> company such as <FONT STYLE="white-space:nowrap">closed-end</FONT> funds. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Shareholders should
have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and
suitability. We will not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Each director&#146;s appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company&#146;s practices
differ, we look to the board to provide a detailed explanation as to how its approach best serves investors&#146; interests. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote for shareholder or
management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the
profile or performance of an individual director. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Committees </I></B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation,
amongst other matters. We do not prescribe to companies what committees they should establish but we seek to understand the board&#146;s rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation
requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders the
structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include: </P>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Audit and risk &#150; oversight responsibilities for the integrity of financial reporting, risk management and compliance
with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms. </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">B-10 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Nominating, governance and human capital &#150; ensures appropriate corporate governance principles and practices
including the periodic review of board performance; responsible for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital management strategies
including corporate culture and purpose. </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Executive compensation &#150; determines the compensation policies and programs for the CEO and other executive officers,
approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies. </P></TD></TR></TABLE> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may
vote against the election of the chair of the committee or other directors serving as committee members to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote against the election of the most
senior <FONT STYLE="white-space:nowrap">non-executive</FONT> director if there is not a clearly disclosed approach to board committees. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Board and director
evaluation </I></B></P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and
individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and objectives of
evaluations, including any changes made to the board&#146;s approach as a result. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B><I>Access to independent advice </I></B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. When circumstances
warrant, boards should be able to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the
company&#146;s reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_7"></A>Executive compensation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Boards should
establish compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between
variable pay and a company&#146;s financial performance. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Generally, executive compensation arrangements have four components: base salary, annual bonus that
rewards performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and
benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Recognizing the unique circumstances of each company, we determine whether to support a company&#146;s approach to executive compensation on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the
</P>
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compensation arrangements and assess the alignment with investors&#146; interests. Features we look for in compensation arrangements include: </P>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the
company&#146;s size, sector and market. </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Variable pay subject to performance metrics that are closely linked to the company&#146;s short- and long-term strategic
objectives. </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Long-term incentives that motivate sustained performance across a multi-year period. </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity
awards) that promotes pay program durability and seldom necessitates <FONT STYLE="white-space:nowrap">one-off,</FONT> discretionary payments. </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Outcomes that are consistent with the returns to investors over the relevant time period. </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.
</P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company
within a defined time period, as determined by the board. </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Change of control provisions that appropriately balance the interests of executives and shareholders.
</P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose
awards were based on fraudulent activities, misstated financial reports, or executive misconduct. </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Severance arrangements that protect the company&#146;s interests but do not cost more than is contractual.
</P></TD></TR></TABLE> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report
where we do not see alignment between executive compensation arrangements and our clients&#146; financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may
vote against the election of the chair of the responsible committee, or the most senior independent director. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_8"></A><FONT
STYLE="white-space:nowrap">Non-executive</FONT> director compensation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Companies generally pay <FONT STYLE="white-space:nowrap">non-executive</FONT> directors
an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support <FONT STYLE="white-space:nowrap">non-executive</FONT>
directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee. </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">B-12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_9"></A>Capital structure </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation and management in
support of long-term financial resilience. </P> <P STYLE="margin-top:28pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Where company practices diverge from those set out below, we look for companies to disclose why they view these
practices to be aligned with shareholders&#146; interests. We may vote against management proposals seeking capital-related authorities or the election of the most senior independent director if we have concerns about a company&#146;s approach. We
may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a <FONT STYLE="white-space:nowrap">one-share,</FONT> <FONT STYLE="white-space:nowrap">one-vote</FONT> standard. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Share</B><I> </I><B>issuance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We assess requests for share issuance for
particular transactions on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. We will generally support authorities to issue shares when subject to
<FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights, and up to 20% absent <FONT STYLE="white-space:nowrap">pre-emptive</FONT> rights. Companies should seek regular approval of these authorities to allow shareholders to take into consideration
how prior authorities were used, as well as the current circumstances of the company and the market environment. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Share buybacks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We assess share buyback proposals in the context of the company&#146;s disclosed capital management strategy and management&#146;s determination of the appropriate
balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company&#146;s balance sheet and executive compensation arrangements
and the price at which shares are repurchased relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current
circumstances of the company and the market environment. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We would normally expect companies to cancel repurchased shares. If a company plans to retain them as
treasury shares, management should provide a detailed rationale in the context of the disclosed capital management strategy. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Dividends </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the
company&#146;s financial position. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Differentiated voting rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We
prefer companies to adopt a <FONT STYLE="white-space:nowrap">one-share,</FONT> <FONT STYLE="white-space:nowrap">one-vote</FONT> structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets,
could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis. </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">B-13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_10"></A>Transactions and special situations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Mergers and acquisitions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We evaluate proposed mergers or acquisitions by
assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction&#146;s strategic and financial rationale, along with its execution and operational risks. We review each
transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant
merger or acquisition, in advance of making its recommendation to shareholders. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We will vote against transactions that, in our assessment, do not advance our
clients&#146; financial interests. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Anti-takeover defenses </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In
principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill
may be supported if its purpose is to delay a takeover that is considered <FONT STYLE="white-space:nowrap">sub-optimal</FONT> and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a
shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the
board. We look for a shareholder vote for any mechanisms expected to be in place for more than 12 months. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Shareholder activism </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">When companies are the focus of an activism campaign, we may engage with the activist to understand their analysis and objectives, once they have gone public. We will
also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the
quality of both the activist&#146;s and management&#146;s plans; and the qualifications of each party&#146;s candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their case for change enhances shareholder value, or if the
incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders&#146; interests. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Significant shareholders and related party transactions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Boards of
companies with affiliated shareholders or directors should be able to demonstrate that the interests of all shareholders are given equitable consideration. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Transactions with related parties, such as significant shareholders or companies connected with the public company, should be disclosed in detail and conducted on
terms similar to what would objectively have been agreed with a <FONT STYLE="white-space:nowrap">non-related</FONT> party. Such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested
shareholders should vote. </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">B-14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_11"></A>Corporate reporting, risk management and audit </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Investors depend on corporate reporting, both regulatory and voluntary, to understand a company&#146;s strategy, its implementation and financial performance, as well
as to assess the quality of management and operations and potential for the company to create shareholder value over time. The board should oversee corporate reporting and the policies and procedures underpinning the internal audit function and
external audit. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">A company&#146;s financial reporting should provide decision-useful information for investors and other stakeholders on its financial performance
and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the
financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail
and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In this context, audit
committees play a vital role in a company&#146;s financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal control frameworks and
Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company&#146;s financial statements and provides an important level of reassurance to shareholders. Audit committees
should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Similarly, material
sustainability-related factors that are integral to how a company manages risks or generates revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful to companies in
preparing such reports.<SUP STYLE="font-size:75%; vertical-align:top"> </SUP><SUP STYLE="font-size:75%; vertical-align:top">6</SUP> </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Companies should establish
robust risk management and internal control processes appropriate to the company&#146;s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful
mechanism for ensuring that senior management and the board are aware of potential misconduct or breaches in risk management and internal control processes. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">A
comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any
critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for
<FONT STYLE="white-space:nowrap">non-audit</FONT> consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it
confirmed that the auditor remained independent. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against the election of the responsible directors if corporate reporting is insufficient or there are
material misstatements in financial reports. In markets where relevant, we may vote against a proposal to </P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Cambria"><SUP STYLE="font-size:75%; vertical-align:top">6</SUP> The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is
to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. The
objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to
providing resources to the entity. </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">B-15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">
approve the financial statements or the discharge of the board when we are concerned about the quality of the reporting or the audit. We may vote against proposals to appoint the auditor, ratify
the audit report, or approve the audit fee if we are concerned about the auditor&#146;s independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_12"></A>Shareholder rights and protections </B></P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>General shareholder meetings </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Companies normally have an annual general
meeting of shareholders at which routine and <FONT STYLE="white-space:nowrap">non-routine</FONT> items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to
the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not
limit the rights of shareholders to participate as they would during an <FONT STYLE="white-space:nowrap">in-person</FONT> meeting. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against directors
when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We may vote against directors if the format of the shareholder
meeting does not accommodate reasonable shareholder participation. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Bylaw amendments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We review bylaw amendments proposed by management on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis and will
generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if material changes are made to the bylaws without
shareholder approval. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful
shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding the right to
nominate directors to the company&#146;s board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board&#146;s own nomination process. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the
addition of either of these provisions to a company&#146;s bylaws. </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">B-16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Change of domicile </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We
generally defer to management on proposals to change a company&#146;s domicile as long as the rationale for doing so is consistent with the company&#146;s long-term strategy and business model and the related costs are immaterial. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against directors or a proposal to change a company&#146;s domicile where it does not seem aligned with our clients&#146; financial interests. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Changes to a company&#146;s purpose or the nature of its business </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Plans
to materially change the nature of a company&#146;s business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor&#146;s views on the
suitability of a company for their investment strategy or portfolio. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Where relevant, we may vote against proposals to change a company&#146;s purpose or the
nature of its business if the board has not provided a credible argument for change. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_13"></A>Shareholder proposals </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a
particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and environmental matters that may be relevant to a company&#146;s business.
Shareholder proposals are considered by many investors to be an escalation tool when a company is unresponsive to their engagement. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We vote on these proposals on
a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis. We assess the relevance of the topic raised to a company&#146;s business and its current approach, whether the actions sought are consistent with
shareholders&#146; interests, and what impact the proposal being acted upon might have on financial performance. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Our general approach where we have concerns about
a company&#146;s governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders&#146; financial interests, we may vote against the
election of directors. We may support a relevant shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients&#146; financial interests. We generally do not support shareholder proposals that are
legally binding on the company, seek to alter a company&#146;s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how we can interact with the companies in which we
invest on behalf of our clients, including our ability to submit shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_14"></A>Corporate political activities </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We seek to
understand how companies ensure that their direct and indirect engagement in the policy making process is consistent with their public statements on policy matters important to the company&#146;s long-term strategy. The board should be aware of the
approach taken to corporate political activities as there can be </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">B-17 </P>

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reputational risks arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide accessible and clear
disclosures to shareholders on policy positions, public policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities and the policy
positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Generally, this is
an engagement matter, although we may support a relevant shareholder proposal, or vote against directors, where a company&#146;s disclosures are insufficient, or it becomes public that there is a material contradiction in a company&#146;s public
policy positions and its policy engagement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_15"></A>Sustainability, or environmental and social, considerations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<SUP
STYLE="font-size:75%; vertical-align:top">7</SUP> that are relevant to a company&#146;s business or material to its financial performance, are generally operational considerations embedded into <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting
supply chains in response to changing regulatory requirements. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We recognize that the specific sustainability-related factors that may be financially material or
business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating
material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company&#146;s potential financial performance and the likely risk-adjusted
returns of an investment. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or
disclosing its approach to material sustainability-related risks that may impact financial returns. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_16"></A>Key stakeholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for
each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients
and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the </P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Cambria"><SUP STYLE="font-size:75%; vertical-align:top">7</SUP> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value
creation in a company&#146;s business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social
issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and
manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant
and material sustainability-related considerations is a component of a sound governance framework. </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">B-18 </P>

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interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time. </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">B-19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_17"></A>Climate and decarbonization investment objectives </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Cambria">Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those
investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS&#146; benchmark guidelines, which are described above. Specifically, for those funds&#146; holdings, we look to investee
companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a <FONT STYLE="white-space:nowrap">low-carbon</FONT> economy, i.e., one in which global temperature rise is limited to
1.5pC above <FONT STYLE="white-space:nowrap">pre-industrial</FONT> levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Cambria">The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a
carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance,
strategy, risk management processes and metrics and targets relevant to decarbonization. These disclosures should include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1,
scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability Standards
Board, IFRS S2, a useful reference for such reporting. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:Cambria">Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote
against directors or support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to
a company&#146;s stated <FONT STYLE="white-space:nowrap">low-carbon</FONT> transition strategy and targets that the company does not currently provide and that would be helpful to investment decision-making. As under the BAIS benchmark approach, the
active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. </P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</div>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Cambria"><B><A NAME="appb877269_18"></A>Appendix 1: How we fulfil and oversee our active investment stewardship
responsibilities </B></P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Oversight </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">The Global Head of BAIS has primary
oversight of and responsibility for the team&#146;s activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (&#147;the Guidelines&#148;), which require the application of
professional judgment and consideration of each company&#146;s unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and
oversight. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal and risk teams, reviews and
advises on amendments to BAIS&#146; Global Engagement and Voting Guidelines. The Committee also considers developments in corporate governance, related public policy, and market norms and how these might influence BAIS&#146; policies and practices.
The Committee does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In addition, there is a standing
advisory group of senior active investors who counsel BAIS on complex or high-profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under consideration. This group also formally
reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as part of its annual review. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BAIS carries out engagement with companies in
collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues
and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties
(see &#147;Use and oversight of third-party vote services providers&#148; below). </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Voting guidelines and vote execution </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund
or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our
clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund&#146;s affiliates (if any), BlackRock or
BlackRock&#146;s affiliates, or BlackRock employees (see &#147;Conflicts management policies and procedures,&#148; below). </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">When exercising voting rights, BAIS
will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial
interests of clients invested in the funds they manage. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will
vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that commonly arise </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">B-21 </P>

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on corporate ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and
clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients&#146; long-term financial interests. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In certain markets, proxy voting involves logistical issues which can affect BAIS&#146; ability to vote such proxies, as well as the desirability of voting such
proxies. These issues include, but are not limited to: 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; vi) regulatory
constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome
administrative requirements. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock votes proxies in these situations on a &#147;best-efforts&#148; basis. In addition, BAIS may determine that it is generally
in the interests of BlackRock&#146;s clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are
expected to outweigh the benefit the client would derive by voting on the proposal. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Voting Choice </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock offers <U>Voting Choice</U>, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and
operationally viable. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that
use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<SUP
STYLE="font-size:75%; vertical-align:top">8</SUP> </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on
whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy.&nbsp;Our clients have greater control
over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client&#146;s selection of proxy policy, without client consent. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Use and oversight of third-party vote services providers </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Third-party vote
services providers &#150; or proxy research firms &#150; provide research and recommendations on proxy votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and leverages
its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis&#146; research and analysis as an input into our voting process. It is important to note that, although proxy research firms
provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company&#146;s disclosures,
</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</DIV>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Cambria"><SUP STYLE="font-size:75%; vertical-align:top">8</SUP> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers
the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client&#146;s selected voting policy. </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">B-22 </P>

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our past engagements and voting, investment colleagues&#146; insights and our voting guidelines are important inputs into our voting decisions on behalf of clients. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based
on BAIS&#146; voting guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and
can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications
from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BAIS closely monitors the third-party
vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes
regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock&#146;s firmwide policies. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Conflicts management policies and procedures </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BAIS maintains policies and
procedures that seek to prevent undue influence on BlackRock&#146;s proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock,
BlackRock&#146;s affiliates, a Fund or a Fund&#146;s affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest: </P> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">BlackRock clients who may be issuers of securities or proponents of shareholder resolutions </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions
</P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock
</P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock
</P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock </P></TD></TR></TABLE> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following: </P>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Adopted the Guidelines which are designed to advance our clients&#146; long-term economic interests in the companies in
which BlackRock invests on their behalf </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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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"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Established a reporting structure that separates BAIS from employees with sales, vendor management, or business
partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed </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">B-23 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">
consistently and without regard to BlackRock&#146;s relationship with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS prioritizes
engagements based on factors including, but not limited to, our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the
company. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business partnership roles, in discussions regarding our
approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting
recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service
provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc.
and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for: </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">public companies that include BlackRock employees on their boards of directors </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of
directors </P></TD></TR></TABLE> <P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">public companies that are the subject of certain transactions involving BlackRock Funds </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">public companies that are joint venture partners with BlackRock, and </P></TD></TR></TABLE>
<P STYLE="font-size:9pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Cambria; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL"><SUP STYLE="font-size:75%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Cambria; font-size:10pt">public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service
provider </P></TD></TR></TABLE> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:
independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the
assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Active Investment
Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an annual basis. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:12pt; font-family:Cambria"><B>Securities lending </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">When so authorized, BlackRock acts as a securities
lending agent on behalf of Funds. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund providers to keep fund expenses lower. </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them for voting, as
guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number 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">B-24 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">
cases, the decision to recall securities on loan as part of BlackRock&#146;s securities lending program in order to vote is based on an evaluation of various factors that include, but are not
limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active
portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to evaluate the costs and benefits to clients of recalling shares on loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on
loan. However, in certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in
those instances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as
necessary. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><B>Reporting and vote transparency </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">BAIS is committed to
transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our <U>website</U>. </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">B-25 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Cambria">Want to know more? </P>
<P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria"><U>blackrock.com/stewardship</U>&#8194;<FONT STYLE="font-family:Cambria; font-size:10pt" COLOR="#3f3f3f">|</FONT><FONT STYLE="font-family:Cambria">&#8194;<U>ContactActiveStewardship@blackrock.com
</U> </FONT></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the
reader. </P> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">Prepared by BlackRock, Inc. </P> <P STYLE="margin-top:9pt; margin-bottom:0pt; font-size:10pt; font-family:Cambria">&copy;2024 BlackRock, Inc. All rights
reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. </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">B-26 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Other Information </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;25.
&#8195;Financial Statements And Exhibits </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The agreements included or incorporated by reference as exhibits to this Registration Statement contain
representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i)&nbsp;were not intended to be treated as
categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii)&nbsp;may have been qualified in such agreement by disclosures that were made to the other party in
connection with the negotiation of the applicable agreement; (iii)&nbsp;may apply contract standards of &#147;materiality&#148; that are different from &#147;materiality&#148; under the applicable securities laws; and (iv)&nbsp;were made only as of
the date of the applicable agreement or such other date or dates as may be specified in the agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registrant acknowledges that, notwithstanding
the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this
Registration Statement not misleading. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&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></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Financial Statements</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm">Part A: The annual report to the Fund&#146;s shareholders for the fiscal year ended December&nbsp;
31, 2024 (the &#147;2024 Annual Report&#148;) is incorporated by reference.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312524213402/d879856dncsrs.htm">Part A: The semi-annual report to the Fund&#146;s shareholders for the fiscal period ended June&nbsp;
30, 2024 (the &#147;2024 Semi-Annual Report) is incorporated by reference</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312525049580/d928515dncsr.htm">Part B: Audited financial statements and financial highlights for the fiscal year ended December&nbsp;
31, 2024 and related Report of Independent Registered Public Accounting Firm are incorporated herein by reference to the 2024 Annual Report. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312524213402/d879856dncsrs.htm">Part B: Unaudited financial statements and financial highlights for the fiscal period ended June&nbsp;
30, 2024 are incorporated herein by reference to the 2024 Semi-Annual Report.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Exhibits</TD></TR>
</TABLE> <P STYLE="font-size:10pt;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="5%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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">(a)(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000095010903003783/dex991a.txt">Articles of Incorporation, dated August&nbsp;
14, 2003, is incorporated by reference to Exhibit (a)(1) to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-103814)</FONT> filed on August&nbsp;
18, 2003.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(a)(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000134100414000355/exh992_b2.htm">Articles Supplementary, dated September&nbsp;
17, 2010, are incorporated by reference to Exhibit (b)(2) to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-194573)</FONT> filed on April&nbsp;30, 2014.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(a)(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312516764378/d276108dex99b3.htm">Articles Supplementary, effective as of October&nbsp;
28, 2016, are incorporated by reference to Exhibit (b)(3) to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-214530)</FONT> filed on November&nbsp;
9, 2016.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(b)(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000119312516751713/d281383dex31.htm">Amended and Restated Bylaws, effective as of October&nbsp;
28, 2016, are incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> as filed with the Securities and Exchange Commission on October&nbsp;31, 2016.</A></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">C-1 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="5%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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">(b)(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000175272421053034/NCEN_1627138083114632.htm">Amendment No.&nbsp;1 to the Amended and Restated Bylaws, dated October&nbsp;
19, 2020, is incorporated by reference to Attachment G.1.b.i. to the Registrant&#146;s Annual Report for Registered Investment Companies on Form <FONT STYLE="white-space:nowrap">N-CEN</FONT> filed on March&nbsp;15, 2021.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Portions of Articles of Incorporation and the Amended and Restated Bylaws of the Registrant defining the Rights of Stockholders are incorporated by reference to Exhibits (a)(1) and (b)(1).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(e)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000134100414000207/exe.htm">Automatic Dividend Reinvestment Plan is incorporated by reference to Exhibit (e)&nbsp;to the Registrant&#146;s Registration Statement on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-194573)</FONT> filed on March&nbsp;14, 2014.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(f)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000134100414000207/exg1.htm">Investment Management Agreement between the Registrant and BlackRock Advisors, LLC is incorporated by reference to Exhibit (g)(1) to the Registrant&#146;s
 Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-194573)</FONT> filed on March&nbsp;14, 2014. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000175272421053034/NCEN_1627799378954920.htm"><FONT STYLE="white-space:nowrap">Sub-Investment</FONT> Advisory Agreement between the Registrant and BlackRock International Limited
 is incorporated by reference to Attachment G.1.b.iii to the Registrant&#146;s Annual Report for Registered Investment Companies on Form <FONT STYLE="white-space:nowrap">N-CEN</FONT> filed on March&nbsp;15, 2021.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g4.htm">Amended and Restated Master Advisory Fee Waiver Agreement is incorporated by reference to Exhibit (g)(4) to the Registration Statement on Form
<FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g5.htm">Amendment No.&nbsp;1 to Amended and Restated&nbsp;Master Advisory&nbsp;Fee&nbsp;Waiver Agreement&nbsp;
is incorporated by reference to Exhibit (g)(5) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;
333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g6.htm">Amendment No.&nbsp;2 to Amended and Restated&nbsp;Master Advisory&nbsp;Fee&nbsp;
Waiver Agreement is incorporated by reference to Exhibit (g)(6) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;
333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g7.htm">Amendment No.&nbsp;3 to Amended and Restated&nbsp;Master Advisory&nbsp;Fee&nbsp;
Waiver Agreement is incorporated by reference to Exhibit (g)(7) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;
333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(7)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g8.htm">Amendment No.&nbsp;4 to Amended and Restated&nbsp;Master Advisory&nbsp;Fee&nbsp;
Waiver Agreement is incorporated by reference to Exhibit (g)(8) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;
333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(8)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99g9.htm">Form of Amendment No.&nbsp;5 to Amended and Restated&nbsp;Master Advisory&nbsp;Fee&nbsp;
Waiver Agreement is incorporated by reference to Exhibit (g)(9) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;
333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(9)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1832871/000119312522204326/d791219dex99g8.htm">Form of Amendment No.&nbsp;
6 to Amended and Restated Master Advisory Fee Waiver Agreement is incorporated by reference to Exhibit (g)(8) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock 2037 Municipal Target Term Fund (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-250205),</FONT> filed on July&nbsp;28, 2022.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(g)(10)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1833936/000119312524185899/d841144dex99g9.htm">Amendment No.&nbsp;
7 to Amended and Restated Master Advisory Fee Waiver Agreement is incorporated by reference to Exhibit (g)(9) to Post-Effective Amendment No.&nbsp;
1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Alpha Strategies Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-273507)</FONT> as filed with the Commission on July&nbsp;26, 2024.</A></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">C-2 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="5%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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">(h)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(i)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99i.htm">Form of BlackRock Fixed-Income Complex Third Amended and Restated Deferred Compensation Plan is incorporated by reference to Exhibit (i)&nbsp;to
 the Registration on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(j)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99j.htm">Form of Master Custodian Agreement is incorporated by reference to Exhibit (j)&nbsp;to the Registration on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99k1.htm">Form of Amended and Restated Transfer Agency and Service Agreement is incorporated by reference to Exhibit (k)(1) to the Registration on Form
 <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1562818/000119312522007562/d282893dex99k2.htm">Form of Administration and Accounting Services Agreement is incorporated by reference to Exhibit (k)(2) to the Registration on Form <FONT
STYLE="white-space:nowrap">N-2</FONT> of BlackRock Multi-Sector Income Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262119),</FONT> filed on January&nbsp;12, 2022</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000134100414000207/exk3.htm">Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(3) to
the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-194573)</FONT> filed on March&nbsp;14, 2014.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d877269dex99k4.htm">Amendment No.&nbsp;1 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d877269dex99k5.htm">Amendment No.&nbsp;2 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d877269dex99k6.htm">Amendment No.&nbsp;3 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(7)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1259708/000134100414000355/exh992_k4.htm">Form of Amendment No.&nbsp;
4 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(4) to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;
1 to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-194573)</FONT> filed on April&nbsp;30, 2014.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(8)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d877269dex99k8.htm">Amendment No.&nbsp;5 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(9)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d877269dex99k9.htm">Amendment No. 6 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company is filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(10)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1738078/000119312525012849/d901589dex99h13.htm">Form of Eleventh Amended and Restated Securities Lending Agency Agreement between the Registrant and BlackRock Investment Management, LLC is
 incorporated herein by reference to Exhibit (h)(13) of Post-Effective Amendment No.&nbsp;86 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-1A</FONT> of BlackRock Funds V (File
<FONT STYLE="white-space:nowrap">No.&nbsp;333-224371)</FONT> filed on January&nbsp;27, 2025.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001528988/000119312522063292/d294767dex99k4.htm">BlackRock <FONT STYLE="white-space:nowrap">Closed-End</FONT> Rule <FONT STYLE="white-space:nowrap">12d1-4</FONT> Fund of Funds Investment
 Agreement between the Registrant and Advisors Disciplined Fund, dated as of January&nbsp;19, 2022 is incorporated by reference to Exhibit (k)(4) to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registration
Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Utilities, Infrastructure&nbsp;&amp; Power Opportunities Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262272),</FONT> as filed with the Commission on
March&nbsp;3, 2022.</A></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">C-3 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<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="5%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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">(k)(12)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001528988/000119312522063292/d294767dex99k5.htm">BlackRock <FONT STYLE="white-space:nowrap">Closed-End</FONT> Rule <FONT STYLE="white-space:nowrap">12d1-4</FONT> Fund of Funds Investment
 Agreement between the Registrant, Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Fund, Guggenheim Funds Fund, Guggenheim Variable Funds Fund, Guggenheim Strategy Funds Fund, Transparent Value Fund, Guggenheim Active Allocation Fund,
Guggenheim Energy&nbsp;&amp; Income Fund, Guggenheim Strategic Opportunities Fund, Guggenheim Taxable Municipal Bond&nbsp;&amp; Investment Grade Debt Fund and Guggenheim Unit Investment Funds (Guggenheim Defined Portfolios), dated as of
January&nbsp;19, 2022 is incorporated by reference to Exhibit (k)(5) to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock
Utilities, Infrastructure&nbsp;&amp; Power Opportunities Fund (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-262272),</FONT> as filed with the Commission on March&nbsp;3, 2022.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(13)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001528988/000119312522063292/d294767dex99k6.htm">BlackRock Closed-End Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant, FT Series and First Trust Exchange-Traded Fund
 VIII dated as of June&nbsp;6, 2024 is incorporated by reference to Exhibit (13)(g) to the Registration Statement on Form N-14 of BlackRock Income Trust, Inc. (File No.&nbsp;333-284088) filed on February&nbsp;10, 2025.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(14)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001528988/000119312522063292/d294767dex99k7.htm">BlackRock <FONT STYLE="white-space:nowrap">Closed-End</FONT> Rule <FONT STYLE="white-space:nowrap">12d1-4</FONT> Fund of Funds Investment
 Agreement between the Registrant, RiverNorth Funds, RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Specialty Finance Corporation, RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income
Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc., RiverNorth Flexible Municipal Income Fund, Inc. and RiverNorth Flexible Municipal Income Fund II, Inc. dated as of January&nbsp;19, 2022 is incorporated by reference to Exhibit
(k)(7) to <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of BlackRock Utilities, Infrastructure&nbsp;&amp; Power Opportunities Fund (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-262272),</FONT> as filed with the Commission on March&nbsp;3, 2022.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(k)(15)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/0001528988/000119312522063292/d294767dex99k8.htm">BlackRock Closed-End Rule 12d1-4 Fund of Funds Investment Agreement between the Registrant and SmartTrust dated as of May&nbsp;
21, 2024 is incorporated by reference to Exhibit (13)(j) to the Registration Statement on Form N-14 of BlackRock Income Trust, Inc. (File&nbsp;No.&nbsp;333-284088) filed on February&nbsp;10, 2025.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(l)(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion and Consent of Counsel to be filed by amendment.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(m)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(n)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Independent Registered Public Accounting Firm Consent to be filed by amendment.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(o)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(p)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(q)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Inapplicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(r)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/844779/000119312525125623/d940151dex9916a.htm">Code of Ethics of Registrant, BlackRock Investments, LLC, BlackRock Advisors, LLC, BlackRock Fund Advisors, BlackRock International Limited,
 BlackRock (Singapore) Limited and BlackRock Asset Management North Asia Limited is incorporated by reference to Exhibit (16)(a) of Post-Effective Amendment No.&nbsp;1257 to the Registration Statement on
<FONT STYLE="white-space:nowrap">Form&nbsp;N-1A</FONT> of BlackRock Funds<SUP STYLE="font-size:75%; vertical-align:top">SM</SUP> <FONT STYLE="white-space:nowrap">(File&nbsp;No.&nbsp;33-26305),</FONT> filed on May&nbsp;23, 2025. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(s)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d877269dexfilingfees.htm">Calculation of Filing Fee Tables is filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">(t)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1222401/000119312525018468/d929720dex99t.htm">Power of Attorney is incorporated by reference to Exhibit (t) to the Registration Statement on Form N-2 of BlackRock Corporate High Yield Fund,
 Inc. (File No. 333-284646) as filed with the Commission on January 31, 2025. </A></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">C-4 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;26. &#8195;Marketing Arrangements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information contained under the section entitled &#147;Plan of Distribution&#148; in the Prospectus is incorporated by reference, and any information
concerning any underwriters will be contained in the accompanying Prospectus Supplement, if any. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;27. &#8195;Other Expenses Of Issuance And
Distribution </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated expenses to be incurred in connection with the offering described in this Registration
Statement: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36,377&#8201;&ensp;&#8197;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">NYSE listing fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,500&#8201;&ensp;&#8197;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,300&#8201;&ensp;&#8197;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">140,000&#8201;&ensp;&#8197;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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">FINRA fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">36,140&#8201;&ensp;&#8197;</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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">217,316.56&#8201;<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="19%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimate is based on the aggregate estimated expenses to be incurred during a three year shelf
offering&nbsp;period. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;28. &#8195;Persons Controlled By Or Under Common Control With The Registrant </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;29. &#8195;Number Of Holders Of Shares
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of June 30, 2025:</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="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Title&nbsp;Of&nbsp;Class</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:8pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;Of&nbsp;Record&nbsp;Holders</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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 of Beneficial Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;30. &#8195;Indemnification </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Section&nbsp;2-418</FONT> of the General Corporation Law of the State of Maryland, Article V of the Registrant&#146;s
Charter, Article IV of the Registrant&#146;s Bylaws and the Investment Management Agreement each provides for indemnification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article V of the
Registrant&#146;s Charter provides as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4) Each director and each officer of the Corporation shall be indemnified and advanced
expenses by the Corporation to the full extent permitted by the General Laws of the State of Maryland now or hereafter in force, including the advance of expenses under the procedures and to the full extent permitted by law subject to the
requirements of the Investment Company Act. The forgoing rights of indemnification shall not be exclusive of any other rights to which those seeking indemnification may be entitled. No amendment of these Articles of Incorporation or repeal of any
provision hereof shall limit or eliminate the benefits provided to directors and officers under this provision in connection with any act or omission that occurred prior to such amendment or repeal. </P>
 <p STYLE="margin-top: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">C-5 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(5) To the fullest extent permitted by the General Laws of the State of Maryland or
decisional law, as amended or interpreted, subject to the requirements of the Investment Company Act, no director or officer of the Corporation shall be personally liable to the Corporation or its security holders for money damages. No amendment of
these Articles of Incorporation or repeal of any provision hereof shall limit or eliminate the benefits provided to directors and officers under this provision in connection with any act or omission that occurred prior to such amendment or repeal.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Article IV of the Registrant&#146;s Amended and Restated Bylaws provides as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. No Personal Liability of Directors or Officers. No Director, advisory board member or officer of the Fund shall be subject in
such capacity to any personal liability whatsoever to any Person, save only liability to the Fund or its shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his or her duty to such Person; and,
subject to the foregoing exception, all such Persons shall look solely to the assets of the Fund for satisfaction of claims of any nature arising in connection with the affairs of the Fund. If any Director, advisory board member or officer, as such,
of the Fund, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, such person shall not, on account thereof, be held to any personal liability. Any repeal or modification of the Charter or this
Article IV Section&nbsp;1 shall not adversely affect any right or protection of a Director, advisory board member or officer of the Fund existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such
repeal or modification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. Mandatory Indemnification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Fund hereby agrees to indemnify each person who is or was a Director, advisory board member or officer of the Fund (each such person
being an &#147;Indemnitee&#148;) to the full extent permitted under the Charter. In addition, the Fund may provide greater but not lesser rights to indemnification pursuant to a contract approved by at least a majority of Directors between the Fund
and any Indemnitee. Notwithstanding the foregoing no Indemnitee shall be indemnified hereunder against any liability to any person or any expense of such Indemnitee arising by reason of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith,
(iii)&nbsp;gross negligence, or (iv)&nbsp;reckless disregard of the duties involved in the conduct of the Indemnitee&#146;s position (the conduct referred to in such clauses (i)&nbsp;through (iv) being sometimes referred to herein as &#147;Disabling
Conduct&#148;). Furthermore, with respect to any action, suit or other proceeding voluntarily prosecuted by any Indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such
Indemnitee (A)&nbsp;was authorized by a majority of the Directors or (B)&nbsp;was instituted by the Indemnitee to enforce his or her rights to indemnification hereunder in a case in which the Indemnitee is found to be entitled to such
indemnification. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing, unless otherwise provided in any agreement relating to indemnification between an
Indemnitee and the Fund, no indemnification shall be made hereunder unless there has been a determination (i)&nbsp;by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to
indemnification hereunder was brought that such Indemnitee is entitled to indemnification hereunder or, (ii)&nbsp;in the absence of such a decision, by (A)&nbsp;a majority vote of a quorum of those Directors who are both Independent Directors and
not parties to the proceeding (&#147;Independent <FONT STYLE="white-space:nowrap">Non-Party</FONT> Directors&#148;), that the Indemnitee is entitled to indemnification hereunder, or (B)&nbsp;if such quorum is not obtainable or even if obtainable, if
such majority so directs, a Special Counsel in a written opinion concludes that the Indemnitee should be entitled to indemnification hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to any limitations provided by the 1940 Act and the Charter, the Fund shall have the power and authority to indemnify and provide
for the advance payment of expenses to employees, agents and other Persons providing services to the Fund or serving in any capacity at the request of the Fund to the full extent permitted for corporations organized under the corporations laws of
the state in which the Fund was formed, provided that such indemnification has been approved by a majority of the Directors. </P>
 <p STYLE="margin-top: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">C-6 </P>

</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any repeal or modification of the Charter or Section&nbsp;2 of this Article IV shall not
adversely affect any right or protection of a Director, advisory board member or officer of the Fund existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. Good Faith Defined; Reliance on Experts. For purposes of any determination under this Article IV, a person shall be deemed to
have acted in good faith and in a manner such person reasonably believed to be in the best interests of the Fund, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe such person&#146;s conduct was
unlawful, if such person&#146;s action is based on the records or books of account of the Fund, or on information supplied to such person by the officers of the Fund in the course of their duties, or on the advice of legal counsel for the Fund or on
information or records given or reports made to the Fund by an independent certified public accountant or by an appraiser or other expert or agent selected with reasonable care by the Fund. The provisions of this Article IV Section&nbsp;3 shall not
be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in this Article IV. Each Director and officer or employee of the Fund shall, in the
performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Fund, upon an opinion of counsel
selected by the Board of Directors or a committee of the Directors, or upon reports made to the Fund by any of the Fund&#146;s officers or employees or by any advisor, administrator, manager, distributor, dealer, accountant, appraiser or other
expert or consultant selected with reasonable care by the Board of Directors or a committee of the Directors, officers or employees of the Fund, regardless of whether such counsel or expert may also be a Director. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. Survival of Indemnification and Advancement of Expenses. The indemnification and advancement of expenses provided by, or
granted pursuant to, this Article IV shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a
person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5. Insurance. The Directors may maintain insurance for the protection of the Fund&#146;s property, the shareholders,
Directors, officers, employees and agents in such amount as the Directors shall deem adequate to cover possible tort liability, and such other insurance as the Directors in their sole judgment shall deem advisable or is required by the 1940 Act.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6. Subrogation. In the event of payment by the Fund to an Indemnitee under the Charter or these Bylaws, the Fund shall be
subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute such documents and do such acts as the Fund may reasonably request to secure such rights and to enable the Fund effectively to bring suit
to enforce such rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reference is also made to: </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 style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sections 10 and 11 of the Registrant&#146;s Investment Management Agreement, a form of which is filed as Exhibit
(g)(1) of this Registration Statement. </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 style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sections 9 and 10 of the <FONT STYLE="white-space:nowrap">Sub-Investment</FONT> Advisory Agreement between
BlackRock Advisors, LLC and BlackRock International Limited, a form of which is filed as Exhibit (g)(2) of this Registration Statement. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, the Registrant and the other funds in the BlackRock Fixed-Income Complex jointly maintain, at their own expense, E&amp;O/D&amp;O insurance
policies for the benefit of its Directors, officers and certain affiliated persons. The Registrant pays a pro rata portion of the premium on such insurance policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;31. &#8195;Business And Other Connections Of Investment Advisor </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BlackRock Advisors, LLC, a limited liability company organized under the laws of Delaware (the &#147;Advisor&#148;), acts as investment adviser to the
Registrant. The Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of the Advisor, together with information as to any other business, profession, vocation
</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">C-7 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
or employment of a substantial nature engaged in by the Advisor or those officers and directors during the past two years, by incorporating by reference the information contained in the Form ADV
of the Advisor filed with the commission pursuant to the Investment Advisers Act of 1940 (Commission File <FONT STYLE="white-space:nowrap">No.&nbsp;801-47710).</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;32. &#8195;&#8195;&#8195;Location Of Accounts And Records </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Omitted pursuant to the Instruction of Item 32 of Form <FONT STYLE="white-space:nowrap">N-2.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;33. &#8195;Management Services </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not Applicable
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;34. &#8195;Undertakings </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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The securities being registered will be offered on a delayed or continuous basis in reliance on Rule 415 under
the Securities Act of 1933. Accordingly, the Registrant undertakes: </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to file, during and period in which offers or sales are being made, a post-effective amendment to this
Registration Statement: </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933; </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(2) to reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;to include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement. </P> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that for the purpose of determining any liability under the Securities Act of 1933, each post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering; and </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
</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">C-8 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(1) if the Registrant is relying on Rule&nbsp;430B [17 CFR 230.430B]: </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(B) Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi)&nbsp;for the purpose of providing the information required by
Section&nbsp;10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the
registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. <I>Provided,
however</I>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date; or </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(2) if the Registrant is subject to Rule 430C [17
CFR 230.430C]: Each prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933 as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in
reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of
the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. </P>
<P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">that for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to
sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to the purchaser: (1)&nbsp;any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act of 1933; (2) free writing prospectus relating to
the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant; (3)&nbsp;the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act of
1933 relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and (4)&nbsp;any other communication that is an offer in the offering made by
the undersigned Registrant to the purchaser. </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">C-9 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If applicable: </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For the purposes of determining any liability under the Securities Act of 1933, the information omitted from
the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of the
Registration Statement as of the time it was declared effective. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment
that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Registrant&#146;s f pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will
be governed by the final adjudication of such issue. </P></TD></TR></TABLE> <P STYLE="font-size:10pt;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 style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery
within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information constituting Part B of this Registration Statement. </P></TD></TR></TABLE>
 <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">C-10 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 30<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> day of July, 2025. </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="35%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John M. Perlowski</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>John M. Perlowski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the
following persons in the capacities and on the dates indicated. </P> <P STYLE="font-size:30pt;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="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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>Signature</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>Title</B></P></TD></TR></TABLE>
<P STYLE="font-size:20pt;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="38%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ John M. Perlowski</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(John M. Perlowski)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Director, President and Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">July&nbsp;30, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Trent Walker</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Trent Walker)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Financial
and Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">July&nbsp;30, 2025</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>YNTHIA</SMALL> L. E<SMALL>GAN</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Cynthia L. Egan)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">L<SMALL>ORENZO</SMALL> A. F<SMALL>LORES</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Lorenzo A. Flores)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>TAYCE</SMALL> D. H<SMALL>ARRIS</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Stayce D. Harris)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">J. P<SMALL>HILLIP</SMALL> H<SMALL>OLLOMAN</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(J. Phillip Holloman)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">R. G<SMALL>LENN</SMALL> H<SMALL>UBBARD</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(R. Glenn Hubbard)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">W. C<SMALL>ARL</SMALL> K<SMALL>ESTER</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(W. Carl Kester)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>ATHERINE</SMALL> A. L<SMALL>YNCH</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Catherine A. Lynch)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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">C-11 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

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


<TR>

<TD WIDTH="38%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>RTHUR</SMALL> P. S<SMALL>TEINMETZ</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Arthur P. Steinmetz)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>OBERT</SMALL> F<SMALL>AIRBAIRN</SMALL>*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Robert Fairbairn)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">*By: /s/ Janey Ahn</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Janey Ahn, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Attorney-In-Fact)</FONT></FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">July&nbsp;30, 2025</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">C-12 </P>

</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></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></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; "><B>Exhibit</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; "><B>Number</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; display:table-cell; font-size:10pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(k)(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d877269dex99k4.htm">Amendment No.&nbsp;1 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(k)(5)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d877269dex99k5.htm">Amendment No.&nbsp;2 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(k)(6)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d877269dex99k6.htm">Amendment No.&nbsp;3 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(k)(8)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d877269dex99k8.htm">Amendment No.&nbsp;5 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(k)(9)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d877269dex99k9.htm">Amendment No. 6 to the Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(s)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d877269dexfilingfees.htm">Calculation of Filing Fee Tables </A></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">C-13 </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(4)
<SEQUENCE>2
<FILENAME>d877269dex99k4.htm
<DESCRIPTION>FORM OF AMENDMENT NO. 1
<TEXT>
<HTML><HEAD>
<TITLE>Form of Amendment No. 1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit (k)(4) </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT AGREEMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This <B>AMENDMENT AGREEMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT</B> (this &#147;<U>Amendment</U>&#148;) is made as
of March&nbsp;2, 2012, by and among <B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.,</B> a Maryland corporation (the &#147;<U>Borrower</U>&#148;), the lending institutions listed on the signature pages hereof (collectively, the
&#147;<U>Banks</U>&#148;) and <B>STATE STREET BANK AND TRUST COMPANY</B>, as agent for itself and such other Banks (in such capacity, the &#147;<U>Agent</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Borrower, the Banks and the Agent are parties to that certain Amended and Restated Credit Agreement, dated
as of March&nbsp;3,2011 (as amended and in effect from time to time, the &#147;<U>Credit</U> <U>Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the parties hereto wish to amend the Credit Agreement as more fully set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, in consideration of these premises and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;1.&#8195;<U>Definitions</U></B>. Capitalized terms which are used herein without definition and which are defined in
the Credit Agreement shall have the same meanings herein as in the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;2.&#8195;<U>Amendments to
Credit Agreement</U>. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;Section&nbsp;1.01 of the Credit Agreement is hereby amended by deleting the
definitions of &#147;Adjusted Net Assets&#148;, &#147;Available Amount&#148;, &#147;Fee Letter&#148;, &#147;LIBOR Margin&#148;, &#147;Maximum Amount&#148;, &#147;Overnight Rate&#148;, and &#147;Termination Date&#148; in their entirety and restating
each such definition as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Adjusted Net Assets&#148; means as at any date of
determination, an amount equal to (a)&nbsp;the value of the Total Assets of the Borrower minus (b)&nbsp;the Total Liabilities of the Borrower that are not Senior Securities Representing Indebtedness. For purposes of calculating the Adjusted Net
Assets, the amount of any liability included in such Total Liabilities shall be equal to the greater of (i)&nbsp;the outstanding amount of such liability or (ii)&nbsp;the fair market value of all assets pledged or otherwise segregated for the
benefit of the applicable creditor to secure such liability. For the avoidance of doubt, when calculating the outstanding amount of any liability in respect of any derivative contract, the liability shall be the maximum amount of any termination or
loss payment required to be paid by such Person if such derivative contract were, at the time of determination, to be terminated by reason of any event of default or early termination event thereunder, whether or not such event of default or early
termination event has in fact occurred. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Available Amount&#148; means, as of
any date of determination, an amount equal to the lesser of (a)&nbsp;the Aggregate Commitment Amount as then in effect; (b)&nbsp;the Adjusted Net Asset Limit as then in effect; and (c)&nbsp;the Borrowing Base as then in effect. For the avoidance of
doubt, any required repayments of Loans hereunder as a result of the Borrower exceeding the Available Amount as a result of paragraph (c)&nbsp;hereof shall be subject to the provisions of Section&nbsp;2.05(b) below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fee Letter&#148; means that certain amended and restated fee letter agreement dated as
of March&nbsp;2, 2012 by and between the Borrower and the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;LIBOR
Margin&#148; 0.75%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Maximum Amount&#148; means, as at any date of determination,
an amount equal to the least of: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:8%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) the maximum amount of Debt that the Borrower would
be permitted to have outstanding at any time pursuant to Applicable Law, including the Investment Company Act; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:8%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) the maximum amount of Debt that the Borrower would be permitted to have outstanding at
any time pursuant to the limitations on borrowings adopted by the Borrower in its Prospectus or elsewhere; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:8%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) the maximum amount of Debt that the Borrower would be permitted to have outstanding at
any time pursuant to any agreements with any Government Authority; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:8%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) the maximum
amount of Debt that the Borrower would be permitted to have outstanding at any time without violating Section&nbsp;5.07 or any other provision of this Agreement, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">in each case, as in effect at the time of determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Overnight Rate&#148; means, for any day, the higher of (a) 0.75% above the Federal
Funds Rate as in effect on that day and (b) 0.75% above the Overnight LIBOR Rate as in effect on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Termination Date&#148; means March&nbsp;1, 2013, or such earlier date on which the
Commitments terminate or are terminated pursuemt to the terms hereof, <U>provided</U> that the Termination Date (and some or all of the Banks&#146; Commitments to make Loans to the Borrower hereunder) may be extended in accordance with
Section&nbsp;2.09(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;Section&nbsp;1.01 of the Credit Agreement is further amended by inserting the following
definitions in the appropriate alphabetical order: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Asset Coverage Test&#148; has
the meaning set forth in Section&nbsp;5.19 hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Borrowing Base&#148; means, as of any
date of determination, an amount equal to the product of (a)&nbsp;sixty five percent (65%) and (b)&nbsp;the fair market value of all Borrowing Base Eligible Assets of the Borrower as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Borrowing Base Eligible Assets&#148; means, as of any relevant date of determination,
an amount equal to (a)&nbsp;the value of the Borrower&#146;s Adjusted Total Assets as of such date, minus (b)&nbsp;the fair market value of all assets of the Borrower which are subject to a Lien (other than a Lien in favor of the Agent for the
benefit of the Agent and the Banks under the Loan Documents) or otherwise segregated for the benefit of any Person for any liability or obligation owing such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;First Amendment Effective Date&#148; means March&nbsp;2,2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;Section&nbsp;2.05(b) of the Credit Agreement is hereby amended by deleting each reference to &#147;Adjusted Net
Asset Limit&#148; which appears in Section&nbsp;2.05(b) and substituting in each place thereof a reference to &#147;Borrowing Base&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;Section&nbsp;2.05(d) of the Credit Agreement is hereby amended by deleting the words &#147;exceeds the Aggregate
Commitment Amounts or the Commitment Amount of any Bank&#148; which appears on Section&nbsp;2.05(d) and substituting in place thereof the words &#147;exceeds the Aggregate Commitment Amount, the Commitment Amount of any Bank or the amount set forth
in clause (b)&nbsp;of the Asset Coverage Test&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;Section&nbsp;2.07(a) of the Credit Agreement is hereby
amended by deleting the words &#147;at the rate of 0.15% per annum&#148; which appear in Section&nbsp;2.07(a) and substituting in place thereof the words &#147;at the rate of 0.05% per annum&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;Section&nbsp;2.07(b) of the Credit Agreement is hereby amended by inserting at the end of the text of
Section&nbsp;2.07(b) the following: &#147;In addition, on the First Amendment Effective Date, the Borrower shall pay to the Agent, for its own account, a <FONT STYLE="white-space:nowrap">non-refundable</FONT> fee in the amount, and in the manner,
set forth in the Fee Letter.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;Section&nbsp;4.17 of the Credit Agreement is hereby amended by deleting the
words &#147;Adjusted Net Asset Limit&#148; which appear in Section&nbsp;4.17 and substituting in place thereof the words &#147;Borrowing Base&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&#8195;Section&nbsp;5.01(c) of the Credit Agreement is hereby amended by deleting the words &#147;Adjusted Total Assets and
the Adjusted Net Asset Limit&#148; which appear in Section 5.01(c) and substituting in place thereof the words &#147;the Asset Coverage Test and the Borrowing Base&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;Section&nbsp;5.19 of the Credit Agreement is hereby amended by deleting Section&nbsp;5.19 in its entirety and
restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.19.&#8195;&#8195;Asset Coverage</B>. The Borrower
will not (a)&nbsp;at the time of making any borrowing of any Loan hereunder permit the aggregate amount of Senior Securities Representing Indebtedness to exceed the Adjusted </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Net Asset Limit or (b)&nbsp;at any time permit the amount of its Total Liabilities that are Senior Securities Representing Indebtedness to exceed 38% of Adjusted Net Assets (the &#147;Asset
Coverage Test&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;3.&#8195;<U>Representations</U> <U>and</U> <U>Warranties</U></B>. The Borrower hereby
represents and warrants as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;<U>Representations</U> <U>and</U> <U>Warranties</U> <U>in</U> <U>Credit</U>
<U>Agreement</U>. The representations and warranties of the Borrower contained in the Credit Agreement are true and correct on and as of the date hereof and with the same force and effect as it made on and as of such date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;<U>No</U> <U>Default</U>. No Default or Event of Default has occurred and is continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;<U>Authority</U>, <U>Etc</U>. The execution and delivery by the Borrower of this Amendment and the Borrower&#146;s
performance of this Amendment and the Credit Agreement as amended hereby (as so amended, the &#147;<U>Amended</U> <U>Agreement</U>&#148;) (i) are within the Borrower&#146;s corporate powers, (ii)&nbsp;have been duly authorized by all necessary
corporate action on the part of the Borrower, (iii)&nbsp;require no Governmental Authorizations, Private Authorizations or Governmental Filings by the Borrower which have not already been obtained or made, (iv)&nbsp;do not contravene, or constitute
a default under, any provision of (A)&nbsp;any Applicable Law unless the violation of such Applicable Law could not reasonably be expected to have a Material Adverse Effect, (B)&nbsp;the Charter Documents of the Borrower, or (C)&nbsp;any agreement,
judgment, injunction, order, decree or other instrument binding upon the Borrower unless such contravention or violation could not reasonably be expected to have a Material Adverse Effect, and (v)&nbsp;do not result in the creation or imposition of
any Lien on any asset of the Borrower (other than Liens in favor of the Agent to secure the Obligations and Liens permitted pursuant to Section&nbsp;5.08 of the Credit Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;<U>Enforceability</U> <U>of</U> <U>Obligations</U>. This Amendment has been duly executed and delivered by the
Borrower. Each of this Amendment and the Amended Agreement constitutes the valid and legally binding agreement of the Borrower, in each case enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors&#146; rights generally and general principles of equity (regardless of whether enforcement is sought in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;4.&#8195;<U>Effectiveness</U></B>. This Amendment shall be effective as of the date first written above (the
&#147;<U>First</U> <U>Amendment</U> <U>Effective</U> <U>Date</U>&#148;) upon the receipt by the Agent of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;counterparts of this Amendment duly executed and delivered by each of the Borrower, the Banks and the Agent and
counterparts of the amended and restated Fee Letter, duly executed by the Agent and the Borrower; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;a certificate
duly executed by em officer of the Borrower which is reasonably satisfactory to the Banks to the effect set forth in clauses (c) (provided if the Borrower is not submitting a Notice of Borrowing on the First Amendment Effective Date, reference to
borrowings shall not be required) and (d)&nbsp;of Section&nbsp;3.02 of the Credit Agreement, such </P>
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certificate to be dated as of the First Amendment Effective Date and to be in form and substance reasonably satisfactory to the Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;a duly executed certificate from the Secretary or Assistant Secretary of the Borrower in form and substance
reasonably satisfactory to the Agent and dated as of the First Amendment Effective Date as to the incumbency of, and bearing specimen signatures of, the Authorized Signatories who are authorized as of the date hereof to execute and take actions
hereunder and under the Loan Documents for and on behalf of the Borrower (or a certification that the incumbency of the Authorized Signatories set forth on that certificate delivered to the Agent pursuant to Section&nbsp;3.01(f) of the Credit
Agreement on the Effective Date (the &#147;Closing Date Certificate&#148;) remains true and accurate as of the date hereof); and certifying and attaching copies of (i)&nbsp;Charter Documents, with all amendments thereto (or a certification that the
Charter Documents delivered to the Agent and referenced in the Closing Date Certificate have not been amended, supplemented or modified and are in full force and effect); (ii) the resolutions of the Borrower&#146;s Board of Directors authorizing the
transactions contemplated hereby; (iii)&nbsp;the current Prospectus as then in effect (or a certification that the Prospectus delivered to the Agent and referenced in the Closing Date Certificate has not been amended, supplemented or modified and is
currently in effect); (iv) the investment management agreement between the Borrower and the Investment Adviser as then in effect (or a certification that the investment management agreement delivered to the Agent and referenced in the Closing Date
Certificate has not been amended, supplemented or modified and is in full force and effect); and (v)&nbsp;the Custody Agreement (or a certification that the Custody Agreement delivered to the Agent and referenced in the Closing Date Certificate has
not been amended, supplemented or modified and is in full force and effect); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;a legal existence and good
standing certificate for the Borrower from&#146; the Secretary of State of the State of Maryland dated as of a recent date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;a copy of the certificate of incorporation of the Borrower, with all amendments, certified as of a recent date by
the Secretary of State of the State of Maryland; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;payment of all fees and expense payable hereunder and
under the Fee Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;5.&#8195;<U>Ratification of the</U> <U>Borrower</U></B>. The Borrower ratifies and
confirms in all respects all of its obligations to the Agents and the Banks under the Credit Agreement and the other Loan Documents and hereby affirms its absolute and unconditional promise to pay to the Banks and the Agents the Loans made to it and
all other amounts due from it under the Credit Agreement as amended hereby. The Credit Agreement and this Amendment shall be read and construed as a single agreement. All references in the Credit Agreement or any related agreement or instrument to
the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;6.&#8195;<U>Miscellaneous</U></B>. This Amendment shall be a Loan Document for all purposes under the Credit
Agreement. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Except as specifically amended by this Amendment, the Credit Agreement and all other agreements and instruments executed and delivered
in connection with the Credit Agreement, including, without limitation, the other Loan Documents, shall remain in full force and effect. This Amendment is limited specifically </P>
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to the matters set forth herein and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any of the other Loan Documents.
Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the Borrower or any rights of the Agents and the Banks consequent thereon. This Amendment may be executed in several
counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be em original, and all of which together shall constitute one instrument. Delivery of em executed signature page to this Amendment by
facsimile transmission or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment, provided, the Borrower does agree to provide the Agent with an original manually signed counterpart of this
Amendment within five (5)&nbsp;Business Days of the First Amendment Effective Date. In proving this Amendment it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Signature page follows.] </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt;margin-bottom:0pt">&#8195;&#8195;


<IMG SRC="g877269g01a01.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Name:</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>STATE STREET BANK AND TRUST COMPANY, </B>Individually and as
Agent<B></B></P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</B></P></TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="3">Name:</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>STATE STREET BANK AND TRUST COMPANY, </B>Individually and as
Agent<B></B></P></TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Title: Vice President</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.(K)(5)
<SEQUENCE>3
<FILENAME>d877269dex99k5.htm
<DESCRIPTION>FORM OF AMENDMENT NO. 2
<TEXT>
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<TITLE>Form of Amendment No. 2</TITLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><I>Exhibit (k)(5) </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT AGREEMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This <B>AMENDMENT AGREEMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT</B> (this &#147;<U>Amendment</U>&#148;) is made as
of October&nbsp;5, 2012, by and among <B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.,</B> a Maryland corporation (the &#147;<U>Borrower</U>&#148;), the lending institutions listed on the signature pages hereof (collectively, the
&#147;<U>Banks</U>&#148;) and <B>STATE STREET BANK AND TRUST COMPANY</B>, as agent for itself and such other Banks (in such capacity, the &#147;<U>Agent</U>&#148;), </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> the Borrower, the Banks and the Agent are parties to that certain Amended and Restated Credit Agreement, dated
as of March&nbsp;3, 2011 (as amended and in effect from time to time, the &#147;<U>Credit</U> <U>Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Borrower has informed the Agent and the Banks that the Borrower wishes to effect a reorganization pursuant
to which each of BlackRock Floating Rate Income Strategies Fund II, Inc., a Maryland corporation (&#147;<U>FRB</U>&#148;) and BlackRock Diversified Income Strategies Fund, Inc., a Maryland corporation (&#147;<U>DVF</U>&#148;), will, pursuant to each
of (a)&nbsp;the Agreement and Plan of Reorganization dated as of October&nbsp;4, 2012, by and among DVF, the Borrower and FRA Merger Subsidiary, LLC, a Maryland limited liability company and wholly-owned Subsidiary of the Borrower (the
&#147;<U>FRA</U> <U>Merger</U> <U>Subsidiary</U>&#148;) and in substantially the form attached hereto as Exhibit B (the &#147;<U>DVF</U> <U>Merger</U> <U>Agreement</U>&#148;); and (b)&nbsp;the Agreement and Plan of Reorganization dated as of
October&nbsp;4, 2012, by and among FRB, the Borrower and the FRA Merger Subsidiary and in substantially the form attached hereto as Exhibit C (the &#147;<U>FRB</U> <U>Merger</U> <U>Agreement</U>&#148; and, collectively with the DVF Merger Agreement,
the &#147;<U>Merger</U> <U>Agreements</U>&#148;), merge with and into the FRA Merger Subsidiary, with the FRA Merger Subsidiary being the surviving entity (the &#147;<U>Merger</U>&#148;), and immediately following the consummation of the Merger, the
FRA Merger Subsidiary will be dissolved and liquidated into the Borrower, with the Borrower assuming all of the assets and liabilities of the FRA Merger Subsidiary, with such dissolution, liquidation and assumption being pursuant to the terms of the
Transfer of Assets and Assumption of Obligations Agreement dated as of October&nbsp;5, 2012 and effective as of October&nbsp;8, 2012 between the Borrower and the FRA Merger Subsidiary (the &#147;<U>FRA</U> <U>Merger</U> <U>Subsidiary</U>
<U>Liquidation</U> <U>Agreement</U>&#148;) and in substantially the form attached hereto as Exhibit D and the Plan of Liquidation and Dissolution of FRA Merger Subsidiary, LLC, effective as of October&nbsp;8,2012 (the &#147;<U>FRA</U> <U>Merger</U>
<U>Subsidiary</U> <U>Plan</U> <U>of</U> <U>Dissolution</U>&#148;) and substantially in the form attached hereto as Exhibit E, and the stockholders of each of FRB and DVF will, pursuant to the terms of the applicable Merger Agreement, become
stockholders of the Borrower; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, in connection with such reorganization (the &#147;<U>Proposed</U>
<U>Transaction</U>&#148;), the Borrower is requesting that the Agent and the Banks agree to amend certain provisions of the Credit Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the parties hereto wish to amend the Credit Agreement and make certain other agreements with respect to the
Proposed Transaction as more fully set forth herein; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;1.&#8195;<U>Definitions</U></B>. Capitalized terms which are used herein without definition and which are defined in
the Credit Agreement shall have the same meanings herein as in the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman"><B>&#167;2.&#8195;<U>Amendments</U> <U>to</U>
<U>Credit</U> <U>Agreement</U>. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;Section&nbsp;1.01 of the Credit Agreement is hereby amended by deleting the
definitions of &#147;Account&#148;, &#147;Aggregate Commitment Amount&#148;, &#147;Permitted Subsidiary&#148; and &#147;Prospectus&#148; in their entirety and restating each such definition as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Account&#148; means the accounts that the Custodian has opened and maintains for the
Borrower pursuant to the terms and conditions of the Custody Agreement, <U>provided</U>, that for period commencing immediately upon the consummation of the October 2012 Merger in accordance with the terms of the Merger Agreements until the
consummation of the FRA Merger Subsidiary Dissolution and the transfer of the assets in the DVF Account and the FRB Account into the Account, the term &#147;Account&#148; shall be deemed to also include the DVF Account and the FRB Account for all
purposes of this Agreement, including, without limitation, compliance with Section&nbsp;4.17 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Aggregate Commitment Amounts&#148; means, as of any date, the aggregate of all
Commitment Amounts as of such date. On the Effective Date, the Aggregate Commitment Amount is $137,200,000 and from and after the Second Amendment Effective Date, the Aggregate Commitment Amount is increased to $276,500,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Permitted Subsidiary&#148; means any wholly-owned Subsidiary (including, without
limitation, a limited liability company) of the Borrower, other than the FRA Merger Subsidiary, formed by the Borrower for the sole purpose of holding equity interests (including, if desired, convertible debt and options for equity interests) and
any proceeds or income of such equity interests in Persons treated as partnerships for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Prospectus&#148; means the Joint Proxy Statement/Prospectus dated July&nbsp;25, 2012
and the Statement of Additional Information dated July&nbsp;25, 2012, each filed with the SEC pursuant to Rule 497 under the Securities Act on July&nbsp;27, 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) Section&nbsp;1.01 of the Credit Agreement is further amended by inserting the following definitions in the appropriate
alphabetical order: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;DVF&#148; means BlackRock Diversified Income Strategies Fund,
Inc., a Maryland corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;DVF Account&#148; means the account
that the Custodian has opened and maintains for DVF pursuant to the terms and conditions of the Custody Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;DVF Merger Agreement&#148; means the Agreement and Plan of Reorganization dated as of
October&nbsp;4, 2012, by and among DVF, the Borrower and file FRA Merger Subsidiary, substantially in the form attached as Exhibit B to the Second Amendment, pursuant to which, among other things, DVF merges with and into the FRA Merger Subsidiary,
with the FRA Merger Subsidiary being the survivor thereof and assumes all of the assets and liabilities of DVF. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary&#148; means FRA Merger Subsidiary, LLC, a Maryland limited
liability company and wholly-owned Subsidiary of the Borrower which has been formed to effect the October 2012 Merger (and such term shall include the surviving entity of each merger consummated pursuant to the terms of each Merger Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary Dissolution&#148; means the dissolution and liquidation of the
FRA Merger Subsidiary into the Borrower immediately following the October 2012 Merger pursuant to, and in accordance with, the FRA Merger Subsidiary Plan of Dissolution and the FRA Merger Subsidiary Liquidation Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary Liquidation Agreement&#148; means the Transfer of Assets and
Assumption of Obligations Agreement, dated as of October&nbsp;5, 2012 and effective as of October&nbsp;8, 2012, between the Borrower and the FRA Merger Subsidiary and substantially in the form attached as Exhibit D to the Second Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary Plan of Dissolution&#148; means the Plan of Liquidation and
Dissolution of FRA Merger Subsidiary, LLC, effective as of October&nbsp;8, 2012, substantially in the form attached as Exhibit E to the Second Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRB&#148; means BlackRock Floating Rate Income Strategies Fund II, Inc., a Maryland
corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRB Account&#148; means the account that the Custodian has opened and
maintains for FRB pursuant to the terms and conditions of the Custody Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRB Merger Agreement&#148; means the Agreement and Plan of Reorganization dated as of
October&nbsp;4, 2012, by and among FRB, the Borrower and the FRA Merger Subsidiary, substantially in the form attached as Exhibit C to the Second Amendment, pursuant to which, among other things, FRB merges with and into the FRA Merger Subsidiary,
with the FRA Merger Subsidiary being the survivor thereof and assumes all of the assets and liabilities of FRB. </P>
</DIV>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Merger Agreements&#148; mean,
collectively, the DVF Merger Agreement and the FRB Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;October 2012
Merger&#148; means, collectively, the mergers, to be effective on October&nbsp;8, 2012, of (a)&nbsp;FRB into the FRA Merger Subsidiary pursuant to the FRB Merger Agreement and (b)&nbsp;DVF into the FRA Merger Subsidiary pursuant to the DVF Merger
Agreement, in each case with the FRA Merger Subsidiary being the surviving entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Second Amendment&#148; means that certain Amendment Agreement No.&nbsp;2 to Amended and
Restated Credit Agreement dated as of October&nbsp;5, 2012 by and among the Borrower, the Banks listed on the signature pages thereof and the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Second Amendment Effective Date&#148; means the later of (a)&nbsp;the &#147;Document
Effective Date&#148; as defined in the Second Amendment and (b)&nbsp;the date on which the October 2012 Merger has been consummated pursuant to the terms of the Merger Agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;Section&nbsp;4.07 of the Credit Agreement is hereby amended by inserting immediately after the words &#147;other
than Permitted Subsidiaries&#148; the words &#147;and the FRA Merger Subsidiary&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;Section&nbsp;5.14 of the
Credit Agreement is hereby amended by inserting immediately after the words &#147;other than the Permitted Subsidiaries&#148; the words &#147;and the FRA Merger Subsidiary&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;<U>Schedule 1</U> to the Credit Agreement is hereby amended by deleting <U>Schedule 1</U> in its entirety effective
on the Second Amendment Effective Date and, on such Second Amendment Effective Date, substituting in place thereof the <U>Schedule 1</U> attached hereto as <U>Exhibit A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;3.&#8195;<U>Representations</U><U> and</U> <U>Warranties</U></B>. The Borrower hereby represents and warrants as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;<U>Representations</U> <U>and</U> <U>Warranties</U> <U>in</U> <U>Credit</U> <U>Agreement</U>. The
representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) are true and correct on and as of the date hereof and with the same force and effect as it made on and as of such date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;<U>No</U> <U>Default</U>. No Default or Event of Default has occurred and is continuing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;<U>Authority</U>, <U>Etc</U>. The execution and delivery by the Borrower of this Amendment and the Borrower&#146;s
performance of this Amendment and the Credit Agreement as amended hereby (as so amended, the &#147;<U>Amended</U> <U>Agreement</U>&#148;) (i) are within the Borrower&#146;s corporate powers, (ii)&nbsp;have been duly authorized by all necessary
corporate action on the part of the Borrower, (iii)&nbsp;require no Governmental Authorizations, Private Authorizations or </P>
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Governmental Filings by the Borrower which have not already been obtained or made, (iv)&nbsp;do not contravene, or constitute a default under, any provision of (A)&nbsp;any Applicable Law unless
the violation of such Applicable Law could not reasonably be expected to have a Material Adverse Effect, (B)&nbsp;the Charter Documents of the Borrower, or (C)&nbsp;any agreement, judgment, injunction, order, decree or other instrument binding upon
the Borrower unless such contravention or violation could not reasonably be expected to have a Material Adverse Effect, and (v)&nbsp;do not result in the creation or imposition of any Lien on any asset of the Borrower (other than Liens in favor of
the Agent to secure the Obligations and Liens permitted pursuant to Section&nbsp;5.08 of the Credit Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;<U>Enforceability</U> <U>of</U> <U>Obligations</U>. This Amendment has been duly executed and delivered by the
Borrower. Each of this Amendment and the Amended Agreement constitutes the valid and legally binding agreement of the Borrower, in each case enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors&#146; rights generally and general principles of equity (regardless of whether enforcement is sought in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;4.&#8195;<U>Effectiveness</U></B>. This Amendment shall become effective on the date that each of the following
conditions shall have been satisfied or waived in writing by the Agent (such date being the &#147;<U>Document</U> <U>Effective</U> <U>Date</U>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;counterparts of this Amendment duly executed and delivered by each of the Borrower, the Banks and the Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;counterparts of each Notices of Termination attached hereto as Exhibit F duly executed and delivered by each of FRB
and DVF notifying State Street Bank and Trust Company in its capacity as agent under the Other Agreements (as hereinafter defined) of the intent to terminate its respective credit facilities under those certain Amended and Restated Credit
Agreements, each dated as of March 3, 2011 by and among each of FRB and DVF, as applicable, the lenders party thereto and State Street Bank and Trust Company, as agent for such lenders (each, an &#147;<U>Other</U> <U>Agreement</U>&#148;),
immediately upon the occurrence of the Merger; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;a certificate duly executed by an officer of the Borrower which
is reasonably satisfactory to the Agent certifying that (i)&nbsp;the representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) and the other Loan Documents shall be true on and as of the Document
Effective Date and with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), (ii) the Borrower will remain a <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company (as such term is defined in the Investment Company Act) and will remain registered under the Investment Company Act after giving effect to the Proposed Transaction;
(iii)&nbsp;no Default or Event of Default has occurred and is continuing or will result from the Proposed Transaction; and (iv)&nbsp;the Agent&#146;s security interest in the Collateral will remain perfected upon the consummation of the Proposed
Transaction; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;a duly executed certificate from the Secretary or Assistant Secretary of the Borrower in form and
substance reasonably satisfactory to the Agent and dated as of the Document Effective Date certifying and attaching copies of (i)&nbsp;the Borrower&#146;s Charter Documents, with all amendments thereto (or a certification that the Charter Documents
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
previously delivered and certified to the Agent pursuant to Section&nbsp;3.01(f) of the Credit Agreement have not been amended, supplemented or modified and are in full force and effect); (ii) an
excerpt from the Minutes of Joint Regular Meeting of the Board of Directors/Trustees of the BlackRock <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds dated May <FONT STYLE="white-space:nowrap">22-23,</FONT> 2012 approving the Proposed
Transactions; (iii)&nbsp;the current Prospectus as then in effect; (iv)&nbsp;the investment management agreement between the Borrower and the Investment Adviser as then in effect (or a certification that the investment management agreement
previously delivered and certified to the Agent has not been amended, supplemented or modified and is in full force and effect); (v) the Custody Agreement (or a certification that the Custody Agreement previously delivered and certified to the Agent
has not been amended, supplemented or modified and is in full force and effect) and (iv)&nbsp;copies of the duly executed Merger Agreements, the FRA Merger Subsidiary Liquidation Agreement and the FRA Merger Subsidiary Plan of Dissolution, to be
attached to this Amendment as Exhibits B, C, D and E, as contemplated herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;a legal existence and good
standing certificate for the Borrower from the Secretary of State of the State of Maryland dated as of October&nbsp;3,2012; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;a copy of the certificate of incorporation of the Borrower, with all amendments, certified as of a recent date
(which will be prior to the date of the Merger) by the Secretary of State of the State of Maryland. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;5.&#8195;<U>Conditions</U> <U>Subsequent</U></B>. The Borrower shall deliver to the Agent, by not later than the
dates specified in each clause below, the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;as soon as practicable after the consummation of the
Proposed Transaction, but in any event by not later than October&nbsp;31, 2012, copies certified by the Secretary of State of the State of Maryland of each Merger Agreement and any other document listed in Section&nbsp;4(d)(iv) which has been filed
with the Secretary of State of the State of Maryland in connection with the Proposed Transaction; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;by not later
than October&nbsp;15, 2012, a duly executed updated Form FR <FONT STYLE="white-space:nowrap">U-1;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;by not
later than November&nbsp;30, 2012, a copy, certified by the Secretary or Assistant Secretary of the Borrower, of the resolutions or minutes of the Borrower&#146;s Board of Directors dated after the date hereof ratifying as of the Document Effective
Date the Borrower&#146;s entry into this Amendment and the transactions described herein; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;by not later than
November&nbsp;30, 2012, a legal opinion of each of (i)&nbsp;Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP and (ii)&nbsp;special Maryland counsel to the Borrower reasonably acceptable to the Agent, each in form and substance reasonably
satisfactory to the Agent (and the Borrower hereby requests such counsel to deliver such opinions). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any failure of the Borrower to
deliver any of the items specified in this Section&nbsp;5 by the applicable dates provided for herein shall constitute an immediate Event of Default under the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;6.&#8195;<U>Ratification</U> <U>of</U> <U>the</U> <U>Borrower</U></B>. The Borrower ratifies and confirms in all
respects all of its obligations to the Agents and the Banks under the Credit Agreement and the other </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Loan Documents and hereby affirms its absolute and unconditional promise to pay to the Banks and the Agents the Loans made to it and all other amounts due from it under the Credit Agreement as
amended hereby. The Credit Agreement and this Amendment shall be read and construed as a single agreement. All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit
Agreement as amended hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;7.&#8195;<U>Miscellaneous</U></B>. This Amendment shall be a Loan Document for all
purposes under the Credit Agreement. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Except as specifically amended by this Amendment, the Credit Agreement and all other agreements and
instruments executed and delivered in connection with the Credit Agreement, including, without limitation, the other Loan Documents, shall remain in full force and effect. This Amendment is limited specifically to the matters set forth herein and
does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any of the other Loan Documents. Nothing contained herein shall constitute a waiver of, impair or otherwise affect any
Obligations, any other obligation of the Borrower or any rights of the Agents and the Banks consequent thereon. This Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and
delivered shall be an original, and all of which together shall constitute one instrument. Delivery of an executed signature page to this Amendment by facsimile transmission or other electronic transmission shall be as effective as delivery of a
manually signed counterpart of this Amendment, provided, the Borrower does agree to provide the Agent with an original manually signed counterpart of this Amendment within ten (10)&nbsp;Business Days of the Document Effective Date. In proving this
Amendment it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Signature page follows.] </B></P>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt;margin-bottom:0pt">&#8195;


<IMG SRC="g877269g01a03.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:11pt">Name: NEAL J. ANDREWS</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Title:&#8194; CHIEF FINANCIAL OFFICER</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>STATE STREET BANK AND TRUST COMPANY, </B>Individually and as
Agent<B></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO AMENDMENT NO 2. TO AMENDED AND RESTATED CREDIT AGREEMENT] </P>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Title:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>STATE STREET BANK AND TRUST COMPANY, </B>Individually and as
Agent<B></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">By:</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">&#8195;


<IMG SRC="g877269g01a04.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">Title: Vice President</P></TD></TR>
</TABLE></DIV>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT</U> <U>A</U> <U>TO</U> <U>AMENDMENT</U> <U>NO.</U> <U>2</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>SCHEDULE</U> <U>1</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>BORROWER</U>: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BLACKROCK&#8195; FLOATING&#8195;
RATE&#8195; INCOME </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">STRATEGIES FUND, INC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 Bellevue
Parkway </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wilmington, DE 19809 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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

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

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


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; 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>STATE STREET BANK AND TRUST COMPANY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$276,500,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Domestic Lending Office: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mutual
Fund Lending Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copley Place, Tower 2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, MA
02206 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn:&#8195; Robyn A. Shepard, Assistant Vice President - CSU </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Manager </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: (617)
<FONT STYLE="white-space:nowrap">662-8575</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Fax: </U>(617)
<FONT STYLE="white-space:nowrap">988-6677</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Email: rashepard@statestreet.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">LIBOR Lending Office: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mutual Fund Lending Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copley Place, Tower 2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, MA 02206 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn:&#8195; Robyn A. Shepard, Assistant Vice President - CSU Manager </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: (617) <FONT STYLE="white-space:nowrap">662-8575</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Fax: </U>(617) <FONT STYLE="white-space:nowrap">988-6677</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Email: rashepard@statestreet.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For <FONT STYLE="white-space:nowrap">non-funding</FONT> or payment notices: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mutual Fund Lending Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Copley Place Tower 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Boston, MA 02206 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn:&#8195; Karen Gallagher, Vice President
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: <FONT STYLE="white-space:nowrap">(617)662-8626</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax: <FONT STYLE="white-space:nowrap">(617)988-9535</FONT> </P>
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(6)
<SEQUENCE>4
<FILENAME>d877269dex99k6.htm
<DESCRIPTION>FORM OF AMENDMENT NO. 3
<TEXT>
<HTML><HEAD>
<TITLE>Form of Amendment No. 3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Exhibit (k)(6)</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT AGREEMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This <B>AMENDMENT AGREEMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT</B> (this &#147;<U>Amendment</U>&#148;) is made as
of March 1, 2013, by and among <B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC</B>., a Maryland corporation (the &#147;<U>Borrower</U>&#148;), the lending institutions listed on the signature pages hereof (collectively, the
&#147;<U>Banks</U>&#148;) and <B>STATE STREET BANK AND TRUST COMPANY</B>, as agent for itself and such other Banks (in such capacity, the &#147;<U>Agent</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Borrower, the Banks and the Agent are parties to that certain Amended and Restated Credit Agreement, dated
as of March&nbsp;3, 2011 (as amended and in effect from time to time, the &#147;<U>Credit Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the parties hereto wish to amend the Credit Agreement as more fully set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW</B>, <B>THEREFORE</B>, in consideration of these premises and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;1</B>.&#8195;
<B><U>Definitions</U></B>. Capitalized terms which are used herein without definition and which are defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;2</B>.&#8195; <U><B>Amendments to Credit Agreement</B></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; Section 1.01 of the Credit Agreement is hereby amended by deleting the definitions of &#147;Aggregate Commitment
Amount&#148;, &#147;LIBOR Margin&#148;, &#147;Overnight Rate&#148;, and &#147;Termination Date&#148; in their entirety and restating each such definition as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Aggregate Commitment Amount&#148; means, as of any date, the aggregate of all
Commitment Amounts as of such date. On the Third Amendment Effective Date, the Aggregate Commitment Amount is $280,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;LIBOR Margin&#148; 0.80%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Overnight Rate&#148; means, for any day, the higher of (a) 0.80% above the Federal
Funds Rate as in effect on that day and (b) 0.80% above the Overnight LIBOR Rate as in effect on such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Termination Date&#148; means the Specified Termination Date on which the Commitments of
those Banks still remaining in effect at such time are terminated in full pursuant to Section 2.08 hereof (without replacement pursuant to Section 2.08(d) such that the Aggregate Commitment Amount has been reduced to zero, or such earlier date on
which the Commitments terminate or are terminated pursuant to the terms hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;Section&nbsp;1.01 of the Credit Agreement is further amended by
inserting the following definitions in the appropriate alphabetical order: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Applicable Day&#148; has
the meaning set forth in Section&nbsp;2.07(a) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Joining Bank&#148; has the meaning set forth
in Section&nbsp;2.08(d)(i) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Reducing Bank&#148; has the meaning set forth in
Section&nbsp;2.08(c) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Reduction Amount&#148; has the meaning set forth in
Section&nbsp;2.08(c) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Reduction Notice&#148; has the meaning set forth in
Section&nbsp;2.08(c) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Requested Reduction Amount&#148; has the meaning set forth in
Section&nbsp;2.08(c) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Specified Termination Date&#148; has the meaning set forth in
Section&nbsp;2.08(b) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Substitute Bank&#148; has the meaning set forth in
Section&nbsp;2.08(d)(i) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Terminating Bank&#148; has the meaning set forth in
Section&nbsp;2.08(b) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Termination Notice&#148; has the meaning set forth in
Section&nbsp;2.08(b) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Third Amendment Effective Date&#148; means March&nbsp;1, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Utilization Fee&#148; has the meaning set forth in Section&nbsp;2.07(a) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &#8195;Section&nbsp;1.01 of the Credit Agreement is further amended by deleting the definitions of &#147;Consent
Date&#148;, &#147;Existing Termination Date&#148; and <FONT STYLE="white-space:nowrap">&#147;Non-Extending</FONT> Bank&#148; in their entirety. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &#8195;Section&nbsp;2.05(a) of the Credit Agreement is hereby amended by deleting Section&nbsp;2.05(a) in its entirety and
restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &#8195;Each Loan owing to any Bank shall mature, and the
principal amount thereof shall be due and payable to such Bank, on the earlier of (x)&nbsp;such Bank&#146;s Specified Termination Date and (y)&nbsp;the Termination Date. The Borrower promises to pay on such date, and there shall become absolutely
due and payable on such date, all of the Loans outstanding to such Bank on such date, together with all accrued and unpaid interest thereon and such other amounts outstanding to such Bank hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) &#8195;Section&nbsp;2.05(h) of the Credit Agreement is hereby amended by deleting Section&nbsp;2.05(h) in its entirety and
restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h) &#8195;Subject to the satisfaction of the conditions set
forth in Section&nbsp;3.02, Loans prepaid prior to the Termination Date may be reborrowed prior to </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
the Termination Date, provided, however, that Loans of any Terminating Bank prepaid prior to such Bank&#146;s Specified Termination Date may be reborrowed prior to the earlier of (x)&nbsp;such
Bank&#146;s Specified Termination Date and (y)&nbsp;the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) &#8195;The last sentence of
Section&nbsp;2.06(a) of the Credit Agreement is hereby amended by deleting the last sentence of Section&nbsp;2.06(a) in its entirety and restating it as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Interest on each Overnight Rate Loan shall be payable in arrears on the last day of each calendar month and
on the Termination Date (or, if earlier, with respect to the Loans of any Terminating Bank, on such Bank&#146;s Specified Termination Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g) &#8195;The last sentence of Section&nbsp;2.06(b) of the Credit Agreement is hereby amended by deleting the last sentence
of Section&nbsp;2.06(b) in its entirety and restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Interest on each LIBOR Loan shall
be payable in arrears on the last day of the Interest Period in effect with respect thereto and on the Termination Date (or, if earlier, with respect to the Loans of any Terminating Bank, on such Bank&#146;s Specified Termination Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h) &#8195;Section&nbsp;2.07(a) of the Credit Agreement is hereby amended by deleting Section&nbsp;2.07(a) in its entirety and
restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &#8195;During the Revolving Credit Period, the Borrower
shall pay to the Agent for the pro rata accounts of each Bank a utilization fee (the &#147;Utilization Fee&#148;) at the rate of 0.05% per annum times an amount equal to the unused portion of the Aggregate Commitment Amount on each day (each, an
&#147;Applicable Day&#148;) on which the total outstanding Loans are less than fifty percent (50%) of the actual daily amount of the Aggregate Commitment Amount then in effect (calculated after taking into account any reductions in any Commitments,
repayment of Loans, prepayment of Loans and borrowings made on such day in accordance with the terms hereof). Such Utilization Fee shall accrue for the pro rata account of each Bank with respect to each Applicable Day occurring from the Third
Amendment Effective Date to but excluding the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date). The Utilization Fee shall be due and payable quarterly in arrears on the last day of
each calendar quarter, commencing on the first such day after the Third Amendment Effective Date, and on the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &#8195;Section&nbsp;2.08 of the Credit Agreement is hereby amended by deleting Section&nbsp;2.08 in its entirety and
restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.08. Termination and Reduction of Commitments.</B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; <U>Reductions and Terminations
by the Borrower</U>. Subject to Section&nbsp;2.05(d), during the Revolving Credit Period, the Borrower may, upon at least three (3)&nbsp;Domestic Business Days&#146; prior written notice to the Agent, (i)&nbsp;terminate the Commitments in full at
any time, or (ii)&nbsp;reduce from time to time the Aggregate Commitment Amount by an aggregate amount of at least $5,000,000 or integral multiples of $1,000,000 in excess thereof, whereupon the Commitment Amounts of each of the Banks shall be
reduced pro rata in accordance with their Commitment Percentage of the amount specified in such notice, or, as the case may be, each Bank&#146;s Commitment shall be terminated. Promptly after receiving any notice of the Borrower delivered pursuant
to this Section&nbsp;2.08(a), the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any
Utilization Fee then accrued. No reduction in the Commitment Amounts or termination of the Commitments made in accordance with this Section&nbsp;2.08(a) may be reinstated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195; <U>Termination in Full by Bank or Banks</U>. Each Bank&#146;s Commitment Amount
shall permanently reduce to $0 and each Bank&#146;s Commitment shall terminate on the Termination Date. Notwithstanding anything to the contrary contained herein, each Bank shall have the right at any time from and after February 24, 2014 (or, to
the extent such Bank becomes a Bank hereunder after the Third Amendment Effective Date, on the 360th day after such Bank becomes a Bank hereunder) to elect to terminate its Commitment in full upon no less than 360 days&#146; prior written notice to
the Borrower and the Agent thereof (such notice being hereinafter referred to as a &#147;Termination Notice&#148;; any Bank so delivering a Termination Notice in accordance with the provisions of this Section 2.08(b) shall hereinafter be referred to
as a &#147;Terminating Bank&#148;). The Commitment of such Terminating Bank shall automatically terminate in full, and the Commitment Amount of such Bank shall permanently reduce to $0, on the date (with respect to such Bank, its &#147;Specified
Termination Date&#148;) which is the earlier of (x) the 360th day after the date of such Termination Notice and (y) a date selected by the Borrower by written notice to the Agent and agreed to by the Agent (such agreement not to be unreasonably
withheld or delayed). In accordance with Section 2.05(a), the Borrower promises to pay each Terminating Bank on the earlier of (x) such Bank&#146;s Specified Termination Date and (y) the Termination Date, and there shall become absolutely due and
payable on such date, the aggregate principal amount of all Loans outstanding to such Terminating Bank on such date, together with any and all accrued and unpaid interest thereon and all other amounts outstanding hereunder (including, without
limitation, the Utilization Fee owing to such Terminating Bank) and owing to such Terminating Bank as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195; <U>Reduction by Bank or Banks</U>. Each Bank shall have the right at any time from
and after February&nbsp;24, 2014 (or, to the extent such Bank becomes a Bank hereunder after the Third Amendment Effective Date, on the 360th day after such Bank becomes a Bank hereunder) to elect to reduce its Commitment Amount in part upon no less
than 360 days&#146; prior written notice to the Borrower and the Agent thereof specifying the amount of such reduction (the &#147;Requested </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Reduction Amount&#148;; such a notice being hereinafter referred to as a &#147;Reduction Notice&#148;; any Bank so delivering such a Reduction Notice shall hereinafter be referred to as a
&#147;Reducing Bank&#148;). The Commitment Amount of such Reducing Bank shall automatically reduce on the date (the &#147;Reduction Date&#148;) which is the earlier of (x)&nbsp;the 360th day from the date of such Reduction Notice and (y)&nbsp;a date
selected by the Borrower by written notice to the Agent and agreed to by the Agent (such agreement not to be unreasonably withheld or delayed) by an amount (a &#147;Reduction Amount&#148;) equal to the greater of (i)&nbsp;the Requested Reduction
Amount and (ii)&nbsp;an amount selected by the Borrower in the written notice to the Agent; it being understood that (I)&nbsp;the Borrower shall have the right to permanently reduce or terminate such Reducing Bank&#146;s Commitment Amount in full or
in part at any time after delivery of the Reduction Notice and prior to the Reduction Date and (II)&nbsp;nothing in this Section&nbsp;2.08(c) shall limit the Borrower&#146;s right to reduce the Aggregate Commitment Amount or terminate the
Commitments pursuant to and in accordance with the terms of Section&nbsp;2.08(a) above. The Borrower promises to pay to each Reducing Bank on the applicable Reduction Date, and there shall become absolutely due and payable on each such date, the
portion of the aggregate principal amount of all Loans outstanding to such Reducing Bank, together with any and all accrued and unpaid interest thereon, which exceeds such Reducing Bank&#146;s new Commitment Amount (immediately after giving effect
to the reduction by the Reduction Amount on such date); provided that if the Borrower elects to reduce the Commitment Amount of a Reducing Bank to $0 by terminating such Reducing Bank&#146;s Commitment in full, the Borrower promises to pay to such
Reducing Bank on the applicable Reduction Date, and there shall become absolutely due and payable on such date, the aggregate principal amount of all Loans outstanding to such Reducing Bank , together with any and all accrued and unpaid interest
thereon and all other amounts outstanding hereunder and owing to such Reducing Bank as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195; <U>Substitute Bank</U>. (i)&nbsp;To the extent any Bank delivers a Termination
Notice pursuant to Section&nbsp;2.08(b) above or a Reduction Notice pursuant to Section&nbsp;2.08(c) above, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, upon prior written notice to the Agent, such
Terminating Bank or Reducing Bank, as applicable, request that one or more additional banks reasonably satisfactory to the Agent (each, a &#147;Joining Bank&#148;) and/or existing Banks (each such existing Bank or Joining Bank, a &#147;Substitute
Bank&#148;) assume all or any portion of the Commitment Amount of such Terminating Bank or Reducing Bank, as applicable. Each Terminating Bank or Reducing Bank agrees that, should it be identified for replacement prior to its Specified Termination
Date or Reduction Date, as applicable, pursuant to this Section&nbsp;2.08(d)(i), it will promptly execute and deliver all documents and instruments reasonably required by the Borrower and/or the Agent to assign the relevant portion such Terminating
Bank&#146;s or Reducing Bank&#146;s Loans and Commitment to the applicable Substitute Bank on the applicable Specified Termination Date or Reduction Date, as applicable. The parties hereto hereby acknowledge and agree that no existing Bank shall be
obligated to assume any portion of the Commitment Amount of a Terminating Bank or Reducing Bank </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
hereunder, and any election to do so shall be in the sole and absolute discretion of such Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8195; In the event that any Terminating Bank was not replaced pursuant to
Section&nbsp;2.08(d)(i) above prior to its Specified Termination Date, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, at any time prior to the Termination Date, with prior written notice to the Agent,
request that one or more Substitute Banks (x)&nbsp;in the case of Joining Banks, join this Agreement as Banks with Commitments and/or (y)&nbsp;in the case of existing Banks, increase their existing Commitments, in an aggregate Commitment Amount of
up to the applicable Commitment Amount of such Terminating Bank immediately prior to the applicable Specified Termination Date. In the event that Commitments of any Reducing Bank equal to the applicable Reduced Amounts were not replaced with
Commitments of Substitute Banks pursuant to Section&nbsp;2.08(d)(i) above prior to the applicable Reduction Date, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, at any time prior to the Termination Date,
with prior written notice to the Agent, request that one or more Substitute Banks (x)&nbsp;in the case of Joining Banks, join this Agreement as Banks with Commitments and/ or (y)&nbsp;in the case of existing Banks, increase their existing
Commitments, in an aggregate Commitment Amount of up to the applicable Reduction Amounts. Each Joining Bank shall be required to execute and deliver to the Agent such joinder documents as the Agent shall reasonably require. The parties hereto hereby
acknowledge and agree that no existing Bank shall be obligated to assume any portion of the Commitment Amount of a Terminating Bank or Reducing Bank hereunder, and any election to do so shall be in the sole and absolute discretion of such Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j) &#8195;Section&nbsp;2.09 of the Credit Agreement is hereby amended by deleting the text of Section 2.09 and substituting
in place thereof the words &#147;Intentionally Omitted&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k) &#8195;Section&nbsp;9.06(f) of the Credit Agreement is
hereby amended by deleting such Section&nbsp;9.06(f) in its entirety and restating it as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No bank may become an Assignee pursuant to clause (c)&nbsp;above or a Substitute Bank
pursuant to Section&nbsp;2.08(d) unless such bank constitutes a &#147;bank&#148; (as such term is used in Section&nbsp;18(f)(1) of the Investment Company Act) in the reasonable judgment of the Borrower and the Agent. No bank may become an Assignee
pursuant to clause (c)&nbsp;above or a Substitute Bank pursuant to Section&nbsp;2.08(d) if that bank is an Affiliate of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1) &#8195;Schedule 1 to the Credit Agreement is hereby amended by deleting Schedule 1 in its entirety and replacing it with
the Schedule 1 attached hereto as Exhibit A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;3</B>.&#8195; <B><U>Representations and Warranties</U></B>. The
Borrower hereby represents and warrants as follows: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &#8195;<U>Representations and Warranties in Credit Agreement</U>. The
representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) are true and correct on and as of the date hereof and with the same force and effect as it made on and as of such date (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)
&#8195;<U>No Default</U>. No Default or Event of Default has occurred and is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &#8195;<U>Authority,
Etc</U>. The execution and delivery by the Borrower of this Amendment and the Borrower&#146;s performance of this Amendment and the Credit Agreement as amended hereby (as so amended, the &#147;<U>Amended Agreement</U>&#148;) (i) are within the
Borrower&#146;s corporate powers, (ii)&nbsp;have been duly authorized by all necessary corporate action on the part of the Borrower, (iii)&nbsp;require no Governmental Authorizations, Private Authorizations or Governmental Filings by the Borrower
which have not already been obtained or made, (iv)&nbsp;do not contravene, or constitute a default under, any provision of (A)&nbsp;any Applicable Law unless the violation of such Applicable Law could not reasonably be expected to have a Material
Adverse Effect, (B)&nbsp;the Charter Documents of the Borrower, or (C)&nbsp;any agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower unless such contravention or violation could not reasonably be expected to
have a Material Adverse Effect, and (v)&nbsp;do not result in the creation or imposition of any Lien on any asset of the Borrower (other than Liens in favor of the Agent to secure the Obligations and Liens permitted pursuant to Section&nbsp;5.08 of
the Credit Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &#8195;<U>Enforceability of Obligations</U>. This Amendment has been duly executed and
delivered by the Borrower. Each of this Amendment and the Amended Agreement constitutes the valid and legally binding agreement of the Borrower, in each case enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors&#146; rights generally and general principles of equity (regardless of whether enforcement is sought in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;4</B>. &#8195;<U><B>Effectiveness</B></U>. This Amendment shall be effective as of the date first written above (the
&#147;<U>Third Amendment Effective Date</U>&#148;) upon the receipt by the Agent of the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)
&#8195;counterparts of this Amendment duly executed and delivered by each of the Borrower, the Banks and the Agent and an updated Form <FONT STYLE="white-space:nowrap">FRU-1,</FONT> duly executed by the Borrower; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;a certificate duly executed by an officer of the Borrower which is reasonably satisfactory to the Agent certifying
that (i)&nbsp;the representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) and the other Loan Documents shall be true on and as of the Third Amendment Effective Date and with the same force and
effect as if made on and as of such date (or, if any representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii)&nbsp;no Default or Event of Default has occurred and is continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &#8195;a duly executed certificate from the Secretary or Assistant Secretary of the Borrower in form and substance
reasonably satisfactory to the Agent and dated as of the Third Amendment Effective Date as to the incumbency of, and bearing specimen signatures of, the </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Authorized Signatories who are authorized as of the date hereof to execute and take actions hereunder and under the Loan Documents for and on behalf of the Borrower (or a certification that the
incumbency of the Authorized Signatories set forth on that certificate delivered to the Agent pursuant to Section&nbsp;4(d) of Amendment Agreement No.&nbsp;2 to Amended and Restated Credit Agreement on the Second Amendment Effective Date (the
&#147;Prior Certificate&#148;) remains true and accurate as of the date hereof); and certifying and attaching copies of (i) the Borrower&#146;s Charter Documents, with all amendments thereto (or a certification that the Borrower&#146;s Charter
Documents previously delivered to the Agent and referenced in the Prior Certificate have not been amended, supplemented or modified and are in full force and effect); (ii) an excerpt from the Minutes of Joint Regular Meeting of the Board of
Directors/Trustees of the BlackRock <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds dated February&nbsp;7, 2013, authorizing the transactions contemplated hereby; (iii)&nbsp;the current Prospectus as then in effect (or a certification that
the Prospectus previously delivered to the Agent and referenced in the Prior Certificate has not been amended, supplemented or modified and is currently in effect); (iv) the investment management agreement between the Borrower and the Investment
Adviser as then in effect (or a certification that the investment management agreement previously delivered to the Agent and referenced in the Prior Certificate has not been amended, supplemented or modified and is in full force and effect); and
(v)&nbsp;the Custody Agreement (or a certification that the Custody Agreement previously delivered to the Agent and referenced in the Prior Certificate has not been amended, supplemented or modified and is in full force and effect); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &#8195;a legal existence and good standing certificate for the Borrower from the Secretary of State of the State of
Maryland dated as of a recent date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) &#8195;a copy of the certificate of incorporation of the Borrower, with all
amendments, certified as of a recent date by the Secretary of State of the State of Maryland; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) &#8195;the legal
opinion of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP and Miles&nbsp;&amp; Stockbridge P.C., special counsel to the Borrower, each in form and substance reasonably satisfactory to the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;5</B>.&#8195; <B><U>Ratification of the Borrower</U></B>. The Borrower ratifies and confirms in all respects all of
its obligations to the Agents and the Banks under the Credit Agreement and the other Loan Documents and hereby affirms its absolute and unconditional promise to pay to the Banks and the Agents the Loans made to it and all other amounts due from it
under the Credit Agreement as amended hereby. The Credit Agreement and this Amendment shall be read and construed as a single agreement. All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall
hereafter refer to the Credit Agreement as amended hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;6</B>.&#8195; <B><U>Miscellaneous</U></B>. This
Amendment shall be a Loan Document for all purposes under the Credit Agreement. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Except as specifically amended by this Amendment, the Credit
Agreement and all other agreements and instruments executed and delivered in connection with the Credit Agreement, including, without limitation, the other Loan Documents, shall remain in full force and effect. This Amendment is limited specifically
to the matters set forth herein and does not constitute directly or by implication an amendment or waiver of any other provision of the Credit Agreement or any of the other Loan Documents. </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the Borrower or any rights of the Agents and the Banks consequent
thereon. This Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. Delivery of an
executed signature page to this Amendment by facsimile transmission or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment, provided, the Borrower does agree to provide the Agent with an
original manually signed counterpart of this Amendment within five (5)&nbsp;Business Days of the Third Amendment Effective Date. In proving this Amendment it shall not be necessary to produce or account for more than one such counterpart signed by
the party against whom enforcement is sought. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Signature page follows.] </B></P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>BLACKROCK FLOATING RATE INCOME</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>&#8194;STRATEGIES FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:1pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify"><U>


<IMG SRC="g877269g01a05.jpg" ALT="LOGO">
</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:1pt; font-family:Times New Roman" ALIGN="justify"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Neal J. Andrews</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>STATE STREET BANK AND TRUST COMPANY,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&#8194;Individually and as Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO FRA AMENDMENT] </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>BLACKROCK FLOATING RATE INCOME</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><B>&#8194;STRATEGIES FUND, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Neal J. Andrews</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>STATE STREET BANK AND TRUST COMPANY,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&#8194;Individually and as Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:1pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g877269g01a06.jpg" ALT="LOGO">
</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:1pt; font-family:Times New Roman" ALIGN="justify"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" 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">Karen A. Gallagher</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" 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">Vice President</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE TO FRA AMENDMENT] </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Exhibit A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Schedule 1 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B><U>BORROWER</U></B>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>BLACKROCK FLOATING
RATE INCOME </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>STRATEGIES FUND, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">100 Bellevue Parkway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Wilmington, DE 19809 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


<TR>

<TD WIDTH="69%"></TD>

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

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"><B><U>BANKS:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>COMMITMENT<BR><U>AMOUNT</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>COMMITMENT<BR><U>PERCENTAGE</U></B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>STATE STREET BANK AND TRUST COMPANY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$280,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Domestic Lending Office: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Mutual Fund Lending Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Copley Place, Tower 2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Boston, MA
02206 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn. Robyn A. Shepard, Assistant Vice </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">President - CSU Manager </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Tel:
(617) <FONT STYLE="white-space:nowrap">662-8575</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><U>Fax:</U> (617) <FONT STYLE="white-space:nowrap">988-6677</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><U>Email: rashepard@statestreet.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">LIBOR Lending Office: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Mutual
Fund Lending Department </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Copley Place, Tower 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Boston, MA 02206 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn: Robyn A.
Shepard, Assistant Vice </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">President - CSU Manager </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Tel: (617) <FONT STYLE="white-space:nowrap">662-8575</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><U>Fax:</U> (617) <FONT STYLE="white-space:nowrap">988-6677</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><U>Email: rashepard@statestreet.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">For <FONT STYLE="white-space:nowrap">non-funding</FONT> or payment notices: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Mutual Fund Lending Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Copley Place Tower 2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Boston, MA
02206 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn: Karen Gallagher, Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Tel: <FONT STYLE="white-space:nowrap">(617)662-8626</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Fax: <FONT STYLE="white-space:nowrap">(617)988-9535</FONT> </P>
</DIV>

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<DOCUMENT>
<TYPE>EX-99.(K)(8)
<SEQUENCE>5
<FILENAME>d877269dex99k8.htm
<DESCRIPTION>FORM OF AMENDMENT NO. 5
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<TITLE>Form of Amendment No. 5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Exhibit (k)(8)</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT AGREEMENT NO. 5 TO AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This <B>AMENDMENT AGREEMENT NO. 5 TO AMENDED AND RESTATED CREDIT AGREEMENT</B> (this &#147;<U>Amendment</U>&#148;) is made as
of December&nbsp;2, 2016, by and among <B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC</B>., a Maryland corporation (the &#147;<U>Borrower</U>&#148;), the lending institutions listed on the signature pages hereof (collectively, the
&#147;<U>Banks</U>&#148;) and <B>STATE STREET BANK AND TRUST COMPANY</B>, as agent for itself and such other Banks (in such capacity, the &#147;<U>Agent</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Borrower, the Banks and the Agent are parties to that certain Amended and Restated Credit Agreement, dated
as of March&nbsp;3, 2011 (as amended and in effect from time to time, the &#147;<U>Credit Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the parties hereto wish to amend the Credit Agreement as more fully set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW</B>, <B>THEREFORE</B>, in consideration of these premises and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;1</B>.&#8195;
<B><U>Definitions</U></B>. Capitalized terms which are used herein without definition and which are defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;2</B>.&#8195; <B><U>Amendments to the Credit Agreement</U></B>. The Credit Agreement is hereby amended as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; Section&nbsp;1.01 of the Credit Agreement is hereby amended by deleting the definitions of &#147;Aggregate
Commitment Amount&#148;, &#147;LIBOR Offered Rate&#148;, and &#147;Overnight LIBOR Rate&#148; in their entirety and restating each such definition as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Aggregate Commitment Amount&#148; means, as of any date, the aggregate of all
Commitment Amounts as of such date. On the Fifth Amendment Effective Date, the Aggregate Commitment Amount is $274,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;LIBOR Offered Rate&#148; means, with respect to any LIBOR Loan for any Interest Period,
the rate appearing on the Reuters &#147;LIBOR01&#148; screen displaying interest rates for dollar deposits in the London interbank market (or on any successor or substitute page on such screen) at approximately 11:00 a.m., London time two LIBOR
Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits in the London interbank market with a maturity comparable to such Interest Period, <U>provided</U> that (i)&nbsp;in the event such rate does not appear
on such screen (or on any successor or substitute page on such screen or otherwise on such screen), the &#147;LIBOR Offered Rate&#148; with respect to such LIBOR Loan during such Interest Period shall be determined by reference to such other
comparable publicly available service for displaying </P>
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interest rates applicable to dollar deposits in the London interbank market as may be selected by the Agent or, in the absence of such availability, by reference to the rate at which dollar
deposits of $1,000,000 in immediately available funds for a maturity comparable to such Interest Period are offered by the principal office of the Agent to leading banks in the London interbank market at approximately 11:00 a.m., London time, two
LIBOR Business Days prior to the commencement of such Interest Period and (ii)&nbsp;if the LIBOR Offered Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Overnight LIBOR Rate&#148; means, as of any day, the rate appearing on the Reuters
&#147;LIBOR01&#148; screen displaying interest rates for dollar deposits in the London interbank market (or on any successor or substitute page on such screen) at approximately 11:00 a.m., London time, as the rate for dollar deposits in the London
interbank market with a maturity of one LIBOR Business Day, <U>provided</U> that (i)&nbsp;in the event such rate does not appear on such screen (or on any successor or substitute page on such screen or otherwise on such screen), the &#147;Overnight
LIBOR Rate&#148; shall be determined by reference to such other comparable publicly available service for displaying interest rates applicable to dollar deposits in the London interbank market as may be selected by the Agent or, in the absence of
such availability, by reference to the rate at which dollar deposits of $1,000,000 in immediately available funds for a term of one LIBOR Business Day are offered by the principal office of the Agent to leading banks in the London interbank market
at approximately 11:00 a.m., London time and (ii)&nbsp;if the Overnight LIBOR Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement, <U>provided</U> <U>further</U> that in the event such day is not a LIBOR
Business Day, then the Overnight LIBOR Rate shall be such rate as in effect on the immediately preceding LIBOR Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;Section&nbsp;1.01 of the Credit Agreement is further amended by inserting the following definitions in the
appropriate alphabetical order: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Anti-Corruption Laws&#148; means all laws, rules
and regulations of any jurisdiction applicable to the Borrower from time to time concerning or relating to bribery or corruption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">&#147;Bail-In</FONT> Action&#148; means the exercise of any
Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">&#147;Bail-In</FONT> Legislation&#148; means, with respect
to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Change in
Law&#148; means the occurrence, after the date of the Agreement, of any of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
administration, interpretation, implementation or application thereof by any Authority or (c)&nbsp;the making or issuance of any request, rule, guideline or directive (whether or not having the
force of law) by any Authority; <U>provided</U> that notwithstanding anything herein to the contrary, (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign
regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted, adopted or issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EEA Financial Institution&#148; means (a)&nbsp;any credit institution or investment
firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in clause (a)&nbsp;of this
definition, or (c)&nbsp;any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b) of this definition and is subject to consolidated supervision with its parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EEA Member Country&#148; means any of the member states of the European Union, Iceland,
Liechtenstein and Norway. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EEA Resolution Authority&#146;&#146; means any public
administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule&#148; means the
EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fifth Amendment Effective Date&#148; means December&nbsp;2, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;OFAC&#148; has the meaning set forth in the definition of Sanctioned Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sanctioned Country&#148; means, at any time, any country, territory or region which is
itself the subject or target of any Sanctions (which, as of the Fifth Amendment Effective Date, include Crimea, Cuba, Iran, North Korea, Sudan and Syria). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sanctioned Person&#148; means, at any time, (a)&nbsp;any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#147;OFAC&#148;), the U.S. Department of State, the United Nations Security Council, the European Union, or Her
Majesty&#146;s Treasury of the United Kingdom, or (b)&nbsp;any Person operating, organized or resident of a Sanctioned Country. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sanctions&#148; means any economic,
financial or other sanction or trade embargoes imposed, administered or enforced from time to time by (a)&nbsp;the U.S. government, including those administered or enforced by OFAC and the U.S. Department of State, or (b)&nbsp;the United Nations
Security Council, the European Union, or Her Majesty&#146;s Treasury. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Write-Down
and Conversion Powers&#148; means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the
applicable EEA Member Country, which write-down and conversion powers are described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &#8195;Section&nbsp;2.06(a) of the Credit Agreement is hereby amended by deleting the last sentence of
Section&nbsp;2.06(a) in its entirety and restating it as follows: 11 Interest on each Overnight Rate Loan shall be payable in arrears on the fifteenth day of each calendar month for the immediately preceding calendar month and on the Termination
Date (or, if earlier, with respect to the Loans of any Terminating Bank, on such Bank&#146;s Specified Termination Date).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &#8195;Section&nbsp;2.07(a) of the Credit Agreement is hereby amended by deleting Section&nbsp;2.07(a) in its entirety and
restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &#8195;During the Revolving Credit Period, the Borrower
shall pay to the Agent for the pro rata accounts of each Bank a utilization fee (the &#147;Utilization Fee&#148;) calculated at the rate of 0.15% per annum on the average daily amount during each calendar quarter or portion thereof from the Fifth
Amendment Effective Date to the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date) by which the Aggregate Commitment Amount as then in effect exceeds the outstanding aggregate
principal amount of Loans during such calendar quarter. The Utilization Fee shall be payable quarterly in arrears on the fifteenth day of each calendar quarter for the immediately preceding calendar quarter commencing on the first such date
following the Fifth Amendment Effective Date, with a final payment on the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) &#8195;Article IV of the Credit Agreement is hereby amended by inserting immediately after the end of Section&nbsp;4.18
the following new Sections 4.19 and 4.20: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.19. OFAC, Etc.. </B>(i) None of
the Borrower, any Subsidiary, their respective officers, the Investment Adviser, or, to the knowledge of the Borrower, any of their respective directors or employees of the Borrower or its Subsidiaries is a Sanctioned Person; (ii)&nbsp;the
Investment Adviser for the Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, it Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and
applicable Sanctions, and (iii)&nbsp;the Borrower, its Subsidiaries, their respective officers and, to the knowledge of the Borrower, their respective directors and employees are in compliance with Anti-Corruption Laws and applicable Sanctions. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.20. EEA Financial
Institution</B>.. The Borrower is not an EEA Financial Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) &#8195;Section&nbsp;5.04 of the Credit Agreement
is hereby amended by deleting Section&nbsp;5.04 in its entirety and restating it as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.04. Conduct of Business and Maintenance of Existence</B>. (a)&nbsp;The Borrower
will continue to engage in business of the same general type as now conducted by it as described in the Borrower&#146;s Fundamental Policies and its Disclosure Package. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;The Borrower will preserve, renew and keep in full force and effect its existence
as a corporation, and its rights and privileges necessary in the normal conduct of its business. The Borrower will maintain in full force and effect its registration as a <FONT STYLE="white-space:nowrap">closed-end</FONT> management company under
the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &#8195;The Borrower will not amend, terminate,
supplement or otherwise modify any of its Charter Documents in any material respect or if such amendment, termination, supplement or modification could reasonably be expected to have a Material Adverse Effect without the prior written consent of the
Agent, which consent will not be unreasonably withheld or delayed. The Borrower will promptly provide copies to the Agent of all amendments, supplements, terminations and other modifications of any of its Charter Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &#8195;Other than as expressly permitted by the Agreement and the Security Agreement, the
Borrower will at all times place and maintain its assets in the custody of the Custodian. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) &#8195;The Borrower shall cause its Investment Adviser to maintain in effect and enforce
policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) &#8195;The Borrower shall, promptly following a request by the Agent or any Bank, provide
all documentation and other information that the Agent or such Bank requests in order to comply with its ongoing obligations under applicable &#147;know your customer&#148;, anti-terrorism and anti-money laundering rules and regulations, including
the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g) &#8195;Section&nbsp;5.10 of the Credit Agreement is hereby amended by inserting at the end of the text of
Section&nbsp;5.10 the following sentence. &#147;In addition, the Borrower will not request any Borrower, and the Borrower will not use, and shall procure that its directors, officers, employees and agents shall not use, the proceeds of any Loan
(i)&nbsp;in furtherance of any offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii)&nbsp;for the purpose of funding, financing or
facilitating any activities or business of or with any Sanctioned Person or </P>
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in any Sanctioned Country, or (iii)&nbsp;in any other manner that would result in a violation of any Sanctions.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h) &#8195;Section&nbsp;7.10(b) of the Credit Agreement is hereby amended by inserting immediately after the words &#147;or
(iv)&nbsp;an order for relief shall be entered against it under the bankruptcy law as now or hereafter in effect&#148; the words &#147;or (v)&nbsp;such Bank becomes the subject of a <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &#8195;Section&nbsp;8.01(a) of the Credit Agreement is hereby amended by deleting the words &#147;If any new law, rule or
regulation, or any change after the date hereof in the interpretation or administration of any Applicable Law, rule or regulation by any governmental authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Bank (or its Applicable Lending Office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency in connection therewith issued, promulgated or
enacted after the date hereof shall&#148; which appear in Section&nbsp;8.01(a) and substituting in place thereof the words &#147;If any Change in Law shall&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j) &#8195;Section&nbsp;8.01(b) of the Credit Agreement is hereby amended by deleting the words &#147;change after the date
hereof in any existing applicable law, rule or regulation or any new law, rule or regulation regarding capital adequacy, or any change therein, or any change after the date hereof in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or administration thereof, or any new request or directive of general applicability regarding capital adequacy (whether or not having the force of law) of any such
authority, central bank or comparable agency issued, promulgated or enacted after the date hereof&#148; which appear in Section&nbsp;8.01(b) and substituting in place thereof the words &#147;Change in Law&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k) &#8195;Section&nbsp;9.01 of the Credit Agreement is hereby amended by deleting Section&nbsp;9.01 in its entirety and
restating it as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 9.01. Notices; Electronic Communications</B>.
(a)&nbsp;Except as provided in subsection (b)&nbsp;below, all notices, requests, consents and other communications to any party hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given to such party at
its address or telex number or facsimile number set forth on <U>Schedule</U> <U>1</U> attached hereto. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the
recipient). Notices delivered through electronic communications, to the extent provided in paragraph (b)&nbsp;below, shall be effective as provided in paragraph (c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;Notices made by the Borrower consisting of requests for Loans or notices of
repayments hereunder or items referred to in Sections 5.01(a) and (b)&nbsp;hereof may be delivered or furnished by <FONT STYLE="white-space:nowrap">e-mail</FONT> or other electronic communication pursuant to procedures approved by the Agent, unless
the </P>
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Agent, in its discretion, previously notifies the Borrower otherwise, <U>provided</U> that the foregoing shall not apply to notices to any Bank pursuant to <U>Article II</U> if such Bank has
notified the Agent and the Borrower that it is incapable of receiving notices under such Article by electronic communication. In furtherance of the foregoing, each Bank hereby agrees to notify the Agent in writing, on or before the date such Bank
becomes a party to this Agreement, of such Bank&#146;s <FONT STYLE="white-space:nowrap">e-mail</FONT> address to which a notice may be sent (and from time to time thereafter to ensure that the Agent has on record an effective <FONT
STYLE="white-space:nowrap">e-mail</FONT> address for such Bank). The Agent may, in its discretion, agree to accept other notices and communications to it hereunder by electronic communications pursuant to procedures approved by it; <U>provided</U>
that approval of such procedures may be limited to particular notices or communications. Neither the Agent, any Bank, the Borrower nor any of the directors, officers, employees, agents or Affiliates of the Agent, any Bank or the Borrower shall be
liable for any damages arising from the use by unintended recipients of any information or other materials distributed through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby, except to the extent that any such damages are found by a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> decision of a court of competent jurisdiction to have
resulted from the gross negligence or willful misconduct of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)
&#8195;Unless the Agent otherwise prescribes, (i)&nbsp;notices and other communications sent to an <FONT STYLE="white-space:nowrap">e-mail</FONT> address shall be deemed to have been given when received by the intended recipient, and (ii)&nbsp;if
agreed to pursuant to paragraph (b)&nbsp;above, notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its <FONT STYLE="white-space:nowrap">e-mail</FONT>
address as described in the foregoing clause (i)&nbsp;of notification that such notice or communication is available and identifying the website address therefor; <U>provided</U> that, for both <U>clauses (i)</U>&nbsp;and <U>(ii)</U>, if such
notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &#8195;Any party hereto may change its address, facsimile number or <FONT
STYLE="white-space:nowrap">e-mail</FONT> address for notices and other communications hereunder by notice to the other parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1) &#8195;Article IX of the Credit Agreement is hereby amended by inserting immediately after the text of Section&nbsp;9.12
the following new Section&nbsp;9.13: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 9.13. Acknowledgement and Consent to <FONT
STYLE="white-space:nowrap">Bail-In</FONT> of EEA Financial Institutions. </B>Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any Bank that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion </P>
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powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &#8195;the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any Bank that is an EEA Financial Institution; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;the effects of any <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action on any
such liability, including, if applicable: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) &#8195;a reduction in full or in part or
cancellation of any such liability; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &#8195;a conversion of all, or a portion of,
such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of
ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii) &#8195;the variation of the terms of such liability in connection with the exercise of
the Write-Down and Conversion Powers of any EEA Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&#8195; <U>Schedule 1</U> to the Credit
Agreement is hereby amended by deleting Schedule 1 in its entirety and replacing it with the Schedule 1 attached hereto as Exhibit A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;3</B>.&#8195; <U><B>Representations and Warranties</B></U>. The Borrower hereby represents and warrants as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; <U>Representations and Warranties in Credit Agreement</U>. The representations and warranties of the Borrower
contained in the Credit Agreement (as amended by this Amendment) are true and correct on and as of the date hereof and with the same force and effect as it made on and as of such date (or, if any such representation or warranty is expressly stated
to have been made as of a specific date, as of such specific date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195; <U>No Default</U>. No Default or Event of
Default has occurred and is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195; <U>Authority</U>, <U>Etc</U>. The execution and delivery by the
Borrower of this Amendment and the Borrower&#146;s performance of this Amendment and the Credit Agreement as amended hereby (as so amended, the &#147;<U>Amended Agreement</U>&#148;) (i) are within the Borrower&#146;s corporate powers, (ii)&nbsp;have
been duly authorized by all necessary corporate action on the part of the Borrower, (iii)&nbsp;require no Governmental Authorizations, Private Authorizations or Governmental Filings by the Borrower which have not already been obtained or made,
(iv)&nbsp;do not contravene, or constitute a default under, any provision of (A)&nbsp;any Applicable Law unless the violation of such Applicable Law could not reasonably be expected to have a Material Adverse Effect, (B)&nbsp;the Charter Documents
of the Borrower, or (C)&nbsp;any agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower unless such contravention or violation could not reasonably be expected to have a Material Adverse Effect,
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and (v)&nbsp;do not result in the creation or imposition of any Lien on any asset of the Borrower (other than Liens in favor of the Agent to secure the Obligations and Liens permitted pursuant to
Section&nbsp;5.08 of the Credit Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195; <U>Enforceability of Obligations</U>. This Amendment has been duly
executed and delivered by the Borrower. Each of this Amendment and the Amended Agreement constitutes the valid and legally binding agreement of the Borrower, in each case enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors&#146; rights generally and general principles of equity (regardless of whether enforcement is sought in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;4</B>.&#8195; <U><B>Effectiveness</B></U>. This Amendment shall be effective as of the Fifth Amendment Effective Date
(as such term is defined in the Credit Agreement as amended hereby) upon the receipt by the Agent of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; counterparts of this Amendment duly executed and delivered by each of the Borrower, the Banks and the Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;a certificate duly executed by an officer of the Borrower which is reasonably satisfactory to the Agent certifying
that (i)&nbsp;the representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) and the other Loan Documents shall be true on and as of the Fifth Amendment Effective Date and with the same force and
effect as if made on and as of such date (or, if any representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii)&nbsp;no Default or Event of Default has occurred and is continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &#8195;a duly executed certificate from the Secretary or Assistant Secretary of the Borrower in form and substance
reasonably satisfactory to the Agent and dated as of the Fifth Amendment Effective Date as to the incumbency of, and bearing specimen signatures of, the Authorized Signatories who are authorized as of the date hereof to execute and take actions
hereunder and under the Loan Documents for and on behalf of the Borrower (or a certification that the incumbency of the Authorized Signatories set forth on that certificate delivered to the Agent pursuant to Section&nbsp;4(c) of Amendment Agreement
No.&nbsp;4 to Amended and Restated Credit Agreement on the Fourth Amendment Effective Date (the &#147;Prior Certificate&#148;) remains true and accurate as of the date hereof); and certifying and attaching copies of (i)&nbsp;the Borrower&#146;s
Charter Documents, with all amendments thereto (or a certification that the Borrower&#146;s Charter Documents previously delivered to the Agent and referenced in the Prior Certificate have not been amended, supplemented or modified and are in full
force and effect); (ii) an excerpt from the Minutes of the Joint Regular Meeting of the Boards of Directors/Trustees of the BlackRock Closed <FONT STYLE="white-space:nowrap">End-Funds</FONT> (which includes the Board of Directors of the Borrower)
dated December&nbsp;2, 2016 authorizing the transactions contemplated hereby; (iii)&nbsp;the current Prospectus as then in effect (or a certification that the Prospectus previously delivered to the Agent and referenced in the Prior Certificate has
not been amended, supplemented or modified and is in full force and effect); (iv) the investment management agreement between the Borrower and the Investment Adviser as then in effect (or a certification that the investment management agreement
previously delivered to the Agent and referenced in the Prior Certificate has not been amended, supplemented or modified and is in full force and effect); and (v)&nbsp;the Custody Agreement (or a certification that the Custody Agreement previously
delivered to the Agent and referenced in </P>
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the Prior Certificate has not been amended, supplemented or modified and is in full force and effect); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) &#8195;a legal existence and good standing certificate for the Borrower from the Secretary of State of the State of
Maryland dated as of a recent date; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) &#8195;a copy of the certificate of incorporation of the Borrower, with all
amendments, certified as of a recent date by the Secretary of State of the State of Maryland. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;5</B>.
&#8195;<U><B>Ratification of the Borrower</B></U>. The Borrower ratifies and confirms in all respects all of its obligations to the Agents and the Banks under the Credit Agreement and the other Loan Documents and hereby affirms its absolute and
unconditional promise to pay to the Banks and the Agents the Loans made to it and all other amounts due from it under the Credit Agreement as amended hereby. The Credit Agreement and this Amendment shall be read and construed as a single agreement.
All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;6</B>. &#8195;<B><U>Miscellaneous</U></B>. This Amendment shall be a Loan Document for all purposes under the Credit
Agreement. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Except as specifically amended by this Amendment, the Credit Agreement and all other agreements and instruments executed and delivered
in connection with the Credit Agreement, including, without limitation, the other Loan Documents, shall remain in full force and effect. This Amendment is limited specifically to the matters set forth herein and does not constitute directly or by
implication an amendment or waiver of any other provision of the Credit Agreement or any of the other Loan Documents. Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the
Borrower or any rights of the Agents and the Banks consequent thereon. This Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of
which together shall constitute one instrument. Delivery of an executed signature page to this Amendment by facsimile transmission or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment,
provided, the Borrower does agree to provide the Agent with an original manually signed counterpart of this Amendment within five (5)&nbsp;Domestic Business Days of the Fifth Amendment Effective Date. In proving this Amendment it shall not be
necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Signature
page follows.] </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>BLACKROCK FLOATING RATE INCOME</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>STRATEGIES FUND, INC.</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify"><U></U>


<IMG SRC="g877269g01a07.jpg" ALT="LOGO">
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:1pt; font-family:Times New Roman" ALIGN="justify"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Neal J. Andrews</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>STATE STREET BANK AND TRUST COMPANY,</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Individually and as Agent</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>BLACKROCK FLOATING RATE INCOME</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><B>STRATEGIES FUND, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>STATE STREET BANK AND TRUST COMPANY,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">&#8194;Individually and as Agent</P></TD></TR>
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<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g877269g01a08.jpg" ALT="LOGO">
</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:1pt; font-family:Times New Roman" ALIGN="justify"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;
</U></P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" 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">Managing Director</P></TD></TR>
</TABLE></DIV>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Exhibit A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Schedule 1 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B><U>BORROWER</U>: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>BLACKROCK FLOATING RATE INCOME</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>STRATEGIES FUND, </B>INC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">100 Bellevue Parkway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Wilmington, DE 19809 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="69%"></TD>

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

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"><B><U>BANKS</U>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>COMMITMENT<BR><U>AMOUNT</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>COMMITMENT<BR><U>PERCENTAGE</U></B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman"><B>STATE STREET BANK AND TRUST COMPANY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$274,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Domestic Lending Office: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Mutual Fund Lending Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">M/S CCB0900 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">One Iron Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Boston, MA 02210 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn. Robyn A.
Shepard, Assistant Vice President - CSU </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Manager </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Tel: (617) <FONT STYLE="white-space:nowrap">662-8575</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="font-family:Times New Roman; font-size:11pt" COLOR="#0000ff"><U>Fax:</U></FONT><FONT STYLE="font-family:Times New Roman"> (617) <FONT
STYLE="white-space:nowrap">988-6677</FONT> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="font-family:Times New Roman; font-size:11pt" COLOR="#0000ff"><U>Email:
rashepard@statestreet.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">LIBOR Lending Office: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Mutual Fund Lending Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">M/S CCB0900 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">One Iron Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Boston, MA 02210 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn: Robyn A.
Shepard, Assistant Vice President - CSU </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Manager </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Tel: (617) <FONT STYLE="white-space:nowrap">662-8575</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="font-family:Times New Roman; font-size:11pt" COLOR="#0000ff"><U>Fax:</U></FONT><FONT STYLE="font-family:Times New Roman"> (617) <FONT
STYLE="white-space:nowrap">988-6677</FONT> </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="font-family:Times New Roman; font-size:11pt" COLOR="#0000ff"><U>Email:
rashepard@statestreet.com</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">For
<FONT STYLE="white-space:nowrap">non-funding</FONT> or payment notices: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">State Street Bank and Trust Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Mutual Fund Lending Department </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">M/S CCB0900 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">One Iron Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Boston, MA 02210 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Attn: Karen
Gallagher, Managing Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Tel: (617) 662 8626 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Email for electronic notices: <FONT STYLE="font-family:Times New Roman; font-size:11pt" COLOR="#0000ff"><U><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">ais-loanops-csu@statestreet.com</FONT></FONT></U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(9)
<SEQUENCE>6
<FILENAME>d877269dex99k9.htm
<DESCRIPTION>AMENDMENT AGREEMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>AMENDMENT AGREEMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT</TITLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>Exhibit (k)(9)</I></B><B> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT AGREEMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This <B>AMENDMENT AGREEMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT</B> (this &#147;<U>Amendment</U>&#148;) is
made as of March&nbsp;9, 2023, by and among <B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.,</B> a Maryland corporation (the &#147;<U>Borrower</U>&#148;), the lending institutions listed on the signature pages hereof (collectively, the
&#147;<U>Banks</U>&#148;) and <B>STATE STREET BANK AND TRUST COMPANY,</B> as agent for itself and such other Banks (in such capacity, the &#147;<U>Agent</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> the Borrower, the Banks and the Agent are parties to that certain Amended and Restated Credit Agreement, dated
as of March&nbsp;3, 2011 (as amended and in effect from time to time prior to the date hereof, the &#147;Existing Credit Agreement&#148;; the <U>Existing</U> <U>Credit</U> <U>Agreement</U> as amended by this Amendment and as may be further amended
from time to time is referred to herein as the &#147;<U>Credit</U> <U>Agreement</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> the
parties hereto wish to amend the Existing Credit Agreement as more fully set forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE,</B> in
consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;1.</B>&#8195; <B><U>Definitions</U>.</B> Capitalized terms which are used herein without definition and which are
defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;2.</B>&#8195;
<B><U>Amendments</U> <U>to</U> <U>the</U> <U>Credit</U> <U>Agreement</U>.</B> The Existing Credit Agreement is hereby amended as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; the Existing Credit Agreement (excluding the Schedules and Exhibits thereto, which, except as expressly set forth
in clause (b)&nbsp;hereof, shall continue to be the Schedules and Exhibits under the Credit Agreement) is hereby amended in the form of <U>Exhibit A</U> hereto: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195; <U>Schedule</U> <U>1</U> and <U>Exhibits A &#150; D</U> to the Credit Agreement are each hereby amended by deleting
each of <U>Schedule</U>&nbsp;<U>1</U>, <U>Exhibit</U> <U>A</U>, <U>Exhibit</U> <U>B</U>, <U>Exhibit</U> <U>C</U> and <U>Exhibit</U> <U>D</U> in its entirety and replacing it with the <U>Schedule</U>&nbsp;<U>1</U> and <U>Exhibits&nbsp;A &#150; D</U>
attached hereto as <U>Exhibit&nbsp;B</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;3.</B>&#8195; <B><U>Representations</U> <U>and</U>
<U>Warranties</U></B>. The Borrower hereby represents and warrants as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; <U>Representations</U>
<U>and</U> <U>Warranties</U> <U>in</U> <U>Credit</U> <U>Agreement</U>. The representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) are true and correct on and as of the date hereof and with the
same force and effect as it made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195; <U>No</U> <U>Default</U>. No Default or Event of Default has
occurred and is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195; <U>Authority</U>, <U>Etc</U>. The execution and delivery by the Borrower of this
Amendment and the Borrower&#146;s performance of this Amendment and the Credit Agreement as amended hereby (i)&nbsp;are within the Borrower&#146;s corporate powers, (ii)&nbsp;have been duly authorized by all necessary corporate action on the part of
the Borrower, (iii)&nbsp;require no Governmental Authorizations, Private Authorizations or Governmental Filings by the Borrower which have not already been obtained or made, (iv)&nbsp;do not contravene, or constitute a default under, any provision
of (A)&nbsp;any Applicable Law unless the violation of such Applicable Law could not reasonably be expected to have a Material Adverse Effect, (B)&nbsp;the Charter Documents of the Borrower, or (C)&nbsp;any agreement, judgment, injunction, order,
decree or other instrument binding upon the Borrower unless such contravention or violation could not reasonably be expected to have a Material Adverse Effect, and (v)&nbsp;do not result in the creation or imposition of any Lien on any asset of the
Borrower (other than Liens in favor of the Agent to secure the Obligations and Liens permitted pursuant to Section&nbsp;5.08 of the Credit Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195; <U>Enforceability</U> <U>of</U> <U>Obligations</U>. This Amendment has been duly executed and delivered by the
Borrower. Each of this Amendment and the Credit Agreement constitutes the valid and legally binding agreement of the Borrower, in each case enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors&#146; rights generally and general principles of equity (regardless of whether enforcement is sought in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;4.</B>&#8195; <B><U>Effectiveness</U></B>. This Amendment shall be effective as of the date hereof (the
&#147;<U>Sixth</U> <U>Amendment</U><U> Effective</U> <U>Date</U>&#148;) upon the receipt by the Agent of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195; counterparts of this Amendment duly executed and delivered by each of the Borrower, the Banks and the Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195; a certificate duly executed by an officer of the Borrower which is reasonably satisfactory to the Agent certifying
that (i)&nbsp;the representations and warranties of the Borrower contained in the Credit Agreement (as amended by this Amendment) and the other Loan Documents shall be true on and as of the Sixth Amendment Effective Date and with the same force and
effect as if made on and as of such date (or, if any representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and (ii)&nbsp;no Default or Event of Default has occurred and is continuing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195; a duly executed certificate from the Secretary or Assistant Secretary of the Borrower in form and substance
reasonably satisfactory to the Agent and dated as of the Sixth Amendment Effective Date as to the incumbency of, and bearing specimen signatures of, the Authorized Signatories who are authorized as of the date hereof to execute and take actions
hereunder and under the Loan Documents for and on behalf of the Borrower; and certifying and attaching copies of (i)&nbsp;the Borrower&#146;s Charter Documents, with all amendments thereto; (ii) an excerpt from the minutes of the Board of Directors
of the Borrower dated March <FONT STYLE="white-space:nowrap">1-2,</FONT> 2023 authorizing the transactions contemplated hereby; (iii)&nbsp;the current Prospectus as then in effect; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">
(iv) the investment management agreement between the Borrower and the Investment Adviser as then in effect; and (v)&nbsp;the Custody Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195; a legal existence and good standing certificate for the Borrower from the Secretary of State of the State of
Maryland dated as of a recent date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195; a copy of the certificate of incorporation of the Borrower, with all
amendments, certified as of a recent date by the Secretary of State of the State of Maryland; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195; an updated
Form FR <FONT STYLE="white-space:nowrap">U-1,</FONT> duly executed and delivered by the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;5.&#8195;
<U>Ratification of the</U> <U>Borrower</U>.</B> The Borrower ratifies and confirms in all respects all of its obligations to the Agents and the Banks under the Credit Agreement and the other Loan Documents and hereby affirms its absolute and
unconditional promise to pay to the Banks and the Agents the Loans made to it and all other amounts due from it under the Credit Agreement as amended hereby. The Credit Agreement and this Amendment shall be read and construed as a single agreement.
All references in the Credit Agreement or any related agreement or instrument to the Credit Agreement shall hereafter refer to the Credit Agreement as amended hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;6.&#8195; <U>Miscellaneous</U>.</B> This Amendment shall be a Loan Document for all purposes under the Credit
Agreement. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. Except as specifically amended by this Amendment, the Credit Agreement and all other agreements and instruments executed and delivered
in connection with the Credit Agreement, including, without limitation, the other Loan Documents, shall remain in full force and effect. This Amendment is limited specifically to the matters set forth herein and does not constitute directly or by
implication an amendment or waiver of any other provision of the Credit Agreement or any of the other Loan Documents. Nothing contained herein shall constitute a waiver of, impair or otherwise affect any Obligations, any other obligation of the
Borrower or any rights of the Agents and the Banks consequent thereon. This Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, and all of
which together shall constitute one instrument. Delivery of an executed signature page to this Amendment by facsimile transmission or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment,
provided, the Borrower does agree to provide the Agent with an original manually signed counterpart of this Amendment within five (5)&nbsp;Domestic Business Days of the Sixth Amendment Effective Date. In proving this Amendment it shall not be
necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>[Signature
page follows.] </B></P>
</DIV>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>BLACKROCK FLOATING RATE INCOME</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>STRATEGIES FUND, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">


<IMG SRC="g877269g01a09.jpg" ALT="LOGO">
</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Name: Trent Walker</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Title: Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>STATE STREET BANK AND TRUST COMPANY,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:11pt; font-family:Times New Roman">Individually and as Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
</DIV>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF, </B>the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="92%"></TD></TR>


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<TD VALIGN="top" COLSPAN="3"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49"></TD>
<TD HEIGHT="49" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"><B>STATE STREET BANK AND TRUST COMPANY,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:1.00em; font-size:11pt; font-family:Times New Roman">Individually and as Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt;margin-bottom:0pt; margin-left:2.00em">


<IMG SRC="g877269g01a10.jpg" ALT="LOGO">
</P> <P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="3">Title: Vice President</TD></TR>
</TABLE></DIV>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit A to Amendment Agreement No.&nbsp;6 </B></P>
<P STYLE="margin-top:48pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">dated as of March&nbsp;3, 2011 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">among </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; 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:12pt; font-family:Times New Roman" ALIGN="center"><B>STATE STREET BANK AND TRUST COMPANY and the other lending institutions party hereto </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STATE STREET BANK
AND TRUST COMPANY in its capacity as Agent </B></P>
</DIV>


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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>TABLE OF CONTENTS </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><U>Page</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">ARTICLE&nbsp;I.&#8195;&#8195; DEFINITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;1.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 1.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Accounting Terms and Determinations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION&nbsp;1.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Other Interpretive Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE II.&#8195;&#8195; THE CREDIT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Commitments to Lend</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notice of Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notice to Banks; Funding of Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Loan Accounts; Notes; Records</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mandatory Payments; Optional Prepayments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Interest Rates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Termination and Reduction of Commitments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Extension of Termination Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">General Provisions as to Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Computation of Interest and Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE III.&#8195;&#8195; CONDITIONS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 3.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Effectiveness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 3.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">All Borrowings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 3.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Security</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE IV.&#8195;&#8195; REPRESENTATIONS AND WARRANTIES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Existence and Power; Investment Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorization; Execution and Delivery, Etc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Noncontravention</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Governmental Authorizations; Private Authorization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Regulations T, U and X</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Non-Affiliation</FONT> with Banks</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Financial Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&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:12pt; font-family:Times New Roman" ALIGN="center">i </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>TABLE OF CONTENTS </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(continued) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><U>Page</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Litigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">ERISA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Compliance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fiscal Year</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Full Disclosure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Offering Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Debt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 4.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Foreign Assets, Control Regulations, Etc</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE V.&#8195;&#8195; COVENANTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Payment of Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Maintenance of Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conduct of Business and Maintenance of Existence</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Compliance with Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Inspection of Property, Books and Records</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Debt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Consolidations, Mergers and Sales of Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Compliance with Prospectus</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Non-Affiliation</FONT> with Banks</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Regulated Investment Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">ERISA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fiscal Year</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Regulation U</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Custodian</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Asset Coverage</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&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:12pt; font-family:Times New Roman" ALIGN="center">ii </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>TABLE OF CONTENTS </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(continued) </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:12pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><U>Page</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 5.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE VI.&#8195;&#8195; DEFAULTS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 6.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 6.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE VII.&#8195;&#8195; THE AGENT</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Appointment and Authorization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Action by Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Consultation with Experts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Liability of Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Credit Decision</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Successor Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Agent as Bank</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Distribution by Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 7.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delinquent Banks</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE VIII.&#8195;&#8195; CHANGE IN CIRCUMSTANCES</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 8.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Additional Costs; Capital Adequacy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 8.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Basis for Determining Interest Rate Inadequate or Unfair</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 8.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Illegality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 8.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Benchmark Replacement Setting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 8.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Replacement Banks</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 8.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">ARTICLE IX.&#8195;&#8195; MISCELLANEOUS</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">63</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Waivers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Expenses; Documentary Taxes; Indemnification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Set Off</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Amendments and Waivers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Successors and Assigns</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Governing Law; Submission to Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="top">&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:12pt; font-family:Times New Roman" ALIGN="center">iii </P>

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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>TABLE OF CONTENTS </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(continued) </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:12pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><U>Page</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">WAIVER OF JURY TRIAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Confidential Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">USA Patriot Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Miscellaneous</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:12pt; font-family:Times New Roman">SECTION 9.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Transitional Arrangements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="top">&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:12pt; font-family:Times New Roman" ALIGN="center">iv </P>

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<DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"><B><U>Exhibits</U>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Exhibit A -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Exhibit B -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Notice of Borrowing</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Exhibit C -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Notice of Conversion</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Assignment and Acceptance</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"><B><U>Schedules</U>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Schedule 1 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Addresses for Notices, Lending Offices, Commitment Amounts and Commitment Percentages</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Schedule 2 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Pricing Service Schedule</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Schedule 3 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fundamental Policies</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Schedule 4 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Scheduled Investment Policies and Restrictions</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Schedule 5 -</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Valuation Procedures</TD></TR>
</TABLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>AMENDED AND RESTATED CREDIT AGREEMENT</B>, dated as of March&nbsp;3, 2011 (this &#147;Agreement&#148;), by and among
<B>BLACKROCK FLOATING RATE INCOME STRATEGIES, INC</B>., a Maryland corporation and <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company (the &#147;Borrower&#148;), the Banks (as hereinafter defined) party hereto from time
to time and <B>STATE STREET BANK AND TRUST COMPANY</B> as agent for the Banks (in such capacity, the &#147;Agent&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, pursuant to a Credit Agreement dated as of March&nbsp;5, 2009 (as amended from time to time, the &#147;Prior
Credit Agreement&#148;) by and among the Borrower, the Banks and the Agent, the Banks made financing available to the Borrower for the purposes set forth therein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, the Borrower has requested to amend and restate the Prior Credit Agreement, and the Banks and the Agent are
willing to amend and restate the Prior Credit Agreement and to continue to provide financing to the Borrower on the terms and conditions set forth herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE</B>, the Borrower, the Banks and the Agent agree that on and as of the Effective Date (as hereinafter
defined) the Prior Credit Agreement is hereby amended and restated in its entirety on the terms and conditions set forth herein, and shall remain in full force and effect only as expressly set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">The parties hereto hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 1.01</B>.&#8195;&#8194; <B>Definitions.</B>&#8195; The following terms, as used herein, have the following
meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;Act&#148; has the meaning set forth in Section&nbsp;9.10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Account&#148; means the accounts that the Custodian has opened and maintains for the Borrower pursuant to the terms and
conditions of the Custody Agreement, <U>provided</U>, that for period commencing immediately upon the consummation of the October 2012 Merger in accordance with the terms of the Merger Agreements until the consummation of the FRA Merger Subsidiary
Dissolution and the transfer of the assets in the DVF Account and the FRB Account into the Account, the term &#147;Account&#148; shall be deemed to also include the DVF Account and the FRB Account for all purposes of this Agreement, including,
without limitation, compliance with Section&nbsp;4.17 hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;Additional Commitment&#148; has the meaning set forth in
Section&nbsp;2.09(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;Additional Commitment Bank&#148; has the meaning set forth in Section&nbsp;2.09(b). </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Adjusted Net Asset Limit&#148; means as at any date of determination, an
amount equal to thirty three and one third percent (33 1/3%) of the Adjusted Net Assets of the Borrower as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Adjusted Net Assets&#148; means as at any date of determination, an amount equal to (a)&nbsp;the value of the Total
Assets of the Borrower minus (b)&nbsp;the Total Liabilities of the Borrower that are not Senior Securities Representing Indebtedness. For purposes of calculating the Adjusted Net Assets, the amount of any liability included in such Total Liabilities
shall be equal to the greater of (i)&nbsp;the outstanding amount of such liability or (ii)&nbsp;the fair market value of all assets pledged or otherwise segregated for the benefit of the applicable creditor to secure such liability. For the
avoidance of doubt, when calculating the outstanding amount of any liability in respect of any derivative contract, the liability shall be the maximum amount of any termination or loss payment required to be paid by such Person if such derivative
contract were, at the time of determination, to be terminated by reason of any event of default or early termination event thereunder, whether or not such event of default or early termination event has in fact occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Adjusted Total Assets&#148; means, as of any date, the Borrower&#146;s Total Assets as of such date <U>provided</U>,
that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1) if the securities of any one issuer constitute more than 5% of Total Assets, the amount of
such excess over 5% of Total Assets shall not be included in the calculation of Adjusted Total Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2) if the securities of the issuers in a single industry constitute more than 20% of Total Assets, the
amount of such excess over 20% of Total Assets shall not be included in the calculation of Adjusted Total Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3) if the securities which are not rated by either S&amp;P or Moody&#146;s constitute more than 20% of Total
Assets, the amount of such excess over 20% of Total Assets shall not be included in the calculation of Adjusted Total Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4) if the securities of <FONT STYLE="white-space:nowrap">Non-Investment</FONT> Grade Foreign Issuers
constitute more than 10% of Total Assets, the amount of such excess over 10% of Total Assets shall not be included in the calculation of Adjusted Total Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5) if the aggregate amount of bond securities rated lower than <FONT STYLE="white-space:nowrap">B-</FONT> by
S&amp;P or B3 by Moody&#146;s constitute more than 30% of Total Assets, the amount of such excess over 30% of Total Assets shall not be included in the calculation of Adjusted Total Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6) if the aggregate amount of Eligible Loan Assets with a Value of less than 50% of par value constitute
more than 20% of Total Assets, the amount of such excess over 20% of Total Assets shall not be included in the calculation of Adjusted Total Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7) if the aggregate amount of Eligible Distressed Loan Assets constitute more than 5% of Total Assets, the
amount of such excess over 5% of Total Assets shall not be included in the calculation of Adjusted Total Assets; </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8) if the Asset Value of any securities included in Total
Assets is computed in the manner set forth in paragraph (b)(iv) of the definition of &#147;Asset Value&#148;, and the aggregate amount of such securities constitute more than 25% of Total Assets, the amount of such excess over 25% of Total Assets
shall not be included in the calculation of Adjusted Total Assets; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(9) no asset shall be included in
the calculation of Adjusted Total Assets if it (A)&nbsp;constitutes an Illiquid Asset, Distressed Asset or an asset which is the subject of a reverse repurchase agreement, dollar roll, securities lending transaction or otherwise segregated to
satisfy any obligations with respect thereto, (B)&nbsp;is not permitted to be purchased by the Borrower in accordance with the Borrower&#146;s Scheduled Investment Policies and Restrictions, or (C)&nbsp;is not held in or credited to the Account.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Adverse Claim&#148; means any Lien or other right, claim, encumbrance or any other type of preferential arrangement
in, of or on any Person&#146;s assets or properties (including the segregation thereof or the deposit thereof to satisfy margin or other requirements) in favor of any other Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Affected Financial Institutions&#148; means (a)&nbsp;any EEA Financial Institution or (b)&nbsp;any UK Financial
Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Affiliate&#148; has the meaning ascribed to the term &#147;Affiliated Person&#148; in the Investment
Company Act and the rules and regulations thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Affiliated Person&#148; has the meaning ascribed to that term
in the Investment Company Act and the rules and regulations thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Aggregate Commitment Amount&#148; means, as
of any date, the aggregate of all Commitment Amounts as of such date. On the Sixth Amendment Effective Date, the Aggregate Commitment Amount is $255,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Agent&#148; has the meaning set forth in the preamble to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Agreement&#148; has the meaning set forth in the preamble to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Anti-Corruption Laws&#148; means all laws, rules and regulations of any jurisdiction applicable to the Borrower from
time to time concerning or relating to bribery or corruption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Applicable Day&#148; has the meaning set forth in
Section&nbsp;2.07(a) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Applicable Law&#148; means any Law of any Authority, including, without limitation,
all Federal and state banking or securities laws, to which the Person in question is subject or by which it or any of its property is bound. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Applicable Lending Office&#148; means, with respect to any Bank, its Domestic Lending Office. </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Applicable Margin&#148; means 0.80% per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Asset Coverage Test&#148; has the meaning set forth in Section&nbsp;5.19 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Asset Value&#148; means, as of any day of determination in respect of any asset of the Borrower, the Value of such asset
computed in the manner as such Value is required to be computed by the Borrower in accordance with the Valuation Procedures and Applicable Law, including, without limitation, the Investment Company Act; <U>provided</U> <U>that</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) the Asset Value of any asset shall be net of the Borrower&#146;s liabilities relating thereto, including
without limitation all of the Borrower&#146;s obligations to pay any unpaid portion of the purchase price thereof, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) when calculating the &#147;Asset Value&#148; of any asset, the Borrower shall calculate such value daily
in good faith using one of the following procedures: (i)&nbsp;a quotation received from a Pricing Service, (ii)&nbsp;a quotation received from an independent dealer making a market in such security, (iii)&nbsp;the last closing price thereof
established on a public trading market or (iv)&nbsp;solely to the extent none of the procedures set forth in any of (i), (ii) or (iii)&nbsp;of this paragraph (b)&nbsp;is readily available on the relevant date of determination, a fair valuation
determination using procedures approved by the Board of Directors of the Borrower; <U>provided</U>, that for any asset which is not valued pursuant to (i), (ii), (iii) or (iv)&nbsp;above, the Asset Value of such asset shall be deemed zero for
purposes of this definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Assignee&#148; has the meaning set forth in Section&nbsp;9.06(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Authority&#148; means the government of the United States or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central Agent or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central Agent and including the Financial Industry Regulatory Authority, stock exchanges, the SEC and any accounting board or authority (whether or not a part
of government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Authorized Signatory&#148; means any duly authorized officer of the Borrower or other Person which has been authorized
by the Borrower&#146;s Board of Directors to execute this Agreement, any other Loan Document or document pertaining to this Agreement on behalf of the Borrower, <U>provided</U> that the Agent shall have received a manually signed certificate of such
officer or other Person bearing a manual specimen signature of such officer or other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Available Amount&#148;
means, as of any date of determination, an amount equal to the lesser of (a)&nbsp;the Aggregate Commitment Amount as then in effect; (b)&nbsp;the Adjusted Net Asset Limit as then in effect; and (c)&nbsp;the Borrowing Base as then in effect. For the
avoidance of doubt, any required repayments of Loans hereunder as a result of the Borrower exceeding the Available </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Amount as a result of paragraph (c)&nbsp;hereof shall be subject to the provisions of
Section&nbsp;2.05(b) below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Available Tenor&#148; means, as of any date of determination and with respect to the
then-current Benchmark, as applicable, (x)&nbsp;if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or
(y)&nbsp;otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark
pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of &#147;Interest Period&#148; pursuant to Section&nbsp;8.04(d). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">&#147;Bail-In</FONT> Action&#148; means the exercise of any Write-Down and Conversion Powers
by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT
STYLE="white-space:nowrap">&#147;Bail-In</FONT> Legislation&#148; means (a)&nbsp;with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule and (b)&nbsp;with respect to the United Kingdom, Part I
of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or
their affiliates (other than through liquidation, administration or other insolvency proceedings). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Bank&#148; means
each of State Street, each lender named on the signature pages hereof, each Assignee which becomes a Bank pursuant to Section&nbsp;9.06(c), and their respective successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Base Rate&#148; means the higher of (a)&nbsp;the annual rate of interest announced from time to time by State Street at
its head office in Boston, Massachusetts, as its &#147;prime rate&#148; and <FONT STYLE="white-space:nowrap">(b)&nbsp;one-half</FONT> of one percent (1/2%) above the Federal Funds Effective Rate as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Benchmark&#148; means, initially, the Term SOFR Reference Rate; <U>provided</U> that if a Benchmark Transition Event has
occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then &#147;Benchmark&#148; means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant
to Section&nbsp;8.04(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Benchmark Replacement&#148; means, with respect to any Benchmark Transition Event, the
first alternative set forth in the order below that can be determined by the Agent for the applicable Benchmark Replacement Date: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) the sum of (i)&nbsp;Daily Simple SOFR plus (ii) 0.10% (10 basis points); and </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) the sum of: (i)&nbsp;the alternate
benchmark rate that has been selected by the Agent and the Borrower giving due consideration to (A)&nbsp;any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body
or (B)&nbsp;any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii)&nbsp;the related Benchmark Replacement
Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Benchmark Replacement as determined pursuant to clause (a)&nbsp;or (b) above would be less than the Floor, the
Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Benchmark Replacement Adjustment&#148; means, with respect to any replacement of the then-current Benchmark with an
Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Agent and the Borrower giving due
consideration to (a)&nbsp;any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the
Relevant Governmental Body or (b)&nbsp;any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Benchmark
Replacement Date&#148; means the earliest to occur of the following events with respect to the then-current Benchmark: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) in the case of clause (a)&nbsp;or (b) of the definition of &#147;Benchmark Transition
Event,&#148; the later of (i)&nbsp;the date of the public statement or publication of information referenced therein and (ii)&nbsp;the date on which the administrator of such Benchmark (or the published component used in the calculation thereof)
permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) in the case of clause (c)&nbsp;of the definition of &#147;Benchmark Transition
Event,&#148; the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be
<FONT STYLE="white-space:nowrap">non-representative;</FONT> <U>provided</U> that such <FONT STYLE="white-space:nowrap">non-representativeness</FONT> will be determined by reference to the most recent statement or publication referenced in such
clause (c)&nbsp;and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For
the avoidance of doubt, the &#147;<U>Benchmark Replacement Date</U>&#148; will be deemed to have occurred in the case of clause (a)&nbsp;or (b) with respect to any Benchmark upon the occurrence of </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-7- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">the applicable event or events set forth therein with respect to all then-current Available
Tenors of such Benchmark (or the published component used in the calculation thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Benchmark Transition
Event&#148; means the occurrence of one or more of the following events with respect to the then-current Benchmark: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) a public statement or publication of information by or on behalf of the administrator of
such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely;
<U>provided</U> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) a public statement or publication of information by the regulatory supervisor for the
administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or
such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such
component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <U>provided</U> that, at the
time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) a public statement or publication of information by the regulatory supervisor for the
administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the avoidance of doubt, a &#147;Benchmark Transition Event&#148; will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Benchmark Unavailability Period&#148; means, the period (if any)&nbsp;(a) beginning at the time that a Benchmark
Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section&nbsp;8.04 and (b)&nbsp;ending at the time that a
Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section&nbsp;8.04. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-8- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Beneficial Ownership Certification&#148; means a certification regarding
beneficial ownership to be provided by the Borrower if the Borrower is subject to the Beneficial Ownership Regulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Beneficial Ownership Regulation&#148; means 31 C.F.R. &#167; 1010.230. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Benefit Arrangement&#148; means at any time an employee benefit plan within the meaning of Section&nbsp;3(3) of ERISA
which is not a Plan or a Multi-employer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Borrower&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Borrowing Base&#148; means, as of any date of determination, an amount equal to the product of (a)&nbsp;sixty five
percent (65%) and (b)&nbsp;the fair market value of all Borrowing Base Eligible Assets of the Borrower as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Borrowing Base Eligible Assets&#148; means, as of any relevant date of determination, an amount equal to (a)&nbsp;the
value of the Borrower&#146;s Adjusted Total Assets as of such date, <U>minus</U> (b)&nbsp;the fair market value of all assets of the Borrower which are subject to a Lien (other than a Lien in favor of the Agent for the benefit of the Agent and the
Banks under the Loan Documents) or otherwise segregated for the benefit of any Person for any liability or obligation owing such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Borrowing Date&#148; has the meaning set forth in Section&nbsp;2.02(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Change in Law&#148; means the occurrence, after the date of the Agreement, of any of the following: (a)&nbsp;the
adoption or taking effect of any law, rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Authority or (c)&nbsp;the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Authority; <U>provided</U> that notwithstanding anything herein to the contrary, (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a &#147;Change in Law&#148;, regardless of the date enacted, adopted,
issued or implemented. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Charter Documents&#148; means, collectively, the certificate of incorporation, <FONT
STYLE="white-space:nowrap">by-laws</FONT> and other organizational or governing documents of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Commitment&#148; means the agreement of each Bank, subject to the terms and conditions of this Agreement, to make Loans
to the Borrower hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Commitment Amount&#148; means, with respect to each Bank, the amount set forth opposite
the name of such Bank on <U>Schedule 1</U> attached hereto, as such amount may be reduced from time to time pursuant to Section&nbsp;2.08 or 9.06(c) or increased from time to time pursuant to Section&nbsp;9.06(c). </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-9- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Commitment Percentage&#148; means, with respect to each Bank, the
percentage set forth opposite the name of such Bank on <U>Schedule 1</U> attached hereto as such Bank&#146;s percentage of the Aggregate Commitment Amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Confidential Material&#148; has the meaning set forth in Section&nbsp;9.09. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Conforming Changes&#148; means, with respect to either the use or administration of Term SOFR or the use,
administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of &#147;Overnight Rate&#148;, the definition of &#147;Domestic Business Day,&#148;
the definition of &#147;U.S. Government Securities Business Day,&#148; the definition of &#147;Interest Period&#148; or any similar or analogous definition (or the addition of a concept of &#147;interest period&#148;), timing and frequency of
determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section&nbsp;8.06 and other technical,
administrative or operational matters) that the Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Agent in a manner substantially consistent with
market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of any such rate exists, in such other manner
of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Covered Person&#148; has the meaning set forth in Section&nbsp;9.03(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Custodian&#148; means State Street Bank and Trust Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Custody Agreement&#148; means that certain Master Custody Agreement, dated as of September&nbsp;21, 2001, among the
Borrower, the other investment companies party thereto and the Custodian, as the same may be amended, supplemented or otherwise modified from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Daily Simple SOFR&#148; means, for any day, SOFR, with the conventions for this rate (which will include a lookback)
being established by the Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining &#147;Daily Simple SOFR&#148; for syndicated business loans; <U>provided</U> that if the Agent
decides that any such convention is not administratively feasible for the Agent, then the Agent may establish another convention in its reasonable discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Debt&#148; of any Person means at any date, without duplication, (a)&nbsp;all obligations of such Person for borrowed
money or extensions of credit, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c)&nbsp;all obligations of such Person to pay the deferred purchase price of property or services, except
trade accounts payable arising in the ordinary course of business and payable in accordance with customary practices, (d)&nbsp;all obligations of such Person as lessee which are or should be capitalized in accordance with Generally Accepted
Accounting Principles, (e)&nbsp;all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed or Guaranteed by such Person, (f)&nbsp;all obligations of such Person under Guarantees, all obligations to
reimburse the issuer in respect of </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">letters of credit or under performance or surety bonds, or other similar obligations,
(g)&nbsp;all obligations of such Person in respect of judgments, (h)&nbsp;all obligations of such Person in respect of banker&#146;s acceptances and under reverse repurchase agreements, (i)&nbsp;all obligations of such Person in respect of Financial
Contracts, and (j)&nbsp;all obligations of such Person that are senior securities for purposes of the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Debtor Relief Laws&#148; means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Default&#148; means any condition or event which with the giving of notice or
lapse of time or both would, unless cured or waived, become an Event of Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Delinquent Bank&#148; has the
meaning set forth in Section&nbsp;7.10(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Disclosure Package&#148; means the Prospectus, the Borrower&#146;s most
recent annual report filed on Form <FONT STYLE="white-space:nowrap">N-CSR,</FONT> the Borrower&#146;s most recent semi-annual report filed on Form <FONT STYLE="white-space:nowrap">N-CSRS</FONT> and all press releases since the Borrower&#146;s most
recent annual or semi-annual report, taken together. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Distressed Asset&#148; means any asset if (a)&nbsp;the obligor
thereof is subject to a bankruptcy, insolvency, liquidation or other similar action or proceeding, (b)&nbsp;the obligor thereof shall have failed to make any payment of principal or interest in respect of such asset when due (whether at scheduled
maturity or any accelerated date of maturity or any other date fixed for payment or prepayment thereof or otherwise) beyond any period of grace provided with respect thereto, or (c)&nbsp;such asset is classified by the Borrower as <FONT
STYLE="white-space:nowrap">&#147;non-performing&#148;</FONT> pursuant to Generally Accepted Accounting Principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Dividing Person&#148; has the meaning assigned to it in the definition of &#147;Division&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Division&#148; means the division of the assets, liabilities and/or obligations of a Person (the &#147;Dividing
Person&#148;) among two or more Persons (whether pursuant to a &#147;plan of division&#148; or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Dollars&#148; or &#147;$&#148; means dollars in lawful currency of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Domestic Business Day&#148; means any day (other than a Saturday or Sunday) on which (a)&nbsp;commercial banks are open
for the purpose of transacting business in Boston, Massachusetts and New York, New York and (b)&nbsp;the New York Stock Exchange is open. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Domestic Lending Office&#148; means, initially, the office of each Bank designated as such on <U>Schedule 1</U> attached
hereto; thereafter such other office of such Bank, if any, located in the United States that shall be making or maintaining Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;DVF&#148; means BlackRock Diversified Income Strategies Fund, Inc., a Maryland corporation. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;DVF Account&#148; means the account that the Custodian has opened and
maintains for DVF pursuant to the terms and conditions of the Custody Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;DVF Merger Agreement&#148; means
the Agreement and Plan of Reorganization dated as of October&nbsp;4, 2012, by and among DVF, the Borrower and the FRA Merger Subsidiary, substantially in the form attached as Exhibit B to the Second Amendment, pursuant to which, among other things,
DVF merges with and into the FRA Merger Subsidiary, with the FRA Merger Subsidiary being the survivor thereof and assumes all of the assets and liabilities of DVF. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EEA Financial Institution&#148; means (a)&nbsp;any credit institution or investment firm established in any EEA Member
Country which is subject to the supervision of an EEA Resolution Authority, (b)&nbsp;any entity established in an EEA Member Country which is a parent of an institution described in clause (a)&nbsp;of this definition, or (c)&nbsp;any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a)&nbsp;or (b) of this definition and is subject to consolidated supervision with its parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EEA Member Country&#148; means any of the member states of the European Union, Iceland, Liechtenstein and Norway. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EEA Resolution Authority&#148; means any public administrative authority or any person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Effective Date&#148; means the date this Agreement becomes effective in accordance with Section&nbsp;3.01. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Eligible Distressed Loan Assets&#148; means any asset that is (a)&nbsp;a direct interest in or a participation interest
in or by assignment, novation or otherwise, of a corporate loan obligation or other extension of credit, which is free and clear of any Adverse Claims other than Permitted Liens and in which the Agent has, for the benefit of the Agent and the Banks,
a Senior Lien, (b)&nbsp;not a Distressed Asset, and (c)&nbsp;considered a distressed asset insofar as certain defaults have occurred with respect thereto, provided no payment default has occurred with respect thereto and all payments to be made by
the issuer thereunder have been made in cash on the date when such payments are due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Eligible Loan
Assets&#148; means any asset that is a direct interest in or a participation interest in or by assignment, novation or otherwise, of a corporate loan obligation or other extension of credit, which are free and clear of any Adverse Claims other than
Permitted Liens and in which the Agent has, for the benefit of the Agent and the Banks, a Senior Lien. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;ERISA&#148;
means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;ERISA
Affiliate&#148; means any trade or business (whether or not incorporated) under common control with the Borrower which is treated as a single employer of the Borrower within the meaning of Section&nbsp;414(b) or (c)&nbsp;of the Internal Revenue Code
(and Sections 414(m) and (o)&nbsp;of the Internal Revenue Code for purposes of provisions relating to Section&nbsp;412 of the Internal Revenue Code). </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-12- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;ERISA Group&#148; means the Borrower and any ERISA Affiliate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule&#148; means the EU <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Event of Default&#148; has the meaning set forth in Section&nbsp;6.01. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Exchange Act&#148; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any
statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Excluded Taxes&#148; means, with respect to the Agent, any Bank or any other recipient of any payment to be made by or
on account of any obligation of the Borrower hereunder, (a)&nbsp;Taxes imposed on or measured by its overall net income (however denominated), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is
organized or in which its principal office is located or, in the case of any Bank, in which its Applicable Lending Office is located, (b)&nbsp;any branch profits Taxes imposed by the United States or any similar Tax imposed by any other jurisdiction
in which the Borrower is located, (c)&nbsp;any backup withholding Tax that is required by the Internal Revenue Code to be withheld from amounts payable to a Bank that has failed to comply with clause (A)&nbsp;of Section&nbsp;2.12(e)(ii), and
(d)&nbsp;in the case of a Foreign Bank (other than an assignee pursuant to a request by the Borrower under Section&nbsp;8.05), any United States withholding Tax that (i)&nbsp;is required to be imposed on amounts payable to such Foreign Bank pursuant
to the laws in force at the time such Foreign Bank becomes a party hereto (or designates a new lending office) or (ii)&nbsp;is attributable to such Foreign Bank&#146;s failure or inability (other than as a result of a change in law) to comply with
clause (B)&nbsp;of Section&nbsp;2.12(e)(ii), except to the extent that such Foreign Bank (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding Tax pursuant to Section&nbsp;2.12(a)(ii) or (iii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Executive Order&#148; has the
meaning set forth in Section&nbsp;4.18. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Failure&#148; has the meaning set forth in Section&nbsp;7.10(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Federal Funds Effective Rate&#148; means, for any day, the greater of (a)&nbsp;the rate per annum calculated by the
FRBNY, based on the prior day&#146;s overnight federal funds transactions (as determined in such manner as the FRBNY shall set forth on its public website from time to time), as the federal funds effective rate (which rate is, in general, published
by the FRBNY on such day for the prior FRBNY Business Day), <U>provided</U> that if such day is not a Fed Funds Business Day, then the Federal Funds Effective Rate shall be such rate as in effect on the Fed Funds Business Day immediately preceding
such day and (b) 0%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Federal Reserve Board&#148; means the Board of Governors of the Federal Reserve System of the
United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fed Funds Business Day&#148; shall mean any day upon which overnight federal funds transactions are
conducted. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-13- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fee Letter&#148; means that certain amended and restated fee letter
agreement dated as of March&nbsp;2, 2012 by and between the Borrower and the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fifth Amendment Effective
Date&#148; means December&nbsp;2, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Financial Contract Liability&#148; means, at any time, the net amount, if
any, that a Person would be obligated, in accordance with each Financial Contract to which such Person is a party, to pay to the relevant counterparty thereto if such Financial Contract and all transactions thereunder terminated at such time in
accordance therewith on a complete <FONT STYLE="white-space:nowrap">no-fault</FONT> basis (including, without limitation, any such amounts that would not be recorded as a liability under Generally Accepted Accounting Principles, such as fees payable
upon early termination of a Financial Contract). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Financial Contracts&#148; means option contracts, options on
futures contracts, futures contracts, forward contracts, options on foreign currencies, repurchase agreements, securities lending agreements, when-issued securities, swap, swaption, floor, cap, or collar agreements, other similar arrangements and
other obligations that would be, but for the segregation of assets thereof, senior securities for purposes of the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;First Amendment Effective Date&#148; means March&nbsp;2, 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Floor&#148; means a rate of interest equal to 0%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Foreign Assets Control Regulations&#148; has the meaning set forth in Section&nbsp;4.18. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Foreign Bank&#148; means any Bank that is organized under the laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fourth Amendment Effective Date&#148; means December&nbsp;17, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary&#148; means FRA Merger Subsidiary, LLC, a Maryland limited liability company and wholly-owned
Subsidiary of the Borrower which has been formed to effect the October 2012 Merger (and such term shall include the surviving entity of each merger consummated pursuant to the terms of each Merger Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary Dissolution&#148; means the dissolution and liquidation of the FRA Merger Subsidiary into the
Borrower immediately following the October 2012 Merger pursuant to, and in accordance with, the FRA Merger Subsidiary Plan of Dissolution and the FRA Merger Subsidiary Liquidation Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary Liquidation Agreement&#148; means the Transfer of Assets and Assumption of Obligations Agreement,
dated as of October&nbsp;5, 2012 and effective as of October&nbsp;8, 2012, between the Borrower and the FRA Merger Subsidiary and substantially in the form attached as Exhibit D to the Second Amendment. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRA Merger Subsidiary Plan of Dissolution&#148; means the Plan of
Liquidation and Dissolution of FRA Merger Subsidiary, LLC, effective as of October&nbsp;8, 2012, substantially in the form attached as Exhibit E to the Second Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRB&#148; means BlackRock Floating Rate Income Strategies Fund II, Inc., a Maryland corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRB Account&#148; means the account that the Custodian has opened and maintains for FRB pursuant to the terms and
conditions of the Custody Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRB Merger Agreement&#148; means the Agreement and Plan of Reorganization
dated as of October&nbsp;4, 2012, by and among FRB, the Borrower and the FRA Merger Subsidiary, substantially in the form attached as Exhibit C to the Second Amendment, pursuant to which, among other things, FRB merges with and into the FRA Merger
Subsidiary, with the FRA Merger Subsidiary being the survivor thereof and assumes all of the assets and liabilities of FRB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRBNY&#148; shall mean the Federal Reserve Bank of New York, or any successor thereto that publishes the Federal Funds
Effective Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;FRBNY Business Day&#148; shall mean each business day that is not included in the FRBNY&#146;s
holiday schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fundamental Change&#148; has the meaning set forth in Section&nbsp;5.09. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Fundamental Policies&#148; means those Investment Policies and Restrictions which are identified as fundamental on
<U>Schedule 3</U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Generally Accepted Accounting Principles&#148; has the meaning set forth in
Section&nbsp;1.02. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Government&#148; means, with respect to any sovereignty, the government or any agency or
instrumentality thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Governmental Authorizations&#148; means all franchises, permits, licenses, approvals,
consents and other authorizations of all Authorities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Governmental Filings&#148; means all filings, including
franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such filing, with all Authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Guarantee&#148; by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a)&nbsp;to purchase or pay (or advance or supply funds
for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">take-or-pay,</FONT></FONT> or to maintain financial statement conditions or otherwise) or (b)&nbsp;entered into for the purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part), </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-15- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U> that the term Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business. The term &#147;Guarantee&#148; used as a verb has a corresponding meaning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Illiquid Asset&#148; means, as of any date, any asset for which (a)&nbsp;there is no established public or private
institutional trading market, such that such asset may be reasonably expected to be sold in such market within ten (10)&nbsp;days in the ordinary course of business at a price approximating the Value of such asset on such date subject only to
fluctuations in the market price therefor, (b)&nbsp;the fair market value of such asset is not readily ascertainable from recognized independent sources in the market for such assets or is not readily determinable using procedures approved by the
Board of Directors of the Borrower, or (c)&nbsp;are otherwise categorized as &#147;illiquid securities&#148; by the Borrower or the Investment Adviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Indemnified Taxes&#148; means Taxes other than Excluded Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Interest Period&#148; means as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is
disbursed or converted to or continued as a Term SOFR Loan and ending on the numerically corresponding day in the calendar month that is one month thereafter (subject to the availability thereof), as specified in the applicable Notice of Borrowing;
<U>provided</U> that (i)&nbsp;if any Interest Period would end on a day other than a Domestic Business Day, such Interest Period shall be extended to the next succeeding Domestic Business Day unless such next succeeding Domestic Business Day would
fall in the next calendar month, in which case such Interest Period shall end on the next preceding Domestic Business Day, (ii)&nbsp;any Interest Period that commences on the last Domestic Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Domestic Business Day of the last calendar month of such Interest Period, (iii)&nbsp;no Interest Period shall extend beyond the
Termination Date and (iv)&nbsp;no tenor that has been removed from this definition pursuant to Section&nbsp;8.04(d) shall be available for specification in such Borrowing Request. For purposes hereof, the date of a Loan or Borrowing initially shall
be the date on which such Loan or Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan or Borrowing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Internal Revenue Code&#148; means the Internal Revenue Code of 1986, as amended, or any successor statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Investment&#148; means all expenditures made and all liabilities incurred (contingently or otherwise) for the
acquisition of stock, other equity interests, or Debt of, or for loans, advances, capital contributions or transfers of property to, or in respect of any guaranties (or other commitments as described under Debt), or obligations of, any Person. In
determining the aggregate amount of Investments outstanding at any particular time: (a)&nbsp;the amount of any Investment represented by a guaranty shall be taken at not less than the principal amount of the obligations guaranteed and still
outstanding; (b)&nbsp;there shall be included as an Investment all interest accrued with respect to Indebtedness constituting an Investment unless and until such interest is paid; (c)&nbsp;there shall be deducted in respect of each such Investment
any amount received as a return of capital (but only by repurchase, redemption, retirement, repayment, dividend or distribution); (d) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment,
except as set forth in clause (c)&nbsp;above, whether as dividends, interest or otherwise, except that accrued interest included as provided in </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">the foregoing clause (b)&nbsp;may be deducted when paid; (e)&nbsp;there shall not be deducted
from the aggregate amount of Investments any decrease in the market value thereof; and (f)&nbsp;any increase in the market value of any Investment shall not increase the aggregate amount of such Investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Investment Adviser&#148; means BlackRock Advisors, LLC, a limited liability company organized under the laws of the
State of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Investment Company Act&#148; means the Investment Company Act of 1940, as amended, and the rules
and regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations, and
any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Investment Policies and Restrictions&#148; means, with respect to the Borrower, the provisions dealing with investment
objectives, investment policies, distributions and investment restrictions, as set forth in the Disclosure Package. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Joining Bank&#148; has the meaning set forth in Section&nbsp;2.08(d)(i) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Laws&#148; means, collectively, all international, foreign, federal, state and local statutes, treaties, rules,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Authority charged with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, guidelines, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Authority, in each case whether or not having the force of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Liabilities&#148; has the meaning set forth in Section&nbsp;7.05. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Lien&#148; means, with respect to any asset, any mortgage, lien, pledge, charge, security interest (statutory or other)
or encumbrance of any kind in respect of such asset, or any preference, priority or other security or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement
or any financing lease having substantially the same economic effect as any of the foregoing, but excluding any segregation of assets done by the Borrower so long as the Person for whose benefit such assets are segregated have no security interest,
right or claim to such assets ahead of any other Person unless such other Person has expressly agreed in writing to such arrangement) with respect to such asset, including any agreement (other than the Loan Documents) preventing a Person from
encumbering such asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Loans&#148; means the revolving credit loans made or to be made to the Borrower by the
Banks pursuant to Section&nbsp;2.01. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Loan Documents&#148; means, collectively, this Agreement, the Notes, the
Security Documents and the Fee Letter, in each case as amended and in effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Margin Stock&#148;
has the meaning assigned to such term in Regulation U. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Material Adverse Effect&#148; means (a)&nbsp;a material adverse effect on
the ability of the Borrower to fully perform its obligations under this Agreement or any of the other Loan Documents, (b)&nbsp;a material adverse effect on the Agent&#146;s right, title and interest, on behalf of itself and the Banks, in the
collateral pledged to it by the Borrower pursuant to the Security Documents to which the Borrower is a party or is otherwise bound, or on the rights and remedies of the Agent or any Bank under this Agreement or under any of the other Loan Documents,
(c)&nbsp;a material adverse effect on the validity or enforceability of this Agreement or any of the other Loan Documents, or (d)&nbsp;a material adverse effect on the business, financial position, condition, operations, assets or properties of the
Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Maximum Amount&#148; means, as at any date of determination, an amount equal to the least of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8194;&#8195; the maximum amount of Debt that the Borrower would be permitted to have outstanding at any
time pursuant to Applicable Law, including the Investment Company Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194; the maximum
amount of Debt that the Borrower would be permitted to have outstanding at any time pursuant to the limitations on borrowings adopted by the Borrower in its Investment Policies and Restrictions or elsewhere; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194; the maximum amount of Debt that the Borrower would be permitted to have outstanding at any
time pursuant to any agreements with any Government Authority; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194; the maximum amount of
Debt that the Borrower would be permitted to have outstanding at any time without violating Section&nbsp;5.07 or any other provision of this Agreement, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">in each case, as in effect at the time of determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Merger Agreements&#148; mean, collectively, the DVF Merger Agreement and the FRB Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Moody&#146;s&#148; means Moody&#146;s Investors Services, Inc., or any successor acceptable to all of the Banks and
performing substantially the same function. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Multi-employer Plan&#148; means at any time an employee pension benefit
plan within the meaning of Section&nbsp;4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions including, for these
purposes, any Person which ceased to be a member of the ERISA Group during such five year period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><FONT
STYLE="white-space:nowrap">&#147;Non-Investment</FONT> Grade Foreign Issuer&#148; means an issuer which is either organized in a country which (a)&nbsp;is not a member of the OECD or (b)&nbsp;is a member of the OECD, but which country has not
achieved a sovereign credit rating of investment grade by either S&amp;P or Moody&#146;s. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Note(s)&#148; has the meaning set forth in Section&nbsp;2.04(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Notice of Borrowing&#148; has the meaning set forth in Section&nbsp;2.02(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Notice of Conversion&#148; has the meaning set forth in Section&nbsp;2.02(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Obligations&#148; means all indebtedness, obligations and liabilities of the Borrower to any of the Banks and the Agent
pursuant to any Loan Document, whether existing on the date of this Agreement or arising thereafter, direct or indirect, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation
of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans to the Borrower or any of the Notes or other instruments at any time evidencing any thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;October 2012 Merger&#148; means, collectively, the mergers, to be effective on October&nbsp;8, 2012, of (a)&nbsp;FRB
into the FRA Merger Subsidiary pursuant to the FRB Merger Agreement and (b)&nbsp;DVF into the FRA Merger Subsidiary pursuant to the DVF Merger Agreement, in each case with the FRA Merger Subsidiary being the surviving entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;OECD&#148; means the Organisation for Economic <FONT STYLE="white-space:nowrap">Co-operation</FONT> and Development.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;OFAC&#148; has the meaning set forth in the definition of Sanctioned Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Other Taxes&#148; means all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Overnight Bank Rate&#148; means, for any day, with respect to any amount denominated in Dollars, the greater of
(a)&nbsp;the Federal Funds Effective Rate and (b)&nbsp;an overnight rate determined by the Agent in accordance with banking industry rules on interbank compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Overnight Rate&#148; means, for any day, a rate per annum equal to the highest of (a) 0% and (b)&nbsp;Daily Simple SOFR
in effect on such day, <U>provided</U>, to the extent at any relevant date of determination the Agent determines (which determination shall be conclusive and binding absent manifest error) that Daily Simple SOFR is unavailable or the Agent is not
able to determine Daily Simple SOFR pursuant to the definition thereof at such time, then clause (b)&nbsp;of this definition shall instead be the Federal Funds Effective Rate in effect on such day. Any change in the Overnight Rate due to a change in
Daily Simple SOFR or, if applicable, the Federal Funds Effective Rate shall be effective from and including the effective date of such change in Daily Simple SOFR or the Federal Funds Effective Rate, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Overnight Rate Loans&#148; means Loans bearing interest calculated by reference to the Overnight Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Participant&#148; has the meaning set forth in Section&nbsp;9.06(b). </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-19- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Periodic Term SOFR Determination Date&#148; has the meaning specified in
the definition of &#147;Term SOFR&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Permitted Lien&#148; means any Lien permitted by Section&nbsp;5.08(a), (b)
or (c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Permitted Subsidiary&#148; means any Subsidiary (including, without limitation, a limited liability company
or other entity) of the Borrower, the economic interest of which is entirely owned by the Borrower for the purpose of enabling the Borrower to buy, sell and hold any investments (including Financial Contracts) or engage in any investment
transactions permitted by the Investment Policies and Restrictions in a manner that is either expected to result in lesser (or a reduced risk of greater) federal, state, local or foreign taxes, fees, charges or assessments applicable to such
investments or investment transactions, the Borrower or the Borrower&#146;s shareholder than if such investments or investment transactions were made directly by the Borrower, or is otherwise expected to facilitate the ability of the Borrower to
pursue (or enhance the efficiency of) such investments or investment transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Permitted Subsidiary
Investments&#148; means the aggregate amount of Investments made by the Borrower in any Permitted Subsidiary which has not guaranteed the Obligations hereunder and secured such guarantee with a first priority perfected Lien on its assets pursuant to
agreements satisfactory to the Agent, <U>provided</U>, for purposes of calculating Permitted Subsidiary Investments, each such Investment shall be calculated as follows: (a)&nbsp;at the time an Investment is made, the amount of such Investment shall
equal the market value of such Investment at the time such Investment is made (the &#147;Initial Valuation&#148;); (b) at the time any subsequent Investment is made, for any Investment made immediately prior to the making of the current Investment,
such previously made Investment shall be valued at the lesser of (i)&nbsp;each such Investment&#146;s Initial Valuation and (ii)&nbsp;the then current market value of such Investment as of the relevant date of determination as such amount is set
forth in a certificate delivered to the Agent by the Borrower (the &#147;Next Valuation&#148;; provided, for each then subsequent valuation of such Investment, the Borrower shall deliver an updated certificate showing a valuation in an amount equal
to the lesser of (1)&nbsp;the most recent valuation number calculated pursuant hereto on the certificate most recently delivered to the Agent and (2)&nbsp;the then current market value of such Investment; such amount being the &#147;Subsequent
Valuation&#148;); (c) at the time any Investment is made, for any Investment made which had a Subsequent Valuation, the lesser of (x)&nbsp;such Subsequent Valuation and (y)&nbsp;the then current market value of such Investment as of the relevant
date of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Person&#148; means an individual, a corporation, a partnership, an association, a trust (or
series thereof) or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Plan&#148; means at any time an employee pension benefit plan (other than a Multi-employer Plan) which is covered by
Title IV of ERISA or subject to the minimum funding standards under Section&nbsp;412 of the Internal Revenue Code and either (a)&nbsp;is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group
or (b)&nbsp;has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-20- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Pricing Service&#148; means the pricing service providers listed on
Schedule 2 hereto with respect to each asset type, as such list may be amended or supplemented from time to time as approved by the Board of Directors of the Borrower and with the prior written consent of the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Prior Credit Agreement&#148; has the meaning set forth in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Private Authorizations&#148; means all franchises, permits, licenses, approvals, consents and other authorizations of
all Persons (other than any Authority) including, without limitation, those of shareholders and creditors and those with respect to trademarks, service marks, trade names, copyrights, computer software programs, technical and other <FONT
STYLE="white-space:nowrap">know-how.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Prospectus&#148; means the most recent prospectus filed with the SEC
pursuant to Rule 424(b) under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Reducing Bank&#148; has the meaning set forth in
Section&nbsp;2.08(c) hereof. &#147;Reduction Amount&#148; has the meaning set forth in Section&nbsp;2.08(c) hereof. &#147;Reduction Notice&#148; has the meaning set forth in Section&nbsp;2.08(c) hereof. &#147;Register&#148; has the meaning set forth
in Section&nbsp;9.06(g). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Regulation T&#148; means Regulation T of the Board of Governors of the Federal Reserve
System, as in effect from time to time, and all official rulings and interpretations thereunder and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Regulation U&#148; means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to
time, and all official rulings and interpretations thereunder and thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Regulation X&#148; means Regulation X of
the Board of Governors of the Federal Reserve System, as in effect from time to time, and all official rulings and interpretations thereunder and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Related Parties&#148; means, with respect to any Person, such Person&#146;s Affiliates and the partners, directors,
officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person&#146;s Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Relevant Governmental Body&#148; means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Replacement Bank&#148; has the meaning set forth in Section&nbsp;8.05. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Representative&#148; has the meaning set forth in Section&nbsp;9.09(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Requested Reduction Amount&#148; has the meaning set forth in Section&nbsp;2.08(c) hereof. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-21- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Required Banks&#148; means at any time Banks holding at least a majority of
the aggregate unpaid principal amount of the Loans at such time or, if no Loans are then outstanding, Banks having at least a majority of the Aggregate Commitment Amounts then in effect; <U>provided</U>, <U>however</U>, that for purposes of
determining Required Banks, the Commitment Amount or Loans, as the case may be, of each Delinquent Bank shall be disregarded for so long as such Bank remains a Delinquent Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Resolution Authority&#148; means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK
Resolution Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Revolving Credit Period&#148; means the period from and including the Effective Date to but
excluding the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;S&amp;P&#148; means Standard&nbsp;&amp; Poor&#146;s, a division of The McGraw Hill
Companies, Inc., or any successor acceptable to all the Banks and performing substantially the same function. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sanctioned Country&#148; means, at any time, any country, territory or region which is itself the subject or target of
any Sanctions (which, as of the Fifth Amendment Effective Date, include Crimea, Cuba, Iran, North Korea, Sudan and Syria). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sanctioned Person&#148; means, at any time, (a)&nbsp;any Person listed in any Sanctions-related list of designated
Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#147;OFAC&#148;), the U.S. Department of State, the United Nations Security Council, the European Union, or Her Majesty&#146;s Treasury of the United
Kingdom, or (b)&nbsp;any Person operating, organized or resident of a Sanctioned Country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sanctions&#148; means any
economic, financial or other sanction or trade embargoes imposed, administered or enforced from time to time by (a)&nbsp;the U.S. government, including those administered or enforced by OFAC and the U.S. Department of State, or (b)&nbsp;the United
Nations Security Council, the European Union, or Her Majesty&#146;s Treasury. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Scheduled Investment Policies and
Restrictions&#148; means, with respect to the Borrower, the provisions dealing with investment objectives, investment policies, distributions and investment restrictions as set forth on Schedule 4 hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;SEC&#148; means the Securities and Exchange Commission or any other governmental authority of the United States of
America at the time administering the Securities Act, the Investment Company Act or the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Second
Amendment&#148; means that certain Amendment Agreement No.&nbsp;2 to Amended and Restated Credit Agreement dated as of October&nbsp;5, 2012 by and among the Borrower, the Banks listed on the signature pages thereof and the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Second Amendment Effective Date&#148; means the later of (a)&nbsp;the &#147;Document Effective Date&#148; as defined in
the Second Amendment and (b)&nbsp;the date on which the October 2012 Merger has been consummated pursuant to the terms of the Merger Agreements. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-22- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Securities Act&#148; means the Securities Act of 1933, as amended, and the
rules and regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations,
and any reference to any statutory or regulatory provisions shall be deemed to be a reference to any successor statutory or regulatory provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Security Agreement&#148; means that certain Amended and Restated Security Agreement, dated as of the date hereof, among
the Borrower, the Agent, on behalf of itself and the Banks, and the Custodian, in each case as the same may be amended, restated, modified or supplemented from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Security Documents&#148; means, collectively, the Security Agreement and all other instruments and documents, including,
without limitation, Uniform Commercial Code financing statements, required to be executed or delivered pursuant to the Security Agreement or under Applicable Law that creates, perfects or purports to create or perfect a Lien or Guarantee in favor of
the Agent for the benefit of the Agent and the Banks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Senior Lien&#148; means, as to any asset, a perfected
security interest in favor of the Agent, for the benefit of the Agent and the Banks, under the Security Documents and which ranks senior in priority to all Liens permitted by Section&nbsp;5.08 other than Liens permitted by Section&nbsp;5.08(c) and
is pari passu in priority with Liens permitted by Section&nbsp;5.08(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Senior Securities Representing
Indebtedness&#148; has the meaning set forth in Section&nbsp;18(g) of the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Sixth Amendment
Effective Date&#148; means March&nbsp;9, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;SOFR&#148; means a rate equal to the secured overnight financing
rate as administered by the SOFR Administrator. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;SOFR Administrator&#148; means the Federal Reserve Bank of New York
(or a successor administrator of the secured overnight financing rate). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Specified Termination Date&#148; has the
meaning set forth in Section&nbsp;2.08(b) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;State Street&#148; means State Street Bank and Trust Company in
its capacity as a Bank hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Subsidiary&#148; means, with respect to a Person, any corporation or other entity
of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Substitute Bank&#148; has the meaning set forth in Section&nbsp;2.08(d)(i) hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Taxes&#148; means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-23- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Terminating Bank&#148; has the meaning set forth in Section&nbsp;2.08(b)
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Termination Date&#148; means the Specified Termination Date on which the Commitments of those Banks still
remaining in effect at such time are terminated in full pursuant to Section&nbsp;2.08 hereof (without replacement pursuant to Section&nbsp;2.08(d) such that the Aggregate Commitment Amount has been reduced to zero, or such earlier date on which the
Commitments terminate or are terminated pursuant to the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Termination Notice&#148; has the meaning set
forth in Section&nbsp;2.08(b) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Term SOFR&#148; means, for any calculation with respect to a Term SOFR Loan,
the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the &#147;<U>Periodic Term SOFR Determination Day</U>&#148;) that is two (2)&nbsp;U.S. Government Securities Business Days prior to the first
day of such Interest Period, as such rate is published by the Term SOFR Administrator; <U>provided</U>, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term
SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business
Day is not more than three (3)&nbsp;U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; provided, further, that if Term SOFR determined as provided above (including pursuant to the proviso above) shall ever
be less than the Floor, then Term SOFR shall be deemed to be the Floor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Term SOFR Administrator&#148; means CME
Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Agent in its reasonable discretion). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Term SOFR Reference Rate&#148; means the forward-looking term rate based on SOFR. &#147;Term SOFR Loan&#148; means a
Loan that bears interest at a rate based on Term SOFR. &#147;Third Amendment Effective Date&#148; means March&nbsp;1, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Total Assets&#148; means, as of any date, all assets of the Borrower which in accordance with Generally Accepted
Accounting Principles would be classified as assets upon a balance sheet of the Borrower prepared as of such date, valued in accordance with the methods and procedures described in the Valuation Procedures, <U>provided</U>, <U>however</U>, that
Total Assets shall not include (a)&nbsp;equipment, (b) deferred organizational expenses, and (c)&nbsp;offering expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Total Liabilities&#148; means, at any date, the sum of all liabilities of the Borrower which in accordance with
Generally Accepted Accounting Principles would be classified as liabilities upon a balance sheet of the Borrower prepared as of such date, <U>plus</U>, without duplication, the aggregate amount of the Borrower&#146;s Debt and Financial Contract
Liability. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Trading with the Enemy Act&#148; has the meaning set forth in
Section&nbsp;4.14. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;UK Financial Institution&#148; means any BRRD Undertaking (as such term is defined under the PRA
Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct
Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;UK Resolution Authority&#148; the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Unadjusted Benchmark Replacement&#148; means the applicable
Benchmark Replacement excluding the related Benchmark Replacement Adjustment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;U.S. Government Securities Business
Day&#148; means any day except for (a)&nbsp;a Saturday, (b)&nbsp;a Sunday or (c)&nbsp;a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day
for purposes of trading in United States government securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Utilization Fee&#148; has the meaning set forth in
Section&nbsp;2.07(a) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Valuation Procedures&#148; means the Borrower&#146;s methods and procedures for
valuing assets as set forth on <U>Schedule 5</U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Value&#148; has the meaning assigned to such term in
Section&nbsp;2(a)(41) of the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Write-Down and Conversion Powers&#148; means, (a)&nbsp;with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation Schedule, and (b)&nbsp;with respect to the United Kingdom, any powers of the applicable Resolution Authority under the <FONT
STYLE="white-space:nowrap">Bail-In</FONT> Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that <FONT STYLE="white-space:nowrap">Bail-In</FONT> Legislation that are related to or ancillary to any of those powers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 1.02. &#8195;&#8195;Accounting Terms and Determinations</B>. Unless otherwise specified herein, all accounting
terms used herein shall be interpreted, all accounting determinations hereunder shall be made and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting principles as in effect
from time to time in the United States of America (&#147;Generally Accepted Accounting Principles&#148;), applied on a basis consistent (except for changes concurred in by the Borrower&#146;s independent public accountants) with the most recent
audited financial statements of the Borrower delivered to the Banks hereunder. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-25- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 1.03. &#8195;&#8194;Other Interpretive Provisions</B>. With reference
to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &#8195;&#8194;The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;<U>include</U>,&#148; &#147;<U>includes</U>&#148; and &#147;<U>including</U>&#148; shall be deemed to
be followed by the phrase &#147;without limitation.&#148; The word &#147;<U>will</U>&#148; shall be construed to have the same meaning and effect as the word &#147;<U>shall</U>.&#148; Unless the context requires otherwise, (i)&nbsp;any definition of
or reference to any agreement, instrument or other document (including any Charter Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to
any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person&#146;s successors and assigns, (iii)&nbsp;the words
&#147;<U>herein</U>,&#148; &#147;<U>hereof</U>&#148; and &#147;<U>hereunder</U>,&#148; and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv)&nbsp;all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v)&nbsp;any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time, and (vi)&nbsp;the words &#147;<U>asset</U>&#148; and &#147;<U>property</U>&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)
&#8195;&#8194;In the computation of periods of time from a specified date to a later specified date, the word &#147;<U>from</U>&#148; means &#147;<U>from and including</U>;&#148; the words &#147;<U>to</U>&#148; and &#147;<U>until</U>&#148; each mean
&#147;<U>to but excluding</U>;&#148; and the word &#147;<U>through</U>&#148; means &#147;<U>to and including</U>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) &#8195;&#8194;Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)
&#8195;&#8194;Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an
allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar
term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like
term shall also constitute such a Person or entity). </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-26- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 1.04.</B> &#8195;&#8194;Rates. The Agent does not warrant or accept
responsibility for, and shall not have any liability with respect to (a)&nbsp;the continuation of, administration of, submission of, calculation of or any other matter related to the Overnight Rate, the Overnight Bank Rate, the Term SOFR Reference
Rate or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or
characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Overnight Rate, the
Overnight Bank Rate, the Term SOFR Reference Rate or Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b)&nbsp;the effect, implementation or composition of any Conforming Changes. The Agent and its affiliates or
other related entities may engage in transactions that affect the calculation of the Overnight Rate, the Overnight Bank Rate, the Term SOFR Reference Rate or Term SOFR or any alternative, successor or replacement rate (including any Benchmark
Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Agent may select information sources or services in its reasonable discretion to ascertain the Overnight Rate, the Overnight Bank Rate, the Term
SOFR Reference Rate or Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Bank or any other person or entity for damages of any kind, including direct or indirect,
special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such
information source or service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 1.05.</B> &#8195;&#8194;Divisions. For all purposes under the Loan Documents,
in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction&#146;s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or
liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b)&nbsp;if any new Person comes into existence, such new Person shall be deemed to have been organized on the
first date of its existence by the holders of its equity interests at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE CREDIT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.01.</B> &#8195;&#8194;Commitments to Lend. Subject to the terms and conditions set forth in this Agreement, each
of the Banks severally agrees to lend to the Borrower and the Borrower may borrow, repay and reborrow from time to time during the Revolving Credit Period, upon notice by the Borrower to the Agent given in accordance with Section&nbsp;2.02(a), such
sums as are requested by the Borrower up to a maximum aggregate amount outstanding (after giving effect to all amounts outstanding and all amounts requested) at any one time equal to such Bank&#146;s Commitment Amount, <U>provided</U> <U>that</U>
the aggregate principal amount of all Loans outstanding (after giving effect to all amounts requested)&nbsp;(a) shall not exceed at any time the Available Amount; and (b)&nbsp;shall not cause the Borrower to have an aggregate amount of Debt
outstanding that is in excess of the Maximum Amount, in each case in effect at such time. Each borrowing under this Section shall be in an aggregate principal amount of $1,000,000 or any integral multiple of $100,000 in excess thereof and shall be
made from the several Banks <U>pro</U> <U>rata</U> </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-27- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">in accordance with each Bank&#146;s Commitment Percentage. Each Loan shall mature and become due
and payable as provided in Section&nbsp;2.05. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.02.</B> &#8195;&#8194;Notice of Borrowings. (a)&nbsp;The
Borrower shall give the Agent a written notice substantially in the form of <U>Exhibit B</U> attached hereto (a &#147;Notice of Borrowing&#148;) not later than 1:00 p.m. (Boston, Massachusetts time)&nbsp;(i) on the Domestic Business Day of each
proposed borrowing of an Overnight Rate Loan and (ii)&nbsp;on the third U.S. Government Securities Business Day before each proposed borrowing of a Term SOFR Loan, in each case specifying (1)&nbsp;the date of such borrowing (each such date, a
&#147;Borrowing Date&#148;), which shall be a Domestic Business Day in the case of an Overnight Rate Loan or a Business Day and a U.S. Government Securities Business Day in the case of a Term SOFR Loan, (2)&nbsp;whether such borrowing shall be of an
Overnight Rate Loan or a Term SOFR Loan, and (3)&nbsp;the aggregate principal amount of such borrowing. Each Notice of Borrowing shall constitute a representation and warranty by the Borrower that the conditions set forth in Section&nbsp;3.02(a)
through (d) (and, in the case of the initial Loan to be made hereunder, Section&nbsp;3.01) have been satisfied on the date of such notice and will be satisfied on the date of such borrowing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) The Borrower may elect from time to time to convert any outstanding Overnight Rate Loan or Term SOFR Loan to the Borrower
to a Loan of the other type, or to roll over any outstanding Term SOFR Loan to the Borrower upon the expiration of an Interest Period with respect thereto, by giving a notice to the Agent substantially in the form of <U>Exhibit C</U> attached hereto
(a &#147;Notice of Conversion&#148;) (or telephonic notice confirmed in a writing substantially in the form of <U>Exhibit C</U> attached hereto), <U>provided</U> <U>that</U> (i)&nbsp;with respect to any conversion into or rollover of a Term SOFR
Loan, the Notice of Conversion shall be given within the time period for the giving of a Notice of Borrowing for a Term SOFR Loan as set forth in Section&nbsp;2.02(a), (ii) no Loan may be converted into or rolled over as a Term SOFR Loan (1)&nbsp;if
the Interest Period therefor would extend beyond the Termination Date or (2)&nbsp;if a Default or Event of Default has occurred and is continuing (in which case such Loan shall automatically become an Overnight Rate Loan on the last day of the first
Interest Period relating thereto ending during the continuance of any Default or Event of Default of which the Agent has actual knowledge), (iii) a Term SOFR Loan may be converted into an Overnight Rate Loan or rolled over as a Term SOFR Loan only
on the last day of the Interest Period applicable thereto, and (iv)&nbsp;if the Borrower fails to give a Notice of Conversion for a Term SOFR Loan the Borrower shall be deemed to have elected to convert such Loan to an Overnight Rate Loan on the
last day of the Interest Period applicable thereto. Conversions to and from Term SOFR Loans shall be in such amounts and pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of all Term SOFR Loans having
the same Interest Period shall not be less than $1,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.03.</B> &#8195;&#8194;Notice to Banks; Funding
of Loans. (a)&nbsp;Upon receipt of a Notice of Borrowing in accordance with Section&nbsp;2.02(a), the Agent shall promptly notify each Bank of the contents thereof and of such Bank&#146;s ratable share of such borrowing. Such Notice of Borrowing or
telephonic notice, as the case may be, shall not thereafter be revocable by the Borrower and shall obligate the Borrower to accept the Loans requested from the Banks on the date of such borrowing. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-28- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) Not later than 2:00 p.m. (Boston, Massachusetts time) on the applicable
Borrowing Date, each Bank shall make available its share of such borrowing, in Federal or other funds immediately available in Boston, Massachusetts to the Agent at its address referred to in Section&nbsp;9.01. Unless the Agent determines that any
applicable condition specified in Article III has not been satisfied or waived, the Agent will make its share of such borrowing and the funds so received from the other Banks available to the Borrower at the Agent&#146;s aforesaid address, on the
date of the borrowing. The failure or refusal of any Bank to make available to the Agent as provided herein its share of any borrowing shall not relieve any other Bank from its several obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) If any Bank makes a new Loan hereunder on a day on which the Borrower is to repay the principal amount of an outstanding
Loan to such Bank, the Bank shall apply the proceeds of its new Loan to make such repayment and only an amount equal to the difference (if any) between the amount being borrowed and the amount being repaid shall be made available by the Agent as
provided in clause (a)&nbsp;or remitted by the Borrower to the Bank as provided in Section&nbsp;2.10, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) Unless the Agent shall have received notice from a Bank prior to any Borrowing Date that such Bank will not make available
to the Agent such Bank&#146;s share of such borrowing, the Agent may assume that such Bank has made such share available to the Agent on such date in accordance with clause (b)&nbsp;of this Section&nbsp;2.03 and the Agent may (but it shall not be
required to), in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such share available to the Agent, such Bank and the Borrower severally
agree to repay to the Agent, within ten (10)&nbsp;days after demand by the Agent, such amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent,
at (i)&nbsp;in the case of the Borrower, a rate per annum equal to the interest rate applicable thereto pursuant to Section&nbsp;2.06 and (ii)&nbsp;in the case of such Bank, the Federal Funds Rate. If such Bank shall repay to the Agent such amount,
such amount so repaid shall constitute such Bank&#146;s Loan included in such borrowing for purposes of this Agreement. The provisions of this Section&nbsp;2.03(d) shall not relieve any such Bank from any liability to the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.04.</B> &#8195;<B>&#8194;Loan Accounts; Notes; Records</B>. (a)&nbsp;The Loans made by each Bank to the Borrower
shall be evidenced by one or more loan accounts or records maintained by such Bank in the ordinary course of business. The Borrower irrevocably authorizes each Bank and the Agent to make or cause to be made, at or about the date of any Loan or at
the time of receipt of any payment of principal of any Loan, an appropriate notation on its loan accounts or records, including computer records, reflecting the making of such Loan or (as the case may be) the receipt of such payment. The outstanding
amount of the Loans set forth in any such loan accounts or records, including any computer records, maintained by a Bank with respect to the Loans made by it shall be <U>prima</U> <U>facie</U> evidence of the principal amount thereof owing and
unpaid to the Bank, but the failure to record, or any error in so recording, any such amount on any such loan account or record shall not limit or otherwise affect the obligation of the Borrower hereunder or under the other Loan Documents to make
payments of principal of and interest on the Loans when due. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-29- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) The Borrower hereby agrees that if, in the opinion of any Bank, a promissory
note or other evidence of debt is required, appropriate or desirable to reflect or enforce the Debt of the Borrower resulting from the Loans made, or to be made, by such Bank, then, upon request of such Bank, the Borrower shall promptly execute and
deliver to such Bank, a promissory note (each, a &#147;Note&#148; and, collectively, the &#147;Notes&#148;) substantially in the form of <U>Exhibit A</U> attached hereto, payable to such Bank in an amount equal to such Bank&#146;s Commitment Amount
or, if less, the aggregate unpaid principal amount of such Bank&#146;s Loans, plus interest thereon as provided below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) The Agent&#146;s records with respect to the Loans, the interest rates applicable thereto, each payment by the Borrower of
principal and interest on the Loans and fees, expenses and any other amounts due and payable in connection with this Agreement and the other Loan Documents shall be <U>prima</U> <U>facie</U> evidence of the amount of the Loans and the amount of
principal and interest paid by the Borrower in respect of the Loans and as to the other information relating to the Loans and amounts paid and payable by the Borrower hereunder and under the other Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.05.</B> &#8195;<B>&#8194;Mandatory Payments; Optional Prepayments.</B> (a)&nbsp;Each Loan owing to any Bank shall
mature, and the principal amount thereof shall be due and payable to such Bank, on the earlier of (x)&nbsp;such Bank&#146;s Specified Termination Date and (y)&nbsp;the Termination Date. The Borrower promises to pay on such date, and there shall
become absolutely due and payable on such date, all of the Loans outstanding to such Bank on such date, together with all accrued and unpaid interest thereon and such other amounts outstanding to such Bank hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) If at any time the aggregate principal amount of Loans outstanding to the Borrower exceeds the Borrowing Base at such
time, the Borrower shall, within five (5)&nbsp;Domestic Business Days, prepay such principal amount of one or more Loans (together with accrued interest thereon and, in the case of Term SOFR Loans, the amount, if any, payable pursuant to
Section&nbsp;8.06) as may be necessary so that after such prepayment the aggregate principal amount of Loans outstanding to the Borrower does not exceed the Borrowing Base at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) If at any time the aggregate principal amount of Loans outstanding to the Borrower exceeds the Maximum Amount, the
Borrower immediately shall prepay such principal amount of one or more Loans (together with accrued interest thereon and, in the case of Term SOFR Loans, the amount, if any, payable pursuant to Section&nbsp;8.06) as may be necessary so that after
such prepayment the aggregate principal amount of Loans outstanding to the Borrower does not exceed the Maximum Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d) If at any time the aggregate principal amount of Loans outstanding to the Borrower exceeds the Aggregate Commitment
Amount, the Commitment Amount of any Bank or the amount set forth in clause (b)&nbsp;of the Asset Coverage Test, the Borrower shall immediately prepay such principal amount of one or more Loans (together with accrued interest thereon and, in the
case of Term SOFR Loans, the amount, if any, payable pursuant to Section&nbsp;8.06) as may be necessary to eliminate such excess. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-30- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e) The Borrower may, with notice to the Agent no later than 11:30 a.m. (Boston,
Massachusetts time) on the Domestic Business Day of such payment in the case of Overnight Rate Loans and upon at least three (3)&nbsp;U.S. Government Securities Business Days&#146; notice in the case of such payment of Term SOFR Loans (in either
case, which notice shall not thereafter be revocable by the Borrower), prepay any Loans in whole at any time, or from time to time in part in an aggregate principal amount not less than $1,000,000 and in larger integral multiples of $100,000 (or
such lesser amount if constituting the entire outstanding principal amount of the Loans), by paying the principal amount to be prepaid (together with accrued interest thereon to the date of prepayment and, in the case of Term SOFR Loans, the amount,
if any, payable pursuant to Section&nbsp;8.06). Each such optional prepayment shall be applied to prepay ratably the Loans of the several Banks included in such borrowing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) If the Borrower prepays all or any portion of the principal amount of any Term SOFR Loan on any day other than the last
day of the Interest Period relating thereto, such prepayment shall include the amounts, if any, payable pursuant to Section&nbsp;8.06. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g) Upon receipt of a notice of prepayment pursuant to clause (e), the Agent shall promptly notify each Bank of the contents
thereof and of such Bank&#146;s ratable share of such prepayment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h) Subject to the satisfaction of the conditions set
forth in Section&nbsp;3.02, Loans prepaid prior to the Termination Date may be reborrowed prior to the Termination Date, provided, however, that Loans of any Terminating Bank prepaid prior to such Bank&#146;s Specified Termination Date may be
reborrowed prior to the earlier of (x)&nbsp;such Bank&#146;s Specified Termination Date and (y)&nbsp;the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.06. &#8195;&#8194;Interest Rates.</B> (a)&nbsp;Subject to the provisions of Section&nbsp;2.06(c), each Overnight
Rate Loan shall bear interest on the outstanding principal amount thereof, for the period commencing with the date such Loan is made up to but not including the date such Loan is repaid in full, at a rate per annum equal to the Overnight Rate as in
effect from time to time plus the Applicable Margin. Interest on each Overnight Rate Loan shall be payable in arrears on the fifteenth day of each calendar month for the immediately preceding calendar month and on the Termination Date (or, if
earlier, with respect to the Loans of any Terminating Bank, on such Bank&#146;s Specified Termination Date). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) Subject
to Section&nbsp;2.06(c) and Section&nbsp;8.06, each Term SOFR Loan shall bear interest on the outstanding principal amount thereof, for the period commencing with the date such Term SOFR Loan is made or continued through and including the last day
of the Interest Period applicable thereto, at a rate per annum equal to the sum of Term SOFR for such Interest Period plus the Applicable Margin. Interest on each Term SOFR Loan shall be payable in arrears on the last day of the Interest Period in
effect with respect thereto and on the Termination Date (or, if earlier, with respect to the Loans of any Terminating Bank, on such Bank&#146;s Specified Termination Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) Any overdue principal of (whether at stated maturity, by acceleration or otherwise) and (to the extent permitted by
applicable law) interest on the Loans and all other overdue amounts payable hereunder shall bear interest, payable on demand, for each day from </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-31- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and including the date payment thereof was due up to but not including the date of actual
payment, at a rate per annum equal to two percent (2%) above the Base Rate until such amount shall be paid in full (after as well as before judgment). During the continuance of an Event of Default the principal of the Loans to the Borrower which are
not overdue shall, until such Event of Default has been cured or remedied or such Event of Default has been waived by the Banks, bear interest at a rate per annum equal to the greater of (i)&nbsp;two percent (2%) above the rate of interest otherwise
applicable to such Loans pursuant to this Section&nbsp;2.06 or (ii)&nbsp;the rate of interest applicable to overdue principal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8194;&#8195; The Agent shall determine the interest rate applicable to the Loans pursuant to the terms hereunder and its
determination thereof shall be conclusive and binding for all purposes in the absence of manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194; In connection with the use or administration of Term SOFR, the Agent will have the right to make Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this
Agreement or any other Loan Document. The Agent will promptly notify the Borrower and the Banks of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.07.&#8194;&#8195; Fees</B>. (a)&nbsp;During the Revolving Credit Period, the Borrower shall pay to the Agent for
the pro rata accounts of each Bank a utilization fee (the &#147;Utilization Fee&#148;) calculated at the rate of 0.15% per annum on the average daily amount during each calendar quarter or portion thereof from the Fifth Amendment Effective Date to
the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date) by which the Aggregate Commitment Amount as then in effect exceeds the outstanding aggregate principal amount of Loans during
such calendar quarter. The Utilization Fee shall be payable quarterly in arrears on the fifteenth day of each calendar quarter for the immediately preceding calendar quarter commencing on the first such date following the Fifth Amendment Effective
Date, with a final payment on the Termination Date (or, if earlier, with respect to any Terminating Bank, such Bank&#146;s Specified Termination Date). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8194;&#8195; On the Effective Date, the Borrower shall pay to the Agent, for its own account, a <FONT
STYLE="white-space:nowrap">non-refundable</FONT> closing fee as agreed upon separately between the Borrower and the Agent. In addition, on the First Amendment Effective Date, the Borrower shall pay to the Agent, for its own account, a <FONT
STYLE="white-space:nowrap">non-refundable</FONT> fee in the amount, and in the manner, set forth in the Fee Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.08.&#8194;&#8195; Termination and Reduction of Commitments</B>. (a)&nbsp;<U>Reductions and Terminations by the
Borrower</U>. Subject to Section&nbsp;2.05(d), during the Revolving Credit Period, the Borrower may, upon at least three (3)&nbsp;Domestic Business Days&#146; prior written notice to the Agent, (i)&nbsp;terminate the Commitments in full at any time,
or (ii)&nbsp;reduce from time to time the Aggregate Commitment Amount by an aggregate amount of at least $5,000,000 or integral multiples of $1,000,000 in excess thereof, whereupon the Commitment Amounts of each of the Banks shall be reduced pro
rata in accordance with their Commitment Percentage of the amount specified in such notice, or, as the case may be, each Bank&#146;s Commitment shall be terminated. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-32- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Promptly after receiving any notice of the Borrower delivered pursuant to this
Section&nbsp;2.08(a), the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any
Utilization Fee then accrued. No reduction in the Commitment Amounts or termination of the Commitments made in accordance with this Section&nbsp;2.08(a) may be reinstated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8194;&#8195; <U>Termination in Full by Bank or Banks</U>. Each Bank&#146;s Commitment Amount shall permanently reduce to
$0 and each Bank&#146;s Commitment shall terminate on the Termination Date. Notwithstanding anything to the contrary contained herein, each Bank shall have the right at any time from and after February&nbsp;24, 2014 (or, to the extent such Bank
becomes a Bank hereunder after the Third Amendment Effective Date, on the 360th day after such Bank becomes a Bank hereunder) to elect to terminate its Commitment in full upon no less than 360 days&#146; prior written notice to the Borrower and the
Agent thereof (such notice being hereinafter referred to as a &#147;Termination Notice&#148;; any Bank so delivering a Termination Notice in accordance with the provisions of this Section&nbsp;2.08(b) shall hereinafter be referred to as a
&#147;Terminating Bank&#148;). The Commitment of such Terminating Bank shall automatically terminate in full, and the Commitment Amount of such Bank shall permanently reduce to $0, on the date (with respect to such Bank, its &#147;Specified
Termination Date&#148;) which is the earlier of (x)&nbsp;the 360th day after the date of such Termination Notice and (y)&nbsp;a date selected by the Borrower by written notice to the Agent and agreed to by the Agent (such agreement not to be
unreasonably withheld or delayed). In accordance with Section&nbsp;2.05(a), the Borrower promises to pay each Terminating Bank on the earlier of (x)&nbsp;such Bank&#146;s Specified Termination Date and (y)&nbsp;the Termination Date, and there shall
become absolutely due and payable on such date, the aggregate principal amount of all Loans outstanding to such Terminating Bank on such date, together with any and all accrued and unpaid interest thereon and all other amounts outstanding hereunder
(including, without limitation, the Utilization Fee owing to such Terminating Bank) and owing to such Terminating Bank as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8194;&#8195; <U>Reduction by Bank or Banks</U>. Each Bank shall have the right at any time from and after
February&nbsp;24, 2014 (or, to the extent such Bank becomes a Bank hereunder after the Third Amendment Effective Date, on the 360th day after such Bank becomes a Bank hereunder) to elect to reduce its Commitment Amount in part upon no less than 360
days&#146; prior written notice to the Borrower and the Agent thereof specifying the amount of such reduction (the &#147;Requested Reduction Amount&#148;; such a notice being hereinafter referred to as a &#147;Reduction Notice&#148;; any Bank so
delivering such a Reduction Notice shall hereinafter be referred to as a &#147;Reducing Bank&#148;). The Commitment Amount of such Reducing Bank shall automatically reduce on the date (the &#147;Reduction Date&#148;) which is the earlier of
(x)&nbsp;the 360th day from the date of such Reduction Notice and (y)&nbsp;a date selected by the Borrower by written notice to the Agent and agreed to by the Agent (such agreement not to be unreasonably withheld or delayed) by an amount (a
&#147;Reduction Amount&#148;) equal to the greater of (i)&nbsp;the Requested Reduction Amount and (ii)&nbsp;an amount selected by the Borrower in the written notice to the Agent; it being understood that (I)&nbsp;the Borrower shall have the right to
permanently reduce or terminate such Reducing Bank&#146;s Commitment Amount in full or in part at any time after delivery of the Reduction Notice and prior to the Reduction Date and (II)&nbsp;nothing in this Section&nbsp;2.08(c) shall limit the
Borrower&#146;s right to reduce the Aggregate Commitment Amount or terminate the Commitments pursuant to and in accordance with the terms of Section&nbsp;2.08(a) above. The Borrower promises to pay to </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-33- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">each Reducing Bank on the applicable Reduction Date, and there shall become absolutely due and
payable on each such date, the portion of the aggregate principal amount of all Loans outstanding to such Reducing Bank, together with any and all accrued and unpaid interest thereon, which exceeds such Reducing Bank&#146;s new Commitment Amount
(immediately after giving effect to the reduction by the Reduction Amount on such date); provided that if the Borrower elects to reduce the Commitment Amount of a Reducing Bank to $0 by terminating such Reducing Bank&#146;s Commitment in full, the
Borrower promises to pay to such Reducing Bank on the applicable Reduction Date, and there shall become absolutely due and payable on such date, the aggregate principal amount of all Loans outstanding to such Reducing Bank , together with any and
all accrued and unpaid interest thereon and all other amounts outstanding hereunder and owing to such Reducing Bank as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8194;&#8195; <U>Substitute Bank</U>. (i)&nbsp;To the extent any Bank delivers a Termination Notice pursuant to
Section&nbsp;2.08(b) above or a Reduction Notice pursuant to Section&nbsp;2.08(c) above, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, upon prior written notice to the Agent, such Terminating Bank or
Reducing Bank, as applicable, request that one or more additional banks reasonably satisfactory to the Agent (each, a &#147;Joining Bank&#148;) and/or existing Banks (each such existing Bank or Joining Bank, a &#147;Substitute Bank&#148;) assume all
or any portion of the Commitment Amount of such Terminating Bank or Reducing Bank, as applicable. Each Terminating Bank or Reducing Bank agrees that, should it be identified for replacement prior to its Specified Termination Date or Reduction Date,
as applicable, pursuant to this Section&nbsp;2.08(d)(i), it will promptly execute and deliver all documents and instruments reasonably required by the Borrower and/or the Agent to assign the relevant portion such Terminating Bank&#146;s or Reducing
Bank&#146;s Loans and Commitment to the applicable Substitute Bank on the applicable Specified Termination Date or Reduction Date, as applicable. The parties hereto hereby acknowledge and agree that no existing Bank shall be obligated to assume any
portion of the Commitment Amount of a Terminating Bank or Reducing Bank hereunder, and any election to do so shall be in the sole and absolute discretion of such Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8194;&#8195; In the event that any Terminating Bank was not replaced pursuant to Section&nbsp;2.08(d)(i) above prior to
its Specified Termination Date, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, at any time prior to the Termination Date, with prior written notice to the Agent, request that one or more Substitute Banks
(x)&nbsp;in the case of Joining Banks, join this Agreement as Banks with Commitments and/or (y)&nbsp;in the case of existing Banks, increase their existing Commitments, in an aggregate Commitment Amount of up to the applicable Commitment Amount of
such Terminating Bank immediately prior to the applicable Specified Termination Date. In the event that Commitments of any Reducing Bank equal to the applicable Reduced Amounts were not replaced with Commitments of Substitute Banks pursuant to
Section&nbsp;2.08(d)(i) above prior to the applicable Reduction Date, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, at any time prior to the Termination Date, with prior written notice to the Agent,
request that one or more Substitute Banks (x)&nbsp;in the case of Joining Banks, join this Agreement as Banks with Commitments and/or (y)&nbsp;in the case of existing Banks, increase their existing Commitments, in an aggregate Commitment Amount of
up to the applicable Reduction Amounts. Each Joining Bank shall be required to execute and deliver to the Agent such joinder documents as the Agent shall reasonably require. The parties hereto hereby acknowledge and agree that no existing Bank shall
be obligated to assume any portion of the Commitment Amount of a Terminating Bank or </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-34- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reducing Bank hereunder, and any election to do so shall be in the sole and absolute discretion
of such Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>SECTION 2.09.&#8194;&#8195; Reserved.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.10.&#8194;&#8195; General Provisions as to Payments</B>. (a)&nbsp;The Borrower shall make each payment of
principal and interest on the Loans and of fees hereunder and all other amounts due hereunder not later than 2:00 p.m. (Boston, Massachusetts time) on the date when due, in Dollars and in Federal or other funds immediately available in Boston, to
the Agent at its address referred to in Section&nbsp;9.01. The Agent shall promptly distribute to each Bank its ratable share of each such payment received by the Agent for the account of the Banks. Whenever any payment of principal of, or interest
on, Overnight Rate Loans or of fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day and interest shall accrue during such extension. Except as
otherwise provided in the definition of Interest Period, whenever any payment of principal of, or interest on, Term SOFR Loans shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Business Day. If the date for any payment of principal is extended by operation of law or otherwise,
interest thereon shall be payable for such extended time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8194;&#8195;Unless the Agent shall have received notice
from the Borrower prior to the date on which any payment is due to the Banks hereunder that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent
may (but it shall not be required to), in reliance upon such assumption, cause to be distributed to each Bank on such due date an amount equal to the amount then due to such Bank. If and to the extent that the Borrower shall not have so made such
payment, each Bank shall repay to the Agent forthwith on demand such amount distributed to such Bank together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to
the Agent, at the Overnight Bank Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8194;&#8195; All payments to be made by the Borrower shall be made without
condition or deduction for any counterclaim, defense, recoupment or <FONT STYLE="white-space:nowrap">set-off.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.11. Computation of Interest and Fees</B>. All interest and fees hereunder shall be computed on the basis of a
year of 360 days and paid for the actual number of days elapsed. The Agent&#146;s determination of interest rates shall be conclusive and binding for all purposes, absent manifest error. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 2.12.&#8195; Taxes</B>. (a)&nbsp;(i) Any and all payments by or on account of any obligation of the Borrower
hereunder or under any other Loan Document shall to the extent permitted by Applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, Applicable Laws require the Borrower or the Agent to withhold or
deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by the Borrower or the Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection
(e)&nbsp;below. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-35- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &#8195;&#8194;If the Borrower or the Agent shall be required by the Internal
Revenue Code to withhold or deduct any Taxes, including both United States federal backup withholding and withholding taxes, from any payment, then (A)&nbsp;the Agent shall withhold or make such deductions as are determined by the Agent to be
required based upon the information and documentation it has received pursuant to subsection (e)&nbsp;below, (B) the Agent shall timely pay the full amount withheld or deducted to the relevant governmental authority in accordance with the Internal
Revenue Code, and (C)&nbsp;to the extent that the withholding or deduction is made on account of Indemnified Taxes or, without duplication, Other Taxes, the sum payable by the Borrower shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section&nbsp;2.11) the Agent or the Bank, as the case may be, receives an amount equal to the sum it would have received had
no such withholding or deduction been made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) &#8195;&#8194;Without limiting the provisions of subsection
(a)&nbsp;above, the Borrower shall timely pay any Other Taxes to the relevant governmental authority in accordance with Applicable Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&#8195;&#8194;(i) Without limiting the provisions of subsection (a)&nbsp;or (b) above, the Borrower shall, and does
hereby, indemnify the Agent and each Bank, and shall make payment in respect thereof within ten (10)&nbsp;days after demand therefor, for the full amount of any Indemnified Taxes or, without duplication, Other Taxes (including Indemnified Taxes or,
without duplication, Other Taxes imposed or asserted on or attributable to amounts payable under this Section&nbsp;2.12) withheld or deducted by the Borrower or the Agent or paid by the Agent or such Bank, as the case may be, and any penalties,
interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or, without duplication, Other Taxes were correctly or legally imposed or asserted by the relevant governmental authority. The Borrower
shall also, and does hereby, indemnify the Agent, and shall make payment in respect thereof within ten (10)&nbsp;days after demand therefor, for any amount which a Bank for any reason fails to pay indefeasibly to the Agent as required by clause
(ii)&nbsp;of this subsection. A certificate as to the amount of any such payment or liability delivered to the Borrower by a Bank (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Bank, shall be conclusive absent
manifest error. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii) &#8195;&#8194;Without limiting the provisions of subsection (a)&nbsp;or (b) above, each Bank shall,
and does hereby, indemnify the Borrower and the Agent, and shall make payment in respect thereof within ten (10)&nbsp;days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and
expenses (including the fees, charges and disbursements of any counsel for the Borrower or the Agent) incurred by or asserted against the Borrower or the Agent by any governmental authority as a result of the failure by such Bank to deliver, or as a
result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Bank to the Borrower or the Agent pursuant to subsection (e). Each Bank hereby authorizes the Agent to set off and apply any and all amounts at
any time owing to such Bank under this Agreement or any other Loan Document against any amount due to the Agent under this clause (ii). The agreements in this clause (ii)&nbsp;shall survive the resignation and/or replacement of the Agent, any
assignment of rights by, or the replacement of, a Bank, the termination of the Aggregate Commitment Amounts and the repayment, satisfaction or discharge of all other Obligations. </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-36- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194; Upon request by the Borrower or the Agent, as the case may be,
after any payment of Taxes by the Borrower or by the Agent to a governmental authority as provided in this Section&nbsp;2.12, the Borrower shall deliver to the Agent or the Agent shall deliver to the Borrower, as the case may be, the original or a
certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of any return required by Applicable Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the
Agent, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&#8195;&#8194;(i) Each Bank shall deliver to the Borrower and to the Agent, at the
time or times prescribed by Applicable Laws or when reasonably requested by the Borrower or the Agent, such properly completed and executed documentation prescribed by Applicable Laws or by the taxing authorities of any jurisdiction and such other
reasonably requested information as will permit the Borrower or the Agent, as the case may be, to determine (A)&nbsp;whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B)&nbsp;if applicable, the required
rate of withholding or deduction, and (C)&nbsp;such Bank&#146;s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Bank by the Borrower pursuant to this Agreement or otherwise
to establish such Bank&#146;s status for withholding tax purposes in the applicable jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)
&#8195;&#8194;Without limiting the generality of the foregoing, if the Borrower is resident for tax purposes in the United States, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A) &#8195;&#8194;any Bank that is a &#147;United States person&#148; within the meaning of
Section&nbsp;7701(a)(30) of the Internal Revenue Code shall deliver to the Borrower and the Agent executed originals of Internal Revenue Service Form <FONT STYLE="white-space:nowrap">W-9</FONT> or such other documentation or information prescribed
by Applicable Laws or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent, as the case may be, to determine whether or not such Bank is subject to backup withholding or information reporting requirements; and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B) &#8195;&#8194;each Foreign Bank that is entitled under the Internal Revenue Code or
any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to the Borrower and the Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Bank becomes a Bank under this Agreement (and from time to time thereafter upon the request of the Borrower or the Agent, but only if such Foreign Bank is legally entitled to do so), whichever
of the following is applicable: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(I) &#8195;&#8194;executed originals of Internal
Revenue Service Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> claiming eligibility for benefits of an income tax treaty to which the United States is a party, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(II) &#8195;&#8194;executed originals of Internal Revenue Service Form <FONT
STYLE="white-space:nowrap">W-8ECI,</FONT> </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-37- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(III) executed originals of Internal Revenue
Service Form <FONT STYLE="white-space:nowrap">W-8IMY</FONT> and all required supporting documentation, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(IV) in the case of a Foreign Bank claiming the benefits of the exemption for portfolio
interest under section 881(c) of the Internal Revenue Code, (x)&nbsp;a certificate to the effect that such Foreign Bank is not (A)&nbsp;a &#147;bank&#148; within the meaning of section 881(c)(3)(A) of the Code, (B)&nbsp;a &#147;10&nbsp;percent
shareholder&#148; of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C)&nbsp;a &#147;controlled foreign corporation&#148; described in section 881(c)(3)(C) of the Code and (y)&nbsp;executed originals of Internal Revenue
Service Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; margin-right:11%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(V) executed originals
of any other form prescribed by Applicable Laws as a basis for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by Applicable Laws to permit the
Borrower or the Agent to determine the withholding or deduction required to be made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii) Each Bank shall promptly
(A)&nbsp;notify the Borrower and the Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (B)&nbsp;take such steps as shall not be materially disadvantageous to it, in the reasonable
judgment of such Bank, and as may be reasonably necessary (including the <FONT STYLE="white-space:nowrap">re-designation</FONT> of its Applicable Lending Office) to avoid any requirement of Applicable Laws of any jurisdiction that the Borrower or
the Agent make any withholding or deduction for taxes from amounts payable to such Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f) Unless required by
Applicable Laws, at no time shall the Agent have any obligation to file for or otherwise pursue on behalf of a Bank, or have any obligation to pay to any Bank, any refund of Taxes withheld or deducted from funds paid for the account of such Bank. If
the Agent or any Bank determines, in its sole discretion, that it has received a refund of any Taxes or, without duplication, Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional
amounts pursuant to this Section&nbsp;2.12, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section&nbsp;2.12 with respect to the
Taxes or, without duplication, Other Taxes giving rise to such refund), net of all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by the Agent or such Bank, as the case may be, and
without interest (other than any interest paid by the relevant governmental authority with respect to such refund), provided that the Borrower, upon the request of the Agent or such Bank, agrees to repay the amount paid over to the Borrower (plus
any penalties, interest or other charges imposed by the relevant governmental authority) to the Agent or such Bank in the event the Agent or such Bank is required to repay such refund to such governmental authority. This subsection shall not be
construed to require the Agent or any Bank to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-38- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;&#8194; Each party&#146;s obligations under this Section&nbsp;2.13
shall survive the resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 3.01. Effectiveness.</B> This Agreement shall become effective on the date that each of the following
conditions shall have been satisfied or waived in accordance with Section&nbsp;9.05: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;receipt by the
Agent of counterparts hereof signed by each of the parties hereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;receipt by the Agent for the account
of each Bank, if requested by such Bank, of a duly executed Note dated on or before the Effective Date complying with the provisions of Section&nbsp;2.04; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;receipt by the Agent of (i)&nbsp;a perfection certificate from the Borrower in form and substance reasonably
satisfactory to the Agent, (ii)&nbsp;copies of the results of a current Uniform Commercial Code (&#147;<U>UCC</U>&#148;) lien search in the jurisdiction in which the Borrower is organized, such results to be in form and substance satisfactory to the
Agent; (iii)&nbsp;UCC financing statements (or the equivalent in the applicable jurisdictions) in form and substance reasonably satisfactory to the Agent, (iv)&nbsp;control agreements (or the equivalent in the applicable jurisdictions) to the extent
applicable, and (v)&nbsp;such other documents, instruments and/or agreements the Agent may reasonably require to perfect its security interest in the Collateral (as defined in the Security Agreement) in the relevant jurisdictions; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;receipt by the Banks of the legal opinion of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP and
Miles&nbsp;&amp; Stockbridge P.C., special counsel to the Borrower, each in form and substance reasonably satisfactory to the Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;receipt by the Agent of a certificate manually signed by an officer of the Borrower which is reasonably
satisfactory to the Banks to the effect set forth in clauses (b) (if the Borrower is submitting a Notice of Borrowing on the Effective Date), (c) (provided if the Borrower is not submitting a Notice of Borrowing on the Effective Date, references to
borrowings shall not be required) and (d)&nbsp;of Section&nbsp;3.02, such certificate to be dated the Effective Date and to be in form and substance reasonably satisfactory to the Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8194;receipt by the Agent of a manually signed certificate from the Secretary or Assistant Secretary of the
Borrower in form and substance reasonably satisfactory to the Agent and dated the Effective Date as to the incumbency of, and bearing manual specimen signatures of, the Authorized Signatories who are authorized as of the date hereof to execute and
take actions under the Loan Documents for and on behalf of the Borrower (provide, to the extent there are no changes to the Authorized Signatories from the list provided in the certificate delivered to the Agent pursuant to Section&nbsp;3.01(f) of
the Prior Credit Agreement (the &#147;Original Certificate&#148;), a certification from such officer that no changes have been made to the Authorized Signatories and the Authorized Signatories as set forth on the Original Certificate
</P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-39- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">remain Authorized Signatories of the Borrower and are authorized as of the date hereof to execute
and take actions under the Loan Documents for and on behalf of the Borrower), and certifying and attaching copies of (i)&nbsp;Charter Documents, with all amendments thereto (or a certification from such officer that no changes to the Charter
Documents have been made to any such documents since such Charter Documents were delivered to the Agent with the Original Certificate), (ii) the resolutions of the Borrower&#146;s Board of Directors authorizing the transactions contemplated hereby,
(iii)&nbsp;the current Prospectus as then in effect (or a certification from such officer that no changes to the Prospectus have been made to the Prospectus since such Prospectus was delivered to the Agent with the Original Certificate), (iv) the
investment management agreement between the Borrower and the Investment Adviser as then in effect (or a certification from such officer that no changes to the investment management agreement have been made to such investment management agreement
since such investment management agreement was delivered to the Agent with the Original Certificate) and (v)&nbsp;the Custody Agreement (or a certification from such officer that no changes to the Custody Agreement have been made to such Custody
Agreement since such Custody Agreement was delivered to the Agent with the Original Certificate); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;&#8194;a
legal existence and good standing certificate for the Borrower from the Secretary of State of the State of Maryland dated as of a recent date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&#8195;&#8194;a copy of the certificate of incorporation of the Borrower, with all amendments, certified as of a recent
date by the Secretary of State of the State of Maryland; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#8194;the Banks being satisfied in their reasonable
discretion that there has been no material adverse change in the business, assets or financial condition of the Borrower since August&nbsp;31, 2010; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&#8195;&#8194;receipt by the Agent of all documents, opinions and instruments it may reasonably request prior to the
execution of this Agreement relating to compliance with applicable rules and regulations promulgated by the Federal Reserve Board and other governmental and regulatory authorities, the existence of the Borrower, the authority for and the validity
and enforceability of this Agreement and the Notes, and any other matters relevant hereto, all in form and substance reasonably satisfactory to the Agent; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&#8195;&#8194;receipt by the Agent of payment of all reasonable fees and expenses (including reasonable fees and
disbursements of special counsel for the Agent) then payable hereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U> that this Agreement shall not become effective or
be binding on any party hereto unless all of the foregoing conditions are satisfied not later than March&nbsp;3, 2011. The Agent shall promptly notify the Borrower and the Banks of the Effective Date, and such notice shall be conclusive and binding
on all parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 3.02. &#8195;&#8194;All Borrowings.</B> The obligation of any Bank to make a Loan on
any Borrowing Date is subject to the satisfaction of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;receipt by the Agent of a
Notice of Borrowing as required by Section&nbsp;2.02, along with all documents and information it may reasonably request to establish compliance with </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-40- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">applicable rules and regulations promulgated by the Federal Reserve Board, and receipt by such
Bank of all such documents and instruments from the Agent; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;the fact that, immediately after such
borrowing, the aggregate outstanding principal amount of the Loans will not exceed the Available Amount as in effect on such date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;the fact that, immediately before and after such borrowing, no Default or Event of Default shall have
occurred and be continuing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;the fact that the representations and warranties of the Borrower contained
in this Agreement and the other Loan Documents shall be true on and as of the date of such borrowing and with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been
made as of a specific date, as of such specific date); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;the fact that the Effective Date shall have
occurred; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8194;with respect to that particular Bank only, the fact that no change shall have occurred in
any law or regulation thereunder or interpretation thereof (other than a Failure) that in the reasonable opinion of that Bank would make it illegal for that Bank to make such Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each borrowing hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such borrowing as
to the facts specified in clauses (b), (c) and (d)&nbsp;of this Section&nbsp;3.02. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 3.03.&#8195;&#8194;
Security.</B> (a)&nbsp;To secure the payment and performance in full of all of its Obligations, the Borrower shall grant to the Agent, for the benefit of itself and the Banks, a security interest in the Borrower&#146;s assets pursuant to the terms
of the Security Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;Pursuant to this Section&nbsp;3.03, it is hereby agreed that the Custodian
shall act subject to the instructions of the Agent and not subject to the instructions of the Borrower in respect of this Agreement. It is also hereby agreed between the parties that each of the Agent, on behalf of the Banks, and the Custodian may,
upon the occurrence and continuance of an Event of Default, enforce all of the Agent&#146;s rights and remedies under this Agreement and the other Loan Documents and applicable law, including, without limitation, right of <FONT
STYLE="white-space:nowrap">set-off</FONT> with respect to the Obligations. Any Collateral held by the Custodian in excess of the Obligations shall be returned to the Borrower upon the Borrower&#146;s request provided that the Obligations owing from
the Borrower have been indefeasibly repaid in full in cash prior to such return. Notwithstanding the foregoing, nothing in this Agreement shall affect the Custodian&#146;s rights and remedies under the Custody Agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">The Borrower represents and warrants on and as of the Effective Date and on each Borrowing Date that: </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-41- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.01.&#8195;&#8194;Existence and Power; Investment Company.</B>
(a)&nbsp;The Borrower is a Maryland corporation. The Borrower is duly organized, validly existing and in good standing under the laws of the State of Maryland and has all corporate powers and all corporate authorizations and approvals required to
carry on its business as now conducted. The Borrower is duly qualified to do business and is in good standing in each jurisdiction in which the nature of its business, assets, and properties, including without limitation, the performance of the
Borrower&#146;s Obligations, requires such qualification except where the failure to be so qualified or in good standing, as the case may be, could not reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;The Borrower is a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company registered
as such under the Investment Company Act, and the outstanding shares of each class of its stock (i)&nbsp;have been duly issued and are fully paid and <FONT STYLE="white-space:nowrap">non-assessable,</FONT> (ii)&nbsp;have been duly registered under
the Securities Act if and to the extent required under the Securities Act, and (iii)&nbsp;have been sold only in states or other jurisdictions in which all filings required to be made under applicable state securities laws have been made, unless the
failure to make any such filing could not reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION
4.02.&#8195;&#8194;Authorization; Execution and Delivery, Etc.</B> The execution and delivery by the Borrower of, and the performance by the Borrower of its obligations under, this Agreement and each of the other Loan Documents, and the other
instruments, certificates and agreements contemplated hereby and thereby, are within its corporate powers, and have been duly authorized by all requisite corporate action by the Borrower. This Agreement and each of the other Loan Documents, and the
other instruments, certificates and agreements contemplated hereby and thereby, have been duly executed and delivered by the Borrower, and constitute the legal, valid and binding obligations of the Borrower enforceable against the Borrower in
accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights generally and
by general equitable principles (whether enforcement is sought by proceedings in equity or at law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION
4.03.&#8195;&#8194;Noncontravention.</B> The execution, delivery and performance by the Borrower of each Loan Document do not and will not (a)&nbsp;contravene the terms of the Charter Documents; (b)&nbsp;conflict with or result in any breach or
contravention of, or the creation of any Lien under, or require any payment to be made under (i)&nbsp;any provision of any security issued by the Borrower or of any agreement, instrument or other undertaking to which the Borrower is a party or by
which it or any of its property is bound or (ii)&nbsp;any order, injunction, writ or decree of any Authority or any arbitral award to which the Borrower or its property is subject, unless, in the case of clauses (i)&nbsp;and (ii) of this paragraph
(b), such conflict, breach or contravention could not reasonably be expected to have a Material Adverse Effect; (c)&nbsp;violate any Law except where such violation could not reasonably be expected to have a Material Adverse Effect; or
(d)&nbsp;result in any Adverse Claim upon any asset of the Borrower other than Liens permitted under Section&nbsp;5.08(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.04.&#8195;&#8194;Governmental Authorizations; Private Authorization.</B> The Borrower has obtained all necessary
Governmental Authorizations and Private Authorizations, and made all Governmental Filings necessary for the execution and delivery by the Borrower of, </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and the performance by the Borrower of its obligations under, this Agreement and each of the
other Loan Documents and the agreements, certificates and instruments contemplated hereby or thereby, and no Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made, is required to be obtained or
made by the Borrower in connection with the execution and delivery by the Borrower of, or the performance of its obligations under, this Agreement or any of the other Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.05.&#8195;&#8194;Regulations T, U and X.</B> The execution, delivery and performance by the Borrower of this
Agreement, the Notes and the other Loan Documents and the transactions contemplated hereunder and thereunder will not violate or be inconsistent with any provision of Regulation T, Regulation U or Regulation X. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION <FONT STYLE="white-space:nowrap">4.06.&#8195;&#8194;Non-Affiliation</FONT> with Banks.</B> So far as appears from
the records of the Borrower, neither any Bank nor any Affiliate of any Bank known to the Borrower is an Affiliated Person of the Borrower, and none of the Borrower or any Affiliate of the Borrower is an Affiliated Person of any Bank or any Affiliate
of any Bank known to the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.07.&#8195;&#8194;Subsidiaries.</B> The Borrower has no Subsidiaries other
than Permitted Subsidiaries and the PRA Merger Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.08.&#8195;&#8194;Financial Information.</B>
(a)&nbsp;The statement of assets and liabilities of the Borrower, each dated as of August&nbsp;31, 2010 and the related statements of operations and changes in net assets for the period September&nbsp;1, 2009 to August&nbsp;31, 2010 reported on by
Deloitte&nbsp;&amp; Touche LLP and set forth in the most recent shareholder report prepared by the Borrower (a copy of which has been delivered to the Agent), together with the notes and schedules thereto, and each financial statement delivered by
the Borrower to the Banks in accordance with Section&nbsp;5.01, present fairly, in all material respects, in conformity with Generally Accepted Accounting Principles, the financial position of the Borrower as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;Since August&nbsp;31, 2010, there has been no material adverse change in the business or financial position
of the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;Each of the financial statements of the Borrower (whether audited or unaudited)
delivered to the Banks under the terms of this Agreement fairly present all material contingent liabilities in accordance with Generally Accepted Accounting Principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.09.&#8195;&#8194;Litigation.</B> There is no action, suit, proceeding or investigation of any kind pending
against, or to the knowledge of the Borrower, threatened against, the Borrower before any court or arbitrator or any Authority which could reasonably be expected to have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.10.&#8195;&#8194;ERISA.</B> (a)&nbsp;The Borrower has no ERISA Affiliates and has no liability in respect of any
Benefit Arrangement, Plan or Multi-employer Plan subject to ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;No Loan will constitute a
&#147;prohibited transaction&#148; within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Internal Revenue Code for which an exemption is not available. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.11.&#8195;&#8194;Taxes.</B> The Borrower has elected to be treated
and qualifies as a &#147;regulated investment company&#148; within the meaning of the Internal Revenue Code. The Borrower has timely filed all United States federal income tax returns and all other tax returns which are required to be filed by it,
if any, and has paid all taxes due pursuant to such returns, if any, or pursuant to any assessment received by the Borrower, except for any taxes or assessments which are being contested in good faith by appropriate proceedings and with respect
thereto adequate reserves have been established in accordance with Generally Accepted Accounting Principles consistently applied and <FONT STYLE="white-space:nowrap">non-payment</FONT> of which could not have a Material Adverse Effect, and the
charges, accruals and reserves on the books of the Borrower in respect of taxes or other governmental charges, if any, are, in the opinion of the Borrower, adequate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.12.&#8195;&#8194;Compliance.</B> (a)&nbsp;The Borrower is in compliance in all material respects with the
Investment Company Act except where the necessity of compliance therewith is being contested in good faith by appropriate proceeding or exemptive relief has been obtained therefrom and remains in effect. The Borrower is in compliance with all other
Applicable Laws, and all of the terms of any applicable licenses and permits issued by, any Authority except where the necessity of compliance therewith is being contested in good faith by appropriate proceeding or exemptive relief has been obtained
therefrom and remains in effect or where, except in the case of the Borrower&#146;s asset coverage tests under the Investment Company Act, noncompliance therewith could not reasonably be expected to have a Material Adverse Effect. The Borrower is in
compliance with all agreements and instruments to which it is a party or to which any of its properties is bound, in each case where the violation thereof could reasonably be expected to have a Material Adverse Effect. The Borrower is in compliance
in all respects with the Investment Policies and Restrictions which constitute Fundamental Policies and in all material respects with the Investment Policies and Restrictions that are not Fundamental Policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;No Default or Event of Default has occurred and is continuing (or, if a Default or Event of Default has
occurred and is continuing, a detailed description of such event and the actions the Borrower is taking with respect thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;The Borrower is not subject to any Applicable Law (other than the Investment Company Act) which limits its
ability to incur indebtedness. The Borrower has not entered into any agreement with any Government Authority limiting its ability to incur indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.13.&#8195;&#8194;Fiscal Year.</B> The Borrower has a fiscal year which is twelve calendar months ending on
August&nbsp;31 of each year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.14.&#8195;&#8194;Full Disclosure.</B> The Borrower has disclosed to the Agent
and the Banks all agreements, instruments and corporate or other restrictions to which it is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No
report, financial statement, certificate or other written information furnished by or on behalf of the Borrower to the Agent or any Bank in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered
hereunder or under any other Loan Document (in each case, as modified or supplemented by other written information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading in any material respect; <U>provided</U> that, with respect </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">to projected financial information, the Borrower represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the time and it being understood that actual results may vary from such projected financial information and such variations may be material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.15.&#8195;&#8194;Offering Documents.</B> The information set forth in the Prospectus as of its date, as amended
or supplemented by the Disclosure Package, does not contain any untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in any material respect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.16.&#8195;&#8194;Debt.</B> The Debt arising under this Agreement and the Notes ranks at least <U>pari</U>
<U>passu</U> in all respects with all of the Borrower&#146;s other obligations (actual or contingent) other than those obligations which are entitled to priority under applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.17.&#8195;&#8194;Account.</B> All assets of the Borrower that are included in the calculation of the Borrowing
Base are held in or credited to the Account of the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.18.&#8195;&#8194;Foreign Assets, Control
Regulations, Etc.</B> None of the requesting or borrowing of the Loans or the use of the proceeds of any thereof will violate the Trading With the Enemy Act (50 U.S.C. &#167; 1 et seq., as amended) (the &#147;Trading With the Enemy Act&#148;), any
of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) (the &#147;Foreign Assets Control Regulations&#148;) or any enabling legislation or executive order relating thereto
(which for the avoidance of doubt shall include, but shall not be limited to (a)&nbsp;Executive Order 13224 of September&nbsp;21, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism
(66 Fed. Reg. 49079 (2001)) (the &#147;Executive Order&#148;) and (b)&nbsp;the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law
<FONT STYLE="white-space:nowrap">107-56)).</FONT> Furthermore, the Borrower (i)&nbsp;is not a &#147;blocked person&#148; as described in the Executive Order, the Trading With the Enemy Act or the Foreign Assets Control Regulations and (ii)&nbsp;does
not engage in any dealings or transactions, or be otherwise associated, with any such &#147;blocked person&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.19.&#8195;&#8194;OFAC, Etc.</B> (i)&nbsp;None of the Borrower, any Subsidiary, their respective officers, the
Investment Adviser, or, to the knowledge of the Borrower, any of their respective directors or employees of the Borrower or its Subsidiaries is a Sanctioned Person; (ii)&nbsp;the Investment Adviser for the Borrower has implemented and maintains in
effect policies and procedures designed to ensure compliance by the Borrower, it Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and (iii)&nbsp;the Borrower, its Subsidiaries,
their respective officers and, to the knowledge of the Borrower, their respective directors and employees are in compliance with Anti-Corruption Laws and applicable Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.20.&#8195;&#8194;Affected Financial Institution.</B> The Borrower is not an Affected Financial Institution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 4.21.&#8195;&#8194;Beneficial Ownership Certificate.</B> As of the Sixth Amendment Effective Date, to the extent
the Borrower is subject to the Beneficial Ownership Regulation and </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">thereby is required to provide a Beneficial Ownership Certification, the information included in
any such Beneficial Ownership Certification is true and correct in all respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Borrower agrees that, so long as any Bank has any Commitment hereunder or any amount payable hereunder or under any Note
remains unpaid: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.01.&#8195;&#8194;Information.</B> The Borrower will deliver to the Agent (along with copies
for each of the Banks): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;as soon as available and in any event within ninety (90)&nbsp;days after the end
of each fiscal year of the Borrower, a statement of assets and liabilities of the Borrower, including the portfolio of investments, as of the end of such fiscal year, and the related statements of operations and changes in net assets of the Borrower
for such fiscal year, together with an audit report thereon issued by Deloitte&nbsp;&amp; Touche LLP or other independent public accountants of nationally recognized standing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;as soon as available and in any event within sixty (60)&nbsp;days after the end of the first semi-annual
period of each fiscal year of the Borrower, a statement of assets and liabilities of the Borrower, including the portfolio of investments, as of the end of such period, and the related statements of operations and changes in net assets of the
Borrower of such period, all in reasonable detail, prepared in accordance with Generally Accepted Accounting Principles, consistently applied, and certified (subject to normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments) as to
fairness of presentation in all material respects, Generally Accepted Accounting Principles and consistency by an Authorized Signatory of the Borrower; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;as soon as available and in any event not later than the fifth Domestic Business Day after the end of each
calendar quarter (and also not later the second Domestic Business Day of each calendar month, commencing with the second calendar month after the initial Loan is made, when any Loan is outstanding to the Borrower on that day), a borrowing report
(including, without limitation, a detailed calculation of the Borrower&#146;s Adjusted Net Assets, the Asset Coverage Test and the Borrowing Base) and a valuation report concerning the assets of the Portfolio as at the end of the immediately
preceding fiscal quarter or month, as applicable, received, in the case of the valuation report, from the Custodian; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;simultaneously with the delivery of each set of financial statements referred to in clauses (a)&nbsp;and (b)
above and each borrowing report and valuation report delivered pursuant to clause (c)&nbsp;above, a certificate of an Authorized Signatory reasonably acceptable to the Banks stating whether any Default or Event of Default exists on the date of such
certificate and, if any Default or Event of Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;promptly (and, other than in the case of a Default or Event of Default caused by the Borrower&#146;s failure
to comply with a covenant set forth in Article V hereof, in any event </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">within five (5)&nbsp;Domestic Business Days) after any officer of the Borrower obtains knowledge
of any Default or Event of Default, if such Default or Event of Default is then continuing, a certificate of an Authorized Signatory setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect
thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8194;promptly upon the filing thereof with the SEC or the mailing thereof to shareholders of the
Borrower, copies of all reports to shareholders, proxy statements, financial statements and other materials of a financial nature or otherwise material nature (which shall include any items described in the definition of &#147;Disclosure
Package&#148;), <U>provided</U>, that to the extent any such materials are items described in the definition of &#147;Disclosure Package&#148;, copies of such items shall be delivered to the Agent promptly but in any event within ten (10)&nbsp;days
of the Borrower filing or otherwise distributing, as the case may be, any such information, and, <U>provided</U>, <U>further</U>, unless otherwise requested by the Agent, notices and other communications to be delivered to the Agent pursuant to this
Section&nbsp;5.01(f) may be delivered or furnished by electronic communication (including <FONT STYLE="white-space:nowrap">e-mail</FONT> and Internet or intranet websites) pursuant to procedures approved by the Agent. The Agent may, in its
discretion, agree to accept information required to be delivered to it pursuant to this Section&nbsp;5.01(f) by electronic communications pursuant to procedures approved by it, <U>provided</U> that approval of such procedures may be limited to
particular information; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;&#8194;promptly upon any officer of the Borrower becoming aware of any action, suit or
proceeding of the type described in Section&nbsp;4.09, notice and a description thereof and, unless prohibited by Law, copies of any filed complaint relating thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&#8195;&#8194;from time to time such additional information regarding the financial position or business of the Borrower,
including without limitation, listing and valuation reports, as the Agent, at the request of any Bank, may reasonably request; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#8194;prompt notice of any change in the information provided in any Beneficial Ownership Certification previously
provided by the Borrower that would result in a change in the list of beneficial owners identified in parts (c)&nbsp;or (d) of such certification. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.02.&#8195;&#8194;Payment of Obligations.</B> The Borrower will duly and punctually pay or cause to be paid the
principal and interest on the Loans made to it and all other amounts provided for in this Agreement and the other Loan Documents. The Borrower will pay and discharge, at or before maturity, all of the Borrower&#146;s material obligations and
liabilities, including, without limitation, tax liabilities, except where the same may be contested in good faith by appropriate proceedings, and will maintain, in accordance with Generally Accepted Accounting Principles, appropriate reserves for
the accrual of any of the same. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.03.&#8195;&#8194;Maintenance of Insurance.</B> The Borrower will maintain
with reputable insurance companies which the Borrower&#146; reasonably believes to be financially sound, policies with respect to its assets and property and business against at least such risks and contingencies (and with no greater risk
retentions) and in at least such amounts as are required by the Investment Company Act. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.04.&#8195;&#8194;Conduct of Business and Maintenance of
Existence.</B> (a)&nbsp;The Borrower will continue to engage in business of the same general type as now conducted by it as described in the Borrower&#146;s Fundamental Policies and its Disclosure Package. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;The Borrower will preserve, renew and keep in full force and effect its existence as a corporation, and its
rights and privileges necessary in the normal conduct of its business. The Borrower will maintain in full force and effect its registration as a <FONT STYLE="white-space:nowrap">closed-end</FONT> management company under the Investment Company Act.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;The Borrower will not amend, terminate, supplement or otherwise modify any of its Charter Documents in
any material respect or if such amendment, termination, supplement or modification could reasonably be expected to have a Material Adverse Effect without the prior written consent of the Agent, which consent will not be unreasonably withheld or
delayed. The Borrower will promptly provide copies to the Agent of all amendments, supplements, terminations and other modifications of any of its Charter Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;Other than as expressly permitted by the Agreement and the Security Agreement, the Borrower will at all times
place and maintain its assets in the custody of the Custodian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;The Borrower shall cause its Investment
Adviser to maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8194;The Borrower shall, promptly following a request by the Agent or any Bank, provide all documentation and
other information that the Agent or such Bank requests in order to comply with its ongoing obligations under applicable &#147;know your customer&#148;, anti-terrorism and anti-money laundering rules and regulations, including the Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.05.&#8195;&#8194;Compliance with Laws.</B> The Borrower will comply in all material respects with the Investment
Company Act and the requirements of any Authority with respect thereto except where the necessity of compliance therewith is contested in good faith by appropriate proceedings or exemptive relief has been obtained therefrom and remains in effect.
The Borrower will comply in all material respects with all other Applicable Laws except where the necessity of compliance therewith is contested in good faith by appropriate proceedings or exemptive relief has been obtained therefrom and remains in
effect or where noncompliance therewith could not reasonably be expected to have a Material Adverse Effect. The Borrower will file all federal and other tax returns, reports and declarations required by all relevant jurisdictions on or before the
due dates for such returns, reports and declarations and will pay all taxes and other governmental assessments and charges as and when they become due (except those that are being contested in good faith by the Borrower and as to which the Borrower
has established appropriate reserves on its books and records and except for the payment of taxes, assessments and charges which do not exceed, in the aggregate, $50,000 and which <FONT STYLE="white-space:nowrap">non-payment</FONT> could not
reasonably be expected to have a Material Adverse Effect). </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-48- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.06.&#8195;&#8194;Inspection of Property, Books and Records.</B> The
Borrower will keep proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities in accordance with Applicable Law, including the Investment
Company Act, and will permit representatives of any Bank, at such Bank&#146;s expense, and as often as a Bank may reasonably request, to visit and inspect any of its offices, to examine and make abstracts from any of its books and records and to
discuss its affairs, finances and accounts with its officers, employees and independent public accountants, all at such reasonable times during normal business hours and, so long as no Default or Event of Default has occurred and is continuing, with
reasonable advance notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.07.&#8195;&#8194;Debt.</B> The Borrower will not create, assume or suffer to
exist any Debt other than: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;Debt arising under this Agreement, the Notes and the other Loan Documents;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;Debt in favor of the Borrower&#146;s Custodian consisting of overnight extensions of credit from the
Custodian in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;Debt in respect of judgments or awards that have been in
force for less than the applicable period for taking an appeal so long as such judgments and awards do not constitute an Event of Default and so long as execution is not levied thereunder and in respect of which the Borrower (i)&nbsp;shall at the
time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review or (ii)&nbsp;shall have obtained an unsecured performance bond, and Debt in
respect of such unsecured performance bond; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;Debt (other than Debt for borrowed money) arising in
connection with portfolio investments and investment techniques arising in the ordinary course of the Borrower&#146;s business to the extent that such Debt is permissible under the Investment Company Act and consistent with the Borrower&#146;s
Investment Policies and Restrictions; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;Debt incurred under reverse repurchase agreement or credit
default swaps so long as the aggregate amount of the Debt under such agreements and swaps (calculated by reference to the notional amount of such Debt) does not exceed, in the aggregate, fifteen percent (15%) of the Borrower&#146;s Total Assets,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U> that in no event shall the Borrower (i)&nbsp;enter into or utilize Financial Contracts other than in the ordinary course
of business for hedging or investment purposes in accordance with its Investment Policies and Restrictions, (ii)&nbsp;borrow money or create leverage under any arrangement other than (A)&nbsp;from the Banks hereunder, (B)&nbsp;on an overnight basis
from the Custodian to the extent provided in clause (b)&nbsp;above or (C)&nbsp;in connection with reverse repurchase agreements or credit default swaps to the extent provided for in clause (e)&nbsp;hereof, or (iii)&nbsp;issue or be or remain liable
for or have outstanding any &#147;senior security&#148; (as defined in the Investment Company Act), except that the Borrower may borrow from the Banks pursuant to this Agreement. The Borrower will not at any time issue or have outstanding any
preferred stock. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-49- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.08.&#8195;&#8194;Liens.</B> The Borrower will not create, assume,
incur or suffer to exist any Lien on any of its assets (including the income and profits thereof) or segregate any of its assets (including the income and profits thereon) to cover any of its obligations, in each case whether such asset is now owned
or hereafter acquired, except (a)&nbsp;Liens of the Agent, on behalf of itself and the Banks, created by or pursuant to any of the Security Documents or any of the other Loan Documents; (b)&nbsp;Liens (other than
<FONT STYLE="white-space:nowrap">non-possessory</FONT> Liens which pursuant to Applicable Law are, or may be, entitled to take priority (in whole or in part) over prior, perfected, liens and security interests) for taxes, assessments or other
governmental charges or levies the payment of which is not at the time required or which are being contested in good faith by the Borrower and as to which the Borrower has established appropriate reserves on its books and records, provided, such
Liens shall not be permitted upon the commencement of proceedings to foreclose any Lien that may have attached as security for any such taxes, assessments or other governmental charges or levies, (c)&nbsp;Liens in favor of the Custodian granted
pursuant to the Custody Agreement to secure obligations arising under the Custody Agreement, (d)&nbsp;encumbrances created in connection with the Borrower&#146;s portfolio investments (and not for the primary purpose of borrowing money) to the
extent permitted by the provisions of the Borrower&#146;s Investment Policies and Restrictions and Section&nbsp;5.07 and Liens to secure the Debt permitted by Section&nbsp;5.07(e), provided that the aggregate amount of such encumbered assets of the
Borrower actually pledged to or for the benefit of the holder of the Debt permitted by Section&nbsp;5.07(e) pursuant to this clause (d)&nbsp;does not at any time exceed 15% of the Total Assets of the Borrower, (e)&nbsp;Liens in respect of the Debt
permitted under Section&nbsp;5.07(c); and (f)&nbsp;Liens or segregation of assets incidental to the conduct of the Borrower&#146;s business securing the performance of fee and expense obligations to the Custodian arising in the ordinary course of
the Borrower&#146;s business and which are not overdue for a period in excess of thirty (30)&nbsp;days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION
5.09.&#8195;&#8194;Consolidations, Mergers and Sales of Assets.</B> The Borrower will not consolidate or merge with or into any other Person or reorganize its assets into a <FONT STYLE="white-space:nowrap">non-series</FONT> corporation or entity,
nor will the Borrower sell, lease or otherwise transfer, directly or indirectly, all or any substantial part of its assets to any other Person (in each case, whether in one transaction or a series of related transactions and including, in each case,
pursuant to a Division), except (a)&nbsp;that the Borrower may sell its assets in the ordinary course of business as described in its Disclosure Package and (b)&nbsp;that the Borrower shall be permitted to merge with another Person (such transaction
being a &#147;Fundamental Change&#148;) so long as (i)&nbsp;the Borrower is the survivor of such merger; (ii)&nbsp;the Borrower remains a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company (as such term is used in the
Investment Company Act) and remains registered under the Investment Company Act; (iii)&nbsp;the Borrower has provided the Agent and the Banks prior written notice of such Fundamental Change not less than thirty (30)&nbsp;days prior to the
effectiveness of such Fundamental Change; (iv)&nbsp;both before and immediately after giving effect to such Fundamental Change, the representations and warranties contained in Article IV hereof shall be true and accurate in all material respects;
(v)&nbsp;no Default or Event of Default has occurred and is continuing or would result from such Fundamental Change; (vi)&nbsp;the Agent&#146;s security interest in the Collateral remains perfected and the Borrower takes all other action as the
Agent may reasonably request to perfect the Agent&#146;s security interest in any newly-acquired assets; and (vii)&nbsp;the Borrower shall have delivered to the Agent and each of the Banks a certificate signed by an Authorized Signatory of the
Borrower which is reasonably acceptable to the Agent stating that such Fundamental Change complies with the provisions of this Section&nbsp;5.09(b) and that all conditions precedent herein provided and/or relating to such Fundamental Change have
been </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-50- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">satisfied. The Borrower will not invest all of its investable assets in any other <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company or otherwise employ a master-feeder or fund of funds investment structure or any other multiple investment company structure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.10.&#8195;&#8194;Use of Proceeds.</B> The proceeds of each Loan made under this Agreement will be used by the
Borrower for general purposes, including to create leverage. In addition, the Borrower will not request any Borrower, and the Borrower will not use, and shall procure that its directors, officers, employees and agents shall not use, the proceeds of
any Loan (i)&nbsp;in furtherance of any offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii)&nbsp;for the purpose of funding,
financing or facilitating any activities or business of or with any Sanctioned Person or in any Sanctioned Country, or (iii)&nbsp;in any other manner that would result in a violation of any Sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.11.&#8195;&#8194;Compliance with Investment Policies.</B> The Borrower will at all times comply (a)&nbsp;with the
Fundamental Policies and (b)&nbsp;in all material respects with the Investment Policies and Restrictions, and will not make any investment, loan, advance or extension of credit inconsistent with the Investment Policies and Restrictions. The Borrower
will not permit any of the Fundamental Policies or any other Investment Policies and Restrictions that may not be changed without shareholder approval (to the extent not considered a Fundamental Policy) to be changed without the prior written
consent of the Required Banks, which consent shall not be unreasonably withheld, provided, to the extent the Required Banks consent to any change to any Fundamental Policies, then Schedule 3 hereto shall be amended to give effect to such change.
</P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-51- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION
<FONT STYLE="white-space:nowrap">5.12.&#8195;&#8194;Non-Affiliation</FONT> with Banks.</B> The Borrower will not at any time become an Affiliated Person of any Bank or any Affiliate of any Bank known to the Borrower, and the Borrower will use its
best efforts to ensure that none of its Affiliates is or becomes an Affiliated Person of any Bank or any Affiliate of any Bank known to the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.13.&#8195;&#8194;Regulated Investment Company.</B> The Borrower will maintain its status as a &#147;regulated
investment company&#148; under the Internal Revenue Code at all times and will make sufficient distributions to qualify to be taxed as a &#147;regulated investment company&#148; pursuant to subchapter M of the Internal Revenue Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.14.&#8195;&#8194;No Subsidiaries.</B> The Borrower will not at any time have any Subsidiaries other than the
Permitted Subsidiaries and the FRA Merger Subsidiary, provided, however, that each time the Borrower makes any Investment in a Permitted Subsidiary, as of the date of making any such Investment, the aggregate amount of all Permitted Subsidiary
Investments (including the amount of the Investment the Borrower is contemplating making) shall not exceed five percent (5%) of the Borrower&#146;s Total Assets, as determined as of the date of making any such Investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.15.&#8195;&#8194;ERISA.</B> The Borrower will not have any ERISA Affiliates and will not have any liability in
respect of any Benefit Arrangement, Plan or Multi-employer Plan subject to ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.16.&#8195;&#8194;Fiscal
Year.</B> Without thirty (30)&nbsp;days prior written notice to the Agent, the Borrower will not change its fiscal year from that set forth in Section&nbsp;4.13. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.17.&#8195;&#8194;Regulation U.</B> The Borrower will not permit more than 25% of the value (as determined by any
reasonable method) of the Borrower&#146;s assets to be represented by &#147;margin stock&#148; (as defined under Regulation U) at any time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.18.&#8195;&#8194;Custodian.</B> The Custodian will at all times be the Borrower&#146;s custodian. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.19.&#8195;&#8194;Asset Coverage.</B> The Borrower will not (a)&nbsp;at the time of making any borrowing of any
Loan hereunder permit the aggregate amount of Senior Securities Representing Indebtedness to exceed the Adjusted Net Asset Limit or (b)&nbsp;at any time permit the amount of its Total Liabilities that are Senior Securities Representing Indebtedness
to exceed 38% of Adjusted Net Assets (the &#147;Asset Coverage Test&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 5.20.&#8194;&#8195;Further
Assurances.</B> The Borrower shall execute and deliver all such documents and instruments, and take all such actions, as the Agent may from time to time reasonably request with respect to the transactions contemplated hereunder or under any of the
other Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>DEFAULTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 6.01.&#8195;&#8194;Events of Default.</B> If one or more of the following events (&#147;Events of Default&#148;)
shall have occurred and be continuing: </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-52- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;the Borrower shall fail to pay (i)&nbsp;any principal of any
Loan on the due date therefor (whether at maturity or any accelerated date of maturity or any other date fixed for payment or prepayment) or (ii)&nbsp;any interest on any Loan or any fees or any other amount payable hereunder or under any of the
other Loan Documents within five (5)&nbsp;Domestic Business Days of the due date therefor (whether at maturity or any accelerated date of maturity or any other date fixed for payment or prepayment); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;the Borrower shall fail to observe or perform any covenant contained in Sections 5.01(a) through (e), 5.02
and 5.04 through 5.20; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;the Borrower shall fail to observe or perform any covenant or agreement
contained in this Agreement or any Loan Document (other than those covered by clauses (a)&nbsp;or (b) above) and such failure shall continue unremedied for a period of thirty (30)&nbsp;Domestic Business Days; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;any representation, warranty, certification or statement made (or deemed made) by the Borrower in this
Agreement or any other Loan Document or in any certificate, financial statement or other document delivered pursuant to this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made (or deemed made);
or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;the Borrower or any Permitted Subsidiary shall fail to make any payment in respect of any Debt in an
aggregate principal amount of $1,000,000 or more when due or within any applicable grace period; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8194;any
event or condition shall occur which results in the acceleration of the maturity of any Debt of the Borrower or any Permitted Subsidiary in an aggregate principal amount of $1,000,000 (the &#147;Subject Debt&#148;) or more or enables the holder of
such Subject Debt or any Person acting on such holder&#146;s behalf to accelerate the maturity thereof or, in the case of a Financial Contract, enables the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> party to terminate the contract
evidencing such Subject Debt; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;&#8194;the Borrower or any Permitted Subsidiary shall seek the appointment of
a trustee, receiver, liquidator, custodian or other similar official for it or any substantial part of its property, or shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or
any of its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator or other similar official for it or any substantial part of its property, or shall
consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or the Borrower or any Permitted Subsidiary shall make a general assignment for the
benefit of creditors, or shall fail generally (or admit in writing its inability) to pay its debts as they become due, or shall take any action to authorize any of the foregoing; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&#8195;&#8194;an involuntary case or other proceeding shall be commenced against the Borrower or any Permitted Subsidiary
seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-53- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">official of it, and such involuntary case or other proceeding shall remain undismissed and
unstayed for a period of sixty (60)&nbsp;days; or an order for relief shall be entered against the Borrower or any Permitted Subsidiary under the federal bankruptcy laws as now or hereafter in effect; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#8194;a judgment or order for the payment of money in excess of $5,000,000 shall be rendered against the Borrower
or any Permitted Subsidiary and such judgment or order shall continue unsatisfied or unstayed for a period of thirty (30)&nbsp;days; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&#8195;&#8194;the Investment Adviser shall cease to be the investment adviser to the Borrower unless the successor thereto
is an Affiliate of the Investment Adviser or another entity consented to in writing by the Agent and the Required Banks; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&#8195;&#8194;the Investment Adviser shall (i)&nbsp;sell or otherwise dispose of all or substantially all of its assets
unless the Agent and the Required Banks have consented to the same in writing or (ii)&nbsp;consolidate with or merge into any other Person, unless it is the survivor, unless either (1)&nbsp;the Agent and the Required Banks have consented to the same
in writing or (2)&nbsp;there is a consolidation or merger of the Investment Adviser into an Affiliate of BlackRock, Inc. if such consolidation or merger does not constitute a &#147;change of control&#148; within the meaning of the Investment Company
Act and such consolidation or merger, as the case may be, could not reasonably be expected to have a Material Adverse Effect; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&#8195;&#8194;the Agent for any reason shall cease to have a valid and perfected first priority security interest in the
Collateral (as defined in the Security Agreement), free and clear of all Adverse Claims other than Liens permitted under Section&nbsp;5.08; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">then, and in every such event, the Agent shall (i)&nbsp;if requested by Banks constituting Required Banks by notice to the Borrower terminate
the Commitments, and they shall thereupon terminate, and (ii)&nbsp;if requested by Banks constituting Required Banks by notice to the Borrower declare the Loans to the Borrower (together with accrued interest thereon) to be, and the Loans (together
with accrued interest thereon) shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; provided that in the case of any of the Events of
Default specified in clause (g)&nbsp;or (h) above with respect to the Borrower, automatically without any notice to the Borrower or any other act by the Agent or any Bank, the Commitments shall thereupon terminate and the Loans (together with
accrued interest thereon) shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 6.02.&#8195;&#8194;Remedies.</B> No remedy herein conferred upon the Banks is intended to be exclusive of any other
remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>THE AGENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.01.&#8195;&#8194;Appointment and Authorization.</B> Each of the Banks hereby irrevocably appoints State Street
Bank and Trust Company to act on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Agent and the Bank, and the Borrower shall not have rights as a third party beneficiary of any of
such provisions. It is understood and agreed that the use of the term &#147;agent&#148; herein or in any other Loan Documents (or any other similar term) with reference to the Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.02.&#8195;&#8194;Rights as a Bank.</B> The Person serving as the Agent hereunder shall have the same rights and
powers in its capacity as a Bank as any other Bank and may exercise the same as though it were not the Agent and the term &#147;Bank&#148; or &#147;Banks&#148; shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally
engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Banks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.03.&#8195;&#8194;Exculpatory Provisions.</B> The Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Agent: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;shall not be subject to any fiduciary or other implied duties, regardless of whether a
Default or Event of Default has occurred and is continuing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;shall not have any duty to
take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Required
Banks (or such other number or percentage of the Banks as shall be expressly provided for herein or in the other Loan Documents), provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture,
modification or termination of property of a Delinquent Bank in violation of any Debtor Relief Law; and </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;shall not, except as expressly set forth herein
and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent
or any of its Affiliates in any capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Agent shall not be liable for any action taken or not taken by it
(i)&nbsp;with the consent or at the request of the Required Banks (or such other number or percentage of the Banks as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections
9.05 and 6.02) or (ii)&nbsp;in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Agent shall be deemed not to have knowledge of any Default or
Event of Default unless and until notice describing such Default or Event of Default is given in writing to the Agent by the Borrower or a Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Agent shall not be responsible for or have any duty to ascertain or inquire into (i)&nbsp;any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii)&nbsp;the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii)&nbsp;the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v)&nbsp;the satisfaction of any condition set forth in Article III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.04.&#8195;&#8194;Reliance by Agent.</B> The Agent shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be
genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Bank, the Agent may presume that such condition is satisfactory to such Bank
unless the Agent shall have received notice to the contrary from such Bank prior to the making of such Loan. The Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.05.&#8195;&#8194;Delegation of Duties.</B> The Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any one or more <FONT STYLE="white-space:nowrap">sub-agents</FONT> appointed by the Agent, <U>provided</U>, <U>however</U>, that any such
<FONT STYLE="white-space:nowrap">sub-agent</FONT> receiving payments from the Borrower shall be a &#147;U.S. person&#148; and a &#147;financial institution&#148; within the meaning of Treasury Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.1441-1.</FONT> The Agent and any such <FONT STYLE="white-space:nowrap">sub-agent</FONT> may perform any and all of its duties and exercise its rights and powers by or through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such <FONT STYLE="white-space:nowrap">sub-agent</FONT> and to the Related Parties of the Agent and any such <FONT STYLE="white-space:nowrap">sub-agent,</FONT> and shall
</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Agent. The Agent shall not be responsible for the negligence or misconduct of any <FONT STYLE="white-space:nowrap">sub-agents</FONT> except to the extent that a court of competent jurisdiction determines
in a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment that the Agent acted with gross negligence or willful misconduct in the selection of such <FONT STYLE="white-space:nowrap">sub-agents.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.06.&#8195;&#8194;Resignation of Agent.</B> (a)&nbsp;The Agent may at any time give notice of its resignation to
the Banks and the Borrower. Upon receipt of any such notice of resignation, the Required Banks shall have the right to appoint a successor with, if no Event of Default has occurred and is continuing, the prior written consent of the Borrower (which
consent shall not be unreasonably withheld or delayed), which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States and that is a &#147;U.S. person&#148; and a &#147;financial
institution&#148; within the meaning of Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1441-1.</FONT> If no such successor shall have been so appointed by the Required Banks and shall have accepted such appointment within 30
days after the retiring Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Banks) (the &#147;Resignation Effective Date&#148;), then the retiring Agent may (but shall not be obligated to) on behalf of the
Banks, appoint a successor Agent meeting the qualifications set forth above, provided that in no event shall any such successor Agent be a Delinquent Bank and, if such Person so appointed accepts such appointment, such Person shall become the
successor Agent. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;If the Person serving as Agent is a Delinquent Bank as a result of a Failure, the Required Banks may, to the
extent permitted by applicable law, by notice in writing to the Borrowers and such Person remove such Person as Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required
Banks and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Banks) (the &#147;Removal Effective Date&#148;), then such removal shall nonetheless become effective in accordance with such
notice on the Removal Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;With effect from the Resignation Effective Date or the Removal
Effective Date (as applicable)&nbsp;(1) the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Agent on behalf of
the Bank under any of the Loan Documents, the retiring or removed Agent shall continue to hold such collateral security until such time as a successor Agent is appointed) and (2)&nbsp;except for any indemnity payments or other amounts then owed to
the retiring or removed Agent, all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Bank directly, until such time, if any, as the Required Banks appoint a successor
Agent as provided for above. Upon the acceptance of a successor&#146;s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Agent (other
than as provided in Section&nbsp;2.13(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or
removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The fees payable by the Borrower to a successor Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Agent&#146;s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section&nbsp;9.03 shall
continue in effect for the benefit of such retiring or removed Agent, its <FONT STYLE="white-space:nowrap">sub-agents</FONT> and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the
retiring or removed Agent was acting as Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION
<FONT STYLE="white-space:nowrap">7.07.&#8195;&#8194;Non-Reliance</FONT> on Agent and Other Banks.</B> Each Bank acknowledges that it has, independently and without reliance upon the Agent or any other Bank or any of their Related Parties and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the Agent or any other Bank or
any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or
any related agreement or any document furnished hereunder or thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.08.&#8195;&#8194;Agent May File
Proofs of Claim.</B> In case of the pendency of any proceeding under any Debtor Relief Law or any other jurisdiction proceeding relative to a Borrower, the Agent (irrespective of whether the principal of any Loan shall be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect to
the Loans and all other Obligations are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Banks and the Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Banks and the Agent and their respective agents and counsel and all other amounts due the Banks and the Agent under Sections 2.07 and 9.03) allowed in such judicial proceeding; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;to collect and receive any monies or other property payable or deliverable on any such claims and to
distribute the same; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Bank to make such payments to the Agent and, in the event that the Agent shall consent to the making of such payments directly to the Banks, to pay to the Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections 8.06 and 9.03. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Nothing contained herein shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any
Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Bank to authorize the Agent to vote in respect of the claim of any Bank in any such proceeding. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION 7.09.&#8195;&#8194;Collateral Matters.</B> Without limiting the
provisions of Section&nbsp;7.08 or Section&nbsp;9.05, the Banks irrevocably authorize the Agent, at its option and in its discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;to release any Lien on any property granted to or held by the Agent under any Loan Document (i)&nbsp;upon
termination of the Aggregate Commitment Amount and payment in full of all Obligations (other than contingent indemnification obligations), (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection
with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii)&nbsp;subject to Section&nbsp;9.05, if approved, authorized or ratified in writing by the Required Banks; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;to subordinate any Lien on any property granted to or held by the Agent under any Loan Document to the holder
of any Lien on such property that is permitted by Section&nbsp;5.08); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Upon request by the Agent at any time, the Required
Banks will confirm in writing the Agent&#146;s authority to release or subordinate its interest in particular types or items of property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Agent&#146;s Lien thereon, or any certificate prepared by any Borrower in connection therewith, nor shall the Agent be responsible or liable to
the Borrowers for any failure to monitor or maintain any portion of the Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION
7.10.&#8195;&#8194;Delinquent Banks.</B> (a)&nbsp;Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, any Bank that (i)&nbsp;willfully does not or (ii)&nbsp;does not as a result of a Failure (as
defined below)&nbsp;(A) make available to the Agent its pro rata share of any Loan, or (B)&nbsp;comply with the provisions of Section&nbsp;9.04 with respect to making dispositions and arrangements with the other Banks, where such Bank&#146;s share
of any payment received, whether by <FONT STYLE="white-space:nowrap">set-off</FONT> or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Banks, in each case as, when and to the full extent required by the
provisions of this Agreement, shall be deemed delinquent (a &#147;Delinquent Bank&#148;) and shall be deemed a Delinquent Bank until such time as such delinquency is satisfied. A Delinquent Bank shall be deemed to have assigned any and all payments
due to it from the Borrower, whether on account of outstanding Loans, interest, fees or otherwise, to the remaining nondelinquent Banks for application to, and reduction of, their respective pro rata shares of all outstanding Loans. The Delinquent
Bank hereby authorizes the Agent to distribute such payments to the nondelinquent Banks in proportion to their respective pro rata shares of all outstanding Loans. A Delinquent Bank shall be deemed to have satisfied in full a delinquency when and
if, as a result of application of the assigned payments to all outstanding Loans of the nondelinquent Banks, the Banks&#146; respective pro rata shares of all outstanding Loans have returned to those in effect immediately prior to such delinquency
and without giving effect to the nonpayment causing such delinquency. The provisions of this Section&nbsp;7.10 shall not affect the rights of the Borrower against any such Delinquent Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;For purposes of this Section&nbsp;7.10, a Failure of a Bank shall mean (i)&nbsp;it shall seek the appointment
of a trustee, receiver, liquidator, custodian or other similar official for it or any </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">substantial part of its property, or shall commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator or other similar official
for it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or (ii)&nbsp;it makes a general
assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing, or (iii)&nbsp;an involuntary case or other proceeding shall be commenced
against it seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it, or (iv)&nbsp;an order for relief shall be entered against it under the bankruptcy laws as now or hereafter in effect or (v)&nbsp;such Bank becomes the subject of a <FONT STYLE="white-space:nowrap">Bail-In</FONT>
Action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CHANGE IN CIRCUMSTANCES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;8.01.&#8195;&#8195;Additional Costs; Capital Adequacy.</B> (a)&nbsp;If any Change in Law shall: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&#8195;&#8194;subject any Bank (or its Applicable Lending Office) to any tax, duty or other charge with
respect to its Loans, its Note or its Commitment, or shall change the basis of taxation of payments to any Bank (or its Applicable Lending Office) of the principal of or interest on its Loans or any other amounts due under this Agreement or its
Commitment, in each case except for any tax on, or changes in the rate of tax on the overall net income of, or franchise taxes payable by, such Bank or its Applicable Lending Office imposed by the jurisdiction in which such Bank&#146;s principal
executive office or Applicable Lending Office is located; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8195;&#8194;impose, modify or deem
applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement)
with respect to eurocurrency funding (currently referred to as &#147;Eurocurrency liabilities&#148; in Regulation D)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of,
or credit extended or participated in by, any Bank (or its Applicable Lending Office) or shall impose on any Bank (or its Applicable Lending Office) any other condition affecting its Loans, its Note or its Commitment; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8195;&#8194;impose on ay Bank any other conditions or requirements with respect to this Agreement, the
other Loan Documents, the Loans or such Bank&#146;s Commitment; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and the result of any of the foregoing is to increase the cost to such
Bank (or its Applicable Lending Office) of making, funding, issuing, renewing, extending or maintaining any Loan or such Bank&#146;s Commitment, or to reduce the amount of any sum received or receivable by such Bank (or its Applicable Lending
Office) under this Agreement or under its Note with respect </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-60- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">thereto, by an amount deemed by such Bank to be material, then, promptly upon demand by such Bank
(and in any event within thirty (30)&nbsp;days after demand by such Bank) and delivery to the Borrower of the certificate required by clause (c)&nbsp;hereof (with a copy to the Agent), the Borrower shall pay to such Bank the additional amount or
amounts as will compensate such Bank for such increased cost or reduction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;If any Bank
shall determine that any Change in Law has or would have the effect of reducing the rate of return on capital of such Bank (or its parent corporation) as a consequence of such Bank&#146;s obligations hereunder to a level below that which such Bank
(or its parent corporation) could have achieved but for such law, change, request or directive (taking into consideration its policies with respect to capital adequacy) by an amount deemed by such Bank to be material, then from time to time,
promptly upon demand by such Bank (with a copy to the Agent) (and in any event within thirty (30)&nbsp;days after demand by such Bank) the Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank (or its parent
corporation) for such reduction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;Each Bank will promptly notify the Borrower and the
Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Bank to compensation pursuant to this Section&nbsp;8.01 and will designate a different Applicable Lending Office if such designation will avoid
the need for, or reduce the amount of, such compensation and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate of any Bank claiming compensation under this Section and setting forth in reasonable detail
the additional amount or amounts to be paid to it hereunder and the calculations used in determining such additional amount or amounts shall be conclusive in the absence of manifest error. In determining such amount, such Bank may use any reasonable
averaging and attribution methods. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;8.02.&#8195;&#8195;Inability to Determine Rates</B><B>.</B> Subject
to Section&nbsp;8.04, if, on or prior to the first day of any Interest Period for any Term SOFR Loan: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;the Agent determines (which determination shall be conclusive and binding absent manifest error) that
&#147;Term SOFR&#148; cannot be determined pursuant to the definition thereof; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;the Required Banks
determine that for any reason in connection with any request for a Term SOFR Loan or a conversion thereto or a continuation thereof that Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan does not adequately and
fairly reflect the cost to such Banks of making and maintaining such Loan, and the Required Banks have provided notice of such determination to the Agent, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">the Agent will promptly so notify the Borrower and each Bank. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Upon notice thereof by the Agent to the Borrower, any obligation of the Banks to make Term SOFR Loans, and any right of the Borrower to
continue Term SOFR Loans or to convert Overnight Rate Loans to Term SOFR Loans, shall be suspended (to the extent of the affected Term SOFR Loans or affected Interest Periods) until the Agent (with respect to clause (b), at the instruction of the
Required Banks) revokes such notice. Upon receipt of such notice, (i)&nbsp;the </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-61- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Borrower may revoke any pending request for a borrowing of, conversion to or continuation of Term
SOFR Loans (to the extent of the affected Term SOFR Loans or affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Overnight Rate Loans in the
amount specified therein and (ii)&nbsp;any outstanding affected Term SOFR Loans will be deemed to have been converted into Overnight Rate Loans at the end of the applicable Interest Period. Upon any such conversion, the Borrower shall also pay
accrued interest on the amount so converted, together with any additional amounts required pursuant to Section&nbsp;8.06. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;8.03.&#8195;&#8195;Illegality.</B> If any Bank determines that any Law has made it unlawful, or that any
Authority has asserted that it is unlawful, for any Bank or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to SOFR, the Term SOFR Reference Rate or Term SOFR, or to determine or charge
interest based upon SOFR, the Term SOFR Reference Rate or Term SOFR, then, upon notice thereof by such Bank to the Borrower (through the Agent) (an &#147;<U>Illegality Notice</U>&#148;), any obligation of the Banks to make Term SOFR Loans, and any
right of the Borrower to continue Term SOFR Loans or to convert Overnight Rate Loans to Term SOFR Loans, shall be suspended. Upon receipt of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Bank
(with a copy to the Agent), prepay or, if applicable, convert all Term SOFR Loans to Overnight Rate Loans, on the last day of the Interest Period therefor, if all affected Banks may lawfully continue to maintain such Term SOFR Loans to such day, or
immediately, if any Bank may not lawfully continue to maintain such Term SOFR Loans to such day, in each case until the Agent is advised in writing by each affected Bank that it is no longer illegal for such Bank to determine or charge interest
rates based upon SOFR, the Term SOFR Reference Rate or Term SOFR. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to
Section&nbsp;8.06. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;8.04.&#8195;&#8195;Benchmark Replacement Setting.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;<U>Benchmark Replacement</U>. Notwithstanding anything to the contrary herein or in any other Loan Document,
if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x)&nbsp;if a Benchmark Replacement is determined in accordance with clause (a)&nbsp;of the definition of
&#147;Benchmark Replacement&#148; for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark
settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y)&nbsp;if a Benchmark Replacement is determined in accordance with clause (b)&nbsp;of the definition of
&#147;Benchmark Replacement&#148; for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (Boston
time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Banks without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the
Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Banks comprising the </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-62- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Required Banks. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be
payable on a monthly basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;<U>Benchmark Replacement Conforming Changes</U>. In connection with the use,
administration, adoption or implementation of a Benchmark Replacement, the Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;<U>Notices; Standards for Decisions and Determinations</U>. The Agent will promptly notify the Borrower and
the Banks of (i)&nbsp;the implementation of any Benchmark Replacement and (ii)&nbsp;the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Agent will notify
the Borrower of (x)&nbsp;the removal or reinstatement of any tenor of a Benchmark pursuant to Section&nbsp;8.04(d) and (y)&nbsp;the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the
Agent or, if applicable, any Bank (or group of Banks) pursuant to this Section&nbsp;8.04, including any determination with respect to a tenor, rate or adjustment or of the occurrence or <FONT STYLE="white-space:nowrap">non-occurrence</FONT> of an
event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to
this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section&nbsp;8.04. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;<U>Unavailability of Tenor of Benchmark</U>. Notwithstanding anything to the contrary herein or in any other
Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A)&nbsp;any tenor for such Benchmark is
not displayed on a screen or other information service that publishes such rate from time to time as selected by the Agent in its reasonable discretion or (B)&nbsp;the regulatory supervisor for the administrator of such Benchmark has provided a
public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Agent may modify the definition of &#147;Interest Period&#148; (or any similar or analogous definition) for
any Benchmark settings at or after such time to remove such unavailable or <FONT STYLE="white-space:nowrap">non-representative</FONT> tenor and (ii)&nbsp;if a tenor that was removed pursuant to clause (i)&nbsp;above either (A)&nbsp;is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B)&nbsp;is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark
Replacement), then the Agent may modify the definition of &#147;Interest Period&#148; (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;<U>Benchmark Unavailability Period</U>. Upon the Borrower&#146;s receipt of notice of the commencement of a
Benchmark Unavailability Period, the Borrower may revoke any pending request for a Term SOFR Loan of, conversion to or continuation of Term SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that,
the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Overnight Rate Loans. During a Benchmark Unavailability Period or at any time </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-63- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">that a tenor for the then-current Benchmark is not an Available Tenor, the component of the
Overnight Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Overnight Rate </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;8.05.&#8195;&#8195;Replacement Banks.</B> Upon the election of any Bank to request reimbursement by the
Borrower for amounts due under Sections 8.01 or 8.03 or upon the suspension of any Bank&#146;s obligation to make, convert to or continue Term SOFR Loans, the Borrower may, upon prior written notice to the Agent and such Bank, request that the Agent
find a replacement Bank which shall be reasonably satisfactory to the Agent and the Borrower (a &#147;Replacement Bank&#148;). Each Bank agrees that, should it be identified for replacement pursuant to this Section&nbsp;8.05, it will promptly
execute and deliver all documents and instruments reasonably required by the Borrower to assign such Bank&#146;s Loans and Commitment to the applicable Replacement Bank. The Agent shall cooperate with the Borrower in seeking a Replacement Bank and
shall use its best efforts to identify a Replacement Bank and complete the assignment to such Replacement Bank of such Loans and Commitment within 45 days of said written notice. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;8.06.&#8195;&#8195;Indemnity.</B> In the event of (a)&nbsp;the payment of any principal of any Term SOFR Loan
other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Term SOFR Loan other than on the last day of the Interest Period applicable thereto (including as a result
of an Event of Default), (c) the failure to borrow, convert, continue or prepay any Term SOFR Loan on the date specified in any notice delivered pursuant hereto, or (d)&nbsp;the assignment of any Term SOFR Loan other than on the last day of the
Interest Period applicable thereto, then, in any such event, the Borrower shall compensate each Bank for any loss, cost and expense attributable to such event, including any loss, cost or expense arising from the liquidation or redeployment of funds
or from any fees payable. A certificate of any Bank setting forth any amount or amounts that such Bank is entitled to receive pursuant to this Section&nbsp;8.06 shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Bank the amount shown as due on any such certificate within 10 days after receipt thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.01.&#8195;&#8195;Notices; Electronic Communications.</B> (a)&nbsp;Except as provided in subsection
(b)&nbsp;below, all notices, requests, consents and other communications to any party hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given to such party at its address or telex number or facsimile
number set forth on Schedule 1 attached hereto. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been
given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic
communications, to the extent provided in paragraph (b)&nbsp;below, shall be effective as provided in paragraph (c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;Notices made by the Borrower consisting of requests for Loans or notices of repayments hereunder or items
referred to in Sections 5.01(a) and (b)&nbsp;hereof may be delivered or furnished by <FONT STYLE="white-space:nowrap">e-mail</FONT> or other electronic communication pursuant to procedures approved by the
</P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-64- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Agent, unless the Agent, in its discretion, previously notifies the Borrower otherwise,
<U>provided</U> that the foregoing shall not apply to notices to any Bank pursuant to <U>Article II</U> if such Bank has notified the Agent and the Borrower that it is incapable of receiving notices under such Article by electronic communication. In
furtherance of the foregoing, each Bank hereby agrees to notify the Agent in writing, on or before the date such Bank becomes a party to this Agreement, of such Bank&#146;s <FONT STYLE="white-space:nowrap">e-mail</FONT> address to which a notice may
be sent (and from time to time thereafter to ensure that the Agent has on record an effective <FONT STYLE="white-space:nowrap">e-mail</FONT> address for such Bank). The Agent may, in its discretion, agree to accept other notices and communications
to it hereunder by electronic communications pursuant to procedures approved by it; <U>provided</U> that approval of such procedures may be limited to particular notices or communications. Neither the Agent, any Bank, the Borrower nor any of the
directors, officers, employees, agents or Affiliates of the Agent, any Bank or the Borrower shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent that any such damages are found by a final and <FONT
STYLE="white-space:nowrap">non-appealable</FONT> decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;Unless the Agent otherwise prescribes, (i)&nbsp;notices and other communications sent to an <FONT
STYLE="white-space:nowrap">e-mail</FONT> address shall be deemed to have been given when received by the intended recipient, and (ii)&nbsp;if agreed to pursuant to paragraph (b)&nbsp;above, notices or communications posted to an Internet or intranet
website shall be deemed received upon the deemed receipt by the intended recipient at its <FONT STYLE="white-space:nowrap">e-mail</FONT> address as described in the foregoing clause (i)&nbsp;of notification that such notice or communication is
available and identifying the website address therefor; <U>provided</U> that, for both <U>clauses (i)</U>&nbsp;and <U>(ii)</U>, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice,
email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;Any party hereto may change its address, facsimile number or <FONT STYLE="white-space:nowrap">e-mail</FONT>
address for notices and other communications hereunder by notice to the other parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.02.&#8195;&#8195;No Waivers.</B> No failure or delay by the Agent or any Bank in exercising any right,
power or privilege hereunder or under any Notes shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.03.&#8195;&#8195;Expenses; Documentary Taxes; Indemnification.</B> (a)&nbsp;The Borrower agrees to promptly
pay (i)&nbsp;all reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of the Agent, including reasonable fees and disbursements of special counsel for the Agent, in
connection with the preparation, negotiation and closing of this Agreement and the Loan Documents, the syndication of the facility established hereby, any waiver or consent hereunder or any amendment hereof or any waiver of any Default or Event of
Default or alleged Default or Event of Default hereunder, and any amendment or termination hereof and (ii)&nbsp;if a Default or an Event of Default occurs, all reasonable and documented
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by the Agent and each Bank, including reasonable fees and disbursements of counsel, in connection
</P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-65- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">with such Default or Event of Default and collection, bankruptcy, insolvency and other
enforcement proceedings resulting therefrom. The Borrower shall indemnify each Bank against any transfer taxes, documentary taxes, assessments or charges made by any governmental authority by reason of the execution and delivery of this Agreement or
the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;The Borrower agrees to indemnify the Agent, each Bank and each of their affiliates, officers,
directors and employees (each, a &#147;Covered Person&#148;) and hold each Covered Person harmless from and against any and all Liabilities which may be incurred by or asserted or awarded against such Covered Person, in each case arising out of or
in connection with any investigative, administrative or judicial proceeding (whether or not such Covered Person shall be designated a party thereto) relating to or arising out of this Agreement or the Loan Documents or any actual or proposed use of
proceeds of Loans hereunder, provided that no Covered Person shall have the right to be indemnified hereunder for Liabilities that are determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such
Covered Person&#146;s gross negligence or willful misconduct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.04.&#8195;&#8195;Set Off.</B>
(a)&nbsp;During the continuance of any Event of Default, any deposits or other sums credited by or due from any of the Banks to the Borrower and any securities or other property of the Borrower in the possession of any such Bank may be applied to or
set off by such Bank against the payment of the Obligations. Each of the Banks agrees with each other Bank that if such Bank shall receive from the Borrower whether by voluntary payment, exercise of the right of set off, counterclaim, cross action,
or enforcement of a claim based on the Obligations owing to such Bank by proceedings against the Borrower at law or in equity or by proof thereof in bankruptcy, reorganization, liquidation, receivership or similar proceedings, or otherwise, and
shall retain and apply to the payment of the Obligations owing to such Bank any amount in excess of its ratable portion of the payments received by all of the Banks with respect to the Obligations owed to all of the Banks, such Bank will make such
disposition and arrangements with the other Banks with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Bank receiving in respect of the Obligations owing to it
its proportionate payment as contemplated by this Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Bank, such disposition and arrangements shall be rescinded and the amount restored to the extent
of such recovery, but without interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;The Borrower authorizes the Agent and the Custodian to charge
and/or set off against any deposit account or other account maintained with either the Agent or the Custodian on behalf of the Borrower and, in the case of the Agent, apply the proceeds thereof against repayment of any unpaid Obligations, or, in the
case of the Custodian, remit the proceeds thereof to the Agent to be applied against repayment of any such unpaid Obligations. In addition, the Custodian is hereby directed by the Borrower to dispose of the Borrower&#146;s assets as selected by the
Investment Adviser to the extent necessary to repay all amounts due to the Banks from the Borrower to the extent that the Obligations have not been paid when due or if an Event of Default has occurred and is continuing and the Obligations have been
accelerated. If the Investment Adviser does not select a sufficient amount of assets of the Borrower to repay all amounts due to the Banks from the Borrower within a reasonable time, the Custodian is hereby directed by the Borrower, upon the request
of the Agent and upon one day&#146;s prior written notice to the Borrower and the Investment Adviser, to dispose of the Borrower&#146;s assets </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-66- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">to the extent necessary to repay all amounts due to the Banks from the Borrower. The foregoing
shall be deemed to be continuing and irrevocable &#147;proper instructions&#148; to the Custodian for all purposes under the Custody Agreement. The foregoing shall be in addition to any other rights or remedies the Bank and the Custodian may have
against the Borrower following the occurrence of an Event of Default hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.05.&#8195;&#8195;Amendments and Waivers.</B> Any provision of this Agreement or any of the other Loan
Documents may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the Borrower and the Required Banks (and, if the rights or duties of the Agent are affected thereby, by the Agent); <U>provided</U>,
<U>however</U>, that no such amendment or waiver shall: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;waive any condition set forth in
Section&nbsp;3.01 without the written consent of each Bank; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;extend or increase the Commitment Amount of
any Bank (or reinstate any Commitment terminated pursuant to Section&nbsp;6.01) without the written consent of such Bank; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;postpone any date fixed by this Agreement or any other Loan Document for any payment of principal, interest,
fees or other amounts due to the Banks (or any of them) hereunder or under any other Loan Document without the written consent of each Bank directly affected thereby; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;reduce the principal of, or the rate of interest specified herein on, any Loan, or any fees or other amounts
payable hereunder or under any other Loan Document without the written consent of each Bank directly affected thereby; <U>provided</U>, <U>however</U>, that only the consent of the Required Banks shall be necessary to waive any obligation of the
Borrower to pay interest at the default rate provided for in Section&nbsp;2.06(c); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;change any provision
of this Agreement in a manner that would alter the pro rata sharing of payments required by this Agreement without the prior written consent of each Bank; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8194;change any provision of this Section&nbsp;9.05 or the definition of &#147;Required Banks&#148; or any other
provision hereof specifying the number or percentage of Banks required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Bank; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and, <U>provided</U> <U>further</U>, that no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the
Banks required above, affect the rights or duties of the Agent under this Agreement or any other Loan Document. No delay or omission on the part of any Bank or any holder hereof in exercising any right hereunder shall operate as a waiver of such
right or of any other rights of such Bank or such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar or waiver of the same or any other right on any further occasion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.06.&#8195;&#8195;Successors and Assigns.</B> (a)&nbsp;The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-67- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and assigns, except that the Borrower may not assign or otherwise transfer any of its rights
under this Agreement without the prior written consent of all of the Banks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;Any Bank may
at any time grant to one or more commercial banks (each a &#147;Participant&#148;) participating interests in its Commitment or all of its Loans. In the event of any such grant by a Bank of a participating interest to a Participant, whether or not
upon notice to the Borrower and the Agent, such Bank shall remain responsible for the performance of its obligations hereunder, and the Borrower and the Agent shall continue to deal solely and directly with such Bank in connection with such
Bank&#146;s rights and obligations under this Agreement. Any agreement pursuant to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility to enforce the obligations of the
Borrower hereunder, including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement; <U>provided</U> that such participation agreement may provide that such Bank will not agree to any
modification, amendment or waiver of this Agreement described in clause (a), (b), (c) or (d)&nbsp;of Section&nbsp;9.05 without the consent of the Participant. The Borrower agrees that each Participant shall, to the extent provided in its
participation agreement, be entitled to the benefits of Article VIII with respect to its participating interest; <U>provided</U> that no Participant shall be entitled to receive an amount greater than its <U>pro</U> <U>rata</U> share of any amount
the selling Bank would have received hereunder had no participation been sold. An assignment or other transfer which is not permitted by clause (c)&nbsp;or (d) below shall be given effect for purposes of this Agreement only to the extent of a
participating interest granted in accordance with this clause (b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&#8195;&#8194;Subject to clause
(f)&nbsp;below, any Bank may at any time assign to one or more banks (each an &#147;<U>Assignee</U>&#148;) all, or a proportionate amount of at least $5,000,000 of all, of its rights and obligations under this Agreement and the Notes, and such
Assignee shall assume such rights and obligations, pursuant to an Assignment and Acceptance in substantially the form of <U>Exhibit D</U> attached hereto executed by such Assignee and such transferor Bank, with, if no Default or Event of Default has
occurred and is continuing, the written consent of the Borrower, which consent shall not be unreasonably withheld or delayed, and of the Agent, which consent shall not be unreasonably withheld or delayed; <U>provided</U> that no such consent of the
Borrower or the Agent shall be required if the Assignee is an Affiliate of the transferor Bank. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Bank of an amount equal to the purchase price agreed
between such transferor Bank and such Assignee with respect to the interest assigned, such Assignee shall be a Bank party to this Agreement (in addition to any interest of such Bank held prior to such assignment) and shall have all the rights and
obligations of a Bank with the Commitment Amount as set forth in such instrument of assumption (in addition to any interest of such Bank held prior to such assignment), and the transferor Bank shall be released from its obligations hereunder to a
corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this clause (b), the transferor Bank, the Agent and the Borrower shall make appropriate arrangements so that,
if required, new Notes are issued to the Assignor and the Assignee, and the Agent shall be authorized to revise <U>Schedule</U> <U>1</U> to reflect such assignment and to circulate such revised <U>Schedule</U> <U>1</U> to the Banks and the Borrower,
which revised <U>Schedule</U> <U>1</U> shall be deemed to be a part hereof and shall be incorporated by reference herein. In connection with any such assignment, the transferor Bank shall pay to the Agent an administrative fee for processing such
assignment in the amount of $3,000. If the Assignee is </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-68- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">not incorporated under the laws of the United States of America or a state
thereof, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to the Borrower and the Agent certification as to exemption from deduction or withholding of any United States federal income taxes
in accordance with Section&nbsp;2.12. At the time of any assignment pursuant to this Section&nbsp;9.06(c) to a Person who is not already a party hereunder, the respective Assignee shall provide to the Borrower and to the Agent the appropriate forms,
certificates and other documentation described in Section&nbsp;2.12(e). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&#8195;&#8194;Without notice
to or consent of any Person, any Bank may at any time assign all or any portion of its rights under this Agreement, and its Note, to a Federal Reserve Bank. No such assignment shall release the transferor Bank from its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&#8195;&#8194;No Assignee, Participant or other transferee of any Bank&#146;s rights shall be entitled to receive any
greater payment under Section&nbsp;8.01 than such Bank would have been entitled to receive with respect to the rights transferred, unless such transfer is made with the Borrower&#146;s prior written consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&#8195;&#8194;No bank may become an Assignee pursuant to clause (c)&nbsp;above or a Substitute Bank pursuant to
Section&nbsp;2.08(d) unless such bank constitutes a &#147;bank&#148; (as such term is used in Section&nbsp;18(f)(1) of the Investment Company Act) in the reasonable judgment of the Borrower and the Agent. No bank may become an Assignee pursuant to
clause (c)&nbsp;above or a Substitute Bank pursuant to Section&nbsp;2.08(d) if that bank is an Affiliate of the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&#8195;&#8194;There shall be maintained by the Agent, acting solely in this respect as agent for the Borrower, a copy of
each assignment and a register (the &#147;Register&#148;) for the recordation of the names and addresses of the Banks and each Assignee, and the obligations to and principal amount of the Loans owing to the Banks and each Assignee from time to time.
The entries in the Register shall be conclusive, in the absence of manifest error, and the parties to this Agreement shall treat each Person whose name is recorded in the Register as the owner of the obligation recorded therein for the purposes of
this Agreement and the Notes. The failure to make any such recordation, or any error in such recordation shall not affect the Borrowers&#146; obligations in respect of the Loans. The Register shall be available for inspection by the Borrower at any
reasonable time and from time to time upon reasonable prior notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.07.&#8195;&#8195;Governing Law;
Submission to Jurisdiction.</B> This Agreement and each of the other Loan Documents are contracts under the laws of the State of New York and shall for all purposes be construed in accordance with and governed by the laws of said State of New York
(excluding the laws applicable to conflicts of law). Each of the Borrower, the Banks and the Agent agrees that any suit for the enforcement of this agreement or any of the other loan documents or any other action brought by such person arising
hereunder or in any way related to this agreement or any of the other Loan Documents whether sounding in contract, tort, equity or otherwise, shall be brought in the New York State or United States Federal court in the Borough of Manhattan, The City
of New York, and consents to the exclusive jurisdiction of such court and the service of process in any suit being made upon such person by mail at the address specified in Section&nbsp;9.01. Each of the Borrower, the Banks and the Agent hereby
waives any objection that it may now or hereafter have to the venue of any suit brought in New York </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-69- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">County, New York or any court sitting therein or that a suit brought therein is brought in an
inconvenient court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.08.&#8195;&#8195;WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE AGENT AND THE
BANKS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</B> Except as prohibited by law, the Borrower hereby waives any right it
may have to claim or recover in any litigation referred to in the preceding sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual damages. The Borrower (a)&nbsp;certifies that no
representative, agent or attorney of any Bank or the Agent has represented, expressly or otherwise, that such Bank or the Agent would not, in the event of litigation, seek to enforce the foregoing waivers and (b)&nbsp;acknowledges that the Agent and
the Banks have been induced to enter into this Agreement, the other Loan Documents to which it is a party by, among other things, the waivers and certifications contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.09.&#8195;&#8195;Confidential Information.</B> (a)&nbsp;Each Bank agrees that any information,
documentation or materials provided by the Borrower or the Borrower&#146;s Affiliates, employees, agents or representatives (&#147;<U>Representatives</U>&#148;) disclosing the portfolio holdings of the Borrower or disclosing other <FONT
STYLE="white-space:nowrap">non-public</FONT> information in relation to this Agreement or the Loan Documents (&#147;<U>Confidential</U> <U>Material</U>&#148;), whether before or after the date of this Agreement, shall be treated confidentially,
using the same degree of care that such Bank uses to protect its own similar material. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;Such Confidential Information may be disclosed to Representatives of each Bank who need to
know such information in connection with the transactions contemplated herein or in connection with managing the relationship of such Bank or its Affiliates with the Borrower but shall not be disclosed to any third party and may not be used for
purposes of buying or selling securities, including shares issued by the Borrower; provided, however, that the Banks may disclose Confidential Material to (i)&nbsp;the Federal Reserve Board pursuant to applicable rules and regulations promulgated by
the Federal Reserve Board (which, as of the Effective Date, require a filing of a list of all Margin Stock which directly or indirectly secures a Loan), (ii) the extent required by statute, rule, regulation or judicial process, (iii)&nbsp;counsel
for any of the Banks or the Agent in connection with this Agreement or any of the other Loan Documents, (iv)&nbsp;bank examiners, auditors and accountants, or (v)&nbsp;any Assignee or Participant (or prospective Assignee or Participant) as long as
such Assignee or Participant (or prospective Assignee or Participant) first agrees to be bound by the provisions of this Section&nbsp;9.09. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Bank agrees to promptly provide such information as is reasonably requested by the Borrower in order for the Borrower to
monitor (as required by applicable law) whether the Bank&#146;s use of Confidential Material complies with this Section&nbsp;9.09 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.10.&#8195;&#8195;USA Patriot Act.</B> Each Bank that is subject to the Act (as hereinafter defined) and the
Agent (for itself and not on behalf of any Bank) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)) (the &#147;Act&#148;), it is required to
obtain, verify and record information that identifies the Borrower, which information includes the name and address of the </P>
</DIV>


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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-70- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Borrower and other information that will allow such Bank or the Agent, as applicable, to identify
the Borrower in accordance with the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.11.&#8195;&#8195;Miscellaneous.</B> This Agreement may be
signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement and each of the other Loan Documents constitute the entire agreement
and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. The provisions of this Agreement are severable and if any one clause or provision
hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect
such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.12.&#8194;<U>Transitional Arrangements</U>.</B> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8201;&#8194;This Agreement shall, on the Effective Date, supersede the Prior Credit Agreement in its entirety,
except as expressly provided in this Section&nbsp;9.12. On the Effective Date, the rights and obligations of the parties evidenced by the Prior Credit Agreement shall be evidenced by this Agreement, and the &#147; Loans&#148; as defined in the Prior
Credit Agreement shall be converted to Loans as defined herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8201;&#8194;All interest, fees and expenses,
if any, owing or accruing under or in respect of the Prior Credit Agreement through the Effective Date shall be calculated as of the Effective Date (prorated in the case of any fractional periods) and shall be paid on the date such amounts would
have otherwise been required to have been paid under the Prior Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.13.&#8194;Acknowledgement and Consent to <FONT STYLE="white-space:nowrap">Bail-In</FONT> of Affected
Financial Institutions.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8201;&#8194;the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8201;&#8195;&#8194;the effects of any <FONT STYLE="white-space:nowrap">Bail-In</FONT> Action on any such liability,
including, if applicable: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; margin-right:11%; font-size:12pt; font-family:Times New Roman">(i)&#8195;&#8194;a reduction in full or in part or cancellation of any such liability; </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-71- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&#8195;&#8194;a conversion of all, or a portion of, such
liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of
ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; margin-right:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(iii)&#8195;&#8194;the variation of the terms of such liability in connection with the exercise of the
Write-Down and Conversion Powers of the applicable Resolution Authority. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>SECTION&#8201;9.14.&#8194;<U>Acknowledgement
Regarding any Supported QFCs</U>.</B> To the extent that any Loan Document (i)&nbsp;constitutes a QFC (such Loan Document, a &#147;Loan Document QFC&#148;), or (ii)&nbsp;provides support, through a guarantee or otherwise, for any Loan Document QFC,
any Swap Contract or any other agreement or instrument that is a QFC (such support, &#147;QFC Credit Support&#148;, and each such QFC and any Loan Document QFC, a &#147;Supported QFC&#148;), the parties acknowledge and agree as follows with respect
to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
&#147;U.S. Special Resolution Regimes&#148;) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws
of the State of New York and/or of the United States or any other state of the United States): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&#8195;&#8194;In the
event a Covered Entity that is party to a Supported QFC (each, a &#147;Covered Party&#148;) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and
any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer
would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.
In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit
Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were
governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Delinquent Bank shall in no event affect the rights
of any Covered Party with respect to a Supported QFC (other than a Loan Document QFC) or any QFC Credit Support. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&#8195;&#8194;As used in this <U>Section&nbsp;9.14</U>, the following terms have the following meanings: </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-72- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;<U>BHC Act Affiliate</U>&#148; of a party means an &#147;affiliate&#148;
(as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;<U>Covered
Entity</U>&#148; means any of the following: (i)&nbsp;a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#147;covered bank&#148; as that term is defined in, and
interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;<U>Default Right</U>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;<U>QFC</U>&#148; has the meaning assigned to the term
&#147;qualified financial contract&#148; in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman">&#147;<U>Swap Contract</U>&#148; means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward
bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or
any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement (including any Financial
Contracts), and (b)&nbsp;any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a &#147;Master Agreement&#148;), including any such obligations or liabilities
under any Master Agreement. </P> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Signature page follows.] </B></P>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF,</B> the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>BLACKROCK FLOATING RATE INCOME</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>STRATEGIES FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>STATE STREET BANK AND TRUST</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>COMPANY, individually and as Agent</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;&#8195;&#8195;&#8195;&#8195;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
</TABLE></DIV>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit B to Amendment Agreement No.&nbsp;6 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>SCHEDULE</U> <U>1</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>BORROWER</U>: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>BLACKROCK FLOATING RATE INCOME
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>STRATEGIES FUND, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 Bellevue Parkway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Wilmington, DE 19809 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
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<TD VALIGN="top" NOWRAP><B><U>BANKS</U>:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>COMMITMENT<BR><U>AMOUNT</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>COMMITMENT<BR><U>PERCENTAGE</U></B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; 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:Times New Roman"><B>STATE STREET BANK AND TRUST COMPANY</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">$255,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">100%</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Domestic Lending Office: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">One
Lincoln Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Boston, MA 02111 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Attn. Karen A. Gallagher,
Managing Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tel: (617) <FONT STYLE="white-space:nowrap">662-8626</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Fax: </U>(617) <FONT STYLE="white-space:nowrap">988-9535</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Email: kagallager@statestreet.com</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">For <FONT
STYLE="white-space:nowrap">non-funding</FONT> or payment notices: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">State Street Bank and Trust Company </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">One Lincoln Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Boston, MA 02111 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Attn. Karen A. Gallagher, Managing Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Tel: (617) <FONT
STYLE="white-space:nowrap">662-8626</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Email: kagallagher@statestreet.com</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Email for electronic notices: <U><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ais-loanops-csu@statestreet.com</FONT></FONT></U> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT</U> <U>A</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF NOTE </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">U.S. $[_____________]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">___________, 2011</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FOR VALUE RECEIVED, <B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.,</B> a Maryland
corporation (the &#147;Borrower&#148;), hereby promises to pay to <B>[INSERT NAME OF BANK]</B> (the &#147;Bank&#148;) at the head office of the Agent (as defined below) at 1 Lincoln Street, Boston, Massachusetts 02111: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) prior to or on the Termination Date (as defined in the Credit Agreement referred to below) the principal amount of
<B>[INSERT COMMITMENT AMOUNT]</B> (U.S. $___________) or, if less, the aggregate unpaid principal amount of Loans advanced by the Bank to the Borrower pursuant to the Amended and Restated Credit Agreement, dated as of March&nbsp;3, 2011 (as amended
and in effect from time to time, the &#147;Credit Agreement&#148;), among the Borrower, the Bank, other banks parties thereto and State Street Bank and Trust Company, as agent (the &#147;Agent&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b) the principal outstanding hereunder from time to time at the times and in the amounts provided in the Credit Agreement;
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) interest on the principal balance hereof from time to time outstanding from the Effective Date (as defined in the
Credit Agreement) through and including the maturity date hereof at the times and at the rates provided in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Note evidences borrowings under and has been issued by the Borrower in accordance with the terms of the Credit Agreement.
The Bank and any holder hereof are entitled to the benefits of the Credit Agreement and the other Loan Documents, and may enforce the agreements of the Borrower contained therein, and any holder hereof may exercise the respective remedies provided
for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All capitalized terms used in this Note and not otherwise defined herein shall have the same meanings herein as in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Borrower irrevocably authorizes the Bank to make or cause to be made, at or about the date of any Loan or at the time of
receipt of any payment of principal of this Note, an appropriate notation on the grid attached to this Note, or the continuation of such grid, or any other similar record, including computer records, reflecting the making of such Loan or (as the
case may be) the receipt of such payment. The outstanding amount of the Loans set forth on the grid attached to this Note, or the continuation of such grid, or any other similar record, including computer records, maintained by the Bank with respect
to any Loans shall be <U>prima</U> <U>facie</U> evidence of the principal amount thereof owing and unpaid to the Bank, but the failure to record, or any error in so recording, any such amount on any such grid, continuation or other record shall not
limit or otherwise affect the obligation of the Borrower hereunder or under the Credit Agreement to make payments of principal of and interest on this Note when due. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The terms of this note are subject to amendment only in the manner provided in the Credit Agreement. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Borrower has the right in certain circumstances and the obligation under
certain other circumstances to prepay the whole or part of the principal of this Note on the terms and conditions specified in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If any one or more of the Events of Default shall occur, the entire unpaid principal amount of this Note and all of the unpaid
interest accrued thereon may become or be declared due and payable in the manner, upon the conditions, and with the effect provided in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">No delay or omission on the part of the Bank or any holder hereof in exercising any right hereunder shall operate as a waiver
of such right or of any other rights of the Bank or such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar or waiver of the same or any other right on any further occasion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Borrower and every endorser and guarantor of this Note or the obligation represented hereby waives presentment, demand,
notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, and assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS NOTE IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF SAID STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OF LAW). THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE OR THE OBLIGATIONS OWING HEREUNDER OR ANY OTHER ACTION BROUGHT BY SUCH PERSON
ARISING HEREUNDER OR IN ANY WAY RELATED TO THIS NOTE, WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE BROUGHT IN THE COURTS OF NEW YORK STATE OR UNITED STATES FEDERAL COURT IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, AND
CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUIT BEING MADE UPON SUCH PERSON BY MAIL AT THE ADDRESS SPECIFIED IN SECTION 9.01 OF THE CREDIT AGREEMENT. THE BORROWER WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUIT BROUGHT IN NEW YORK COUNTY, NEW YORK OR ANY COURT SITTING THEREIN OR THAT A SUIT BROUGHT THEREIN IS BROUGHT IN AN INCONVENIENT COURT. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the undersigned has caused this Note to be signed as a as a document
under seal in its name by its duly authorized officer as of the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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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:12pt; font-family:Times New Roman">By:____________________________________</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; 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:Times New Roman">Title:</P></TD></TR>
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<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:12pt ;BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Date</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:12pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Amount</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">of Loan</P></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:12pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Type</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">of Loan</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Amount&nbsp;of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Principal&nbsp;Paid</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">or
Prepaid</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Balance&nbsp;of</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Principal</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Unpaid</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Notation</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Made&nbsp;By:</P></TD></TR>


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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF
BORROWING </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>DATE: </U></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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">TO:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>STATE STREET BANK AND TRUST COMPANY, as Agent</B> </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><U>ATTN:</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Robyn A. Shepard </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">Assistant Vice President <FONT STYLE="white-space:nowrap">-CSU</FONT> Manager </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">Ph: <FONT STYLE="white-space:nowrap">(617)937-8806</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">Fax: <FONT STYLE="white-space:nowrap">(617)988-6677</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">Email: rashepard@statestreet.com </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left">FROM:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>BLACKROCK FLOATING RATE INCOME STATEGIES FUND, INC. (the &#147;Borrower&#148;)</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is hereby made to that certain Amended and Restated Credit Agreement, dated as of March&nbsp;3, 2011 (such
agreement, as amended and in effect from time to time, the &#147;Credit Agreement&#148;), among BlackRock Floating Rate Income Strategies Fund, Inc. (the &#147;Borrower&#148;), the lending institutions referred to therein as Banks, and State Street
Bank and Trust Company, as Agent. Capitalized terms which are used herein without definition and which are defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to Section&nbsp;2.02(a) of the Credit Agreement, the Borrower hereby gives notice of its request for the Loans
described below. </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:12pt" ALIGN="center">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="54%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Domestic Business Day of proposed borrowing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amount of Loan requested:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Aggregate amount of Loans outstanding (after</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">giving effect to the Loan requested hereby)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Adjusted Net Assets:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Maximum Loans based on Commitment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Maximum Loans based on Maximum Amount:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Maximum Loans based on Adjusted Net Asset</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Limit:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Attached hereto is a borrowing report dated as of <U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U>.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned hereby certifies that: (a)&nbsp;on the date of this notice and immediately
after giving effect to the borrowing of the Loan(s) as set forth herein, the aggregate outstanding </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">principal amount of the Loans do not and will not exceed the Available Amount, (b)&nbsp;each of
the representations and warranties set out in Article IV of the Agreement remains true and accurate as of the date hereof and will be true and accurate immediately after giving effect to the borrowing, of the Loan(s) as set forth herein (other than
such representations and warranties that specifically relate to an earlier date), and (c)&nbsp;no Default or Event of Default has occurred and is continuing under the Agreement or any of the other Loan Documents or will occur under the Agreement or
any of the other Loan Documents immediately after giving effect to the borrowing, as set forth herein. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="90%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Authorized Signatory</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&#8195;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT C</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF NOTICE OF CONVERSION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>DATE:</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">TO: &#8195;<B>STATE STREET BANK AND TRUST
COMPANY, as Agent</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>ATTN:</U>Robyn A. Shepard </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">&#8196;Assistant Vice President <FONT STYLE="white-space:nowrap">-CSU</FONT> Manager </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">&#8196;Ph: <FONT STYLE="white-space:nowrap">(617)937-8806</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">&#8196;Fax: <FONT STYLE="white-space:nowrap">(617)988-6677</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">&#8196;Email: rashepard@statestreet.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">FROM:
<B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC. (the &#147;Borrower&#148;)</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is hereby made to that
certain Amended and Restated Credit Agreement, dated as of March&nbsp;3, 2011 (such agreement, as amended and in effect from time to time, the &#147;Credit Agreement&#148;), among BlackRock Floating Rate Income Strategies Fund, Inc. (the
&#147;Borrower&#148;), the lending institutions referred to therein as Banks, and State Street Bank and Trust Company, as Agent. Capitalized terms which are used herein without definition and which are defined in the Credit Agreement shall have the
same meanings herein as in the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to Section&nbsp;2.02(b) of the Credit Agreement, the Borrower
hereby gives notice of its request to convert or continue the following Loan as set forth below </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:12pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"><B>Existing Loan</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><B>New Loan</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"><U>Type</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"><U>Amount</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Continue As</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" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&#8195;Interest</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>/Convert to</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Amount</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Date</U>*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&#8195;<U>Period</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">Term SOFR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">$<U>&#8195;&#8195;&#8195;&#8201;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Term SOFR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&#8195;<U>&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">Overnight&nbsp;Rate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">$<U>&#8195;&#8195;&#8195;&#8201;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Overnight Rate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">If Term SOFR, last day of current Interest</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" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3" STYLE="padding-bottom:12pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Period is: <U>&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned hereby certifies that: (a)&nbsp;on the date of this notice and immediately after giving effect
to the conversion or continuation of the Loan(s) as set forth herein, the aggregate outstanding principal amount of the Loans do not and will not exceed the Available Amount, (b)&nbsp;each of the representations and warranties of the Borrower set
out in Article IV of the Agreement remains true and accurate as of the date hereof and will be true and accurate immediately after giving effect to the borrowing, conversion or prepayment of the Loan(s) as set forth herein, and </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c) no Default or Event of Default has occurred and is continuing under the Agreement or any of
the other Loan Documents or will occur under the Agreement or any of the other Loan Documents immediately after giving effect to the conversion or of the Loan(s) as set forth herein. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Authorized Signatory</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">*Must be a Domestic Business Day. </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT</U> <U>D</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ASSIGNMENT AND
ACCEPTANCE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">Dated as of ___________ </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reference is made to the Amended and Restated Credit Agreement, dated as of March&nbsp;3, 2011 (as from time to time amended
and in effect, the &#147;Credit Agreement&#148;), by and among BlackRock Floating Rate Income Strategies Fund, Inc. (the &#147;Borrower&#148;), the lending institutions referred to therein as Banks (collectively, the &#147;Banks&#148;) and State
Street Bank and Trust Company, as agent (in such capacity, the &#147;Agent&#148;) for the Banks. Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">___________________________ (the &#147;Assignor&#148;) and ______________________ (the &#147;Assignee&#148;) hereby agree as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;1.&#8194; <U>Assignors</U></B>. Subject to the terms and conditions of this Assignment and Acceptance,
the Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes without recourse to the Assignor, a [$___________] interest in and to the rights, benefits, indemnities and obligations of the Assignor under the
Credit Agreement equal to [_____%] in respect of the Assignor&#146;s Commitment Amount immediately prior to the Effective Date (as hereinafter defined). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;2.&#8194; <U>Assignor&#146;s</U> <U>Representations</U>.</B> The Assignor (a)&nbsp;represents and warrants that
(i)&nbsp;it is legally authorized to enter into this Assignment and Acceptance, (ii)&nbsp;as of the date hereof, its Commitment Amount is [$_____________], its Commitment Percentage is [____%], the aggregate outstanding principal balance of its
Loans equals [$_____________], (in each case before giving effect to the assignment contemplated hereby and without giving effect to any contemplated assignments which have not yet become effective), and (iii)&nbsp;immediately after giving effect to
all assignments which have not yet become effective, the Assignor&#146;s Commitment Percentage will be sufficient to give effect to this Assignment and Acceptance, (b)&nbsp;makes no representation or warranty, express or implied, and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or any of the other Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Credit Agreement, any of the other Loan Documents or any other instrument or document furnished pursuant thereto or the attachment, perfection or priority of any security interest or mortgage, other than that it is the legal and
beneficial owner of the interest being assigned by it hereunder free and clear of any claim or encumbrance; (c)&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial condition of the Borrower or any
other Person primarily or secondarily liable in respect of any of the Loans, or the performance or observance by the Borrower or any other Person primarily or secondarily liable in respect of any of the Loans of any of its obligations under the
Credit Agreement or any of the other Loan Documents or any other instrument or document delivered or executed pursuant thereto; and (d)&nbsp;attaches hereto the Note delivered to it under the Credit Agreement. </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Assignor requests that the Borrower exchange the Assignor&#146;s Note for new
Notes payable to the Assignor and the Assignee as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Notes Payable to</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amount&nbsp;of</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><U>the Order of:</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Note</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Assignor</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Assignee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$<U>&#8195;&#8195;&#8195;&#8195;&#8195;</U></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;3.&#8194; <U>Assignee&#146;s</U> <U>Representations</U>.</B> The Assignee
(a)&nbsp;represents and warrants that (i)&nbsp;it is duly and legally authorized to enter into this Assignment and Acceptance, (ii)&nbsp;the execution, delivery and performance of this Assignment and Acceptance do not conflict with any provision of
law or of the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> of the Assignee, or of any agreement binding on the Assignee, (iii)&nbsp;all acts, conditions and things required to be done and performed and to have occurred prior to the
execution, delivery and performance of this Assignment and Acceptance, and to render the same the legal, valid and binding obligation of the Assignee, enforceable against it in accordance with its terms, have been done and performed and have
occurred in due and strict compliance with all applicable laws; (b)&nbsp;confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section&nbsp;5.01 thereof and
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (c)&nbsp;agrees that it will, independently and without reliance upon the Assignor, the
Agent or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (d)&nbsp;appoints and authorizes the
Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto;
[and] (e)&nbsp;agrees that it will perform in accordance with their terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Bank[; and (f)&nbsp;attaches hereto the forms required to be delivered
by it pursuant to Section&nbsp;2.12 of the Credit Agreement]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;4.&#8194; <U>Effective</U> <U>Date</U>.</B> The
effective date for this Assignment and Acceptance shall be [__________] (the &#147;Effective Date&#148;). Following the execution of this Assignment and Acceptance each party hereto shall deliver its duly executed counterpart hereof to the Agent for
consent by the Agent (and the Borrower, if required by the Credit Agreement) and recording in the register by the Agent. <U>Schedule</U> <U>1</U> to the Credit Agreement shall thereupon be replaced as of the Effective Date by the <U>Schedule</U>
<U>1</U> annexed hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;5.&#8194; <U>Rights</U> <U>Under</U> <U>Credit</U> <U>Agreement</U>.</B> Upon such
acceptance and recording, from and after the Effective Date, (a)&nbsp;the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Bank thereunder, and
(b)&nbsp;the Assignor shall, with respect to that portion of its interest under the Credit Agreement assigned hereunder, relinquish its rights and be released from its obligations under the Credit Agreement; <U>provided</U>, <U>however</U>, that the
Assignor shall retain its rights to be indemnified pursuant to Section&nbsp;9.03 of the Credit Agreement with respect to any claims or actions arising prior to the Effective Date. </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;6.&#8194; <U>Payments</U>.</B> Upon such acceptance of this Assignment
and Acceptance by the Agent and such recording, from and after the Effective Date, the Agent shall make all payments in respect of the rights and interests assigned hereby (including payments of principal, interest, fees and other amounts) to the
Assignee. The Assignor and the Assignee shall make any appropriate adjustments in payments for periods prior to the Effective Date by the Agent or with respect to the making of this assignment directly between themselves. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;7.&#8194; <U>Governing</U> <U>Law</U>.</B> THIS ASSIGNMENT AND ACCEPTANCE IS A CONTRACT UNDER THE LAWS OF THE STATE
OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OF LAW). EACH OF THE PARTIES HERETO AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF
THIS ASSIGNMENT AND ACCEPTANCE OR ANY OTHER ACTION BROUGHT BY SUCH PERSON ARISING HEREUNDER OR IN ANY WAY RELATED TO THIS ASSIGNMENT AND ACCEPTANCE WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE BROUGHT IN THE COURTS OF NEW YORK
STATE OR UNITED STATES FEDERAL COURT IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUIT BEING MADE UPON SUCH PERSON BY MAIL AT THE ADDRESS SPECIFIED IN
SECTION 9.01 OF THE CREDIT AGREEMENT (IN THE CASE OF THE ASSIGNOR OR THE BORROWER) OR, IN THE CASE OF THE ASSIGNEE, AT _______________. EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUIT BROUGHT
IN NEW YORK COUNTY, NEW YORK OR ANY COURT SITTING THEREIN OR THAT A SUIT BROUGHT THEREIN IS BROUGHT IN AN INCONVENIENT COURT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>&#167;8.&#8194; <U>Counterparts</U>.</B> This Assignment and Acceptance may be executed in any number of counterparts which
shall together constitute but one and the same agreement. </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<DIV STYLE="width:8.5in" align="left">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#8195; </P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, intending to be legally bound, each of the undersigned
has caused this Assignment and Acceptance to be executed on its behalf by its officer thereunto duly authorized, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>[ASSIGNOR]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">By:__________________________________</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Title:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>[ASSIGNEE]</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">By:__________________________________</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Title:</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; 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"><U>CONSENTED TO</U>:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">By:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; 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">Title:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>STATE&nbsp;STREET&nbsp;BANK&nbsp;AND&nbsp;TRUST&nbsp;COMPANY,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">as Agent</P></TD></TR>
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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">By:__________________________________</P></TD></TR>
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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">Title:</P></TD></TR>
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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>d877269dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<TITLE>EX-FILING FEES</TITLE>
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<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (s) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calculation of Filing Fee Tables </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">N-2</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Form Type) </P> <P STYLE="margin-top: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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact Name of Registrant as Specified in its Charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Table 1: Newly Registered and Carry Forward Securities </U></P> <P STYLE="font-size:8pt;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">


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<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Security<BR>Type</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Security<BR>Class<BR>Title</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Fee<BR>Calculation<BR>or&nbsp;Carry<BR>Forward<BR>Rule</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Amount<BR>Registered</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed<BR>Maximum<BR>Offering<BR>Price</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Per<BR>Unit</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Maximum<BR>Aggregate<BR>Offering Price</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Fee<BR>Rate</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of<BR>Registration<BR>Fee</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Carry<BR>Forward<BR>Form<BR>Type</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Carry<BR>Forward<BR>File<BR>Number</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Carry<BR>Forward<BR>Initial<BR>effective<BR>date</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Filing</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Fee<BR>Previously<BR>Paid In<BR>Connection<BR>with<BR>Unsold<BR>Securities<BR>to be<BR>Carried<BR>Forward</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="25" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="25" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">Newly Registered Securities</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:0.50em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Fees&nbsp;to</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:0.50em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Be</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-right:0.50em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common Stock</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">457(o)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$153.10</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$153.10</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Other</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rights to<BR>Purchase<BR>Common Stock(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#150;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:0.50em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Fees</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Previously
Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="25" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="25" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">Carry Forward Securities</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-right:0.50em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Carry</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Forward
Securities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="9" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="9" ALIGN="right" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Total Offering Amounts&#8199;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$1,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$153.10</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="9" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="9" ALIGN="right" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Total Fees Previously Paid&#8199;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="9" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="9" ALIGN="right" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Total Fee Offsets&#8199;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" COLSPAN="9" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="9" ALIGN="right" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Net Fee Due&#8199;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$153.10</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of
rights to purchase common stock, including any shares issued pursuant to an over-subscription privilege or a secondary over-subscription privilege, will be shares registered under this Registration Statement. </P></TD></TR></TABLE>
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