Shareholder Transactio n Expenses (%)
Sales load (as a percentage of offering price) 1
Offering expenses (as a percentage of offering price) 1
Dividend Reinvestment Plan fees 2	None

If Common Shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses.

Participants in the fund’s dividend reinvestment plan do not pay brokerage charges with respect to Common Shares issued directly by the fund. However, whenever

Common Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata

ortion of brokerage trading fees, currently

$0.05 per share purchased or sold. Brokerage trading fees will be deducted from amounts to be invested. Shareholders participating in the Plan may buy additional

Common Shares of the fund through the Plan at any time and will be charged a $5 transaction fee plus $0.05 per share brokerage trading fee for each order. See

“Distribution Policy” and “Dividend Reinvestment Plan.”

Sales Load [Percent]

^[1]

Dividend Reinvestment and Cash Purchase Fees

^[2]

$ 0

Other Transaction Expenses [Abstract]

Other Transaction Expenses [Percent]

^[1]

Annual Expenses [Table Text Block]

Annual Expenses ( Percentage of Net Assets Attributable to Common Shares ) (%)
Management fees 3	0.98
Interest Payments on Borrowed Funds 4	4.01
Other expenses	0.30
Total Annual Operating Expenses	5.29
Contractual Expense Reimbursement 5	(0.01 )
Total Annual Fund Operating Expenses After Expense Reimbursements	5.28

See “Management of the Fund—The Advisor.”

The

Fund

uses leverage by borrowing under

the LA

See “Other Investment Policies

–

Borrowing” and “Use of Leverage by the

Fund” in the accompanying Prospectus

The Advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to

an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement, including the fund (the

participating portfolios). This waiver equals, on an annualized basis, 0.0100% of that portion of the aggregate net assets of all the participating portfolios that

exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds

$125 billion but is less than or equal to $150 billion; 0.0150% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion

but is less than or equal to $175 billion; 0.0175% of that portion of the aggregate net assets of all the participating portfolios that exceeds $175 billion but is less

than or equal to $200 billion; 0.0200% of that portion of the aggregate net assets of all the participating portfolios that exceeds $200 billion but is less than or equal

to $225 billion; and 0.0225% of that portion of the aggregate net assets of all the participating portfolios that exceeds $225 billion. The amount of the

reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each participating portfolio. During its

most recent fiscal year, the fund’s reimbursement amounted to 0.01% of the fund’s average daily net assets. This agreement expires on July 31, 2025, unless renewed

by mutual agreement of the fund and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

Management Fees [Percent]

^[3]

0.98%

Interest Expenses on Borrowings [Percent]

^[4]

4.01%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

0.30%

Total Annual Expenses [Percent]

5.29%

Waivers and Reimbursements of Fees [Percent]

^[5]

(0.01%)

Net Expense over Assets [Percent]

5.28%

Expense Example [Table Text Block]

Expense example

The following example illustrates the expenses that Common Shareholders would pay on a $1,000 investment in Common Shares, assuming (i) total

annual expenses set forth above, including any reimbursements through their current expiration date; (ii) a 5% annual return; and (iii) all distributions

are reinvested at NAV:

	1 Year	3 Years	5 Years	10 Years
Total Expenses	$53	$158	$262	$521

The above table and example and the assumption in the example of a 5% annual return are required by regulations of the SEC that are applicable to all

investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the fund’s

Common Shares. For more complete descriptions of certain of the fund’s costs and expenses, see “Management of the Fund.” In addition, while the

example assumes reinvestment of all dividends and distributions at NAV, participants in the fund’s dividend reinvestment plan may receive Common

Shares purchased or issued at a price or value different from NAV. See “Distribution Policy” and “Dividend Reinvestment Plan.” The example does not

include sales load or estimated offering costs, which would cause the expenses shown in the example to increase.

The example should not be considered a representation of past or future expenses, and the fund’s actual expenses may be greater or less

than those shown. Moreover, the fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the

example.

Expense Example, Year 01

$ 53

Expense Example, Years 1 to 3

158

Expense Example, Years 1 to 5

262

Expense Example, Years 1 to 10

$ 521

Purpose of Fee Table , Note [Text Block]

The purpose of the table below is to help you understand all fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. In

accordance with SEC requirements, the table below shows the fund’s expenses as a percentage of its average net assets as of October 31, 2023 , and

not as a percentage of total assets. By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of

the assets in which the fund invests. The offering costs to be paid or reimbursed by the fund are not included in the Annual Expenses table below.

However, these expenses will be borne by Common Shareholders and may result in a reduction in the NAV of the Common Shares. See “Management of

the Fund” and “Dividend Reinvestment Plan.” The table and example are based on the fund’s capital structure as of October 31, 2023 .

Basis of Transaction Fees, Note [Text Block]

as a percentage of offering price

Management Fee not based on Net Assets, Note [Text Block]

See “Management of the Fund—The Advisor.”

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Investment Objective

The fund’s primary investment objective is to generate income for distribution to its shareholders, with capital appreciation as a secondary objective.

There can be no assurance that the fund will achieve its investment objectives. The fund’s investment objectives are not fundamental policies and may

be changed without the approval of a majority of the outstanding voting securities (as defined in the 1940 Act) of the fund.

Principal investment strategies

The preponderance of the fund’s assets are invested in a diversified portfolio of debt securities issued by U.S. and non-U.S. corporations and

governments, some of which may carry equity features. The fund emphasizes corporate debt securities which pay interest on a fixed or contingent basis

and which may possess certain equity features, such as conversion or exchange rights, warrants for the acquisition of the stock of the same or different

issuers, or participations based on revenues, sales or profits. The fund also may purchase preferred securities and may acquire common stock through

the exercise of conversion or exchange rights acquired in connection with other securities owned by the fund. The fund will not acquire any additional

preferred securities or common stock if as a result of that acquisition the value of all preferred securities and common stocks in the fund’s portfolio

would exceed 20% of its total assets. Up to 50% of the value of the fund’s assets may be invested in restricted securities acquired through private

placements. The fund may purchase mortgage-backed securities. The fund also may purchase and sell derivative instruments, including foreign

currency forward contracts, foreign currency swaps, futures contracts, swaps, including credit-default swaps and interest-rate swaps, and options,

including currency options. In addition, the fund may invest in repurchase and reverse repurchase agreements.

At least 30% of fund’s net assets (plus borrowings for investment purposes) will be represented by (a) debt securities which are rated, at the time of

acquisition, investment grade (

i.e

., at least “Baa” by Moody’s Investors Service, Inc. (“Moody’s”) or “BBB” by Standard & Poor’s Global Ratings Inc.

(“S&P”)) or in unrated securities determined by the subadvisor to be of comparable credit quality, (b) securities issued or guaranteed by the

U.S. government or its agencies and instrumentalities, and (c) cash or cash equivalents. The remaining 70% of the fund’s net assets (plus borrowings for

investment purposes) may be invested in debt securities of any credit quality, including securities rated below investment grade (

i.e

., rated “Ba” or lower

by Moody’s or “BB” or lower by S&P). Debt securities of below investment grade quality are regarded as having predominantly speculative

characteristics with respect to the issuer’s ability to pay interest and repay principal and are commonly referred to as “junk bonds” or “high yield

securities.” While the fund focuses on intermediate- and longer-term debt securities, the fund may acquire securities of any maturity and is not subject

to any limits as to the average maturity of its overall portfolio.

Securities rated “BBB” by S&P are regarded by S&P as having an adequate capacity to pay interest or dividends and repay capital or principal, as the

case may be; whereas such securities normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are

more likely, in the opinion of S&P, to lead to a weakened capacity to pay interest or dividends and repay capital or principal for securities in this category

than in higher rating categories. Securities rated “Baa” by Moody’s are considered by Moody’s as medium to lower medium grade securities; they are

neither highly protected nor poorly secured; interest or dividend payments and capital or principal security, as the case may be, appear to Moody’s to be

adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over time; and, in the opinion of

Moody’s, securities in this rating category lack outstanding investment characteristics and in fact have speculative characteristics as well. Below

investment grade securities and comparable unrated securities involve substantial risk of loss, are considered highly speculative with respect to the

issuer’s ability to pay interest and any required redemption or principal payments and are susceptible to default or decline in market value due to

adverse economic and business developments. Securities rated Ba or BB may face significant ongoing uncertainties or exposure to adverse business,

financial or economic conditions that could lead to the issuer being unable to meet its financial commitments. The protection of interest and principal

may be moderate and not well safeguarded during both good and bad times. Securities rated B generally lack the characteristics of a desirable

investment. Assurance of interest and principal payments over the long term may be low, and such securities are more vulnerable to nonpayment than

obligations rated BB or Ba. Adverse business, financial or economic conditions will likely impair the issuer’s capacity or willingness to meet its financial

commitments. The descriptions of the investment grade rating categories by Moody’s and S&P, including a description of their speculative

characteristics, are set forth in the SAI. All references to securities ratings by Moody’s and S&P in this Prospectus shall, unless otherwise indicated,

include all securities within each such rating category (

e.g

., “Baa1”, “Baa2” and “Baa3” in the case of Moody’s and “BBB+”, “BBB” and “BBB-” in the case

of S&P). All percentage and ratings limitations on securities in which the fund may invest apply at the time of making an investment and shall not be

considered violated if an investment rating is subsequently downgraded to a rating that would have precluded the fund’s initial investment in such

security. In the event of such security downgrade, the fund will sell the portfolio security as soon as the subadvisor believes it to be prudent to do so in

order to again cause the fund to be within the percentage and ratings limitations set forth in this Prospectus. 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.

In managing the fund’s portfolio, the subadvisor concentrates first on sector selection by deciding which types of bonds and industries to emphasize at a

given time, and then which individual bonds to buy. When making sector and industry allocations, the subadvisor tries to anticipate shifts in the business

cycle, using top-down analysis to determine which sectors and industries may benefit over the next 12 months. In choosing individual securities, the

subadvisor uses bottom-up research to find securities that appear comparatively undervalued. The subadvisor looks at bonds of all quality levels and

maturities from many different issuers, potentially including U.S. dollar-denominated securities of foreign corporations and governments. There can be

no assurance that the fund will achieve its investment objectives.

The Advisor may also take into consideration environmental, social, and/or governance (“ESG”) factors, alongside other relevant factors, as part of its

investment selection process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply

chain and human rights policies. The ESG characteristics utilized in the fund’s investment process may change over time and one or more

characteristics may not be relevant with respect to all issuers that are eligible fund investments

The fund may deviate from its principal investment strategies during transition periods, which may include the reassignment of portfolio management, a

change in investment objective or strategy, a reorganization or liquidation or the occurrence of large inflows or outflows.

Risk Factors [Table Text Block]

Risk Factors

The principal risks of investing in the fund are summarized in the Prospectus Summary above. Below are descriptions of the principal factors that may

play a role in shaping the fund’s overall risk profile. The descriptions appear in alphabetical order by general risks, equity strategy risks, and options

strategy risks, not in order of importance. For further details about the fund’s risks, including additional risk factors that are not discussed in this

Prospectus because they are considered non-principal factors, see the fund’s SAI.

General Risks

Anti-Takeover Provisions

The fund’s Declaration of Trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund or to change the

composition of its Board. These provisions may deprive shareholders of opportunities to sell their Common Shares at a premium over the then current

market price of the Common Shares. See “Certain Provisions in the Declaration of Trust and By-Laws—Anti-takeover provisions.”

Defensive Positions Risk

During periods of adverse market or economic conditions, the fund may temporarily invest all or a substantial portion of its total assets in short-term

money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. The fund will not be pursuing its

investment objectives in these circumstances and could miss favorable market developments.

Distribution Risk

There can be no assurance that quarterly distributions paid by the fund to shareholders will be maintained at current levels or increase over time. The

quarterly distributions shareholders receive from the fund are derived from the fund’s dividends and interest income after payment of fund expenses,

net option premiums and net realized gain on equity securities investments. If stock market volatility and/or stock prices decline, the premiums

available from writing call options and writing put options on individual stocks likely will decrease as well. Payments to purchase put options and to close

written call and put options will reduce amounts available for distribution. Net realized gain on the fund’s stock investments will be determined primarily

by the direction and movement of the stock market and the equity securities held. The fund’s cash available for distribution may vary widely over the

short- and long-term. If, for any calendar year, the total distributions made exceed the fund’s net investment taxable income and net capital gain, the

excess generally will be treated as a return of capital to each Common Shareholder (up to the amount of the Common Shareholder’s basis in his or her

Common Shares) and thereafter as gain from the sale of Common Shares. The amount treated as a return of capital reduces the Common Shareholder’s

adjusted basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of

his or her Common Shares. Distributions in any year may include a substantial return of capital component. Dividends on common stocks are not fixed

but are declared at the discretion of the issuer’s board of directors.

Economic and market events risk

Events in certain sectors historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. These events have included, but are not limited to: bankruptcies, corporate restructurings, and other similar events

; bank failures

; governmental efforts to limit short selling and high frequency trading; measures to address U.S. federal and state budget deficits; social, political, and

economic instability in Europe; economic stimulus by the Japanese central bank; dramatic changes in energy prices and currency exchange rates; and

China’s economic slowdown. Interconnected global economies and financial markets increase the possibility that conditions in one country or region

might adversely impact issuers in a different country or region. Both domestic and foreign equity markets have experienced increased volatility and

turmoil, with issuers that have exposure to the real estate, mortgage, and credit markets particularly affected. Financial institutions could suffer losses

as interest rates rise or economic conditions deteriorate.

In addition, relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers worldwide.

Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency

markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw

materials, goods, and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in

emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

Beginning in March 2022, the Fed began increasing interest rates and has signaled the potential for further increases. As a result, risks associated with

rising interest rates are currently heightened. It is difficult to accurately predict the pace at which the Fed will increase interest rates any further, or the

timing, frequency or magnitude of any such increases, and the evaluation of macro-economic and other conditions could cause a change in approach in

the future. Any such increases generally will cause market interest rates to rise and could cause the value of a fund’s investments, and the fund’s net

asset value (NAV), to decline, potentially suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased

portfolio turnover, which could increase the costs that the fund incurs and may negatively impact the fund’s performance.

In addition, as the Fed increases the target Fed funds rate, any such rate increases, among other factors, could cause markets to experience continuing

high volatility. A significant increase in interest rates may cause a decline in the market for equity securities. These events and the possible resulting

market volatility may have an adverse effect on the fund.

Political turmoil within the United States and abroad may also impact the fund. Although the U.S. government has honored its credit obligations, it

remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented

event, 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’s investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of

government services, which could negatively affect the U.S. economy, decrease the value of many fund investments, and increase uncertainty in or

impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and imposed or

threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets.

Uncertainties surrounding the sovereign debt of a number of European Union (EU) countries and the viability of the EU have disrupted and may in the

future disrupt markets in the United States and around the world. If one or more countries leave the EU or the EU dissolves, the global securities

markets likely will be significantly disrupted. On January 31, 2020, the United Kingdom (UK) left the EU, commonly referred to as “Brexit,” the UK

ceased to be a member of the EU, and the UK and EU entered into a Trade and Cooperation Agreement. While the full impact of Brexit is unknown, Brexit

has already resulted in volatility in European and global markets. There remains significant market uncertainty regarding Brexit’s ramifications, and the

range and potential implications of possible political, regulatory, economic, and market outcomes are difficult to predict.

A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, which may

lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance. For example, the

coronavirus (COVID-19) pandemic has resulted and may continue to result in significant disruptions to global business activity and market volatility due

to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among

others. While many countries have lifted some or all restrictions related to the coronavirus (COVID-19) and the United States ended the public health

emergency and national emergency declarations relating to the coronavirus (COVID-19) pandemic on May 11, 2023, the continued impact of

coronavirus (COVID-19) and related variants is uncertain. The impact of a health crisis and other epidemics and pandemics that may arise in the future,

could affect the global economy in ways that cannot necessarily be foreseen at the present time. A health crisis may exacerbate other pre-existing

political, social and economic risks. Any such impact could adversely affect the fund’s performance, resulting in losses to your investment.

Political and military events, including in Ukraine, North Korea, Russia, Venezuela, Iran, Syria, and other areas of the Middle East, and nationalist unrest

in Europe and South America, also may cause market disruptions.

As a result of continued political tensions and armed conflicts, including the Russian invasion of Ukraine commencing in February of 2022, the extent

and ultimate result of which are unknown at this time, the United States and the EU, along with the regulatory bodies of a number of countries, have

imposed economic sanctions on certain Russian corporate entities and individuals, and certain sectors of Russia’s economy, which may result in, among

other things, the continued devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a decline in the value and liquidity of

Russian securities, property or interests. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in

prohibited assets, impairing the ability of a fund to buy, sell, receive or deliver those securities and/or assets. These sanctions or the threat of additional

sanctions could also result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian

securities. The United States and other nations or international organizations may also impose additional economic sanctions or take other actions that

may adversely affect Russia-exposed issuers and companies in various sectors of the Russian economy. Any or all of these potential results could lead

Russia’s economy into a recession. Economic sanctions and other actions against Russian institutions, companies, and individuals resulting from the

ongoing conflict may also have a substantial negative impact on other economies and securities markets both regionally and globally, as well as on

companies with operations in the conflict region, the extent to which is unknown at this time. The United States and the EU have also imposed similar

sanctions on Belarus for its support of Russia’s invasion of Ukraine. Additional sanctions may be imposed on Belarus and other countries that support

Russia. Any such sanctions could present substantially similar risks as those resulting from the sanctions imposed on Russia, including substantial

negative impacts on the regional and global economies and securities markets.

In addition, there is a risk that the prices of goods and services in the United States and many foreign economies may decline over time, known as

deflation. Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country’s economy

slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Further, there is a risk that the present value of

assets or income from investments will be less in the future, known as inflation. Inflation rates may change frequently and drastically as a result of

various factors, including unexpected shifts in the domestic or global economy, and a fund’s investments may be affected, which may reduce a fund’s

performance. Further, inflation may lead to the rise in interest rates, which may negatively affect the value of debt instruments held by the fund,

resulting in a negative impact on a fund’s performance. Generally, securities issued in emerging markets are subject to a greater risk of inflationary or

deflationary forces, and more developed markets are better able to use monetary policy to normalize markets.

ESG Integration Risk

The manager considers ESG factors that it deems relevant or additive, along with other material factors and analysis, when managing the fund. The

manager may consider these ESG factors on all or a meaningful portion of the fund’s investments. In certain situations, the extent to which these ESG

factors may be applied according to the manager’s integrated investment process may not include U.S. Treasuries, government securities, or other

asset classes. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human

rights policies. Incorporating ESG criteria and making investment decisions based on certain ESG characteristics, as determined by the manager,

carries the risk that the fund may perform differently, including underperforming, funds that do not utilize ESG criteria, or funds that utilize different ESG

criteria. Integration of ESG factors into the fund’s investment process may result in a manager making different investments for the fund than for a fund

with a similar investment universe and/or investment style that does not incorporate such considerations in its investment strategy or processes, and

the fund’s investment performance may be affected. Because ESG factors are one of many considerations for the fund, the manager may nonetheless

include companies with low ESG characteristics or exclude companies with high ESG characteristics in the fund’s investments.

The ESG characteristics utilized in the fund’s investment process may change over time, and different ESG characteristics may be relevant to different

investments. Although the manager has established its own structure to oversee ESG integration in accordance with the fund’s investment objective and

strategies, successful integration of ESG factors will depend on the manager’s skill in researching, identifying, and applying these factors, as well as on

the availability of relevant data. The method of evaluating ESG factors and subsequent impact on portfolio composition, performance, proxy voting

decisions and other factors, is subject to the interpretation of the manager in accordance with the fund’s investment objective and strategies. ESG

factors may be evaluated differently by different managers, and may not carry the same meaning to all investors and managers. The manager may

employ active shareowner engagement to raise ESG issues with the management of select portfolio companies. The regulatory landscape with respect

to ESG investing in the United States is evolving and any future rules or regulations may require the fund to change its investment process with respect

to ESG integration.

Fixed-income securities risk

Fixed-income securities are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk and (2) credit

quality risk.

Interest Rate Risk.

Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of the

fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally

can be expected to decline. Recent and potential future changes in government monetary policy may affect interest rates.

The longer a fixed-income security’s duration, the more sensitive it will be to changes in interest rates. Similarly, a fund with a longer average portfolio

duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Duration is a measure used to

determine the sensitivity of a security’s price to changes in interest rates that incorporates a security’s yield, coupon, final maturity, and call features,

among other characteristics. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of

fixed-income investments would generally be expected to decline by one percent for every year of the portfolio’s average duration above zero. For

example, the price of a bond fund with an average duration of eight years would be expected to fall approximately 8% if interest rates rose by one

percentage point. The maturity of a security, another commonly used measure of price sensitivity, measures only the time until final payment is due,

whereas duration takes into account the pattern of all payments of interest and principal on a security over time, including how these payments are

affected by prepayments and by changes in interest rates, as well as the time until an interest rate is reset (in the case of variable-rate securities).

Beginning in March 2022, the Fed began increasing interest rates and has signaled the potential for further increases. It is difficult to accurately

predict the pace at which the Fed will increase interest rates any further, or the timing, frequency or magnitude of any such increases, and the

evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such increases generally will cause market

interest rates to rise, and could cause the value of a fund’s investments, and the fund’s NAV, to decline, potentially suddenly and significantly. As a

result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase the costs that the fund incurs

and may negatively impact the fund’s performance.

In response to certain serious economic disruptions, governmental authorities and regulators typically respond with significant fiscal and monetary

policy changes, including considerably lowering interest rates, which, in some cases could result in negative interest rates. These actions, including

their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To

the extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return

on that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on

investments, including on investments of the fund’s uninvested cash.

Credit Quality Risk.

Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal

borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security,

the market value of the security may decrease and lead to a decrease in the value of the fund’s investments. Funds that may invest in lower rated

fixed-income securities are riskier than funds that may invest in higher rated fixed-income securities.

Liquidity Risk.

Liquidity risk may result from the lack of an active market, the reduced number of traditional market participants, or the reduced

capacity of traditional market participants to make a market in fixed-income securities. The capacity of traditional dealers to engage in fixed-income

trading has not kept pace with the bond market’s growth. As a result, dealer inventories of corporate bonds, which indicate the ability to “make

markets,” i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near historic lows relative to market size. Because market

makers provide stability to fixed-income markets, the significant reduction in dealer inventories could lead to decreased liquidity and increased

volatility, which may become exacerbated during periods of economic or political stress. The secondary market for certain tax-exempt securities

tends to be less well-developed or liquid than many other securities markets, which may adversely affect a fund’s ability to sell such securities at

attractive prices.

Leverage risk

By leveraging its investment portfolio, the fund creates an opportunity for increased net income or capital appreciation. However, the use of leverage

also involves risks, which can be significant. These risks include the possibility that the value of the assets acquired with such borrowing decreases

although the fund’s liability is fixed, greater volatility in the fund’s NAV and the market price of the fund’s Common Shares and higher expenses. Since the

Advisor’s fee is based upon a percentage of the fund’s managed assets, the Advisor’s fee will be higher if the fund is leveraged and the Advisor will have

an incentive to leverage the fund. The Board will monitor this potential conflict. The Advisor intends to leverage the fund only when it believes that the

potential return on the additional investments acquired through the use of leverage is likely to exceed the costs incurred in connection with the offering.

The fund is authorized to utilize leverage through borrowings, reinvestment of securities lending collateral or reverse repurchase agreement proceeds,

and/or the issuance of preferred shares, including the issuance of debt securities. The fund is party to the LA as described in “—Description of Capital

Structure—Liquidity Facility.”

The fund utilizes the LA to increase its assets available for investment. When the fund leverages its assets, Common Shareholders bear the fees

associated with the liquidity facility and have the potential to benefit or be disadvantaged from the use of leverage. In addition, the fee paid to the

Advisor is calculated on the basis of the fund’s average daily managed assets, including proceeds from borrowings and/or the issuance of preferred

shares, so the fee will be higher when leverage is utilized, which may create an incentive for the Advisor to employ financial leverage. Consequently, the

fund and the Advisor may have differing interests in determining whether to leverage the fund’s assets. Leverage creates risks that may adversely affect

the return for the Common Shareholders, including:

•

the likelihood of greater volatility of NAV and market price of Common Shares;

•

fluctuations in the interest rate paid for the use of the LA;

•

increased operating costs, which may reduce the fund’s total return;

•

the potential for a decline in the value of an investment acquired through leverage, while the fund’s obligations under such leverage remains fixed;

and

•

the fund is more likely to have to sell securities in a volatile market in order to meet asset coverage or other debt compliance requirements.

To the extent the returns derived from securities purchased with proceeds received from leverage exceed the cost of leverage, the fund’s distributions

may be greater than if leverage had not been used. Conversely, if the returns from the securities purchased with such proceeds are not sufficient to

cover the cost of leverage, the amount available for distribution to Common Shareholders will be less than if leverage had not been used. In the latter

case, the Advisor, in its best judgment, may nevertheless determine to maintain the fund’s leveraged position if it deems such action to be appropriate.

The costs of a borrowing program and/or an offering of preferred shares would be borne by Common Shareholders and consequently would result in a

reduction of the NAV of Common Shares.

In addition to the risks created by the fund’s use of leverage, the fund is subject to the risk that the liquidity facility agreement is terminated due to the

occurrence of one or more events of default under the LA. If the LA is terminated in such circumstances, the fund would be subject to additional risk that

it would be unable to timely, or at all, obtain replacement financing. The fund might also be required to de-leverage, selling securities at a potentially

inopportune time and incurring tax consequences. Further, the fund’s ability to generate income from the use of leverage would be adversely affected.

The fund may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a

liquidity facility; either of these requirements will increase the cost of borrowing over the stated interest rate. To the extent that the fund borrows

through the use of reverse repurchase agreements, it would be subject to a risk that the value of the portfolio securities transferred may substantially

exceed the purchase price received by the fund under the reverse repurchase agreement transaction. Alternatively, during the life of any reverse

repurchase agreement transaction, the fund may be required to transfer additional securities if the market value of those securities initially transferred

declines. In addition, capital raised through borrowing or the issuance of preferred shares will be subject to interest costs or dividend payments that

may or may not exceed the income and appreciation on the assets purchased. The issuance of additional classes of preferred shares involves offering

expenses and other costs, which will be borne by the Common Shareholders, and may limit the fund’s freedom to pay dividends on Common Shares or to

engage in other activities.

The fund may be subject to certain restrictions on investments imposed by guidelines of one or more nationally recognized statistical rating

organizations which may issue ratings for the preferred shares or short-term debt instruments issued by the fund. These guidelines may impose asset

coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. Certain types of borrowings may result in

the fund being subject to covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition

requirements and additional covenants that may affect the fund’s ability to pay dividends and distributions on Common Shares in certain instances. The

fund also may be required to pledge its assets to the lenders in connection with certain types of borrowing. Under the current LA, the fund is subject to

covenants that include, but are not limited to, certain minimum net asset value and collateral requirements, as well as a requirement to provide timely

certain financial information to the lender. The Advisor does not anticipate that these covenants or restrictions will adversely affect its ability to manage

the fund’s portfolio in accordance with the fund’s investment objectives and principal investment strategies. Due to these covenants or restrictions, the

fund may be forced to liquidate investments at times and at prices that are not favorable to the fund, or the fund may be forced to forego investments

that the Advisor otherwise views as favorable.

The extent that the fund employs leverage, if any, will depend on many factors, the most important of which are investment outlook, market conditions

and interest rates. Successful use of a leveraging strategy depends on the Advisor’s ability to predict correctly interest rates and market movements.

There is no assurance that a leveraging strategy will be successful during any period in which it is employed.

Market Discount Risk

The fund’s Common Shares will be offered only when Common Shares of the fund are trading at a price equal to or above the fund’s NAV per Common

Share plus the per Common Share amount of commissions. As with any security, the market value of the Common Shares may increase or decrease

from the amount initially paid for the Common Shares. The fund’s Common Shares have traded at both a premium and at a discount to NAV. The shares

of closed-end management investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from

the risk that the fund’s NAV could decrease as a result of investment activities. Investors bear a risk of loss to the extent that the price at which they sell

their shares is lower in relation to the fund’s NAV than at the time of purchase, assuming a stable NAV.

Operational and cybersecurity risk

With the increased use of technologies, such as mobile devices and “cloud”-based service offerings and the dependence on the internet and computer

systems to perform necessary business functions, the fund’s service providers are susceptible to operational and information or cybersecurity risks that

could result in losses to the fund and its shareholders. Intentional cybersecurity breaches include unauthorized access to systems, networks, or devices

(such as through “hacking” activity or “phishing”); infection from computer viruses or other malicious software code; and attacks that shut down,

disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cyber-attacks can also be carried out in a manner

that does not require gaining unauthorized access, such as causing denial-of-service attacks on the service providers’ systems or websites rendering

them unavailable to intended users or via “ransomware” that renders the systems inoperable until appropriate actions are taken. In addition,

unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy

laws).

A cybersecurity breach could result in the loss or theft of customer data or funds, loss or theft of proprietary information or corporate data, physical

damage to a computer or network system, or costs associated with system repairs. Such incidents could cause a fund, the advisor, a manager, or other

service providers to incur regulatory penalties, reputational damage, additional compliance costs, litigation costs or financial loss. In addition, such

incidents could affect issuers in which a fund invests, and thereby cause the fund’s investments to lose value.

Cyber-events have the potential to materially affect the fund and the advisor’s relationships with accounts, shareholders, clients, customers,

employees, products, and service providers. The fund has established risk management systems reasonably designed to seek to reduce the risks

associated with cyber-events. There is no guarantee that the fund will be able to prevent or mitigate the impact of any or all cyber-events.

The fund is exposed to operational risk arising from a number of factors, including, but not limited to, human error, processing and communication

errors, errors of the fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or system failures.

In addition, other disruptive events, including (but not limited to) natural disasters and public health crises may adversely affect the fund’s ability to

conduct business, in particular if the fund’s employees or the employees of its service providers are unable or unwilling to perform their responsibilities

as a result of any such event. Even if the fund’s employees and the employees of its service providers are able to work remotely, those remote work

arrangements could result in the fund’s business operations being less efficient than under normal circumstances, could lead to delays in its processing

of transactions, and could increase the risk of cyber-events.

Secondary Market for the Common Shares

The issuance of new Common Shares may have an adverse effect on the secondary market for the Common Shares. When Common Shares are trading

at a premium, the fund may issue new Common Shares of the fund. The increase in the amount of the fund’s outstanding Common Shares resulting from

the offering of new Common Shares may put downward pressure on the market price for the Common Shares of the fund. Common Shares will not be

issued at any time when Common Shares are trading at a price lower than a price equal to the fund’s NAV per Common Share plus the per Common

Share amount of commissions.

The fund also issues Common Shares through its dividend reinvestment plan. Common Shares may be issued under the plan at a discount to the market

price for such Common Shares, which may put downward pressure on the market price for Common Shares of the fund.

The voting power of current Common Shareholders will be diluted to the extent that such shareholders do not purchase shares in any future Common

Share offerings or do not purchase sufficient shares to maintain their percentage interest. In addition, if the proceeds of such offering are unable to be

invested as intended, the fund’s per Common Share distribution may decrease (or may consist of return of capital) and the fund may not participate in

market advances to the same extent as if such proceeds were fully invested as planned.

Sector Risk

When a fund’s investments are focused in one or more sectors of the economy, they are less broadly invested across industries or sectors than other

funds. This means that focused funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more rapidly.

In addition, a fund that invests in particular sectors is particularly susceptible to the impact of market, economic, political, regulatory, and other

conditions and risks affecting those sectors. From time to time, a small number of companies may represent a large portion of a single sector or a group

of related sectors as a whole.

Tax Risk

To qualify for the special tax treatment available to regulated investment companies, the fund must: (i) derive at least 90% of its annual gross income

from certain kinds of investment income; (ii) meet certain asset diversification requirements at the end of each quarter; and (iii) distribute in each

taxable year at least 90% of its net investment income (including net interest income and net short term capital gain). If the fund failed to meet any of

these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the fund would be subject to U.S. federal

income tax at regular corporate rates on its taxable income, including its net capital gain, even if such income were distributed to its shareholders. All

distributions by the fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to the shareholders as ordinary

income. To the extent designated by the fund, such distributions generally would be eligible (i) to be treated as qualified dividend income in the case of

individual and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders, provided that in

each case the shareholder meets applicable holding period requirements. In addition, in order to requalify for taxation as a regulated investment

company, the fund might be required to recognize unrealized gain, pay substantial taxes and interest, and make certain distributions. See “U.S. Federal

Income Tax Matters.”

The tax treatment and characterization of the fund’s distributions may vary significantly from time to time due to the nature of the fund’s investments.

The ultimate tax characterization of the fund’s distributions in a calendar year may not finally be determined until after the end of that calendar year. The

fund may make distributions during a calendar year that exceed the fund’s net investment income and net realized capital gain for that year. In such a

situation, the amount by which the fund’s total distributions exceed net investment income and net realized capital gain generally would be treated as a

return of capital up to the amount of the Common Shareholder’s tax basis in his or her Common Shares, with any amounts exceeding such basis treated

as gain from the sale of his or her Common Shares. The fund’s income distributions that qualify for favorable tax treatment may be affected by the

Internal Revenue Service’s (“IRS”) interpretations of the Code and future changes in tax laws and regulations. See “U.S. Federal Income Tax Matters.”

No assurance can be given as to what percentage of the distributions paid on Common Shares,

any, will consist of long-term capital gain or what the

tax rates on various types of income will be in future years. See “U.S. Federal Income Tax Matters.”

Strategy Risks

Brady Bonds Risk

Brady Bonds are debt securities issued under the framework of the “Brady Plan,” an initiative announced by former U.S. Treasury Secretary Nicholas F.

Brady in 1989 as a mechanism for debtor nations to restructure their outstanding external commercial bank indebtedness. The Brady Plan framework,

as it has developed, involves the exchange of external commercial bank debt for newly issued bonds (“Brady Bonds”). Brady Bonds also may be issued in

respect of new money being advanced by existing lenders in connection with the debt restructuring. Brady Bonds issued to date generally have

maturities between 15 and 30 years from the date of issuance and have traded at a deep discount from their face value. In addition to Brady Bonds,

investments in emerging market governmental obligations issued as a result of debt restructuring agreements outside of the scope of the Brady Plan

are available.

Agreements implemented under the Brady Plan to date are designed to achieve debt and debt-service reduction through specific options negotiated by

a debtor nation with its creditors. As a result, the financial packages offered by each country differ. The types of options have included:

•

the exchange of outstanding commercial bank debt for bonds issued at 100% of face value that carry a below-market stated rate of interest

(generally known as par bonds);

•

bonds issued at a discount from face value (generally known as discount bonds);

•

bonds bearing an interest rate which increases over time; and

•

bonds issued in exchange for the advancement of new money by existing lenders.

Discount bonds issued to date under the framework of the Brady Plan have generally borne interest computed semiannually at a rate equal to 13/16th

of one percent above current six-month LIBOR. Regardless of the stated face amount and interest rate of the various types of Brady Bonds, when

investing in Brady Bonds, a fund will purchase Brady Bonds in secondary markets in which the price and yield to the investor reflect market conditions at

the time of purchase.

Certain sovereign bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute supplemental interest payments

but generally are not collateralized. Certain Brady Bonds have been collateralized as to principal due at maturity (typically 15 to 30 years from the date

of issuance) by U.S. Treasury zero coupon bonds with a maturity equal to the final maturity of such Brady Bonds, although the collateral is not available

to investors until the final maturity of the Brady Bonds. Collateral purchases are financed by the International Monetary Fund (the “IMF”), the World Bank

and the debtor nations’ reserves. In addition, interest payments on certain types of Brady Bonds may be collateralized by cash or high-grade securities

in amounts that typically represent between 12 and 18 months of interest accruals on these instruments, with the balance of the interest accruals

being uncollateralized.

A fund may purchase Brady Bonds with no or limited collateralization, and must rely for payment of interest and (except in the case of principal

collateralized Brady Bonds) principal primarily on the willingness and ability of the foreign government to make payment in accordance with the terms of

the Brady Bonds.

Brady Bonds issued to date are purchased and sold in secondary markets through U.S. securities dealers and other financial institutions and are

generally maintained through European transactional securities depositories. A substantial portion of the Brady Bonds and other sovereign debt

securities in which a fund invests are likely to be acquired at a discount.

Credit and Counterparty Risk

This is the risk that an issuer of a U.S. government security, the issuer or guarantor of a fixed-income security, the counterparty to an over-the-counter

(OTC) derivatives contract (see “Hedging, derivatives, and other strategic transactions risk”), or a borrower of a fund’s securities will be unable or

unwilling to make timely principal, interest, or settlement payments, or otherwise honor its obligations. Credit risk associated with investments in

fixed-income securities relates to the ability of the issuer to make scheduled payments of principal and interest on an obligation. A fund that invests in

fixed-income securities is subject to varying degrees of risk that the issuers of the securities will have their credit ratings downgraded or will default,

potentially reducing the fund’s share price and income level. Nearly all fixed-income securities are subject to some credit risk, which may vary

depending upon whether the issuers of the securities are corporations, domestic or foreign governments, or their subdivisions or instrumentalities.

U.S. government securities are subject to varying degrees of credit risk depending upon whether the securities are supported by the full faith and credit

of the United States; supported by the ability to borrow from the U.S. Treasury; supported only by the credit of the issuing U.S. government agency,

instrumentality, or corporation; or otherwise supported by the United States. For example, issuers of many types of U.S. government securities (e.g., the

Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Banks),

although chartered or sponsored by Congress, are not funded by congressional appropriations, and their fixed-income securities, including

asset-backed and mortgage-backed securities, are neither guaranteed nor insured by the U.S. government. An agency of the U.S. government has

placed Fannie Mae and Freddie Mac into conservatorship, a statutory process with the objective of returning the entities to normal business operations.

It is unclear what effect this conservatorship will have on the securities issued or guaranteed by Fannie Mae or Freddie Mac. As a result, these securities

are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States (e.g., U.S. Treasury

bonds). When a fixed-income security is not rated, a manager may have to assess the risk of the security itself. Asset-backed securities, whose principal

and interest payments are supported by pools of other assets, such as credit card receivables and automobile loans, are subject to further risks,

including the risk that the obligors of the underlying assets default on payment of those assets.

Funds that invest in below-investment-grade securities, also called junk bonds (e.g., fixed-income securities rated Ba or lower by Moody’s Investors

Service, Inc. or BB or lower by S&P Global Ratings or Fitch Ratings, as applicable, at the time of investment, or determined by a manager to be of

comparable quality to securities so rated) are subject to increased credit risk. The sovereign debt of many foreign governments, including their

subdivisions and instrumentalities, falls into this category. Below-investment-grade securities offer the potential for higher investment returns than

higher-rated securities, but they carry greater credit risk: their issuers’ continuing ability to meet principal and interest payments is considered

speculative, they are more susceptible to real or perceived adverse economic and competitive industry conditions, and they may be less liquid than

higher-rated securities.

In addition, a fund is exposed to credit risk to the extent that it makes use of OTC derivatives (such as forward foreign currency contracts and/or swap

contracts) and engages to a significant extent in the lending of fund securities or the use of repurchase agreements. OTC derivatives transactions can

be closed out with the other party to the transaction. If the counterparty defaults, a fund will have contractual remedies, but there is no assurance that

the counterparty will be able to meet its contractual obligations or that, in the event of default, a fund will succeed in enforcing them. A fund, therefore,

assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that those payments may be delayed or made

only after the fund has incurred the costs of litigation. While the manager intends to monitor the creditworthiness of contract counterparties, there can

be no assurance that the counterparty will be in a position to meet its obligations, especially during unusually adverse market conditions.

Equity Securities Risk

Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate, and can

decline and reduce the value of a fund investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition

and overall market and economic conditions. The value of equity securities purchased by a fund could decline if the financial condition of the companies

in which the fund is invested declines, or if overall market and economic conditions deteriorate. An issuer’s financial condition could decline as a result

of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor issues, shortages, corporate

restructurings, fraudulent disclosures, irregular and/or unexpected trading activity among retail investors, or other factors. Changes in the financial

condition of a single issuer can impact the market as a whole.

Even a fund that invests in high-quality, or blue chip, equity securities, or securities of established companies with large market capitalizations (which

generally have strong financial characteristics), can be negatively impacted by poor overall market and economic conditions. Companies with large

market capitalizations may also have less growth potential than smaller companies and may be less able to react quickly to changes in the marketplace.

The fund generally does not attempt to time the market. Because of its exposure to equities, the possibility that stock market prices in general will

decline over short or extended periods subjects the fund to unpredictable declines in the value of its investments, as well as periods of poor

performance.

Credit quality risk.

Fixed-income securities are subject to the risk that the issuer of the security will not repay all or a portion of the principal

borrowed and will not make all interest payments. If the credit quality of a fixed-income security deteriorates after a fund has purchased the security,

the market value of the security may decrease and lead to a decrease in the value of the fund’s investments. An issuer’s credit quality could

deteriorate as a result of poor management decisions, competitive pressures, technological obsolescence, undue reliance on suppliers, labor

issues, shortages, corporate restructurings, fraudulent disclosures, or other factors. Funds that may invest in lower-rated fixed-income securities,

commonly referred to as junk securities, are riskier than funds that may invest in higher-rated fixed-income securities.

Interest-rate risk.

Fixed-income securities are affected by changes in interest rates. When interest rates decline, the market value of fixed-income

securities generally can be expected to rise. Conversely, when interest rates rise, the market value of fixed-income securities generally can be

expected to decline. The longer the duration or maturity of a fixed-income security, the more susceptible it is to interest-rate risk. Duration is a

measure of the price sensitivity of a debt security, or a fund that invests in a portfolio of debt securities, to changes in interest rates, whereas the

maturity of a security measures the time until final payment is due. Duration measures sensitivity more accurately than maturity because it takes

into account the time value of cash flows generated over the life of a debt security. Recent and potential future changes in government monetary

policy may affect interest rates.

Beginning in March 2022, the Federal Reserve Board (Fed) began increasing interest rates and has signaled the potential for further increases. It is

difficult to accurately predict the pace at which the Fed will increase interest rates any further, or the timing, frequency or magnitude of any such

increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such increases generally

will cause market interest rates to rise and could cause the value of a fund’s investments, and the fund’s net asset value (NAV), to decline, potentially

suddenly and significantly. As a result, the fund may experience high redemptions and, as a result, increased portfolio turnover, which could increase

the costs that the fund incurs and may negatively impact the fund’s performance.

In response to certain economic disruptions, governmental authorities and regulators typically respond with significant fiscal and monetary policy

changes, including considerably lowering interest rates, which, in some cases could result in negative interest rates. These actions, including their

reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets and reduce market liquidity. To the

extent the fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the fund would generate a negative return on

that investment. Similarly, negative rates on investments by money market funds and similar cash management products could lead to losses on

investments, including on investments of the fund’s uninvested cash.

Investment-grade fixed-income securities in the lowest rating category risk.

Investment-grade fixed-income securities in the lowest rating

category (such as Baa by Moody’s Investors Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, as applicable, and comparable unrated

securities) involve a higher degree of risk than fixed-income securities in the higher rating categories. While such securities are considered

investment-grade quality and are deemed to have adequate capacity for payment of principal and interest, such securities lack outstanding

investment characteristics and have speculative characteristics as well. For example, changes in economic conditions or other circumstances are

more likely to lead to a weakened capacity to make principal and interest payments than is the case with higher-grade securities.

Prepayment of principal risk.

Many types of debt securities, including floating-rate loans, are subject to prepayment risk. Prepayment risk is the

risk that, when interest rates fall, certain types of obligations will be paid off by the borrower more quickly than originally anticipated and the fund

may have to invest the proceeds in securities with lower yields. Securities subject to prepayment risk can offer less potential for gains when the

credit quality of the issuer improves.

Preferred and Convertible Securities Risk

Unlike interest on debt securities, preferred stock dividends are payable only if declared by the issuer’s board. Also, preferred stock may be subject to

optional or mandatory redemption provisions. The market values of convertible securities tend to fall as interest rates rise and rise as interest rates fall.

The value of convertible preferred stock can depend heavily upon the value of the security into which such convertible preferred stock is converted,

depending on whether the market price of the underlying security exceeds the conversion price.

Fixed-Income Securities Risk

Fixed-income securities are generally subject to two principal types of risk, as well as other risks described below: (1) interest-rate risk and (2) credit

quality risk.

Hedging, Derivatives and Other Strategic Transactions Risk

The ability of the fund to utilize hedging, derivatives and other strategic transactions to benefit the fund will depend in part on the subadvisor’s ability to

predict pertinent market movements and market risk, counterparty risk, credit risk, interest-rate risk and other risk factors, none of which can be

assured. The skills required to utilize hedging and other strategic transactions are different from those needed to select the fund’s securities. Even if the

subadvisor only uses hedging and other strategic transactions in the fund primarily for hedging purposes or to gain exposure to a particular securities

market, if the transaction does not have the desired outcome, it could result in a significant loss to the fund. The amount of loss could be more than the

principal amount invested. These transactions also may increase the volatility of the fund and may involve a small investment of cash relative to the

magnitude of the risks assumed, thereby magnifying the impact of any resulting gain or loss. For example, the potential loss from the use of futures can

exceed the fund’s initial investment in such contracts. In addition, these transactions could result in a loss to the fund if the counterparty to the

transaction does not perform as promised.

The fund may invest in derivatives, which are financial contracts with a value that depends on, or is derived from, the value of underlying assets,

reference rates or indexes. Examples of derivative instruments include options, futures contracts, options on futures contracts, foreign currency

forward contracts and swap agreements (including, but not limited to, interest-rate swaps, total return swaps, credit default swaps and swaps on

exchange-traded funds). Derivatives may relate to stocks, bonds, interest rates, currencies or currency exchange rates and related indexes. The fund

may use derivatives for many purposes, including for hedging, and as a substitute for direct investment in securities or other assets. Derivatives may be

used in a way to efficiently adjust the exposure of the fund to various securities, markets and currencies without the fund actually having to sell existing

investments and make new investments. This generally will be done when the adjustment is expected to be relatively temporary or in anticipation of

effecting the sale of fund assets and making new investments over time. Further, since many derivatives have a leverage component, adverse changes in

the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative

itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When the fund uses derivatives for

leverage, investments in the fund will tend to be more volatile, resulting in larger gain or loss in response to market changes. For a description of the

various derivative instruments the fund may utilize and certain risk measures the fund may implement, refer to the SAI.

The regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may continue. In

particular, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulations promulgated or proposed thereunder require many

derivatives to be cleared and traded on an exchange, expand entity registration requirements, impose business conduct requirements on dealers that

enter into swaps with a pension plan, endowment, retirement plan or government entity, and required banks to move some derivatives trading units to a

non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Although the CFTC has released final rules relating to clearing,

reporting, recordkeeping and registration requirements under the legislation, many of the provisions are subject to further final rule making, and thus

its ultimate impact remains unclear. New regulations could, among other things, restrict the fund’s ability to engage in derivatives transactions (for

example, by making certain types of derivatives transactions no longer available to the fund) and/or increase the costs of such derivatives transactions

(for example, by increasing margin or capital requirements), and the fund may be unable to fully execute its investment strategies as a result. Limits or

restrictions applicable to the counterparties with which the fund engages in derivative transactions also could prevent the fund from using these

instruments or affect the pricing or other factors relating to these instruments, or may change the availability of certain investments.

In addition, the regulation of the U.S. and non-U.S. derivatives markets has undergone substantial change in recent years and such change may

continue. In particular, effective August 19, 2022 (the Compliance Date), the Derivatives Rule replaced the asset segregation regime of Investment

Company Act Release No. 10666 (Release 10666) with a new framework for the use of derivatives by registered funds. As of the Compliance Date, the

SEC rescinded Release 10666 and withdrew no-action letters and similar guidance addressing a fund’s use of derivatives and began requiring funds to

satisfy the requirements of the Derivatives Rule. As a result, on or after the Compliance Date, the funds will no longer engage in “segregation” or

“coverage” techniques with respect to derivatives transactions and will instead comply with the applicable requirements of the Derivatives Rule.

The Derivatives Rule mandates that a fund adopt and/or implement: (i) value-at-risk limitations (VaR); (ii) a written derivatives risk management

program; (iii) new Board oversight responsibilities; and (iv) new reporting and recordkeeping requirements. In the event that a fund’s derivative exposure

is 10% or less of its net assets, excluding certain currency and interest rate hedging transactions, it can elect to be classified as a limited derivatives

user (Limited Derivatives User) under the Derivatives Rule, in which case the fund is not subject to the full requirements of the Derivatives Rule. Limited

Derivatives Users are excepted from VaR testing, implementing a derivatives risk management program, and certain Board oversight and reporting

requirements mandated by the Derivatives Rule. However, a Limited Derivatives User is still required to implement written compliance policies and

procedures reasonably designed to manage its derivatives risks.

The Derivatives Rule also provides special treatment for reverse repurchase agreements, similar financing transactions and unfunded commitment

agreements. Specifically, a fund may elect whether to treat reverse repurchase agreements and similar financing transactions as “derivatives

transactions” subject to the requirements of the Derivatives Rule or as senior securities equivalent to bank borrowings for purposes of Section 18 of the

Investment Company Act of 1940. In addition, when-issued or forward settling securities transactions that physically settle within 35-days are deemed

not to involve a senior security.

At any time after the date of this prospectus, legislation may be enacted that could negatively affect the assets of the fund. Legislation or regulation may

change the way in which the fund itself is regulated. The Adviser cannot predict the effects of any new governmental regulation that may be

implemented, and there can be no assurance that any new governmental regulation will not adversely affect the fund’s ability to achieve its investment

objectives.

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in securities

and other, more traditional assets. In particular, the use of derivative instruments exposes the fund to the risk that the counterparty to an OTC

derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions

typically can only be closed out with the other party to the transaction, although either party may engage in an offsetting transaction that puts that party

in the same economic position as if it had closed out the transaction with the counterparty or may obtain the other party’s consent to assign the

transaction to a third party. If the counterparty defaults, the fund will have contractual remedies, but there is no assurance that the counterparty will

meet its contractual obligations or that, in the event of default, the fund will succeed in enforcing them. For example, because the contract for each OTC

derivatives transaction is individually negotiated with a specific counterparty, the fund is subject to the risk that a counterparty may interpret

contractual terms (e.g., the definition of default) differently than the fund when the fund seeks to enforce its contractual rights. If that occurs, the cost

and unpredictability of the legal proceedings required for the fund to enforce its contractual rights may lead it to decide not to pursue its claims against

the counterparty. The fund, therefore, assumes the risk that it may be unable to obtain payments owed to it under OTC derivatives contracts or that

those payments may be delayed or made only after the fund has incurred the costs of litigation. While a manager intends to monitor the

creditworthiness of counterparties, there can be no assurance that a counterparty will meet its obligations, especially during unusually adverse market

conditions. To the extent the fund contracts with a limited number of counterparties, the fund’s risk will be concentrated and events that affect the

creditworthiness of any of those counterparties may have a pronounced effect on the fund. Derivatives are also subject to a number of other risks,

including market risk and liquidity risk. Since the value of derivatives is calculated and derived from the value of other assets, instruments, or

references, there is a risk that they will be improperly valued. Derivatives also involve the risk that changes in their value may not correlate perfectly with

the assets, rates, or indexes they are designed to hedge or closely track. Suitable derivatives transactions may not be available in all circumstances. The

fund is also subject to the risk that the counterparty closes out the derivatives transactions upon the occurrence of certain triggering events. In

addition, a manager may determine not to use derivatives to hedge or otherwise reduce risk exposure. Government legislation or regulation could affect

the use of derivatives transactions and could limit the fund’s ability to pursue its investment strategies.

The following is a list of certain derivatives and other strategic transactions that the fund may utilize and the main risks associated with each of them:

Credit default swaps

. Counterparty risk, liquidity risk (

i.e.

, the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of

default of the underlying reference obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving credit

default swaps.

Foreign currency forward contracts

. Counterparty risk, liquidity risk (

i.e.

, the inability to enter into closing transactions), foreign currency risk

and risk of disproportionate loss are the principal risks of engaging in transactions involving foreign currency forward contracts.

Foreign currency swaps

. Counterparty risk, liquidity risk (

i.e.

, the inability to enter into closing transactions), foreign currency risk and risk of

disproportionate loss are the principal risks of engaging in transactions involving foreign currency swaps.

Futures contracts

. Counterparty risk, liquidity risk (

i.e.

, the inability to enter into closing transactions) and risk of disproportionate loss are the

principal risks of engaging in transactions involving futures contracts.

Interest-rate swaps

. Counterparty risk, liquidity risk (

i.e.

, the inability to enter into closing transactions), interest-rate risk and risk of

disproportionate loss are the principal risks of engaging in transactions involving interest-rate swaps.

Options and currency option

. Counterparty risk, liquidity risk (

i.e.

, the inability to enter into closing transactions) and risk of disproportionate loss

are the principal risks of engaging in transactions involving options, including currency options. Counterparty risk does not apply to exchange-traded

options.

Swaps

. Counterparty risk, liquidity risk (

i.e.

, the inability to enter into closing transactions), interest-rate risk, settlement risk, risk of default of the

underlying reference obligation and risk of disproportionate loss are the principal risks of engaging in transactions involving swaps, including credit

default swaps and total return swaps.

Illiquid and Restricted Securities Risk

The fund may have significant exposure to restricted securities. Restricted securities are securities with restrictions on public resale, such as securities

offered in accordance with an exemption under Rule 144A under the Securities Act of 1933 (the “1933 Act”), or commercial paper issued under

Section 4(a)(2) of the 1933 Act. Restricted securities are often required to be sold in private sales to institutional buyers, markets for restricted

securities may or may not be well developed, and restricted securities can be illiquid. The extent (if at all) to which a security may be sold or a derivative

position closed without negatively impacting its market value may be impaired by reduced market activity or participation, legal restrictions or other

economic and market impediments. Funds with principal investment strategies that involve investments in securities of companies with smaller market

capitalizations, foreign securities, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity

risk. Exposure to liquidity risk may be heightened for funds that invest in securities of emerging markets and related derivatives that are not widely

traded, and that may be subject to purchase and sale restrictions.

The capacity of traditional dealers to engage in fixed-income trading has not kept pace with the bond market’s growth. As a result, dealer inventories of

corporate bonds, which indicate the ability to “make markets,” i.e., buy or sell a security at the quoted bid and ask price, respectively, are at or near

historic lows relative to market size. Because market makers provide stability to fixed-income markets, the significant reduction in dealer inventories

could lead to decreased liquidity and increased volatility, which may become exacerbated during periods of economic or political stress.

Lower-Rated and High-Yield Fixed-Income Securities Risk

Lower-rated fixed-income securities and high-yield fixed-income securities (both commonly known as “junk bonds”) are subject to the same risks as

other fixed-income securities but have greater credit quality risk and may be considered speculative. In addition, lower-rated corporate debt securities

(and comparable unrated securities) tend to be more sensitive to individual corporate developments and changes in economic conditions than

higher-rated corporate fixed-income securities. Issuers of lower-rated corporate debt securities may also be highly leveraged, increasing the risk that

principal and income will not be repaid. Lower-rated foreign government fixed-income securities are subject to the risks of investing in foreign countries

described under “Foreign securities risk.” In addition, the ability and willingness of a foreign government to make payments on debt when due may be

affected by the prevailing economic and political conditions within the country. Emerging-market countries may experience high inflation, interest rates

and unemployment, as well as exchange rate fluctuations which adversely affect trade and political uncertainty or instability. These factors increase the

risk that a foreign government will not make payments when due.

Lower-rated fixed-income securities are defined as securities rated below investment grade (such as Ba and below by Moody’s Investors Service, Inc.

and BB and below by Standard and Poor’s Ratings Services) (also called junk bonds). The general risks of investing in these securities are as follows:

Risk to principal and income.

Investing in lower-rated fixed-income securities is considered speculative. While these securities generally provide greater income potential than

investments in higher-rated securities, there is a greater risk that principal and interest payments will not be made. Issuers of these securities may

even go into default or become bankrupt.

Price volatility.

The price of lower-rated fixed-income securities may be more volatile than securities in the higher-rated categories. This volatility may increase

during periods of economic uncertainty or change. The price of these securities is affected more than higher-rated fixed-income securities by the

market’s perception of their credit quality, especially during times of adverse publicity. In the past, economic downturns or increases in interest rates

have, at times, caused more defaults by issuers of these securities and may do so in the future. Economic downturns and increases in interest rates

have an even greater effect on highly leveraged issuers of these securities.

Liquidity.

The market for lower-rated fixed-income securities may have more limited trading than the market for investment-grade fixed-income securities.

Therefore, it may be more difficult to sell these securities, and these securities may have to be sold at prices below their market value in order to

meet redemption requests or to respond to changes in market conditions.

Dependence on manager’s own credit analysis.

While a manager may rely on ratings by established credit rating agencies, it will also supplement such ratings with its own independent review of the

credit quality of the issuer. Therefore, the assessment of the credit risk of lower-rated fixed-income securities is more dependent on the manager’s

evaluation than the assessment of the credit risk of higher-rated securities.

Additional risks regarding lower-rated corporate fixed-income securities.

Lower-rated corporate fixed-income securities (and comparable unrated securities) tend to be more sensitive to individual corporate developments

and changes in economic conditions than higher-rated corporate fixed-income securities. Issuers of lower-rated corporate fixed-income securities

may also be highly leveraged, increasing the risk that principal and income will not be repaid.

Mortgage-backed and asset-backed securities risk

Mortgage-backed securities.

Mortgage-backed securities represent participating interests in pools of residential mortgage loans, which are

guaranteed by the U.S. government, its agencies, or its instrumentalities. However, the guarantee of these types of securities relates to the principal

and interest payments, and not to the market value of such securities. In addition, the guarantee only relates to the mortgage-backed securities held

by the fund and not the purchase of shares of the fund.

Mortgage-backed securities are issued by lenders, such as mortgage bankers, commercial banks, and savings and loan associations. Such

securities differ from conventional debt securities, which provide for the periodic payment of interest in fixed amounts (usually semiannually) with

principal payments at maturity or on specified dates. Mortgage-backed securities provide periodic payments which are, in effect, a pass-through of

the interest and principal payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans. A

mortgage-backed security will mature when all the mortgages in the pool mature or are prepaid. Therefore, mortgage-backed securities do not have

a fixed maturity and their expected maturities may vary when interest rates rise or fall.

When interest rates fall, homeowners are more likely to prepay their mortgage loans. An increased rate of prepayments on the fund’s

mortgage-backed securities will result in an unforeseen loss of interest income to the fund as the fund may be required to reinvest assets at a lower

interest rate. Because prepayments increase when interest rates fall, the prices of mortgage-backed securities do not increase as much as other

fixed-income securities when interest rates fall.

When interest rates rise, homeowners are less likely to prepay their mortgage loans. A decreased rate of prepayments lengthens the expected

maturity of a mortgage-backed security. Therefore, the prices of mortgage-backed securities may decrease more than prices of other fixed-income

securities when interest rates rise.

The yield of mortgage-backed securities is based on the average life of the underlying pool of mortgage loans. The actual life of any particular pool

may be shortened by unscheduled or early payments of principal and interest. Principal prepayments may result from the sale of the underlying

property or the refinancing or foreclosure of underlying mortgages. The occurrence of prepayments is affected by a wide range of economic,

demographic, and social factors and, accordingly, it is not possible to accurately predict the average life of a particular pool. The actual prepayment

experience of a pool of mortgage loans may cause the yield realized by the fund to differ from the yield calculated on the basis of the average life of

the pool. In addition, if the fund purchases mortgage-backed securities at a premium, the premium may be lost in the event of early prepayment,

which may result in a loss to the fund.

Prepayments tend to increase during periods of falling interest rates, while during periods of rising interest rates, prepayments are likely to decline.

Monthly interest payments received by a fund have a compounding effect, which will increase the yield to shareholders as compared to debt

obligations that pay interest semiannually. Because of the reinvestment of prepayments of principal at current rates, mortgage-backed securities

may be less effective than U.S. Treasury bonds of similar maturity at maintaining yields during periods of declining interest rates. Also, although the

value of debt securities may increase as interest rates decline, the value of these pass-through types of securities may not increase as much, due to

their prepayment feature.

Collateralized mortgage obligations (CMOs)

. A fund may invest in mortgage-backed securities called CMOs. CMOs are issued in separate

classes with different stated maturities. As the mortgage pool experiences prepayments, the pool pays off investors in classes with shorter

maturities first. By investing in CMOs, a fund may manage the prepayment risk of mortgage-backed securities. However, prepayments may cause the

actual maturity of a CMO to be substantially shorter than its stated maturity.

Asset-backed securities

. Asset-backed securities include interests in pools of debt securities, commercial or consumer loans, or other

receivables. The value of these securities depends on many factors, including changes in interest rates, the availability of information concerning the

pool and its structure, the credit quality of the underlying assets, the market’s perception of the servicer of the pool, and any credit enhancement

provided. In addition, asset-backed securities have prepayment risks similar to mortgage-backed securities.

Mortgage Dollar Rolls.

Under a mortgage dollar roll, the Fund sells mortgage-backed securities for delivery in the future (generally within 30 days)

and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date.

At the time

the Fund enters into a mortgage dollar roll, it will maintain on its records liquid assets such as cash or U.S. government securities equal in value to its

obligations in respect of dollar rolls, and accordingly, such dollar rolls will not be considered borrowings.

The Fund may only enter into covered rolls.

A “covered roll” is a specific type of dollar roll for which there is an offsetting cash or cash equivalent security position that matures on or before the

forward settlement date of the dollar roll transaction. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund

may decline below the repurchase price of those securities. While a mortgage dollar roll may be considered a form of leveraging, and may, therefore,

increase fluctuations in the Fund’s NAV per share, the Fund will cover the transaction as described above.

Foreign Investment Risk

Funds that invest in securities traded principally in securities markets outside the United States. are subject to additional and more varied risks, as the

value of non-U.S. securities may change more rapidly and extremely than the value of U.S. securities. Less information may be publicly available

regarding non-U.S. issuers. Non-U.S. securities may be subject to non-U.S. taxes and may be more volatile than U.S. securities. Currency fluctuations

and political and economic developments may adversely impact the value of foreign securities. The securities markets of many foreign countries are

relatively small, with a limited number of companies representing a small number of industries. Additionally, issuers of non-U.S. securities may not be

subject to the same degree of regulation as U.S. issuers. Reporting, accounting and auditing standards of foreign countries differ, in some cases

significantly, from U.S. standards. There generally are higher commission rates on non-U.S. portfolio transactions, transfer taxes, higher custodial costs

and the possibility that non-U.S. taxes will be charged on dividends and interest payable on non-U.S. securities, some or all of which may not be

reclaimable. Also, adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency or

assets from a country), political changes or diplomatic developments could adversely affect the fund’s investments. In the event of nationalization,

expropriation, confiscatory taxation, or other confiscation, the fund could lose a substantial portion of, or its entire investment, in a non-U.S. security.

Some of the non-U.S. Investments securities risks also are applicable to funds that invest a material portion of their assets in securities of

non-U.S. issuers traded in the United States.

Currency risk.

Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of the fund’s investments.

Currency risk includes both the risk that currencies in which a fund’s investments are traded, or currencies in which a fund has taken an active

investment position, will decline in value relative to the U.S. dollar and, in the case of hedging positions, that the U.S. dollar will decline in value relative

to the currency being hedged. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and

demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign

governments or central banks, or currency controls or political developments in the United States or abroad. Certain funds may engage in proxy

hedging of currencies by entering into derivative transactions with respect to a currency whose value is expected to correlate to the value of a currency

the fund owns or wants to own. This presents the risk that the two currencies may not move in relation to one another as expected. In that case, the fund

could lose money on its investment and also lose money on the position designed to act as a proxy hedge. Certain funds may also take active currency

positions and may cross-hedge currency exposure represented by their securities into another foreign currency. This may result in a fund’s currency

exposure being substantially different than that suggested by its securities investments. All funds with foreign currency holdings and/or that invest or

trade in securities denominated in foreign currencies or related derivative instruments may be adversely affected by changes in foreign currency

exchange rates. Derivative foreign currency transactions (such as futures, forwards, and swaps) may also involve leveraging risk, in addition to currency

risk. Leverage may disproportionately increase a fund’s portfolio losses and reduce opportunities for gain when interest rates, stock prices, or currency

rates are changing.

Repurchase Agreement Risk

Repurchase agreements are arrangements involving the purchase of an obligation and the simultaneous agreement to resell the same obligation on

demand or at a specified future date and at an agreed-upon price. A repurchase agreement can be viewed as a loan made by a fund to the seller of the

obligation with such obligation serving as collateral for the seller’s agreement to repay the amount borrowed with interest. Repurchase agreements

provide the opportunity to earn a return on cash that is only temporarily available. Repurchase agreements may be entered with banks, brokers, or

dealers. However, a repurchase agreement will only be entered with a broker or dealer if the broker or dealer agrees to deposit additional collateral

should the value of the obligation purchased decrease below the resale price.

Generally, repurchase agreements are of a short duration, often less than one week but on occasion for longer periods. Securities subject to repurchase

agreements will be valued every business day and additional collateral will be requested if necessary so that the value of the collateral is at least equal

to the value of the repurchase obligation, including the interest accrued thereon.

A subadvisor shall engage in a repurchase agreement transaction only with those banks or broker dealers who meet the subadvisor’s quantitative and

qualitative criteria regarding creditworthiness, asset size and collateralization requirements. The Advisor also may engage in repurchase agreement

transactions on behalf of the funds. The counterparties to a repurchase agreement transaction are limited to a:

•

Federal Reserve System member bank;

•

primary government securities dealer reporting to the Federal Reserve Bank of New York’s Market Reports Division; or

•

broker dealer that reports U.S. government securities positions to the Federal Reserve Board.

A fund also may participate in repurchase agreement transactions utilizing the settlement services of clearing firms that meet the subadvisors'

creditworthiness requirements.

The Advisor and the subadvisors will continuously monitor repurchase agreement transactions to ensure that the collateral held with respect to a

repurchase agreement equals or exceeds the amount of the obligation.

The risk of a repurchase agreement transaction is limited to the ability of the seller to pay the agreed-upon sum on the delivery date. In the event of

bankruptcy or other default by the seller, the instrument purchased may decline in value, interest payable on the instrument may be lost and there may

be possible difficulties and delays in obtaining collateral and delays and expense in liquidating the instrument. If an issuer of a repurchase agreement

fails to repurchase the underlying obligation, the loss, if any, would be the difference between the repurchase price and the underlying obligation’s

market value. A fund also might incur certain costs in liquidating the underlying obligation. Moreover, if bankruptcy or other insolvency proceedings are

commenced with respect to the seller, realization upon the underlying obligation might be delayed or limited.

Reverse Repurchase Agreement Risk

Under a reverse repurchase agreement, a fund sells a debt security and agrees to repurchase it at an agreed-upon time and at an agreed-upon price.

The fund retains record ownership of the security and the right to receive interest and principal payments thereon. At an agreed-upon future date, the

fund repurchases the security by remitting the proceeds previously received, plus interest. The difference between the amount the fund receives for the

security and the amount it pays on repurchase is payment of interest. In certain types of agreements, there is no agreed-upon repurchase date and

interest payments are calculated daily, often based on the prevailing overnight repurchase rate. A reverse repurchase agreement may be considered a

form of leveraging and may, therefore, increase fluctuations in a fund’s NAV per share.

Sovereign Debt Obligations Risk

An investment in debt obligations of non-U.S. governments and their political subdivisions (sovereign debt), whether denominated in U.S. dollars or a

foreign currency, involves special risks that are not present in corporate debt obligations. The non-U.S. issuer of the sovereign debt or the

non-U.S. governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due, and the

fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more

volatile than prices of debt obligations of U.S. issuers. In the past, certain non-U.S. countries have encountered difficulties in servicing their debt

obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign debt. A

sovereign debtor’s willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow

situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden, the

sovereign debtor’s policy toward its principal international lenders and local political constraints. Sovereign debtors also may be dependent on

expected disbursements from non-U.S. governments, multilateral agencies and other entities to reduce principal and interest arrearages on their debt.

The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance or repay principal or interest when

due may result in the cancellation of third-party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or

willingness to service its debts.

U.S. Government Securities Risk

The fund may invest in U.S. government securities issued or guaranteed by the U.S. government or by an agency or instrumentality of the

U.S. government. Not all U.S. government securities are backed by the full faith and credit of the United States. Some are supported only by the credit of

the issuing agency or instrumentality, which depends entirely on its own resources to repay the debt. U.S. government securities that are backed by the

full faith and credit of the United States include U.S. Treasuries and mortgage-backed securities guaranteed by the Government National Mortgage

Association. Securities that are only supported by the credit of the issuing agency or instrumentality include Fannie Mae, FHLBs and Freddie Mac. See

“Credit and counterparty risk” for additional information on Fannie Mae and Freddie Mac securities.

Warrants Risk

Warrants are rights to purchase securities at specific prices and are valid for a specific period of time. Warrant prices do not necessarily move parallel to

the prices of the underlying securities, and warrant holders receive no dividends and have no voting rights or rights with respect to the assets of an

issuer. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital

appreciation as well as capital loss. Warrants cease to have value if not exercised prior to the expiration date. These factors can make warrants more

speculative than other types of investments.

Effects of Leverage [Text Block]

The following table is designed to illustrate the effect on the return to a holder of the fund’s Common Shares of leverage in the amount of approximately

41.67% of the fund’s total assets, assuming hypothetical annual returns of the fund’s investment portfolio of minus 10% to plus 10%. As the table

shows, leverage generally increases the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and

decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical. Actual

returns may be greater or less than those appearing in the table.

Assumed Portfolio Return (%)	-10.00	-5.00	0.00	5.00	10.00
Corresponding Common Shares Total Return (%)	-17.66	-11.07	-4.48	2.10	8.69

Effects of Leverage [Table Text Block]

The figures appearing in the table are hypothetical. Actual

returns may be greater or less than those appearing in the table.

Assumed Portfolio Return (%)	-10.00	-5.00	0.00	5.00	10.00
Corresponding Common Shares Total Return (%)	-17.66	-11.07	-4.48	2.10	8.69

Return at Minus Ten [Percent]

(17.66%)

Return at Minus Five [Percent]

(11.07%)

Return at Zero [Percent]

(4.48%)

Return at Plus Five [Percent]

2.10%

Return at Plus Ten [Percent]

8.69%

Effects of Leverage, Purpose [Text Block]

The following table is designed to illustrate the effect on the return to a holder of the fund’s Common Shares of leverage in the amount of approximately

41.67% of the fund’s total assets, assuming hypothetical annual returns of the fund’s investment portfolio of minus 10% to plus 10%. As the table

shows, leverage generally increases the return to Common Shareholders when portfolio return is positive and greater than the cost of leverage and

decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical. Actual

returns may be greater or less than those appearing in the table.

Share Price [Table Text Block]

Market and Net Asset Value Information

The fund’s currently outstanding Common Shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “JHI” and commenced trading

on the NYSE in 1971.

The fund’s Common Shares have traded both at a premium and at a discount to its net asset value (“NAV”). The fund cannot predict whether its shares

will trade in the future at a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares

(less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company’s common stock (calculated within 48 hours

of pricing). The fund’s issuance of Common Shares may have an adverse effect on prices in the secondary market for Common Shares by increasing the

number of Common Shares available, which may put downward pressure on the market price for Common Shares. Shares of common stock of

closed-end investment companies frequently trade at a discount from NAV. See “Risk Factors—General Risks—Market Discount Risk” and “—Secondary

Market for the Common Shares.”

The following table sets forth for each of the periods indicated the high and low closing market prices for Common Shares on the NYSE, and the

corresponding NAV per share and the premium or discount to NAV per share at which the fund’s Common Shares were trading as of such date. NAV is

determined once daily as of the close of regular trading of the NYSE (typically 4:00

p.m.

, Eastern Time). See “Determination of Net Asset Value” for

information as to the determination of the fund’s NAV.

	Market Price		NAV per Share on Date of Market Price High and Low		Premium/(Discount) on Date of Market Price High and Low
Fiscal Quarter Ended	High ($)	Low ($)	High ($)	Low ($)	High (%)	Low (%)
January 31, 2022	19.35	17.04	18.37	17.88	5.33	(4.70 )
April 30, 2022	17.55	15.37	17.80	16.08	(1.40 )	(4.42 )
July 31, 2022	16.11	12.75	15.51	14.04	3.87	(9.19 )
October 31, 2022	14.85	11.86	15.21	13.04	(2.37 )	(9.05 )
January 31, 2023	13.67	12.17	14.28	13.39	(4.27 )	(9.11 )
April 30, 2023	13.90	11.97	14.53	13.31	(4.34 )	(10.07 )
July 31, 2023	12.92	12.45	14.15	13.80	(8.69 )	(9.78 )
October 31, 2023	13.06	11.67	14.06	13.41	(7.11 )	(12.98 )
January 31, 2024	13.11	12.11	14.56	13.58	(9.96 )	(10.82 )

The last reported sale price, NAV per share and percentage discount to NAV per share of the Common Shares as of February

, 2024 were $

13.28

14.54

and

-8.67

%, respectively. As of February

, 2024, the fund had

8,744,547

Common Shares outstanding and net assets of the fund were

127,134,164

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Capital Stock [Table Text Block]

Description of Capital Structure

The fund is a business trust established under the laws of The Commonwealth of Massachusetts by the Declaration of Trust. The Declaration of Trust

provides that the Board may authorize separate classes of shares of beneficial interest. The Board has authorized an unlimited number of Common

Shares. The fund holds annual meetings of Common Shareholders in compliance with the requirements of the NYSE.

Common Shares

The Declaration of Trust permits the fund to issue an unlimited number of full and fractional Common Shares of beneficial interest, with or without par

value.

Each Common Share represents an equal proportionate interest in the assets of the fund with each other Common Share in the fund. Common Shareholders will be entitled to the payment of distributions when, and if declared by the fund. The 1940 Act or the terms of any future borrowings or issuance of preferred shares may limit the payment of distributions to the Common Shareholders.

Each whole Common Share is entitled to one vote and

each fractional Common Share is entitled to a proportionate fractional vote as to matters on which it is entitled to vote pursuant to the terms of the

Declaration of Trust.

Upon termination of the fund, after paying or adequately providing for the payment of all liabilities of the fund and the liquidation

preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as the Trustees

deem necessary , the Trustees may distribute the remaining assets of the fund among the Common Shareholders.

The Declaration of Trust provides that

Common Shareholders are not liable for any liabilities of the fund, and indemnifies shareholders against any such liability. Although shareholders of a

business trust established under Massachusetts law, in certain limited circumstances, may be held personally liable for the obligations of the business

trust as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such

personal liability remote. The fund will not issue Common Share certificates.

The fund has no current intention to issue preferred shares. However, if at some future time there are any preferred shares outstanding, subject to

certain exceptions, the fund might not be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i) all

accrued distributions on preferred shares and any accrued interest on borrowings, if any, have been paid and (ii) the value of the fund’s total assets

(determined after deducting the amount of such distribution), less all liabilities and indebtedness of the fund not represented by senior securities, is at

least 300% of the aggregate amount of any securities representing indebtedness and at least 200% of the aggregate amount of any securities

representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares. In addition to the requirements of the 1940 Act,

the fund may be required to comply with other asset coverage requirements under a liquidity facility or as a condition of the fund obtaining a rating of

preferred shares from a nationally recognized statistical rating organization (a “Rating Agency”). These requirements may include an asset coverage

test more stringent than under the 1940 Act. This limitation on the fund’s ability to make distributions on its Common Shares could in certain

circumstances impair the ability of the fund to maintain its qualification for taxation as a RIC for U.S. federal income tax purposes. If the fund were in the

future to issue preferred shares, it would intend, however, to the extent possible, to purchase or redeem preferred shares from time to time to maintain

compliance with such asset coverage requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in

connection with any potential impairment of the fund’s status as a RIC. Depending on the timing of any such redemption or repayment, the fund may be

required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.

The fund has no present intention of offering additional Common Shares, except as described herein. Other offerings of its Common Shares, if made,

will require approval of the Board. Any additional offering will not be sold at a price per Common Share below the then current NAV (exclusive of

underwriting discounts and commissions) except in connection with an offering to existing Common Shareholders or with the consent of a majority of

the fund’s outstanding Common Shares. Common Shares have no preemptive rights.

Liquidity Facility

The fund has entered into the LA with State Street Bank and Trust Company (“SSB”) that allows it to borrow or otherwise access funds through a line of

credit, securities lending and reverse repurchase agreements. The fund pledges its assets as collateral to secure obligations under the LA. The fund

retains the risks and rewards of the ownership of assets pledged to secure obligations under the LA and makes these assets available for securities

lending and reverse repurchase transactions with SSB acting as the fund's authorized agent for these transactions. All transactions initiated through

SSB are required to be secured with cash collateral received from the securities borrower or cash is received from the reverse repurchase agreement

counterparties. Securities lending transactions

will be secured with cash collateral in amounts at least equal to

100

% of the market value of the

securities utilized in these transactions

. Cash received by SSB from securities lending or reverse repurchase transactions is credited against the

amounts borrowed under the line of credit.

Upon return of securities by the borrower or reverse repurchase counterparty, SSB will return the cash collateral to the borrower or proceeds from the

reverse repurchase transaction, as applicable, which will eliminate the credit against the line of credit and will cause the drawdowns under the line of

credit to increase by the amounts returned. Income earned on the loaned securities is retained by SSB, and any interest due on the reverse repurchase

agreements is paid by SSB.

SSB has indemnified the fund for certain losses that may arise if the borrower or a reverse repurchase counterparty fails to return securities when due.

With respect to securities lending transactions, upon a default of the securities borrower, SSB uses the collateral received from the borrower to

purchase replacement securities of the same issue, type, class and series. If the value of the collateral is less than the purchase cost of replacement

securities, SSB is responsible for satisfying the shortfall, but only to the extent that the shortfall is not due to any of the fund's losses on the reinvested

cash collateral. Although the risk of the loss of the securities is mitigated by receiving collateral from the borrower or proceeds from the reverse

repurchase counterparty and through SSB indemnification, the fund could experience a delay in recovering securities or could experience a lower than

expected return if the borrower or reverse repurchase counterparty fails to return the securities on a timely basis.

Under normal circumstances, interest charged is at the rate of one month OBFR (Overnight

Bank

Funding Rate) plus 0.70%, and is payable monthly on

the aggregate balance of the drawdowns outstanding under the LA. As of October 31, 2023 , the fund had an average daily loan balance of

$86,900,000 at an average interest rate of 5.58%.

After the six month anniversary of the effective date of the agreement, the fund may terminate the LA with 60 days' notice. If certain asset coverage and

collateral requirements, or other covenants are not met, the LA could be deemed in default and result in termination. Absent a default or facility

termination event, SSB is required to provide the fund with 360 days' notice prior to terminating the LA.

By leveraging its investment portfolio, the fund creates an opportunity for increased net income or capital appreciation. However, the use of leverage

also involves risks, which can be significant. See “Liquidity and Restricted Securities Risk.”

Repurchase of Shares and Other Discount Measures

In recognition of the possibility that Common Shares might trade at a discount to NAV and that any such discount may not be in the interest of the fund’s

shareholders, the Board, in consultation with the Advisor, from time to time may review possible actions to help reduce any such discount. The Board, in

consultation with the Advisor, may review the possibility of open market repurchases and/or tender offers for the Common Shares and consider such

factors as the market price of the Common Shares, the NAV of the Common Shares, the liquidity of the assets of the fund, effect on the fund’s expenses,

whether such transactions would impair the fund’s status as a RIC or result in a failure to comply with applicable asset coverage requirements, general

economic conditions and such other events or conditions, which may have a material effect on the fund’s ability to consummate such transactions.

There are no assurances that the Board will, in fact, decide to undertake either of these actions or, if undertaken, that such actions will result in the

fund’s Common Shares trading at a price which is equal to or approximates their NAV.

In the event that the fund conducts an offering of new Common Shares and such offering constitutes a “distribution” under Regulation M, the fund and

certain of its affiliates may be subject to an applicable restricted period that could limit the timing of any repurchases by the fund.

Preferred Shares

The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred

shares (“Preferred Shares”), having no par value per share or such other amount as the Board may establish, in one or more series, with rights as

determined by the Board, by action of the Board without the approval of the Common Shareholders. The Board has no current intention to issue

Preferred Shares.

Under the requirements of the 1940 Act, the fund must, immediately after the issuance of any Preferred Shares, have an “asset coverage” of at least

200%. Asset coverage means the ratio which the value of the total assets of the fund, less all liability and indebtedness not represented by senior

securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the fund, if any, plus the

aggregate liquidation preference of the Preferred Shares. If the fund seeks a rating of the Preferred Shares, asset coverage requirements, in addition to

those set forth in the 1940 Act, may be imposed. The liquidation value of the Preferred Shares is expected to equal their aggregate original purchase

price plus redemption premium, if any, together with any accrued and unpaid dividends thereon (on a cumulative basis), whether or not earned or

declared. The terms of the Preferred Shares, including their dividend rate, voting rights, liquidation preference and redemption provisions, will be

determined by the Board (subject to applicable law and the Declaration of Trust) if and when it authorizes the Preferred Shares. The fund may issue

Preferred Shares that provide for the periodic redetermination of the dividend rate at relatively short intervals through an auction or remarketing

procedure, although the terms of the Preferred Shares also may enable the fund to lengthen such intervals. At times, the dividend rate as redetermined

on the fund’s Preferred Shares may approach or exceed the fund’s return after expenses on the investment of proceeds from the Preferred Shares and

the fund’s leveraged capital structure would result in a lower rate of return to Common Shareholders than if the fund were not so structured.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the fund, the terms of any Preferred Shares may entitle the holders of

Preferred Shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if

any, together with accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made

to Common Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the holders of Preferred Shares

would not be entitled to any further participation in any distribution of assets by the fund.

Under the 1940 Act, if at any time dividends on the Preferred Shares are unpaid in an amount equal to two full years’ dividends thereon, the holders of

all outstanding Preferred Shares, voting as a class, will be allowed to elect a majority of the fund’s Trustees until all dividends in default have been paid

or declared and set apart for payment. In addition, if required by the Rating Agency rating the Preferred Shares or if the Board determines it to be in the

best interests of the Common Shareholders, issuance of the Preferred Shares may result in more restrictive provisions than required by the 1940 Act

being imposed. In this regard, holders of the Preferred Shares may be entitled to elect a majority of the Board in other circumstances, for example, if

one payment on the Preferred Shares is in arrears.

If the fund were to issue Preferred Shares, it is expected that the fund would seek a credit rating for the Preferred Shares from a Rating Agency. In that

case, as long as Preferred Shares are outstanding, the composition of its portfolio would reflect guidelines established by such Rating Agency.

Although, as of the date hereof, no such Rating Agency has established guidelines relating to any such Preferred Shares, based on previous guidelines

established by such Rating Agencies for the securities of other issuers, the fund anticipates that the guidelines with respect to the Preferred Shares

would establish a set of tests for portfolio composition and asset coverage that supplement (and in some cases are more restrictive than) the applicable

requirements under the 1940 Act. Although, at this time, no assurance can be given as to the nature or extent of the guidelines, which may be imposed

in connection with obtaining a rating of the Preferred Shares, the fund currently anticipates that such guidelines will include asset coverage

requirements, which are more restrictive than those under the 1940 Act, restrictions on certain portfolio investments and investment practices,

requirements that the fund maintain a portion of its total assets in short-term, high-quality, fixed-income securities and certain mandatory redemption

requirements relating to the Preferred Shares. No assurance can be given that the guidelines actually imposed with respect to the Preferred Shares by

such Rating Agency will be more or less restrictive than as described in this Prospectus.

Outstanding Securities [Table Text Block]

The following provides information about the fund’s outstanding securities as of October 31, 2023 .

Title of Class	Amount Authorized	Amount Held by the Fund or for its Account	Amount Outstanding
Common Shares, no par value	Unlimited	0	8,744,547.00

Anti Takeover Provisions [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Anti-Takeover Provisions

The fund’s Declaration of Trust includes provisions that could limit the ability of other persons or entities to acquire control of the fund or to change the

composition of its Board. These provisions may deprive shareholders of opportunities to sell their Common Shares at a premium over the then current

market price of the Common Shares. See “Certain Provisions in the Declaration of Trust and By-Laws—Anti-takeover provisions.”

Defensive Positions Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Defensive Positions Risk

During periods of adverse market or economic conditions, the fund may temporarily invest all or a substantial portion of its total assets in short-term

money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. The fund will not be pursuing its

investment objectives in these circumstances and could miss favorable market developments.

Distribution Risk [Member]