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Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York NY 10017 As soon as practicable after the effective date of this Registration Statement. true true 2026-04-30 true <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The purpose of the following table is to help you understand all fees and expenses common shareholders would bear directly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or indirectly.</div> <table cellpadding="0" cellspacing="0" style="text-align:start; empty-cells: show; width: 519pt; border-spacing: 0px;"><tr style="height:22pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: bottom; width: 40%; border-top: 0.75pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 4pt; margin-right: 5.7pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-top: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-top: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class D</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-top: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class S</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 3.5pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-top: 0.75pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class T</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares</div></div></div></div></td></tr><tr style="height:13.25pt"><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 3.5pt; vertical-align: bottom; width: 40%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Stockholder Transaction Expenses</div></div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.7pt; margin-right: 6pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 3.5pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 4pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Maximum Sales Load (as a percentage of the offering price)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div></div></div></div></div></div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.5%</div></div></div></td></tr><tr style="height:24.5pt"><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Repurchase Fee (on shares purchased and held for less than twelve months) (as a percentage of amount repurchased, if </div></div><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 8pt; letter-spacing: 0px; top: 0px;display:inline;">applicable)</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 15%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.0%</div></div></div></td></tr></table><div><div style="clear:both;margin-top:10.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(1)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Prudential Investment Management Services LLC (the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Distributor</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">) is the principal underwriter and distributor of the Common Shares and serves in that capacity on a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">best </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">efforts</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> basis, subject to various conditions. Shares may be offered through Selling Agents that have entered into selling agreements with the Distributor. Selling Agents typically </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">receive the sales load with respect to Class T Shares purchased by their clients. The Distributor does not retain any portion of the sales load. Class T Shares are subject to a sales </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">load of up to 3.5% of the total offering price (including sales load). Class I Shares, Class D Shares and Class S Shares are each not subject to a sales load; however, investors </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">could be required to pay brokerage commissions on purchases and sales of such shares to their Selling Agents. Investors should consult with their Selling Agents about the sales </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">load and any additional fees or charges their Selling Agents might impose on each class of Common Shares. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Purchase of Shares — Sales Loads.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(2)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">A 2.0% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a shareholder’s shares by the Fund at any time prior to the day immediately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">preceding the one-year anniversary of a shareholder’s purchase of the Common Shares (on a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">first in-first out</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> basis). An early repurchase fee payable by a shareholder may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly against </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">any shareholder.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div> as a percentage of the offering price 0 0 0 0.035 0.02 0.02 0.02 0.02 <div style="margin-top: 0px; margin-bottom: 0px;"> </div><table style="text-align:start; empty-cells: show; width: 519pt; border-spacing: 0px;"><tr style="height:14.5pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Annual Expenses (Percentage of Net Assets Attributable to Shares)</div></div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.7pt; margin-right: 6pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 6pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 6pt; margin-right: 4pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(3)</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Incentive Fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(4)</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.45%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.45%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.45%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.45%</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Servicing Fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(5)</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.25%</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Distribution Fee</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(6)</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.60%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.60%</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Payments on Borrowed Funds</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(7)</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.32%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.32%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.32%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.32%</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Property Level Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(8)</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(9)</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.74%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">178.81%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">181.74%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">181.68%</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Fund Operating Expenses</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.51%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">180.83%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">184.36%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">184.30%</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Fees Waived and/or Expenses Reimbursed</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; margin-left: 0pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(10)</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.24)%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(178.31)%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(181.24)%</div></div></div></td><td style="background-color: azure; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(181.18)%</div></div></div></td></tr><tr style="height:15.25pt"><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 358.8%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-left: 0.75pt solid rgb(229, 229, 229); border-right: 0.6pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 35.1%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.27%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.52%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 42.2%; border-bottom: 0.5pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.12%</div></div></div></td><td style="background-color: rgb(255, 255, 255); padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: bottom; width: 40.7%; border-bottom: 0.5pt solid rgb(229, 229, 229); border-right: 0.75pt solid rgb(229, 229, 229);"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.12%</div></div></div></td></tr></table><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(3)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to an investment management agreement, the Manager receives a Management Fee, payable monthly in arrears at an annual rate of 1.00% of the average daily value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund’s net assets.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(4)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to an investment management agreement, the Manager will receive an incentive fee calculated and payable quarterly in arrears in an amount equal to 10% of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s Portfolio Operating Income for the immediately preceding quarter. No incentive fee on Portfolio Operating Income will be payable in any calendar quarter in which the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">did not achieve a 5% Total Return over the trailing 12-month period. Actual Portfolio Operating Income may be higher or lower. The Fund expects the Incentive Fee it pays to </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">increase to the extent the Fund earns greater income through its investments. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management and Advisory Arrangements</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> for more information concerning the Incentive Fee.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(5)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund pays the Distributor a Servicing Fee pursuant to its 12b-1 Plan that is payable monthly and accrued daily at an annualized rate of 0.25% of the net assets of the Fund </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to Class S Shares, Class T Shares and Class D Shares. The Servicing Fee is for personal services provided to shareholders and/or the maintenance of shareholder </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">accounts and to reimburse the Distributor for related expenses incurred. The Distributor generally will pay (or </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">reallow</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">) all or a portion of the Servicing Fee to the Selling Agents </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">that sell Class S Shares, Class T Shares and Class D Shares. The Servicing Fee is governed by the Fund’s Distribution and Service Plan.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(6)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund also pays the Distributor a Distribution Fee pursuant to its 12b-1 Plan that is payable monthly and accrued daily at an annualized rate of 0.60% of the net assets of the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund attributable to Class S Shares and Class T Shares. The Distribution Fee is for the sale and marketing of the Class S Shares and Class T Shares and to reimburse the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Distributor for related expenses incurred. All or a portion of the Distribution Fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">services that are not required to be paid pursuant to a service fee under Financial Industry Regulatory Authority (</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">FINRA</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">) rules. The Distributor generally will pay all or a portion </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the Distribution Fee to the Selling Agents that sell Class S and Class T Shares. Payment of the Distribution Fee is governed by the Fund’s Distribution and Service Plan.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(7)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The table assumes the Fund (including by the Fund’s consolidated subsidiaries) does not use entity-level leverage. To the extent the Fund does use such leverage, the Fund would </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">bear interest and other costs associated with leverage (the figure in the table does include expenses associated with the Fund’s credit facility, such as the amortization of costs </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">obtaining borrowings and unused commitment fees). In addition, the Fund expects that its unconsolidated operating entities will use borrowings, the costs of which will be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">indirectly borne by the Fund’s shareholders. See </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Leverage.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(8)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Represents estimated fees and expenses related to property management, including real estate/property taxes, disposition expenses, any other expenses related to investments in </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">real property by the Fund’s consolidated subsidiaries, if applicable. In addition, the Fund expects that its unconsolidated operating entities will incur property management, </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">disposition and other expenses related to investments in real property, the costs of which will be indirectly borne by the Fund’s shareholders. The Fund’s real estate operating </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries expect in the future to hire affiliated loan servicing managers (who could also be joint venture partners for an investment) at prevailing market rates to perform </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">management and specialized services for the Fund’s loan investments.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:0.0pt;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:8pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(9)</div></div><div style="float:left;line-height:10.0pt;margin-left:12pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> represent the annual other expenses of the Fund based on actual amounts of other expenses incurred during the fiscal year ended December 31, 2025, divided </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund’s average net assets for the fiscal year ended December 31, 2025.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.0pt;text-align:left;width:11.55pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(10)</div></div><div style="float:left;line-height:10.0pt;margin-left:8.45pt;text-align:left;width:494.00pt"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to an Expense Limitation and Reimbursement Agreement, the Manager has contractually ag<div style="display:inline;">re</div>ed to waive its fees and/or reimburse expenses of the Fund through August </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">15, 2028 (the </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">ELRA Period</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">) so that the Fund’s Specified Expenses will not exceed 0.50% of net assets (annualized). The Fund has agreed to repay these amounts, when and if </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">requested by the Manager, but only if and to the extent that Specified Expenses are less than 0.50% of net assets (annualized) (or, if a lower expense limit is then in effect, such </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">lower limit) within three years after the date the Manager waived or reimbursed such fees or expenses. This arrangement cannot be terminated without the consent of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Board prior to the end of the ELRA Period. </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Specified Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> is defined to include all expenses incurred in the business of the Fund, including organizational and offering costs </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">(other than the Fund’s organizational and offering expenses relating to the initial sale of Common Shares, which will be paid directly by PGIM Investments and its affiliates), with </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the exception of (i) the Management Fee, (ii) the Incentive Fee, (iii) the Servicing Fee, (iv) the Distribution Fee, (v) property level expenses, (vi) brokerage costs or other </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">investment-related out-of-pocket expenses, including with respect to unconsummated investments, (vii) dividend/interest payments (including any dividend payments, interest </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (viii) taxes, and (ix) extraordinary expenses (as determined in the sole discretion of </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the Manager).</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div> Percentage of Net Assets Attributable to Shares 0.01 0.01 0.01 0.01 0.0045 0.0045 0.0045 0.0045 0 0.0025 0.0025 0.0025 0 0 0.006 0.006 0.0032 0.0032 0.0032 0.0032 0 0 0 0 0.0074 1.7881 1.8174 1.8168 0.0251 1.8083 1.8436 1.843 -0.0024 -1.7831 -1.8124 -1.8118 0.0227 0.0252 0.0312 0.0312 <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">A 2.0% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a shareholder’s shares by the Fund at any time prior to the day immediately </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">preceding the one-year anniversary of a shareholder’s purchase of the Common Shares (on a </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">first in-first out</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> basis). An early repurchase fee payable by a shareholder may be </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly against </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">any shareholder.</div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to an investment management agreement, the Manager receives a Management Fee, payable monthly in arrears at an annual rate of 1.00% of the average daily value </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund’s net assets.</div> <div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> represent the annual other expenses of the Fund based on actual amounts of other expenses incurred during the fiscal year ended December 31, 2025, divided </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">by the Fund’s average net assets for the fiscal year ended December 31, 2025.</div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class I Example</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates the expenses that you would pay on a $1,000 investment in Class I Shares and assuming (i) total </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">annual expenses of net assets attributable to the Class I Shares remains the same, (ii) a 5% annual return, (iii) reinvestment of all </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dividends and distributions at net asset value and (iv) application of the Expense Limitation and Reimbursement Agreement through the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ELRA Period:</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:519pt"><tr style="height:12pt"><td style="background-color:#FFFFFF;border-right:0.6pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 4pt; margin-right: 5.7pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></div></div></td></tr><tr style="height:14pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.6pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$43</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$73</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$129</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$281</div></div></div></td></tr></table></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown.</div></div></div> 43 73 129 281 <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class D Example</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates the expenses that you would pay on a $1,000 investment in Class D Shares and assuming (i) total </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">annual expenses of net assets attributable to the Class D Shares remains the same, (ii) a 5% annual return, (iii) reinvestment of all </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dividends and distributions at net asset value and (iv) application of the Expense Limitation and Reimbursement Agreement through the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ELRA Period:</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:519pt"><tr style="height:12pt"><td style="background-color:#FFFFFF;border-right:0.6pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 4pt; margin-right: 5.7pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></div></div></td></tr><tr style="height:14pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.6pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$46</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,001</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,001</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,001</div></div></div></td></tr></table></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown.</div></div></div> 46 1001 1001 1001 <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class S Example</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates the expenses that you would pay on a $1,000 investment in Class S Shares and assuming (i) total </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">annual expenses of net assets attributable to the Class S Shares remains the same, (ii) a 5% annual return, (iii) reinvestment of all </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dividends and distributions at net asset value and (iv) application of the Expense Limitation and Reimbursement Agreement through the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ELRA Period:</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:519pt"><tr style="height:12pt"><td style="background-color:#FFFFFF;border-right:0.6pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 4pt; margin-right: 5.7pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></div></div></td></tr><tr style="height:14pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.6pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$51</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,020</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,020</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,020</div></div></div></td></tr></table></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown.</div></div></div> 51 1020 1020 1020 <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Class T Example</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates the expenses that you would pay on a $1,000 investment in Class T Shares and assuming (i) the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">maximum sales load (ii) total annual expenses of net assets attributable to the Class T Shares remains the same, (iii) a 5% annual </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">return, (iv) reinvestment of all dividends and distributions at net asset value and (v) application of the Expense Limitation and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Reimbursement Agreement through the ELRA Period:</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:519pt"><tr style="height:12pt"><td style="background-color:#FFFFFF;border-right:0.6pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 4pt; margin-right: 5.7pt; text-align: left; white-space: nowrap; font-size: 8pt;"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></div></div></td></tr><tr style="height:14pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.6pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:385.63pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.7pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:30.5pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.7pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$85</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,019</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:33.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,019</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:35.66pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:6pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1,019</div></div></div></td></tr></table></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown.</div></div></div> 85 1019 1019 1019 30.27 28.58 26.86 24.98 30.24 28.56 26.84 24.97 30.14 28.47 26.77 24.95 30.14 28.47 26.77 24.95 <div style="line-height:8.73pt;text-align:center"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">INVESTMENT OBJECTIVES AND STRATEGIES</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objectives</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s investment objectives are to provide current income and long-term capital appreciation. There can be no assurance that the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund will achieve its investment objectives. The Fund’s investment objectives are not fundamental and may be changed by the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Board without Fund shareholder approval.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Opportunity</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Real estate can provide investors with access to diversified, stable income streams and long-term growth potential throughout market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cycles. PGIM has a long track record of delivering income and growth to institutional investors by focusing on key structural drivers that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">impact asset sectors, and by identifying markets with attractive fundamentals that drive growth. The Subadviser expects that changing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">demographics, population growth and migration, shifting consumer behavior and technology advancements will benefit equity and debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments within housing, logistics, and dominant retail, with certain high growth markets benefiting disproportionately. More tactical </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, like self-storage, hotel, net lease, high yield debt, and other niche strategies may provide cyclical opportunities to capture </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">value through pricing dislocation. Over the medium term, the Subadviser believes that more tactical strategies may offer attractive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">relative yields and potential inflationary pressures may help drive strong real estate returns.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Strategies</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of its borrowings for investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purposes, if any) in private real estate and publicly traded real estate securities. The Fund expects to invest primarily in private real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate, which includes investments in property, equity investments in real estate or real estate related companies and debt investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">backed by real estate or real estate related companies acquired from private issuers or in private transactions. The Fund’s investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in publicly traded real estate-related securities may include CMBS, RMBS, ABS, equity or debt securities issued by public REITs or real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate-related investment companies, as well as ETFs, other pooled investment vehicles and other instruments that provide exposure to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">real estate for investment purposes. Publicly traded securities may be exchange-traded or traded OTC. Generally, the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments in CMBS, RMBS and real estate-related ABS are expected to be traded over-the-counter. Real estate-related investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">companies are investment companies that primarily invest in real estate or activities relating to the ownership, construction, financing, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">management, servicing or sale of such real estate. PGIM Real Estate will utilize the fixed income expertise of PGIM Fixed Income to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">make investments in specific types of publicly traded real estate securities within investment guidelines set by PGIM Real Estate. PGIM </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Real Estate will have the ability to allocate the Fund’s portfolio between private real estate and publicly traded real estate securities as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">well as determine the portion of the publicly traded real estate securities or cash equivalents that will be managed by PGIM Fixed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Income. The Fund may invest in derivative instruments which may include options contracts, futures contracts, options on futures </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">contracts, indexed securities, credit linked notes, credit default swaps and other swap agreements for investment, hedging and risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">management purposes. For purposes of the 80% policy, the Fund’s derivative investments will be valued based on their market value. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in securities of any credit quality, maturity and duration.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The portfolio’s opportunity set is generally expected to be broadly diversified by property type and geography with a focus on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. markets, but with the potential to include non-U.S. markets where PGIM has expertise. The Fund generally seeks to target property </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments that PGIM believes may benefit from long-term structural changes driven by demographics and technological shifts. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investments are generally expected to be in stabilized and income producing properties through which the Fund seeks to provide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investors with consistent and reliable current income and the potential for capital appreciation through active asset management and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">research-led investing.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">This real estate portfolio is generally expected to be weighted to investments in property sectors that PGIM considers primary, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">housing, logistics, and retail, targeting investments that PGIM believes can benefit from long-term structural changes driven by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">demographics and technological shifts. PGIM also employs strategies that seek to capture value through cyclical opportunities and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">pricing dislocations in niche property sectors including, but not limited to self-storage, hotels, data centers, net lease (meaning for these </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purposes properties leased to long-term tenants where the tenants have agreed to pay substantially all expenses related to the property, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including taxes, insurance and maintenance). Many of these property investments are expected to be structured through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">privately-owned operating entities that own and operate whole or partial interests in real properties. In addition to equity investments in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these sectors, the Fund’s private real estate investments may also include mortgage debt, mezzanine debt, and preferred equity or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">common equity issued by or in connection with real estate related operators or investments companies.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s partial interest investments will generally be structured as joint ventures or co-investment arrangements with third parties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and/or affiliates of the Manager and Subadviser. In these joint ventures, the Fund would generally share control with the third-party </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">partner but may in some cases have minority control of an investment, and in many cases the third-party partner may provide operating </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">services for the property. In some cases, the Fund may share control with a third-party partner even though the Fund holds a majority of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the economic interests of the joint venture.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is expected, subject to any limitations and requirements relating to the Fund’s intention to continue to qualify as a REIT, to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">hold investments in securities, cash, cash equivalents and other short-term investments, including, without limitation, derivatives and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other instruments for investment purposes. The Fund may invest in securities of any credit quality, maturity and duration. In addition, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may seek to make opportunistic purchases of securities and other real estate-related short-term investments for investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purposes. Accordingly, at times the Fund’s investments in securities, including preferred equity in private real estate, traded real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate-related securities, minority investments in real estate owning vehicles, derivatives and other securities, may exceed 40% of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s assets.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has obtained exemptive relief from the SEC that will permit it to, among other things, co-invest with certain other persons, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including certain affiliates of the Manager or Subadviser and certain public or private funds managed by the Manager or Subadviser and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">their affiliates, subject to certain terms and conditions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">PGIM Real Estate Investment Process for Private Real Estate</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Real Estate utilizes its scale and on-the-ground experience to identify high quality real estate assets that it expects to benefit over </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the long term from structural shifts led by demographics, technology, consumer behavior and other fundamental factors. Investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">themes and high conviction strategies are developed collaboratively in a top down/bottom up process that involves the Fund’s portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">management team and PGIM Real Estate’s investment research, transactions and asset management teams.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Management</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The portfolio management team is responsible for all stages of the Fund’s strategy development, portfolio construction and execution. It </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">works closely with PGIM Real Estate’s investment research group, its regionally focused Transactions Team, its sector-aligned asset </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">management group and its extensive network of local and national operating partners to formulate its investment strategy and to source </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">new investments. PGIM Real Estate’s broad platform combines strong research capabilities with significant local knowledge and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">relationships, which the portfolio manager believes is key to identifying, underwriting and exploiting the best market opportunities, often </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on a less competitive off-market basis.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Investment Research</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment research develops the firm’s outlook in connection with senior leaders of PGIM Real Estate with respect to general economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions as well as specific property type and geographic exposures, acquisitions and dispositions, debt and other risk factors and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">projected sources and uses of capital. Given this set of assumptions, Investment research and the Fund’s portfolio management team </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">develop a plan to position the portfolio to maximize performance in the expected environment. Further, the Subadviser’s investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">research team works closely with the portfolio management team in an ongoing and cooperative fashion, developing portfolio strategy, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment underwriting, sector and market targets, real estate cycle and market analysis, all in support of the Fund’s investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">program. This information helps the portfolio management team seek to reduce the portfolio risk through effective diversification and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">enhance portfolio returns through tactical sector weightings and shifts, market targeting, property selection and pricing. Finally, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Research also provides input into specific investment decisions and hold/ sell analysis. As an example, for each potential </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment identified by transactions, investment research analyzes market and sub-market economic and demographic trends, as well </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as demand, supply, absorption, and capture models to forecast rental, vacancy and lease-up rates.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Transactions</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Subadviser’s acquisitions professionals are staffed across the country near major markets and possess in-depth knowledge of their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assigned geographic territory. Each of the professionals is responsible for developing an extensive network of relationships with the key </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">owners, brokers and developers who operate in their markets. The acquisition professionals have worked in their regions for an average </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of 10 to 15 years and have negotiated and closed the purchase of multiple types of properties including office, multifamily, industrial, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">retail and alternatives sectors.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Within the U.S., the Subadviser completed $27 billion* in transactions in 2025, including $11 billion in real estate equity investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and dispositions, in addition to $16 billion* in real estate financing.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The process of identifying potential acquisitions begins with a clear understanding of the investment needs of the Fund, which is aided </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">by investment activity that the transactions team members are witnessing in specific markets. On a formal basis twice a year, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continually on an informal basis, the Head of the transactions team meets with the portfolio management team to discuss and document </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the portfolio’s investment needs. The needs are communicated to the field staff, detailing preferences for property type, location, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">risk/reward expectations, deal size and structure. The acquisition professionals then compare the needs with the investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities available based on their knowledge of the markets.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Asset Management</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s portfolio management team works closely with and directs the asset management team in order to maximize each asset’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">contribution to the Fund’s objectives. The process begins during the due diligence period for each new investment and then continues </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">throughout the Fund’s ownership of an asset.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Asset managers are generally aligned by property type with a regional focus and are staffed across the country near major markets. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">leadership team includes Sector Heads with significant real estate experience and the function is managed by the Head of Americas </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Asset Management and Global Head of ESG. The primary focus of the asset management process is the development and execution of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strategic plan for each property, leveraging PGIM Real Estate’s deep knowledge of local real estate, with over 50 years of proprietary data </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and research informing investment decisions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Real Estate’s Investment Process involves:</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Deal Sourcing:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> PGIM Real Estate’s transactions team targets opportunities that are a fit with the Fund’s strategy. Opportunities are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">sourced through a variety of channels, including joint venture partners, brokers, property owners and operators, and the legal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">financial community. This approach is made possible by the extensive experience and relationships of the real estate professionals that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Real Estate employs across the United States, coupled with the significant deal flow the transactions team sees as a result of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">executing a significant volume of annual transactions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Underwriting:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The transaction team will conduct an initial underwriting of an asset which includes creating a detailed cash flow model </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">with key assumptions informed by an analysis of primary sale and rent comparisons, market pricing expectations, tenancy review, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital needs. Investment research and the debt capital market teams provide guidance on rent growth and debt assumptions. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment research will also provide detailed insights as to real estate fundamentals within the market and submarket, including: </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">supply, demand, job growth, wage growth, educational attainment. Asset management advises on underwriting assumptions relative to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other assets the Fund may own in the market. The transactions team will assess initial returns to determine if the investment is a fit for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">one of the funds managed by PGIM Real Estate.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Allocation Meetings:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Investments that are determined to offer attractive risk-adjusted returns will be presented by the transactions teams </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">at the bi-weekly Allocation Committee meetings where portfolio managers (on behalf of funds) will have an opportunity to ask questions </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">about the investment opportunity to ensure there is a strategy fit.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Once an investment has been presented on a preliminary basis, it will typically be formally allocated at a future Allocation Committee </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">meeting to an eligible fund. PGIM Real Estate employs a rotational queue system to provide fair and equitable deal flow to each of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">active accounts and funds managed by the Subadviser. See: </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Allocation of Investment Opportunities Risk.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Due Diligence:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Due diligence kicks off once the transaction team professional determines there is fund interest and once PGIM Real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Estate has gained control of the investment opportunity. Due diligence includes, but is not limited to, a detailed review of legal, physical, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">title, and environmental issues, as well as lease analysis, tenant credit and operating expenses.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Sustainability:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> PGIM Real Estate’s overarching sustainability mission statement is that we believe doing the right thing for our people, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">environment, and our communities leads to better results for all stakeholders. While the Fund does not seek to implement a specific </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ESG, impact or sustainability strategy we strive to generate returns for investors while considering sustainability factors and applying best </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">practices through our investment and asset management processes. Sustainability considerations are embedded through various stages </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of PGIM Real Estate’s investment processes that target efficiency and screen for risks, and is applied to some degree across most of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s investments. PGIM Real Estate performs upfront asset-level due diligence which informs prudent capital and operational </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strategies that focus on efficiency measures that aim to reduce negative environmental impacts as well as operating expenses. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, assets are screened for transitional and physical climate risks, and appropriate mitigation measures are included in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">asset strategy to strengthen its resilience profile.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Investment Committee:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> A comprehensive investment committee paper is presented by the deal team (portfolio management, regional </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transactions professionals, asset manager, and investment research) to the investment committee, a 9-member board with 29 average </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">years of investment experience. The investment committee papers highlight key risks and mitigants of the investment opportunity, final </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">underwriting, notable issues discovered during due diligence, an ESG scorecard, a market analysis provided by investment research, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio suitability, comps (rents, sale, land), and any other deal specific support for the investment thesis. The investment committee </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reviews and approves investments based on a majority vote.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">PGIM Fixed Income Investment Process for Publicly Traded Real Estate Securities</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In managing the Fund’s assets, PGIM Fixed Income uses a combination of top-down economic analysis and bottom-up research in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, PGIM Fixed Income </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">develops views on economic, policy and market trends. In its bottom-up research, PGIM Fixed Income develops an internal rating and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">outlook based on the underlying collateral of the security, the origination and servicing of the collateral and the inherent structure of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security. The rating and outlook are determined based on a thorough review of the financial health and trends of the investment. PGIM </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fixed Income may also consider investment factors such as a review of the financial health and trends of the issuer, expected total </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">based upon the expected total return rather than the yield of such security.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Competitive Advantages</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Prudential’s investment management business, PGIM, is one of the top ten asset managers worldwide, managing more than $1.47 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">trillion of assets as of December 31, 2025 and providing deep asset class expertise to meet our clients’ investment objectives. PGIM </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Real Estate pursues exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the risk-return spectrum. PGIM Real Estate’s scope of insights, rigorous risk management and seamless execution are backed by more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than 140-years of experience investing in real estate through direct mortgage loan originations, and more than 50-years of history </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">managing open end real estate equity vehicles similar to the Fund. Please see below for a description of PGIM Real Estate’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">competitive advantages:</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Always Value Driven; Research Led:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> PGIM Real Estate builds clients’ real estate portfolios from the bottom up, finding and creating value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">at the individual investment level. PGIM Real Estate is not a macro allocator nor a financial engineer, but rather an active investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">manager who builds and rebuilds real estate portfolios over time grounding our investment thesis in local market research and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">understanding the impacts of macroeconomic and demographic trends on real estate. PGIM Real Estate is known for spotting value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">early and many of our first-of-their-kind investment strategies are now industry standards.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Active Asset Management:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> PGIM Real Estate asset managers are sector specific and regionally focused. They have experience working </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on assets that sit along all points of the risk spectrum from core to value add. They have the knowledge and expertise to add value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">through management of the on-site property teams, deep market knowledge, and by driving capital projects to capture additional value.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Rock Solid Risk Management:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> From PGIM Real Estate’s earliest beginnings as an insurance led financial house, risk management has </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">always been and continues to be central to PGIM Real Estate’s DNA. PGIM Real Estate’s commitment to being a fiduciary first and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">managing risk on behalf of our clients, has developed into a prudent, conservative, time-tested investment process weathering multiple </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">market cycles over fifty years. Focus is placed on minimizing downside risk as demonstrated by PGIM Real Estate delivering positive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">returns to U.S. core real estate investors 45 out of the last 50 years.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">50+ Year Track Record of Building High Quality, Income Driven Real Estate Portfolios:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> PGIM Real Estate launched the industry’s first </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">institutional U.S. open-end, real estate fund in 1970 and its first core plus fund in 1980. Today PGIM Real Estate is both among the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">largest, most tenured, and most well regarded institutional managers in the industry.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Do Business the Right Way — How we do business is just as an important as what we do:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> PGIM Real Estate has a very long track record </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and earned a reputation not only for delivering investment excellence, but also for doing the business the right way for its clients, people, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">business partners and the communities that it operates and invests in.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Immense Market Visibility:</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> PGIM Real Estate leverages the knowledge, resources, and infrastructure afforded by $218 billion of gross </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets under management and administration as of December 31, 2025 ($139 billion net and $50 billion in assets under administration) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">global platform. The Subadviser’s expertise spans across the globe, the capital stack, public and private markets, and across the risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">spectrum. In 2025 alone, PGIM Real Estate completed over $32 billion in transactions globally with $27 billion in the U.S. This scale is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">among the largest within the real estate investment management space and provides the Fund with access and insights into macro and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">micro real estate trends that translate into actionable real estate investment strategies and opportunities.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Portfolio Composition</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s portfolio will principally comprise the following types of investments. A more detailed description of the Fund’s investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">policies and restrictions and more detailed information about the Fund’s portfolio investments are contained in the SAI.</div></div></div><div style="line-height:10.67pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Properties</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund intends to make equity investments in stabilized and income producing properties through which the Fund seeks to provide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investors with consistent and reliable current income and the potential for capital appreciation through active asset management and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">research-led investing. The Subadviser expects that changing demographics, population growth and migration, shifting consumer </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">behavior and technology advancements will benefit equity and debt investments within housing, logistics, and dominant retail, with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">certain high growth markets benefiting disproportionately. More tactical strategies, like self-storage, hotel, net lease, high yield debt, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other niche strategies may provide cyclical opportunities to capture value through pricing dislocation.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The portfolio’s opportunity set is generally expected to be broadly diversified by property type and geography with a focus on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. markets, but with the potential to include non-U.S. markets where PGIM Real Estate has expertise.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Property Types</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> On behalf of the Fund, the Manager invests primarily in the following real estate property types:</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Housing</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">. Housing can include single-family houses and multifamily properties, as well as more focused sectors such as student housing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or senior housing.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Logistics</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">. Logistics properties are generally categorized as warehouse/distribution centers, research and development facilities, or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">flex space.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Office</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">. Office properties include conventional office properties as well as office properties for specialized use, such as medical or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">laboratory use.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Retail</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">. Retail properties include shopping centers and malls.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Tactical Strategies</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">. Select specialty sectors include self-storage, hotel, net lease, high yield debt, and other niche strategies.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Ownership Structure</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund plans to own all or substantially all of the Fund’s property investments through its wholly-owned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operating partnership. The Fund’s property investments in each primary strategy are expected to be structured through privately-owned </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operating entities or private real estate operating companies which own and operate whole or partial interests in real properties. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund directly or through its subsidiaries may also enter into joint ventures with third parties to make investments. The Fund or its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries may also make investments in partnerships or other co-ownership arrangements or participations arrangements with other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investors, including affiliates, to acquire properties. The Fund directly or through its subsidiaries will generally acquire fee simple </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interests for the properties (in which the Fund owns both the land and the building improvements), but may consider leased fee and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">leasehold interests if the Manager believes the investment is consistent with the Fund’s investment objectives and strategies. The Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and its wholly-owned subsidiaries will comply with Section 18 of the Investment Company Act on an aggregate basis. The Fund and its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subsidiaries will comply with Section 17 of the Investment Company Act. For any Controlled Subsidiary, the Fund will treat the entity’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">debt as its own under Section 18 of the Investment Company Act.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Private Real Estate Debt and Preferred Equity</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to equity investments in the property types listed above, the Fund may also invest in privately sourced debt and preferred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">equity interests that offer current income secured or are backed by high quality real estate. The Fund intends to originate and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">selectively acquire mezzanine loans, preferred equity, and to a lesser extent, senior mortgage loans.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The loans may vary in duration, bear interest at fixed or floating rates and amortize, if at all, over varying periods, often with a balloon </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">payment of principal at maturity and in the case of mezzanine and preferred equity may allow for interest to accrue and be added to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">principal amount rather than paid on a current basis and may include equity participation rights. The Fund as lender is responsible for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">servicing a loan and may use PGIM Real Estate’s affiliate loan servicers, PGIM Real Estate Loan Services (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM RELS</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) or PGIM Real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Estate Asset Management, for such obligations, which will generally consist of collecting, or arranging for the collection of, interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">payments and, when applicable, enforcing the Fund’s rights under the loan documentation. There are no limits on the amount of loans </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund may originate; provided such transactions comply with the Fund’s 80% investment policy and do not impact the Fund’s ability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to maintain its status as a REIT. The Fund will only make loans to the extent permitted by the Investment Company Act and the rules </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and regulations thereunder.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Mezzanine Loans</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Mezzanine loans are a type of subordinate loan in which the loan is secured by one or more direct or indirect </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ownership interests in an entity that directly or indirectly owns real estate. Mezzanine loans are subordinate to a first mortgage or other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">senior debt. Investors in mezzanine loans are generally compensated for the increased credit risk from a pricing perspective and still </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">benefit from the right to foreclose on its security, in many instances more efficiently than the rights of foreclosure for first mortgage loans. </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Upon a default by the borrower under a mezzanine loan, the mezzanine lender generally can take control of the property owning entity </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on an expedited basis, subject to the rights of the holders of debt senior in priority on the property. Rights of holders of mezzanine loans </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are usually governed by intercreditor or interlender agreements, which may limit the Fund’s ability to pursue remedies.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Preferred Equity</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Preferred equity is a type of interest in an entity that owns real estate or real estate-related investments. Preferred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">equity interests are generally senior with respect to the payments of dividends and other distributions, redemption rights and rights upon </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation to such entity’s common equity. Investors in preferred equity are typically compensated for their increased credit risk from a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">pricing perspective with fixed payments but may also participate in capital appreciation. Upon a default by a general partner of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">preferred equity issuer, there typically is a change of control event and the limited partner assumes control of the entity. Rights of holders </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of preferred equity are usually governed by partnership agreements.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Senior Mortgage Loans</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Senior mortgage loans are generally loans secured by a first mortgage lien on a commercial property. Senior </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loans generally provide for a higher recovery rate and lower defaults than other debt positions due to the lender’s favorable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">control features which at times may mean control of the entire capital structure.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Subordinate Mortgage Loans</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Subordinate mortgage loans are loans that have a lower priority to collateral claims. Investors in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate mortgages are generally compensated for the increased risk from a pricing perspective as compared to first mortgage loans </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">but still benefit from a direct lien on the related property or a security interest in the entity that owns the real estate. Investors typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">receive principal and interest payments at the same time as senior debt unless a default occurs, in which case these payments are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">made only after any senior debt is repaid in full. The rights of holders of subordinate mortgages are usually governed by participation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and other agreements.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Loan Selection</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Real Estate is a global leader in debt strategies; with $135 billion in gross real estate debt assets under management and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">administration (gross includes Debt and Agriculture. $81 billion net and $50 billion in assets under administration). PGIM Real Estate is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ranked #2 Capital Raised for Debt Securities.**</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s debt investments will seek to provide secure income returns from investing in a low to moderate risk portfolio of real estate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">debt, with a focus on capital preservation and stability of income. The Fund benefits from PGIM’s fully integrated real estate investing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">platform. As of December 31, 2025, PGIM managed approximately $1.47 trillion in assets. PGIM’s businesses offer a range of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. PGIM believes its competitive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">advantages are its exceptional access to transaction flow, investment expertise, robust credit culture, and integrated loan servicing and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operations platform. PGIM’s platform today has capabilities that span the real estate spectrum to include core senior debt, value-add </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">senior debt, mezzanine debt, and preferred equity. The Fund’s debt investments are generally expected to be diversified geographically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and by sector with varied maturities and durations depending on the opportunity.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Real Estate has a network of borrowers and equity partners which includes specialist real estate investors, developers and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operators that provide extensive primary deal flow in every jurisdiction. PGIM Real Estate’s leading local market execution capabilities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">delivers optimal returns from both direct primary origination and intermediary led transactions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Integration of real estate capabilities and direct contact between manager and borrowers from a comprehensive loan servicing platform </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">allows investors to benefit from PGIM Real Estate’s full market experience and longstanding relationships with high quality borrowers and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">market participants.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Underwriting Standards</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Initial Analysis and Pricing</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">: Once a potential investment has been sourced, the Transactions team undertakes a preliminary underwriting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the investment opportunity including a review of the market, property and borrower/sponsor factors, and the feasibility of borrower’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">business plan.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Loan Review</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">: Once the preliminary review has been completed, the deal team works in collaboration with Debt Capital Markets and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Portfolio Management to appropriately structure and price the transaction for the capital source being used. The Portfolio Management </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">team confirms that the quality of the loan meets the guidelines of the investor’s or Fund’s strategy and diversification goals.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;">Due Diligence and Full Underwriting</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">: Once a term sheet has been negotiated and executed, a more rigorous underwriting and due </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">diligence process begins that includes the following:</div></div></div><div style="line-height:10.0pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">**PGIM Real Estate is ranked second out of 50 firms published in PERE’s Real Estate Deb<div style="display:inline;">t 50</div> third-party capital raised survey published in May 2025. This ranking represents third-party</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> capital raised for real estate debt strategies from 1/1/20-12/31/24. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.</div></div><div><div style="clear:both;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Thorough analysis of property and market including operating history and projections</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Review of third-party reports including appraisals, and engineering and environmental reports</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In-depth analysis of borrower’s real estate experience, financial position and, if applicable, business plan for the property</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Preparation of materials for Investment Committee review and approval</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Site inspection including property, overall market, and relevant competition.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:10.67pt;margin-top:12.33pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Loan Servicing</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Post-closing the Fund currently expects that its loans would be serviced by PGIM Real Estate’s affiliate loan servicers, PGIM RELS or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM Real Estate Asset Management. PGIM RELS or PGIM Real Estate Asset Management’s servicing obligations would generally </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consist of collecting, or arranging for the collection of, interest payments and, when applicable, enforcing the Fund’s rights under the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">loan documentation Because borrowers interact frequently with the loan servicer over the life of the loan, borrowers prefer to work with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">lenders that retain servicing. Thus, the borrower expects that it will continue to work with PGIM Real Estate and its affiliates for the life of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the loan, and not a third-party servicer.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Perhaps more importantly, though, we value the risk management benefits of retaining loan servicing to allow us to closely monitor the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">loans, mitigate any potential risks and act quickly if loans should become troubled. In addition, with a large portfolio of loans serviced by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">PGIM RELS, Portfolio Management can access a wealth of market data on properties and real estate markets throughout the U.S.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Investments in Publicly Traded Real Estate-Related Securities</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund invests a portion of its portfolio in publicly traded real estate-related securities, which includes CMBS, RMBS, ABS, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">collateralized mortgage obligations (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">CMOs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), other equity or debt securities issued by public REITs or real estate-related investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">companies, ETFs and other pooled investment vehicles that provide exposure to real estate.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund expects that its investments in publicly traded real estate-related securities will primarily be in U.S. securities, but it may also </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">invest in non-U.S. securities.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund plans to primarily invest in the following publicly traded real estate-related securities:</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The types of mortgage-backed securities in which the Fund may invest include interest-only, inverse-interest only, or principal only </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">RMBS, CMBS, CMOs, securities issued by Real Estate Mortgage Investment Conduits (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">REMICs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), Re-securitized Real Estate Mortgage </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Conduits (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Re-REMICs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), pass-through certificates, credit linked notes, mortgage forwards or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to be announced</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, collateralized loan obligations backed by commercial loans and mortgage servicing rights securities. The Fund may invest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in a Re-REMIC in order to obtain exposure to mortgages with a specific risk profile that could not otherwise be obtained through the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purchase of existing REMICs. Pass-through certificates are fixed income securities whereby certificates are issued representing interests </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in a pool of mortgages or mortgage-backed securities. The Fund may invest in various tranches or classes of MBS.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">CMBS</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> CMBS are securities backed by obligations (including certificates of participation in obligations) that are principally secured by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">commercial mortgages on real property or interests therein having a multifamily or commercial use, such as retail, office or industrial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">properties, hotels, apartments, nursing homes and senior living facilities. CMBS are typically issued in multiple tranches whereby the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">more senior classes are entitled to priority distributions from the trust’s income to make specified interest and principal payments on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such tranches. Losses and other shortfalls from expected amounts to be received on the mortgage pool are borne by the most </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subordinate classes, which receive principal payments only after the more senior classes have received all principal payments to which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">they are entitled. The credit quality of CMBS depends on the credit quality of the underlying mortgage loans, which is a function of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">factors such as the principal amount of loans relative to the value of the related properties; the cash flow produced by the property; the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage loan terms, such as principal amortization; market assessment and geographic location; construction quality of the property; </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and the creditworthiness of the borrowers.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Agency RMBS</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Agency RMBS are residential mortgage-backed securities for which a U.S. government agency such as Ginnie Mae, or a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">federally chartered corporation such as Fannie Mae or Freddie Mac guarantees payments of principal and interest on the securities. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Although the U.S. government guarantees principal and interest payments on securities issued by the U.S. government and some of its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">agencies, such as securities issued by Ginnie Mae, this guarantee does not apply to losses resulting from declines in the market value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these securities. Some agency RMBS that the Fund may hold are not guaranteed or backed by the full faith and credit of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. government, such as those issued by Fannie Mae and Freddie Mac. Although the U.S. government in the past has provided </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">financial support to Fannie Mae and Freddie Mac, there can be no assurance that it will support these or other government-sponsored </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">enterprises in the future.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Agency RMBS differ from other forms of traditional debt securities, which normally provide for periodic payments of interest in fixed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">amounts with principal payments at maturity or on specified call dates. Instead, agency RMBS provide for monthly payments, which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consist of both principal and interest. In effect, these payments are a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">pass-through</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> of scheduled and prepaid principal payments and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the monthly interest made by the individual borrowers on the mortgage loans, net of any fees paid to the issuers, servicers or guarantors </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the securities. The principal may be prepaid at any time due to prepayments on the underlying mortgage loans or other assets. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">differences can result in significantly greater price and yield volatility than is the case with traditional fixed-income securities.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s allocation of agency RMBS collateralized by fixed-rate mortgages (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">FRMs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), adjustable rate mortgages (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ARMs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), or hybrid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">adjustable-rate mortgages (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">hybrid ARMs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) will depend on various factors including, but not limited to, relative value, expected future </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prepayment trends, supply and demand, costs of hedging, costs of financing, expected future interest rate volatility and the overall </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shape of the Treasury and interest rate swap yield curves. The Manager intends to take these factors into account when making </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments on behalf of the Fund. The Fund may also make investments in debentures that are issued and guaranteed by Freddie Mac </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or Fannie Mae or mortgage-backed securities the collateral of which is guaranteed by Ginnie Mae, Freddie Mac, Fannie Mae or another </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">federally chartered corporation.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Non-Agency RMBS</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Non-agency RMBS are residential mortgage-backed securities that are collateralized by pools of mortgage loans </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assembled for sale to investors by commercial banks, savings and loan associations and specialty finance companies. Non-agency </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">RMBS are not issued or guaranteed by a U.S. government agency or federally chartered corporation. Like agency RMBS, non-agency </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">RMBS represent interests in pools of mortgage loans secured by residential real property.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The mortgage loan collateral for non-agency RMBS consists of residential mortgage loans that do not generally conform to underwriting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">guidelines issued by a federally chartered corporation, such as Fannie Mae or Freddie Mac, or an agency of the U.S. government, such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as Ginnie Mae, due to certain factors, including mortgage balances in excess of agency underwriting guidelines, borrower </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">characteristics, loan characteristics and level of documentation, and therefore are not issued or guaranteed by an agency. The Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may also invest in credit risk transfer notes that, while not structured products, face similar risks as structured products because they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are debt securities issued by governmental agencies but their value depends in part on a pool of mortgage loans.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The non-agency and agency RMBS acquired by the Fund could be secured by FRMs, ARMs, hybrid ARMs or interest only mortgages. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">FRMs have interest rates that are fixed for the term of the loan and do not adjust. The interest rates on ARMs generally adjust annually </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(although some may adjust more frequently) to an increment over a specified interest rate index. Hybrid ARMs have interest rates that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are fixed for a specified period of time (typically three, five, seven or ten years) and, thereafter, adjust to an increment over a specified </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate index. ARMs and hybrid ARMs generally have periodic and lifetime constraints on how much the loan interest rate can </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">change on any predetermined interest rate reset date. Interest only securities are backed by mortgages where the borrower pays interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">only. Relative value analysis, including consideration of current market conditions, will determine the Fund’s allocation to FRMs, ARMs, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">hybrid ARMs and interest only mortgages.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s allocation of non-agency RMBS collateralized by FRMs, ARMs, hybrid ARMs or interest only mortgages will depend on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">various factors including, but not limited to, relative value, expected future prepayment trends, home price appreciation trends, supply </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and demand, availability of financing, expected future interest rate volatility and the overall state of the non-agency RMBS secondary </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">market. Borrowers of the underlying loans that secure the non-agency RMBS assets which the Fund may purchase can be divided into </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prime, Alternative-A (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Alt-A</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) and subprime borrowers based on their credit rating.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">ABS</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">. </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ABS represent participations in, or are secured by and payable from, assets such as, but not limited to, installment sales or loan </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">contracts, leases, franchise agreements, credit card receivables, Home Equity Line of Credit, data centers, time shares and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">categories of receivables. The underlying pools of assets are securitized through the use of trusts and special purpose entities (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">SPEs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">). </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ABS are structured like mortgage-backed securities and are subject to many of the same risks, including prepayment risk, extension </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">risk, credit risk and interest rate risk.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain types of ABS may not have the benefit of a security interest in the related assets. For example, many securities backed by credit </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">card receivables are unsecured. Even when security interests are present, the ability of an issuer of certain types of ABS to enforce those </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interests may be more limited than that of an issuer of MBS. For instance, automobile receivables generally are secured by automobiles </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rather than by real property. Most issuers of automobile receivables permit loan servicers to retain possession of the underlying assets. In </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">addition, because of the large number of underlying vehicles involved in a typical issue of ABS and technical requirements under state </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">law, the trustee for the holders of the automobile receivables may not have a proper security interest in all of the automobiles. Therefore, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">recoveries on repossessed automobiles may not be available to support payments on these securities. In addition, certain types of ABS </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may experience losses on the underlying assets as a result of certain rights provided to consumer debtors under federal and state law.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In the case of certain consumer debt, such as credit card debt, debtors are entitled to the protection of a number of sta<div style="display:inline;">te</div> and federal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consumer credit laws, many of which give such debtors the right to set off certain amounts owed on their credit cards (or other debt), </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">thereby reducing their balances due. For instance, a debtor may be able to offset certain damages for which a court has determined that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the creditor is liable to the debtor against amounts owed to the creditor by the debtor on his or her credit card. Additionally, an ABS is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subject to risks associated with the servicing agent’s or originator’s performance. For example, a servicing agent or originator’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mishandling of documentation related to the underlying collateral (e.g., failure to properly document a security interest in the underlying </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">collateral) may affect the rights of the security holders in and to the underlying collateral.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Publicly Traded REITs</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">. </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may invest in publicly traded REITs. REITs are investment vehicles that invest primarily in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income-producing real estate or mortgages and other real estate-related loans or interests.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Many public REITs are listed on major stock exchanges, such as the New York Stock Exchange and NASDAQ. <div style="display:inline;">Pub</div>licly traded REITs </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">typically employ leverage, which magnifies the potential for gains and the risk of loss. They typically pay out all of their taxable income as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dividends to shareholders. In turn, shareholders pay the income taxes on those dividends.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ETFs and Other Pooled Investment Vehicles. The Fund may invest in ETFs, m<div style="display:inline;">utu</div>al funds, private funds or other investment vehicles that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in turn provide exposure to REITs, direct real estate or real estate- related companies.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Variable- and Floating-Rate Securities</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Variable- and floating-rate instruments are instruments that pay interest at rates that adjust </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">whenever a specified interest rate (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reference rate</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) changes and/or that reset on predetermined dates (such as the last day of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">month or calendar quarter). In addition to floating-rate loans, variable- and floating-rate instruments may include, without limitation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments such as catastrophe and other event-linked bonds, bank capital securities, unsecured bank loans, corporate bonds and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">money market instruments. Due to their variable- or floating-rate features, these instruments will generally pay higher levels of income in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">variable- or floating-rate instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed-rate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instrument, although the value of a variable- or floating-rate instrument may nonetheless decline as interest rates rise and due to other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">factors, such as changes in credit quality or because of an imperfect correlation between the securities interest rate adjustment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mechanism and the level of interest rates generally.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; text-decoration: underline; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Ratings of Securities</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in debt securities that are rated investment grade, debt securities rated below investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">grade, and unrated debt securities. The Fund is not required to hold any minimum percentage of its NAV in debt securities rated </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Derivatives</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">underlying investments, indices or currencies. The Fund and Subadviser may use various derivative strategies to try to improve the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s returns by managing risks, such as by using hedging techniques to try to protect the Fund’s assets. A derivative contract will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">obligate or entitle the Fund to deliver or receive an asset or cash payment based on the change in value of one or more investments, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">indices or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(these are known as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">over-the-counter</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> derivatives). The Fund may be limited in its use of derivatives by rules adopted by the SEC </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">governing derivatives transactions, such as Rule 18f-4 under the Investment Company Act, described below. Although the Fund has the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">flexibility to make use of derivatives, it may choose not to for a variety of reasons, even under very volatile market conditions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">risk management program for certain derivatives users. Subject to certain conditions, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">limited derivatives users</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> (as defined in Rule </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">18f-4), however, are not subject to the full requirements of Rule 18f-4.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund intends to limit its engagement in derivative transactions such that it will qualify as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">limited derivatives user</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> for purposes of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 18f-4 such that the Fund will be subject to substantially fewer substantive requirements under that rule than would be the case if it </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">did not so qualify. However, there is no guarantee that the Fund will meet or continue to meet such qualifications. If the Fund does not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">meet these qualifications, it may become subject to the prescriptive requirements of Rule 18f-4 that are not otherwise applicable to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">limited derivatives users.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Futures Contracts and Related Options.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may purchase and sell financial futures contracts and related options on financial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">futures. A futures contract is an agreement to buy or sell a set quantity of an underlying asset at a future date, or to make or receive a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cash payment based on the value of a securities index, or some other asset, at a stipulated future date. The terms of futures contracts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are standardized. In the case of a financial futures contract based upon a broad index, there is no deliv<div style="display:inline;">er</div>y of the sec<div style="display:inline;">urit</div>ies comprising </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying index, margin is uniform, a clearing corporation or an exchange is the counterparty and the Fund makes daily margin </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">payments based on price movements in the index. An option gives the purchaser the right to buy or sell securities or currencies, or in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the case of an option on a futures contract, the right to buy or sell a futures contract in exchange for a premium.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Foreign Currency Forward Contracts.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may enter into foreign currency forward contracts to protect the value of its assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">against future changes in the level of foreign exchange rates or to enhance returns. A foreign currency forward contract is an obligation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to buy or sell a given currency on a future date and at a set price or to make or receive a cash payment based on the value of a given </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">currency at a future date. Delivery of the underlying currency is expected, the terms are individually negotiated, the counterparty is not a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">clearing corporation or an exchange, and payment on the contract is made upon delivery, rather than daily.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Swap Transactions.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may enter into swap transactions. Swap agreements are two-party contracts entered into primarily by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">institutional investors for periods typically ranging from a few weeks to more than one year. In a standard </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">swap</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> transaction, two parties </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to credit default </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">swaps, interest rate swaps, total return swaps and index swaps.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Swap Options.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may enter into swap options. A swap option is a contract that gives a counterparty the right (but not the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">designated future time on specified terms.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Options on Securities and Financial Indices.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may purchase and sell put and call options on securities, and financial indices </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">traded on US or non-US securities exchanges, on NASDAQ or in the over-the-counter market. An option gives the purchaser the right to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">buy or sell securities in exchange for a premium.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 18f-4 under the Investment Company Act may require the Fund to observe more stringent asset coverage and related requirements </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than were previously imposed by the Investment Company Act, which could adversely affect the value or performance of the Fund. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund engages in derivative transactions </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could also limit or prevent the Fund from using certain instruments.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Temporary Strategies</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">At times the Manager may judge that conditions in the markets make pursuing the Fund’s primary investment strategy inconsistent with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the best interests of its shareholders. During temporary periods or in order to keep the Fund’s cash fully invested until the net proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of this offering of Common Shares can be invested in accordance with the Fund’s primary investment strategies, including during the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">initial ramp-up of the Fund’s portfolio, the Fund may deviate from its investment policies and objectives. At such times the Manager may, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">temporarily, use alternative strategies primarily designed to reduce fluctuations in the value of the Fund’s assets. If the Fund takes a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">temporary position, it may be unable to achieve its investment objectives. While the Fund would seek to continue to qualify as a REIT </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">during such a period, there can be no guarantee it will be able to do so.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In implementing these temporary strategies, the Fund may invest all or a portion of its assets in fixed income securities; traded real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate-related securities; U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are either issued or guaranteed by the Treasury or by U.S. government agencies or instrumentalities; certificates of deposit issued </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">against funds deposited in a bank or a savings and loan association; commercial paper; bankers’ acceptances; bank time deposits; </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shares of money market funds; securities issued or guaranteed by the federal government or any of its agencies, or any state or local </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">government; repurchase agreements with respect to any of the foregoing; or any other securities or cash equivalents that the Manager </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">considers consistent with this strategy.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">It is impossible to predict when, or for how long, the Fund will use these temporary strategies. There can be no assurance that such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strategies will be successful.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Other Investments and Strategies</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to its principal investment strategies, the Fund also may use the following non-principal investment strategies to try to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increase its returns or protect its assets if market conditions warrant.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Other Fixed-Income Instruments.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in fixed-income instruments, such as investment grade and high-yield corporate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">debt securities, or junk bonds, or U.S. government debt securities. The issuer of a fixed-income instrument pays the investor a fixed- or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">variable-rate of interest and normally must repay the amount borrowed on or before maturity. Certain bonds are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">perpetual</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> in that they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have no maturity date. Holders of fixed-income bonds as creditors have a prior legal claim over common and preferred shareholders as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to both income and assets of the issuer for the principal and interest due them and may have a prior claim over other creditors but are </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">generally subordinate to any existing lenders in the issuer’s capital structure. Fixed-income instruments may be secured or unsecured. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The investment return of corporate bonds is generated by payments of interest on the security and changes in the market value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security. The market value of a corporate bond, especially a fixed-rate bond, will generally rise and fall inversely with interest rates. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">value of intermediate- and longer-term corporate bonds normally fluctuates more in response to changes in interest rates than does the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by the credit rating of the corporation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of the securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fixed-income instruments usually yield more than government or agency bonds due to the presence of credit risk.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">U.S. Government Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Fund’s shares. Some U.S. Government </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities, such as Treasury bills, notes and bonds, are supported by the full faith and credit of the United States; others are supported </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">by the right of the issuer to borrow from the U.S. Department of the Treasury (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Treasury</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">); others are supported by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">discretionary authority of the U.S. Government to purchase the agency’s obligations; and still others, such as those of the Student Loan </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero coupon </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">similar maturities.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund also may engage in credit spread trades. A credit spread trade is an investment position relating to a difference in the prices </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or interest rates of two bonds or other securities, in which the value of the investment position is determined by changes in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">difference between the prices or interest rates, as the case may be, of the respective securities.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Foreign Currency Transactions.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Based on market conditions, the Fund expects to enter into foreign currency forward contracts (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">forward </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">contracts</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) for purposes of gaining exposure to the currency of an emerging market country or other foreign country or as a hedge </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">against fluctuations in future foreign currency exchange rates. The Fund may engage in foreign currency exchange transactions in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">connection with its investments in foreign instruments. The Fund is not required to hedge its currency exposure, if any, and may choose </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">not to do so. The Fund generally will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rate prevailing in the foreign currency exchange market or through forward contracts to purchase or sell foreign currencies, including the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">payment of dividends and the settlement of transactions that otherwise might require untimely dispositions of Fund investments.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">A foreign currency forward contract involves an obligation to purchase or sell a specific currency at a future date, which may be any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fixed number of days (usually less than one year) from the date of the contract agreed upon by the parties, at a price and for an amount </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">set at the time of the contract. Presently, these contracts are traded in the interbank market conducted directly between currency </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">traders (usually large commercial banks) and their customers, but may be required to be traded on an exchange and cleared through a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">central counterparty. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">difference (the spread) between the price at which they are buying and selling various currencies. At the consummation of a forward </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">contract, the Fund may either make delivery of the foreign currency or terminate its contractual obligation to deliver the foreign currency </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">by purchasing an offsetting contract obligating it to purchase, at the same maturity date, the same amount of such foreign currency. If </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund chooses to make delivery of the foreign currency, it may be required to obtain such currency through the sale of portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities denominated in such currency or through conversion of other assets of the Fund into such currency. If the Fund engages in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">an offsetting transaction, the Fund will realize a gain or loss to the extent that there is a difference between the forward contract price </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and the offsetting forward contract price.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">It should be noted that this method of protecting the value of the Fund’s portfolio securities against a decline in the value of a currency </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">does not eliminate fluctuations in the underlying prices of the securities. Rather, it simply establishes a rate of exchange that can be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">achieved at some future point in time. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">value of the hedged currency, at the same time they tend to limit any potential gain should the value of the currency increase.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">At times, the Fund may enter into </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cross-currency</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> hedging transactions involving currencies other than those in which securities held </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or proposed to be purchased are denominated.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">By entering into a forward contract for the purchase or sale, for a fixed amount of dollars or other currency, of the amount of foreign </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">currency involved in an underlying security transaction, the Fund may be able to protect itself against a possible loss resulting from an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">adverse change in the relationship between the U.S. dollar and the currency that is being used for the security transaction.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund values its assets daily in terms of U.S. dollars, it does not intend to actually convert its holdings of foreign currencies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">into U.S. dollars on a daily basis. It will, however, do so with respect to a portion of the Fund’s assets from time to time, and investors </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">should be aware of the costs of currency conversion. A dealer may offer to sell a foreign currency to the Fund at one rate, while offering </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">a lesser rate of exchange should the Fund desire to resell that currency to the dealer.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may be limited in its ability to enter into hedging transactions by the Code requirements relating to qualification as a REIT.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">High Yield Instruments or </div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">“</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Junk</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">”</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> Bonds.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> High yield fixed income instruments that are rated below investment grade involve a greater </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">degree of risk (in particular, a greater risk of default) than, and special risks in addition to the risks associated with, investment grade </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">debt obligations. While offering a greater potential opportunity for capital appreciation and higher yields, high yield instruments typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">entail greater potential price volatility and may be less liquid than higher-rated instruments. High yield instruments may be regarded as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">predominantly speculative with respect to the issuer’s continuing ability to make timely principal and interest payments. They also may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be more susceptible to real or perceived adverse economic and competitive industry conditions than higher-rated instruments. Fixed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income instruments in the lowest investment grade category also may be considered to possess some speculative characteristics by one </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or more NRSROs (as defined below). The market values of high yield instruments tend to reflect individual developments of the issuer to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">a greater extent than do higher quality securities, which tend to react mainly to fluctuations in the general level of interest rates. In </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">addition, lower quality fixed income instruments tend to be more sensitive to general economic conditions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Securitized Credit, Structured Product and Related-Investments.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is permitted to invest in secured loans backed by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">commercial or consumer loans, ABS (including collateralized debt obligations (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">CDOs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) such as collateralized bond obligations (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">CBOs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and collateralized loan obligations (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">CLOs</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">)), and other similar securities and related instruments. Such investments may include </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">private, unregistered fixed income investments. Such investments generally are privately negotiated debt obligations where the principal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">embedded index</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such as indexes reflecting bonds. Structured instruments may be issued by corporations, including banks, as well as by governmental </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">agencies. Structured instruments frequently are assembled in the form of medium-term notes, but a variety of forms is available and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the embedded index while the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">structured instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">leverage that will serve to magnify the potential for gain and the risk of loss. The Fund’s investments in unregistered or privately issued </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">structured product securities (excluding structured products offered and sold in the United States in reliance on Rule 144A or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Regulation S under the Securities Act) include investments that, at the time of purchase, (i) are classified as illiquid and (ii) for which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">there is no current market price.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Preferred Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Preferred securities, like common shares or other equity securities, represents an equity ownership in an issuer. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Generally, preferred securities have a priority of claim over common shares or other equity securities in dividend payments and upon </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">liquidation of the issuer. Unlike common shares or other equity securities, preferred securities do not usually have voting rights.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Although they are equity securities, preferred securities have characteristics of both debt and common shares or other equity securities. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Like debt, their promised income is contractually fixed. Like common shares or other equity securities, they do not have rights to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">participate in bankruptcy proceedings or collection activities in the event of missed payments. Other equity characteristics are their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated position in an issuer’s capital structure and that their quality and value are heavily dependent on the profitability of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">issuer rather than on any legal claims to specific assets or cash flows. Preferred securities are also subject to deferral risk, which refers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to provisions typically contained in preferred securities that allow an issuer, under certain conditions, to skip (in the case of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-cumulative preferred securities) or defer (in the case of cumulative preferred securities) dividend payments.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Distributions on preferred securities are declared by the board of directors of the issuer and may be subject to deferral, and thus may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">not be automatically payable. Income payments on preferred securities may be cumulative, causing dividends and distributions to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">accrue even if not declared by the board or otherwise made payable, or non-cumulative, so that skipped dividends and distributions do </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">not continue to accrue. There is no assurance that dividends on preferred securities in which the Fund invests will be declared or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise made payable. The Fund is permitted to invest in non-cumulative preferred shares, although the Subadviser will consider, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">among other factors, the non-cumulative nature in making any decision to purchase or sell such securities on behalf of the Fund.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Hybrid-Preferred Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Hybrid-preferred securities are typically issued by corporations, generally in the form of interest-bearing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">notes with preferred securities characteristics, as described below, or by an affiliated business trust of a corporation, generally in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">form of beneficial interests in subordinated debentures or similarly structured securities. The hybrid-preferred securities market consists </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of both fixed- and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Hybrid-preferred securities are typically junior and fully subordinated liabilities of an issuer or the beneficiary of a guarantee that is junior </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and fully subordinated to the other liabilities of the guarantor. In addition, hybrid-preferred securities typically permit an issuer to defer </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the payment of income for 18 months or more without triggering an event of default. Generally, the maximum deferral period is five </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">years. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments for extended periods of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">time without default consequences to the issuer, and certain other features (such as restrictions on common dividend payments by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">issuer or ultimate guarantor when full cumulative payments on the trust preferred securities have not been made), these </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">hybrid-preferred securities are often treated as close substitutes for traditional preferred securities, both by issuers and investors. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Hybrid-preferred securities have many of the key characteristics of equity because of their subordinated position in an issuer’s capital </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">structure and because their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">specific assets or cash flows. Hybrid-preferred securities include, but are not limited to, trust originated preferred securities; monthly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income preferred securities; quarterly income bond securities; quarterly income debt securities; quarterly income preferred securities; </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">corporate trust securities; public income notes; and other hybrid-preferred securities.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Hybrid-preferred securities are typically issued with a final maturity date, although some are perpetual in nature. In certain instances, a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">final maturity date may be extended and/or the final payment of principal may be deferred at the issuer’s option for a specified time </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">without default. No redemption can typically take place unless all cumulative payment obligations have been met, although issuers may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be able to engage in open-market repurchases without regard to whether all payments have been paid.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Private Placements and Restricted Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in securities that are subject to restrictions on resale because they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have not been registered under the Securities Act, or that are otherwise not readily marketable. These securities are generally referred to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as private placements or restricted securities. Limitations on the resale of these securities may have an adverse effect on their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of registering the securities for resale and the risk of substantial delays in effecting the registration.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 144A permits the Fund to sell certain restricted securities to qualified institutional buyers without limitation. Offerings of Regulation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">S securities may be conducted outside of the United States. However, investing in Rule 144A securities or Regulation S securities could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have the effect of increasing the level of Fund illiquidity to the extent the Fund, at a particular point in time, may be unable to find </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified institutional buyers interested in purchasing such securities.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Convertible Securities.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Convertible securities entitle the holder to receive interest payments paid on corporate debt securities or the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dividend preference on a preferred shares until such time as the convertible security matures or is redeemed or until the holder elects to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">exercise the conversion privilege. The characteristics of convertible securities make them appropriate investments for an investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">company seeking long-term capital appreciation and/or total return. These characteristics include the potential for capital appreciation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as the value of the underlying common shares increases, the relatively high yield received from dividend or interest payments as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">compared to common shares dividends and decreased risks of decline in value relative to the underlying common shares due to their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fixed-income nature. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">generally less than would be the case if the securities were issued in nonconvertible form.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The value of convertible securities is influenced by both the yield of nonconvertible securities of comparable issuers and by the value of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the underlying common shares. The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">basis of its yield) is sometimes referred to as its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment value.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> To the extent interest rates change, the investment value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">convertible security typically will fluctuate. However, at the same time, the value of the convertible security will be influenced by its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conversion value,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> which is the market value of the underlying common shares that would be obtained if the convertible security were </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">converted. Conversion value fluctuates directly with the price of the underlying common shares. If, because of a low price of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">common shares, the conversion value is substantially below the investment value of the convertible security, the price of the convertible </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security is governed principally by its investment value.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">To the extent the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">price of the convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium over </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the conversion value to the extent investors place value on the right to acquire the underlying common shares while holding a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fixed-income security. The yield and conversion premium of convertible securities issued in Japan and the Euromarket are frequently </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">determined at levels that cause the conversion value to affect their market value more than the securities’ investment value.</div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Holders of convertible securities generally have a claim on the assets of the issuer prior to the common shareholders but may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subordinated to other debt securities of the same issuer. A convertible security may be subject to redemption at the option of the issuer </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">at a price established in the charter provision, indenture or other governing instrument pursuant to which the convertible security was </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">issued. If a convertible security held by the Fund is called for redemption, the Fund will be required to redeem the security, convert it </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">into the underlying common shares or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which entitles the holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security under certain circumstances.</div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Effects of Leverage</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The following table illustrates the effect of leverage on Common Shares total return, assuming investment portfolio total returns </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(comprised of income and changes in the value of securities held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">experienced or expected to be experienced by the Fund. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Risks—Leverage Risk.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt;text-indent: 0px;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">As of December 31, 2025, the Fund did not have any borrowings outstanding in connection with the Credit Facility. </div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 11.64px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; top: 0px;display:inline;">The table reflects</div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the issuance of leverage representing 0.04% of the Fund’s total assets for the period ended December 31, 2025 and the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">currently projected annual interest on its Series A Preferred Shares of 12%. To cover interest payments on such leverage, the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">would need to achieve a 0.01% annual return.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:105%"><tr style="height:23pt"><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:304.99pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 4pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:48.5pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:43.5pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:43.5pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:37.51pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;vertical-align:Bottom;width:41.01pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 4pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr><tr style="height:24.25pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:304.99pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Assumed Portfolio Total Return (Net of Expenses)</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:48.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(10.00)%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(5.00)%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:37.51pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.00%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:41.01pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.00%</div></div></div></td></tr><tr style="height:27.25pt"><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:304.99pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares Total Return</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:48.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(10.01)%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(5.01)%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.01)%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:37.51pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.00%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:41.01pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.00%</div></div></div></td></tr></table></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares Total Return is composed of two elements: the Common Shares dividends and distributions paid by the Fund (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">amount of which is largely determined by the net investment income of the Fund after paying interest on its leverage) and gains or losses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on the value of the securities the Fund owns. As required by SEC rules, the table above assumes that the Fund is more likely to suffer </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital losses than to enjoy capital appreciation. For example, to assume a total return of 0% the Fund must assume that the return it </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">receives on its investments is entirely offset by losses in the value of those investments.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is a non-diversified, closed-end management investment company designed pri<div style="display:inline;">m</div>arily as a long-term investment and not as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">there can be no assurance that the Fund will achieve its investment objective. Your securities at any point in time may be worth less than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">you invested, even after taking into account the reinvestment of Fund dividends, distributions or interest payments, as applicable.</div></div> <div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The following table illustrates the effect of leverage on Common Shares total return, assuming investment portfolio total returns </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(comprised of income and changes in the value of securities held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. These </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">experienced or expected to be experienced by the Fund. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Risks—Leverage Risk.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div> The table reflects<div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the issuance of leverage representing 0.04% of the Fund’s total assets for the period ended December 31, 2025 and the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">currently projected annual interest on its Series A Preferred Shares of 12%. To cover interest payments on such leverage, the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">would need to achieve a 0.01% annual return.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:105%"><tr style="height:23pt"><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:304.99pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 4pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:48.5pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:43.5pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:43.5pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;vertical-align:Bottom;width:37.51pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 5.75pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td><td style="background-color:#FFFFFF;vertical-align:Bottom;width:41.01pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 5.75pt; margin-right: 4pt; margin-top: 10pt; text-align: left; white-space: nowrap; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr><tr style="height:24.25pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:304.99pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Assumed Portfolio Total Return (Net of Expenses)</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:48.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(10.00)%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(5.00)%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.00%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:37.51pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.00%</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:41.01pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.00%</div></div></div></td></tr><tr style="height:27.25pt"><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:304.99pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares Total Return</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:48.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(10.01)%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(5.01)%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:43.5pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(0.01)%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:37.51pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.00%</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:41.01pt"><div style="line-height:12.64pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;margin-top:10pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.00%</div></div></div></td></tr></table> 0.12 -0.1001 -0.0501 -0.0001 0.05 0.10 <div style="line-height:8.73pt;text-align:center"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">RISKS</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund is designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment objective(s). At any point in time your investment in the Fund may be worth less than you invested, even after taking into </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">account the reinvestment of Fund dividends, distributions or interest payments, as applicable.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investing in the Fund involves risks, including the risk that a shareholder may receive little or no return on his or her investment or that a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder may lose part or all of his or her investment. The Fund should be considered a speculative investment that entails </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">substantial risks, and a prospective investor should invest in the Fund only if they can sustain a complete loss of their investment. Below </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is a summary of some of the principal risks of investing in the Fund.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shareholders should consider carefully the following principal risks before investing in the Fund:</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Limited History of Operations Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is a non-diversified, closed-end management investment company with limited history of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operations or public trading and is subject to all of the business risks and uncertainties associated with any new business. As a result, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prospective investors have limited track record or history on which to base their investment decision.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">General, Market and Economic Risk</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">. Investing in the Fund involves certain risks and the Fund may not be able to achieve its intended </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">results for a variety of reasons, including, among others, the possibility that the Fund may not be able to successfully implement its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment strategy because of market, economic, regulatory, geopolitical and other conditions. International wars or conflicts (such as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">those in the Middle East and Ukraine) and geopolitical developments in foreign countries, along with instability in regions such as Asia, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">pandemics such as the outbreak of infectious diseases like the COVID-19 pandemic, and other similar events could adversely affect the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. Relatively reduced </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity in credit and fixed income markets could adversely affect issuers worldwide. U.S. and foreign governments have taken a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">experienced extreme volatility, and in some cases a lack of liquidity. The impact of these measures, as well as any additional future </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory actions, is not yet known and cannot be predicted.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Legislation or regulation may also change the way in which the Fund itself is regulated and could limit or preclude the Fund’s ability to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its investment objective. Because the market price of the Common Shares will fluctuate, there is a risk that you will lose money. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Your investment will decline in value if, among other things, the market price of the Common Shares decreases. As with any security, a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">complete loss of your investment is possible.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could be significantly impacted, which could lead to such securities being valued at zero.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Geopolitical Climate Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> U.S. and global markets are experiencing volatility and disruption following the geopolitical instability resulting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">from the ongoing Russia-Ukraine conflict, recent escalation of conflict in the Middle East and Southwest Asia and continued political and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">social unrest in various countries, such as Venezuela and Mexico, which have led, and will continue to lead to disruptions in local, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regional, national, and global markets and economies. Most recently, on February 28, 2026, the United States and Israel launched a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">major assault on Iran, triggering Iranian retaliation across the Gulf, including attacks against targets in Qatar, the United Arab Emirates </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(UAE), Kuwait, Bahrain and Saudi Arabia. An escalation in this or other global conflicts may have a material adverse impact on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, its portfolio companies and the market generally, including as a result of intense regional and global military and/or economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">retaliation, major maritime disruptions in the Strait of Hormuz, and large-scale cyber warfare.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The extent and duration of the ongoing conflicts, and the resulting measures that have been taken, and could be taken in the future, by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">NATO, the U.S., the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any sanctions </div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and related market disruptions are impossible to predict, but could adversely affect the global economy and financial markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">particularly if current or new sanctions continue for an extended period of time, and could lead to instability, lack of liquidity in capital </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">markets and price volatility. Any such disruptions may also have the effect of heightening many of the other risks described in this </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">section. If these disruptions or other matters of global concern continue for an extensive period of time, to the extent that we, our </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio companies, third party service providers, investors, or related customer bases have material operations or assets in such conflict </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">zones, they may be materially adversely affected.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Real Estate Investment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments are subject to the risks typically associated with real estate, including but not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">limited to:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">local, state, national or international economic conditions, including market disruptions caused by regional concerns, political </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">upheaval, sovereign debt crises and other factors;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">lack of liquidity inherent in the nature of the asset;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reliance on tenants/operators/managers to operate their businesses in a sufficient manner and in compliance with their contractual </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">arrangements with the Fund;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ability and cost to replace a tenant/operator/manager upon default;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property management decisions;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property location and conditions;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property operating costs, including insurance premiums, real estate taxes and maintenance costs;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">competition from comparable properties;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the occupancy rate of, and the rental rates charged at, the properties;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">leasing market activity;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the ability to collect on a timely basis all rent;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the effects of any bankruptcies or insolvencies;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates and in the availability, cost and terms of mortgage financing;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in governmental rules, regulations and fiscal policies;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cost of compliance with applicable federal, state, and local laws and regulations;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">acts of nature, including earthquakes, hurricanes and other natural disasters;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">climate change and regulations intended to control its impact;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the potential for uninsured or underinsured property losses; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other factors beyond the Fund’s control.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Commercial Real Estate Industry Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s business and operations are dependent on the commercial real estate industry </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">generally, which in turn is dependent upon broad economic conditions. Challenging economic and financial market conditions may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to experience an increase in the number of commercial real estate investments that result in losses, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">delinquencies, non-performing assets and a decrease in the value of the property or, in the case of traded real estate-related securities, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">collateral which secures its investments, all of which could adversely affect the Fund’s results of operations.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Residential Real Estate Industry Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Investments in apartment and residential real estate are subject to various changes in real estate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions, and any negative trends in real estate conditions may adversely affect the Fund’s investments through decreased revenues </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or increased costs.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">These conditions include:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations in interest rates;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the inability of residents and tenants to pay rent;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the existence and quality of the competition, including the attractiveness of properties based on considerations such as convenience </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of location, rental rates, amenities and safety record;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increased operating costs, including increased real property taxes, maintenance, insurance and utilities costs;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">oversupply of apartments, commercial space or single-family housing or a reduction in demand for real estate; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in, or increased costs of compliance with, laws and/or governmental regulations, including those governing usage, zoning, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the environment and taxes.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Illiquid Investment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> To the extent consistent with the applicable liquidity requirements for interval funds under Rule 23c-3 under the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">1940 Act, the Fund may invest without limit in illiquid securities. A variety of factors could make it difficult for the Fund to dispose of any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of its illiquid assets on acceptable terms even if a disposition is in the best interests of the Fund’s shareholders. The Fund may not be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">able to readily dispose of such securities at prices that approximate those at which the Fund could sell the securities if they were more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded and, as a result of that illiquidity, the Fund may have to sell such securities at a loss or sell other investments or engage in </div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The Fund may invest in privately-held companies, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">below-investment-grade instruments (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">junk</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> bonds), securities which are at risk of default as to the repayment of principal and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest at the time of acquisition by the fund or are rated in the lower rating categories or are unrated, which may be difficult to value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and may be illiquid. The Fund may also invest in securities that have not been registered for public sale in the U.S. or relevant </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. jurisdictions, including, without limitation, securities eligible for purchase and sale pursuant to Rule 144A under the Securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Act. Rule 144A permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">registered for sale under the Securities Act. Rule 144A securities may be deemed illiquid, although the Fund may determine that certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 144A securities are liquid.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distributions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> There can be no assurance that the Fund will achieve investment results that will allow the Fund to make a specified </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">level of cash distributions or maintain certain levels of cash distributions. All distributions will be paid at the discretion of the Board and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may depend on the Fund’s earnings, the Fund’s net investment income, the Fund’s financial condition, compliance with applicable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulations and such other factors as the Board may deem relevant from time to time. The distributions for any full or partial calendar </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">year might not be made in equal amounts, and one distribution may be larger than others. The Fund will make a distribution only if </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">authorized by the Board and declared by the Fund out of assets legally available for these distributions. This distribution policy may, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital, which would reduce the Fund’s NAV and, over time, potentially increase the Fund’s expense ratio. If the Fund distributes a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">return of capital, it means that the Fund is returning to shareholders a portion of their investment rather than making a distribution that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is funded from the Fund’s earned income or other profits. The Fund’s distribution policy may be changed by the Board at any time </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">without shareholder approval.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liquidity Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> In order to provide liquidity to shareholders, the Fund is structured as an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interval fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> and conducts periodic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase offers for a portion of its outstanding Common Shares, as described herein.  The Fund is designed primarily for long-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investors and an investment in the Common Shares should be considered illiquid. The Common Shares are not currently listed for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">trading on any securities exchange. There is currently no public market for the Common Shares and none is expected to develop. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may offer to repurchase Common Shares from shareholders, no assurance can be given that these repurchases will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">occur as scheduled or at all.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Reliance on Investment Professionals.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The success of the Fund’s investments will depend on the ability of the Manager and/or the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Subadviser and their respective affiliates to identify and consummate suitable investments and to, when relevant, exit investments of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund prudently.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Selection Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Selection risk is the risk that the investments selected by PGIM Real Estate will underperform the broader real estate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">market, relevant indices, or other funds with similar investment objectives and investment strategies.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Delay in Use of Proceeds Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the Fund currently intends to invest the proceeds from any sale of the Common Shares offered </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">hereby within three months from receipt thereof, such investments may be delayed if suitable investments are unavailable at the time. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Delays which the Fund encounters in the selection, due diligence and origination or acquisition of investments would likely limit its ability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to pay distributions and lower overall returns.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Competition Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Identifying, completing and realizing attractive portfolio investments is competitive and involves a high degree of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty. In acquiring its target assets, the Fund will compete with a variety of institutional investors, including specialty finance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">companies, public and private funds (including other funds managed by the Manager or the Subadviser), REITs, commercial and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment banks, commercial finance and insurance companies and other financial institutions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Non-Diversification Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-diversified,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> which means that the Fund may invest a significant portion of its assets in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities of a smaller number of issuers than a diversified fund. Focusing investments in a small number of issuers increases risk. A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory occurrence than a diversified fund might be. Some of those issuers also may present substantial credit or other risks. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Similarly, the Fund may be subject to increased economic, business or political risk to the extent that it invests a substantial portion of its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets in a particular currency, in a group of related industries, in a particular issuer, in the bonds of similar projects or in a narrowly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">defined geographic area outside the United States.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Joint Venture Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may in the future enter into joint ventures with third parties and/or affiliates of the Manager or Subadviser </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to make investments. The Fund may also make investments in partnerships or other co-ownership arrangements or participations. Such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Fund and its </div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">joint venture partners may result in litigation or arbitration that would increase the Fund’s expenses and prevent the Fund’s officers and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">directors from focusing their time and efforts on the Fund’s business. The Fund may at times enter into arrangements that provide for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unfunded commitments and, even when not contractually obligated to do so, may be incentivized to fund future commitments related to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">its investments.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Real Estate Joint Venture Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may enter into real estate joint ventures with third parties to make investments. The Fund may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">also make investments in partnerships or other co-ownership arrangements or participations. Such investments may involve risks not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise present with other methods of investment, including, for instance, the following risks and conflicts of interest:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner in an investment could become insolvent or bankrupt;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the joint venture partner will typically have day-to-day control over the investment, and the Fund’s rights regarding certain major </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">decisions affecting the ownership of the real estate joint venture and the joint venture property, such as the sale of the property or the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">making of additional capital contributions for the benefit of the property, will typically be limited. These factors may prevent the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">from taking actions that are opposed by its real estate joint venture partner; under certain real estate joint venture arrangements, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">neither party may have the power to unilaterally direct certain activities of the venture and, under certain circumstances, an impasse </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could result regarding cash distributions, reserves, or a proposed sale or refinancing of the investment, and this impasse could have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse impact on the real estate joint venture, which could adversely impact the operations and profitability of the real estate joint </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">venture and/or the amount and timing of distributions the Fund receives from the real estate joint venture;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may at any time have economic or business interests or goals that are or that become in conflict </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">with the Fund’s business interests or goals, including, for instance, the operation of the properties;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may be structured differently than the Fund for tax purposes and this could create conflicts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of interest;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will typically rely upon its real estate joint venture partner to manage the day-to day operations of the real estate joint venture </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and underlying assets, as well as to prepare financial information for the real estate joint venture and any failure to perform these </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">obligations appropriately may have a negative impact on the Fund’s performance and results of operations;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may experience a change of control, which could result in new management of the real estate joint </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">venture partner with less experience or conflicting interests to the Fund and be disruptive to the Fund’s business;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may be in a position to take action contrary to the Fund’s instructions or requests or contrary to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s policies or objectives;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the terms of the real estate joint ventures could restrict the Fund’s ability to sell or transfer its interest to a third party when it desires </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on advantageous terms, which could result in reduced liquidity;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund or its real estate joint venture partner may have the right to cause the Fund to sell its interest, or acquire its partner’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest, at a time when the Fund otherwise would not have initiated such a transaction; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may not have sufficient personnel or appropriate levels of expertise to adequately support the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s initiatives.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, disputes between the Fund and its real estate joint venture partners may result in litigation or arbitration that would increase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s expenses and prevent the Fund’s officers and directors from focusing their time and efforts on the Fund’s business. Any of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the above risks and conflicts of interest might subject the Fund to liabilities and thus reduce its returns on the investment with that real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate joint venture partner.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Recourse Financings Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> In certain cases, financings for the Fund’s commercial real estate properties may be recourse to the Fund. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Lenders customarily require that a creditworthy parent entity enter into so-called </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">recourse carveout</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> guarantees to protect the lender </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">against certain bad-faith or other intentional acts of the borrower in violation of the loan documents. A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">bad boy</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> guarantee typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">provides that the lender can recover losses from the guarantors for certain bad acts, such as fraud or intentional misrepresentation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">intentional waste, willful misconduct, criminal acts, misappropriation of funds, voluntary incurrence of prohibited debt and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">environmental losses sustained by lender. The Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">bad boy</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> guarantees could apply to actions of the joint venture partners </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">associated with the Fund’s investments. While the Manager expects to negotiate indemnities from such joint venture partners to protect </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">against such risks, there remains the possibility that the acts of such joint venture partner could result in liability to the Fund under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such guarantees.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Valuation Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of certain of the Fund’s investments will be difficult to determine and the valuation determinations made by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Manager, Subadviser, and Independent Valuation Advisor with respect to such investments will likely vary from the amounts the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">would receive upon sale or disposition of such investments. It is possible that the fair value determined for an investment may differ </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">materially from the value that could be realized upon the sale of the investment. Within the parameters of the Fund’s valuation policies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and procedures, the valuation methodologies used to value the Fund’s assets will involve subjective judgments and projections and that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ultimately may not materialize. Ultimate realization of the value of an asset depends to a great extent on economic, market and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions beyond the Fund’s control and the control of the Manager and the Fund’s Independent Valuation Advisor and third-party </div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">appraisers. Rapidly changing market conditions or material events may not be immediately reflected in the F<div style="display:inline;">un</div>d’s daily NAV. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">resulting potential disparity in the Fund’s NAV may inure to the benefit of shareholders whose shares are repurchased or new purchasers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the Common Shares, depending on whether the Fund’s published NAV per share for such class is overstated or understated. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Net Asset Value.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Prime Single Tenant Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund depends on its tenants for revenue, and therefore the Fund’s revenue is dependent on the success </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and economic viability of its tenants. The Fund’s reliance on single tenants in prime single tenant properties may decrease its ability to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">lease vacated space and could adversely affect its income, performance, operations and ability to pay distributions. Certain of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments in properties will be leased out to single tenants that the Subadviser believes have favorable credit profiles and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">performance attributes supporting highly visible long-term cash flows. Adverse impacts to such tenants, businesses or operators, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including as a result of changes in market or economic conditions, natural disasters, outbreaks of an infectious disease, pandemic or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">any other serious public health concern, political events or other factors that may impact the operation of these properties, may have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">negative effects on the Fund’s business and financial results.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Mortgage Loan Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may originate and selectively <div style="display:inline;">acquire</div> senior mortgage loans which are generally loans secured by a first </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage lien on a commercial property and are subject to risks of delinquency and foreclosure and risks of loss that are greater than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">similar risks associated with loans made on the security of single-family residential property. In addition, certain of the mortgage loans in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests may be structured so that all or a substantial portion of the principal will not be paid until maturity, which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increases the risk of default at that time. The ability of a borrower to repay a loan secured by an income-producing property typically is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the borrower. In the event of any default under a mortgage loan held directly by the Fund, it will bear a risk of loss of principal to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan, which could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have a material adverse effect on the profitability of the Fund.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Mezzanine Loan Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in mezzanine loans that take the form of subordinated loans secured by a pledge of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ownership interests of either the entity owning the real property or the entity that owns the interest in the entity owning the real property. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">These types of investments involve a higher degree of risk than first mortgage loans secured by income producing real property because </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the investment may become unsecured as a result of foreclosure by the senior lender. As a result, the Fund may not recover some or all </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of its investment.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">CMBS Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> CMBS are, generally, securities backed by obligations (including certificates of participation in obligations) that are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. CMBS are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of the principal only at maturity rather than regular amortization of principal.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">RMBS Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments in RMBS are subject to the risks of defaults, foreclosure timeline extension, fraud, home price </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">depreciation and unfavorable modification of loan principal amount, interest rate and amortization of principal accompanying the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">underlying residential mortgage loans. In the event of defaults on the residential mortgage loans that underlie the Fund’s investments in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">RMBS and the exhaustion of any underlying or any additional credit support, the Fund may not realize an anticipated return on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments and may incur a loss on these investments. The Fund may also acquire non-agency RMBS, which are backed by residential </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property but, in contrast to agency RMBS, their principal and interest are not guaranteed by federally chartered entities such as Fannie </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Mae and Freddie Mac and, in the case of Ginnie Mae are guaranteed by the federal government and backed by the full faith and credit </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the United <div style="display:inline;">States</div>.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">ABS Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Investments in ABS are subject to risks. The ability of an issuer of ABS to enforce its security interest in the underlying assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or to otherwise recover from the underlying obligor may be limited. Certain asset-backed securities present a heightened level of risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">because in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid principal or interest. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The risk of non-payment is greater for asset-backed securities that are backed by pools that contain subprime loans, but a level of risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">exists for all loans. Market factors adversely affecting loan repayments may include a general economic turndown and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">high unemployment.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fixed Income Instruments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition to the other risks described herein, fixed income instruments are also subject to certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">risks, including:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Issuer Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of fixed income instruments may decline for a number of reasons that directly relate to the issuer, such as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">management performance, financial leverage and reduced demand for the issuer’s goods and services.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of the Fund’s investments may go down when interest rates rise. A rise in rates tends to have a greater </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">impact on the prices of longer term or duration debt securities. When interest rates fall, the issuers of debt obligations may prepay </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:10.67pt;margin-left:9pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prepayment risk.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s holdings may fall sharply. This is referred to as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">extension risk.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may face a heightened level of interest rate risk as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">result of the U.S. Federal Reserve Board’s rate-setting policies. Interest rates are at or near historical lows, which may increase the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with rising interest rates in the future. The Fund may lose money if short-term or long-term interest rates rise sharply </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or in a manner not anticipated by the Subadviser. Fluctuations in the market price of the Fund’s instruments will not affect interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income derived from instruments already owned by the Fund, but will be reflected in the Fund’s NAV. The Fund may utilize certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, including investments in derivatives, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies, if utilized, will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be successful.</div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Duration Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Duration measures the time-weighted expected cash flows of a security, which can determine the security’s sensitivity </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">yield) changes than securities with shorter durations. Various techniques may be used to shorten or lengthen the Fund’s duration. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">duration of a security will be expected to change over time with changes in market factors and time to maturity.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Floating-Rate and Fixed-to-Floating-Rate Securities Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The market value of floating-rate securities is a reflection of discounted </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">expected cash flows based on expectations for future interest rate resets. The market value of such securities may fall in a declining </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the reset. This risk may also be present with respect to fixed-to-floating-rate securities in which the Fund may invest. A secondary risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">associated with declining interest rates is the risk that income earned by the Fund on floating-rate and fixed-to-floating-rate securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will decline due to lower coupon payments on floating-rate securities.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Prepayment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> During periods of declining interest rates, the issuer of an instrument may exercise its option to prepay principal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in lower yielding instruments, which may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">result in a decline in the Fund’s income and distributions to shareholders. This is known as prepayment or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">call</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> risk. Fixed income </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments frequently have call features that allow the issuer to redeem the instrument at dates prior to its stated maturity at a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">specified price (typically greater than par) only if certain prescribed conditions are met (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">call protection</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">). An issuer may choose to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">redeem a fixed income instrument if, for example, the issuer can refinance the instrument at a lower cost due to declining interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rates or an improvement in the credit standing of the issuer. For premium bonds (bonds acquired at prices that exceed their par or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">principal value) purchased by the Fund, prepayment risk may be enhanced.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Extension Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> During periods of rising interest rates, an issuer could exercise its right to pay principal on an obligation held by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund later than expected. Under these circumstances, the value of the obligation will decrease, and the Fund may be prevented from </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reinvesting in higher yielding securities.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Reinvestment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds from matured, traded or called fixed income instruments at market interest rates that are below the portfolio’s current </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">earnings rate.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Spread Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Wider credit spreads and decreasing market values typically represent a deterioration of the fixed income instrument’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">credit soundness and a perceived greater likelihood or risk of default by the issuer. Fixed income instruments generally compensate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for greater credit risk by paying interest at a higher rate. The difference (or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">spread</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) between the yield of a security and the yield of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">benchmark, such as a U.S. Treasury security with a comparable maturity, measures the additional interest paid for credit risk. As the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">spread on a security widens (or increases), the price (or value) of the security generally falls. Spread widening may occur, among </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other reasons, as a result of market concerns over the stability of the market, excess supply, general credit concerns in other markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security- or market-specific credit concerns or general reductions in risk tolerance.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Credit Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit risk is the risk that one or more fixed income instruments in the Fund’s portfolio will decline in price or fail to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest or principal when due because the issuer, the guarantor or the insurer of the instrument or any applicable counterparty may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Refinancing Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> This is the risk that one or more issuers of fixed income instruments in the Fund’s portfolio may not be able to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">off their debt upon maturity. During times of extreme market stress, even creditworthy companies can have temporary trouble </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">accessing the markets to refinance their outstanding debt, potentially leading to an inability to pay off existing bondholders, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. This could negatively affect the Fund’s NAV or overall return.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Below Investment Grade (High Yield or Junk Bond) Instruments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments in below investment grade quality </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities and instruments are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. Below </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade instruments are often issued in connection with a corporate reorganization or restructuring or as part of a merger, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">acquisition, takeover or similar event. They are also issued by less established companies seeking to expand. Such issuers are often </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">highly leveraged and generally less able than more established or less leveraged entities to make scheduled payments of principal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest in the event of adverse developments or business conditions. Fixed income instruments rated below investment grade generally </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">offer a higher current yield than that available from higher grade issuers, but typically involve greater risk. These investments are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below </div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest on their obligations and increase the possibility of default. The secondary market for high yield instruments may not be as liquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as the secondary market for more highly rated instruments, a factor that may have an adverse effect on the Fund’s ability to dispose of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">particular security. There are fewer dealers in the market for high yield instruments than for investment grade obligations. The prices </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">quoted by different dealers may vary significantly, and the spread between the bid and asked price is generally much larger for high </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">yield instruments than for higher quality instruments. Under continuing adverse market or economic conditions, the secondary market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for high yield instruments could contract further, independent of any specific adverse changes in the condition of a particular issuer, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these instruments may become illiquid. In addition, adverse publicity and investor perceptions, whether or not based on fundamental </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">analysis, may also decrease the values and liquidity of below investment grade instruments, especially in a market characterized by a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">low volume of trading. Default, or the market’s perception that an issuer is likely to default, could reduce the value and liquidity of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments held by the Fund, which could have a material adverse impact on the Fund’s business, financial condition and results of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operations. In addition, default may cause the Fund to incur expenses in seeking recovery of principal and/or interest on its portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be required to accept cash or securities or other instruments with a value less than its original investment and/or may be subject to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on the sale of such securities or instruments. Among the risks inherent in investments in a troubled entity is the fact that it </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">frequently may be difficult to obtain information as to the true financial condition of such issuer. The Subadviser's judgment about the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">credit quality of an issuer and the relative value of its instruments may prove to be wrong. Investments in below investment grade </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may present special tax issues for the Fund, particularly to the extent that the issuers of these instruments default on their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">obligations pertaining thereto, and the U.S. federal income tax consequences to the Fund as a holder of such instruments, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">when the Fund may stop reporting interest income or claim a loss on such instruments, may not be clear. Lower rated high yield </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments generally present the same type of risks as investments in higher rated high yield instruments. However, in most cases, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these risks are of a greater magnitude because of the uncertainties of investing in an issuer undergoing financial distress. In particular, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">lower rated high yield instruments entail a higher risk of default. Such instruments present substantial credit risk and default is a real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">possibility. Such instruments may be illiquid and the prices at which such instruments may be sold may represent a substantial discount </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to what the Subadviser believes to be the ultimate value of such instruments.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Capital Markets Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects to fund a portion of its private real estate investments with property-level financing. There can </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that any financing will be available in the future on acceptable terms, if at all, or that it will be able to satisfy the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions precedent required to use its credit facilities, if entered into, which could reduce the number, or alter the type, of investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund would make otherwise. Any failure to obtain financing could have a material adverse effect on the continued development </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or growth of the Fund’s investments and harm the Fund’s ability to operate and make distributions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Inflation Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Globally, inflation and rapid fluctuations in inflation rates have in the past had negative effects on economies and financial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">markets, particularly in emerging economies, and may do so in the future. Wages and prices of inputs increase during periods of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, governments may impose wage and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">price controls, or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on levels of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">economic activity.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In the United States, inflation has accelerated in recent years as a result of global supply chain disruptions, a rise in energy prices, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strong consumer spending, and other factors. Inflationary pressures have increased the costs of labor, energy, and raw materials, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have adversely affected consumer spending, economic growth, and the operations of companies in the U.S. and globally, and have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">resulted in a tightening of monetary policy by the U.S. Federal Reserve. Inflation may continue in the near to medium-term, particularly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the U.S., with the possibility that monetary policy may tighten further in response. Inflation could become a serious problem in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">future and have an adverse impact on the Fund’s returns.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Continued inflation could have an adverse impact on the Fund’s borrowings and general and administrative expenses of the Fund, as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these costs could increase at a rate higher than the Fund’s rental and other revenue. Inflation could also have an adverse effect on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consumer spending, which could impact the Fund’s potential tenants’ revenues and, in turn, their ability to pay rent. In addition, leases </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">that have a long-term duration or that include renewal options that specify a maximum rate increase may result in below-market lease </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rates over time, if the Fund does not accurately estimate inflation or market lease rates. Any provisions of the Fund’s leases designed to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mitigate the risk of inflation and unexpected increases in market lease rates, such as periodic rental increases, may not adequately </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">protect the Fund from the impact of inflation or unexpected increases in market lease rates. If subject to below-market lease rates on a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">significant number of properties pursuant to long-term leases, and operating and other expenses are increasing faster than anticipated, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">then the Fund’s business, financial condition, results of operations, cash flows and ability to satisfy debt ser<div style="display:inline;">vic</div>e obligations or pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">distributions on Common Shares could be materially adversely affected.</div></div></div><div style="line-height:10.67pt;margin-left:9pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">pays to the buyer, resulting in a loss of value to the Fund. Further, in certain circumstances, the buyer can receive the notional <div style="display:inline;"><div style="letter-spacing: 0px; top: 0px;display:inline;">value </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of a credit default swap only by delivering a physical security to the seller, and is at risk if such deliverable security is unavailable or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">illiquid. Such a delivery </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">crunch</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> is a distinct risk of these investments.</div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The credit derivatives market is a rapidly evolving market. As a result, different participants in the credit derivatives markets may have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">different practices or interpretations with respect to applicable terms and definitions, and ambiguities concerning such terms or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">definitions, may be interpreted or resolved in ways that are adverse to the Fund. Additionally, there may be circumstances and market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions (including the possibility of a large number of buyers of credit default swaps being required to deliver the same physical </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security in the same time frame) that have not yet been experienced that could have adverse effects on the Fund’s investments.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Leverage Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the Fund may utilize leverage, there can be no assurance that the Fund will do so, or that, if utilized, it will be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">successful during any period in which it is employed. Leverage is a speculative technique that exposes the Fund to greater risk and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">higher costs than if it were not implemented.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Property level debt will be incurred by operating entities held by the Fund or by joint ventures entered into by one of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operating entities and secured by real estate owned by such operating entities. Such operating entities would own real estate assets and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">would borrow from a lender using the owned property as mortgage collateral. In a non-recourse mortgage, if an operating entity were to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">default on a loan, the lender’s recourse would be to the mortgaged property and the lender would typically not have a claim to seek </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">recovery from any unpaid portion of the loan from the other assets of the Fund or its subsidiaries. There are no limits under the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Company Act on the amount of leverage an operating entity may incur. When such property level debt is not recourse to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, and the entity holding such debt was not formed for the purpose of avoiding the Investment Company Act limitations on leverage, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will not treat such borrowings as senior securities (as defined in the Investment Company Act) for purposes of complying with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Investment Company Act’s limitations on leverage unless (i) the entity holding such debt is an entity that primarily engages in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment activities in securities or other assets and is primarily controlled by the Fund, including a Controlled Subsidiary, or (ii) the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">financial statements of the entity or joint venture holding such debt would be consolidated in the Fund’s financial statements. Property </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">level debt may include covenants restricting when an operating entity held by the Fund can make distributions to the Fund. Defaults on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the property level debt may result in the Fund losing its investment in the applicable property. Defaults on entity level debt may result in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">limits or restrictions on the Fund’s operations, including the Fund’s ability to make distributions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that any property-level financing will be available in the future on acceptable terms, if at all, or that it will be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">able to satisfy the conditions precedent required to use its credit facilities, if entered into, which could reduce the number, or alter the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">type, of investments that the Fund would make otherwise. Any failure to obtain financing could have a material adverse effect on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continued development or growth of the Fund’s investments and harm the Fund’s ability to operate and make distributions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund anticipates that any money borrowed from a bank or other financial institution for investment purposes will accrue interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">based on shorter-term interest rates that would be periodically reset. So long as the Fund’s portfolio provides a higher rate of return, net </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of expenses, than the interest rate on borrowed money, as reset periodically, the leverage may cause the Fund to receive a higher </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">current rate of return than if the Fund were not leveraged. If, however, short-term rates rise, the interest rate on borrowed money could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">exceed the rate of return on instruments held by the Fund, reducing returns to the Fund and the level of income available for dividends </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or distributions made by the Fund. Developments in the credit markets may adversely affect the ability of the Fund to borrow for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment purposes and may increase the costs of such borrowings, which would also reduce returns to the Fund. There is no </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that a leveraging strategy will be successful. The use of leverage to purchase additional investments creates an opportunity for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increased Common Shares dividends, but also creates special risks and considerations for the common shareholders, including:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of NAV, market price and dividend rate of Common Shares than a comparable fund without leverage;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that fluctuations in interest rates on borrowings and short-term debt or in dividend payments on, principal proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">distributed to, or redemption of any Preferred Shares and/or notes or other debt securities that the Fund has issued will reduce the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">return to the Fund;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">magnified interest rate risk, which is the risk that the prices of certain of the portfolio investments will fall (or rise) if market interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rates for those types of investments rise (or fall). As a result, leverage may cause greater changes in the Fund’s NAV, which could have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">a material adverse impact on the Fund’s business, financial condition and results of operations;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Common Shares than if the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund were not leveraged; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">leverage may increase expenses (which will be borne entirely by the common shareholders), which may reduce the Fund’s NAV and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the total return to common shareholders.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Potential Conflicts of Interest Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Manager and Subadviser serve as adviser or subadvisers to other vehicles that have the same or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">similar investment objectives and investment strategies to those of the Fund. As a result, the Manager and the Fund’s portfolio managers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may devote unequal time and attention to the management of the Fund and those other funds and accounts. Conflicts of interest exist or </div></div> </div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could arise in the future as a result of the relationships between the Fund and its affiliates, on the one hand, and the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">wholly-owned operating partnership or any partner thereof, on the other. For further information on potential conflicts of interest, see </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Conflicts of Interest.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Allocation of Investment Opportunities Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain other existing or future funds, investment vehicles and accounts managed by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Manager and its affiliates and PGIM affiliated proprietary entities invest in securities, properties and other assets in which the Fund may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">seek to invest. Allocation of identified investment opportunities among the Fund, the Manager and other PGIM affiliated investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">vehicles presents inherent conflicts of interest where demand exceeds available supply. While the Manager believes it is likely that there </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will be some overlap of investment opportunities for the Fund and other PGIM affiliated investment vehicles and PGIM affiliated </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">proprietary accounts from time to time, the Fund’s stock of investment opportunities may be materially affected by competition from </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other PGIM affiliated investment vehicles and PGIM affiliated proprietary entities. Investors should note that the conflicts inherent in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">making such allocation decisions will not always be resolved in favor of the Fund.  See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Objectives and Strategies — </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Allocation of Investment Opportunities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Conflicts of Interest.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Best Efforts Offering Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> This offering is being made on a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">best efforts</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> basis, meaning the Distributor and broker-dealers participating </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the offering are only required to use their best efforts to sell shares and have no firm commitment or obligation to sell any of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shares. Even though the Fund has acquired the initial portfolio, such portfolio by itself is not diversified. Further, if the Distributor is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unable to raise substantial funds in this offering, the Fund’s Board may seek the approval of the Fund’s shareholders to sell all or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of the Fund’s assets and dissolve the Fund. In the event of the liquidation, dissolution or winding up of the Fund, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders are entitled to receive the then-current NAV per share of the assets legally available for distribution to the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders, after payment of or adequate provision for all of the Fund’s known debts and liabilities, including any outstanding debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities or other borrowings and any interest thereon.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Repurchase Offers Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> As described under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Periodic Repurchase Offers</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> above, the Fund is an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interval fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> and, in order to provide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity to shareholders, the Fund, subject to applicable law, will conduct quarterly repurchase offers of the Fund’s outstanding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares at NAV, with the size of the repurchase offer subject to approval of the Board. In all cases, such repurchase offers will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be for at least 5% and not more than 25% of its outstanding Common Shares at NAV, pursuant to Rule 23c-3 under the Investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Company Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding Common Shares under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to the Fund’s shareholders, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">repurchases generally will be funded from available cash or sales of portfolio securities. However, repurchase offers and the need to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">its assets in liquid investments, which may harm the Fund’s investment performance. Moreover, diminution in the size of the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund’s investments. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund believes that payments received in connection with the Fund’s investments will generate sufficient cash to meet the maximum </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">potential amount of the Fund’s repurchase obligations. If at any time cash and other cash equivalents held by the Fund are not sufficient </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to meet the Fund’s repurchase obligations, the Fund intends, if necessary, to sell investments. If, as expected, the Fund employs </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment leverage, repurchases of Common Shares would compound the adverse effects of leverage in a declining market. In addition, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Common Shareholders who do not tender </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">their Common Shares by increasing the Fund’s expenses and reducing any net investment income. If a repurchase offer is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">oversubscribed, the Fund may, but is not required to, determine to increase the amount repurchased by up to 2% of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund’s outstanding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Common Shares tendered on a pro rata basis, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, shareholders may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">anticipation of proration, may tender more Common Shares than they wish to have repurchased in a particular quarter, thereby </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the NAV of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">tendered Common Shares is determined. In addition, the repurchase of Common Shares by the Fund may be a taxable event to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders. Substantial repurchases of Common Shares could result in a decrease in the Fund’s net assets, resulting in an increase in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s total annual operating expense ratio.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Anti-Takeover Provisions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain provisions of the Fund’s charter and bylaws could have the effect of limiting the ability of other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">entities or persons to acquire control of the Fund or to modify the Fund’s structure. These provisions may inhibit a change of control in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances that could give the shareholders the opportunity to realize a premium over the value of the Common Shares.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Incentive Fee Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Incentive Fee may create an incentive for the Manager to make investments in order to maximize Portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Operating Income under the Incentive Fee even if such investments may not benefit the Fund’s NAV, cause us to use more leverage </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than it otherwise would in the absence of the Incentive Fee or to otherwise make riskier investments on the Fund’s behalf. While the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Board does not monitor specific investment decisions by the Manager and the particular timing of individual investment decisions as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">they relate to the Incentive Fee, the Board, as part of its fiduciary duties and responsibilities under the Investment Company Act (relating </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to future determinations as to whether to renew the investment management agreement with the Manager), considers whether the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Incentive Fee is fair and reasonable.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Non-U.S. Investment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in real estate located outside of the United States and real estate debt issued in, and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">backed by real estate in, countries outside the United States, including Asia, Europe and Latin America. Non-U.S. real estate and real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate-related investments involve certain factors not typically associated with investing in real estate and real estate-related investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the U.S., including risks relating to (i) currency exchange matters; (ii) differences in conventions relating to documentation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">settlement, corporate actions, stakeholder rights and other matters; (iii) differences between U.S. and non-U.S. real estate markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including potential price volatility in and relative illiquidity of some non-U.S. markets; (iv) the absence of uniform accounting, auditing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and financial reporting standards, practices and disclosure requirements and differences in government supervision and regulation; </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(v) certain economic, social and political risks; (vi) the possible imposition of non-U.S. taxes on income and gains and gross sales or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other proceeds recognized with respect to such investments; (vii) differing and potentially less well-developed or well-tested corporate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">laws regarding stakeholder rights, creditors’ rights (including the rights of secured parties), fiduciary duties and the protection of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investors; (viii) different laws and regulations including differences in the legal and regulatory environment or enhanced legal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory compliance; (ix) political hostility to investments by foreign investors; (x) less publicly available information; (xi) obtaining or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">enforcing a court judgement abroad; (xii) restrictions on foreign investment in other jurisdictions; and (xiii) difficulties in effecting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">repatriation of capital.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Property Manager Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Manager will hire property managers to manage the Fund’s properties and leasing agents to lease vacancies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund’s properties. These property managers may be affiliates of partners in joint ventures that the Fund enter into. The property </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">managers have significant decision-making authority with respect to the management of the Fund’s properties. The Fund’s ability to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">direct and control how its properties are managed on a day-to-day basis may be limited because it engages other parties to perform this </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">function. Thus, the success of the Fund’s business may depend in large part on the ability of its property managers to manage the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">day-to-day operations and the ability of our leasing agents to lease vacancies in the Fund’s properties. Any adversity experienced by, or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">problems in our relationship with, the Fund’s property managers or leasing agents could adversely impact the operation and profitability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund’s properties.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cyber Security Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is susceptible to operational, information security and other risks related to the use of technology, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">computer systems and the Internet to conduct business. These risks, which are often collectively referred to as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cyber security</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> risks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may include deliberate or malicious attacks, as well as unintentional events and occurrences. Cyber security is generally defined as the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">technology, operations and related protocol surrounding and protecting a user’s computer hardware, network, systems and applications </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and the data transmitted and stored therewith. These measures ensure the reliability of a user’s systems, as well as the security, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">availability, integrity, and confidentiality of data assets.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top: 10pt; font-size: 8.73pt;"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access to computer systems in order to misappropriate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">destruction, release or disclosure of confidential or proprietary information stored on an organization’s systems.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Cyber security failures or breaches, whether deliberate or unintentional, arising from the Fund’s third-party service providers (e.g., </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, financial intermediaries, transfer agents), Subadviser, shareholder usage of unsecure systems to access personal accounts, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as well as breaches suffered by the issuers of securities in which the Fund invests, may cause significant disruptions in the business </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operations of the Fund. Potential impacts may include, but are not limited to, potential financial losses for the Fund and the issuers’ </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities, the inability of shareholders to conduct transactions with the Fund, an inability of the Fund to calculate NAV, and disclosures </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of personal or confidential shareholder information.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to direct impacts on Fund shareholders, cyber security failures by the Fund and/or its service providers and others may result </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs to the Fund, and reputational damage. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may incur reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">costs. The Fund may also incur considerable expenses in enhancing and upgrading computer systems and systems security following a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cyber security failure.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The rapid proliferation of technologies, as well as the incr<div style="display:inline;">ea</div>sed sophistication and activities of organized crime, hackers, terrorists, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">others continue to pose new and significant cyber security threats. Although the Fund and its service providers and Subadviser may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have established business continuity plans and risk management systems to mitigate cyber security risks, there can be no guarantee or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated and identified or can be protected against. Furthermore, the Fund cannot control or assure the efficacy of the cyber security </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">plans and systems implemented by third-party service providers, the Subadviser, and the issuers in which the Fund invests.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Artificial Intelligence Technologies Development Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Artificial intelligence, including machine learning technology and generative </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">artificial intelligence (collectively, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">artificial intelligence</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), is rapidly evolving. While the full extent of current or future risks related thereto </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which it invests. The Fund, the Manager, the Subadviser, the Distributor, and other service providers, or the issuers of securities in which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">technologies may pose risks to the Manager and the Fund. For instance, the Fund may also be exposed to competitive risks related to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects. The economy may be significantly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">technologies are used more widely, the profitability and growth of the Fund’s holdings may be impacted, which could significantly impact </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Affiliated Transactions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates without the prior approval of a majority of the independent members of the Board and, in some cases, the SEC. Any person that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">owns, directly or indirectly, 5% or more of the Fund’s outstanding voting securities will be the Fund’s affiliate for purposes of the 1940 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Act and generally the Fund will be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Board. However, the Fund may under certain circumstances purchase any such affiliate’s loans or securities in the secondary </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">market, which could create a conflict for the Manager or the Subadvisers between the Fund’s interests and the interests of such affiliate, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in that the ability to recommend actions in the Fund’s best interest may be limited. The 1940 Act also prohibits certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">joint</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transactions with certain of the Fund’s affiliates, which could include investments in the same portfolio company (whether at the same or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">closely related times), without prior approval of the Board and, in some cases, the SEC. If a person acquires more than 25% of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s voting securities, the Fund will be prohibited from buying or selling any security from or to such person or certain of that person’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates, or entering into prohibited joint transactions (including certain co-investments) with such persons, absent the prior approval of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the SEC. Similar restrictions limit the Fund’s ability to transact business with its officers, the Board, the Manager, the Subadvisers or their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security from or to any fund or any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio company of a fund managed by the Manager, the Subadvisers or their affiliates, or entering into joint arrangements such as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">certain co-investments with these companies or funds without the prior approval of the SEC, which may limit the scope of investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities that would otherwise be available to the Fund.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has received exemptive relief from the SEC that allows the Fund to engage in certain co-investment transactions with the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Manager and its affiliates, subject to certain terms and conditions (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Order</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">). Pursuant to such Order, the Fund is generally permitted </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to co-invest with the Manager and its affiliates if such co-investments are completed on the same terms and at the same time, as further </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">detailed in the Order. In addition, the Manager and its affiliates must adopt and implement policies and procedures reasonably designed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to ensure that: (i) opportunities to participate in co-investment transactions are allocated in a manner that is fair and equitable to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and (ii) the Manager or affiliate negotiating the co-investment transaction considers the interest in the transaction of the Fund.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risks Related to the Fund’s REIT Status.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund has elected and has qualified, and intends to continue to qualify annually, as a REIT </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for U.S. federal income tax purposes under the Code. However, qualification as a REIT involves the application of highly technical and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">complex Code provisions for which only a limited number of judicial or administrative interpretations exist. Notwithstanding the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">availability of cure provisions in the Code, various compliance requirements could be failed and could jeopardize the Fund’s REIT status.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Tax Risks of Investing in the Fund.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Even if the Fund qualifies and maintains its status as a REIT, it may become subject to U.S. federal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income taxes and related state and local taxes.</div></div></div><div style="line-height:11.64pt;text-align:left"></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Failure of Financial Institutions and Sustained Financial Market Illiquidity Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The failure of certain financial institutions, namely banks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">custodial financial institutions. The failure of a bank (or banks) with which we and/or our portfolio companies have a commercial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">relationship could adversely affect, among other things, our and/or our portfolio companies’ ability to pursue key strategic initiatives, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including by affecting our ability to borrow from financial institutions on favorable terms. Our direct origination platform generally focuses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on mature companies backed by well-capitalized equity partners (e.g., private equity firms), typically with significant equity capital </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">invested. In the event a portfolio company, or potential portfolio company, has a commercial relationship with a bank that has failed or is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise distressed, such portfolio company may experience delays or other issues in meeting certain obligations or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consummating transactions.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, if a portfolio company’s sponsor has a commercial relationship with a bank that has failed or is otherwise distressed, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio company may experience issues receiving financial support from a sponsor to support its operations or consummate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, to the detriment of their business, financial condition and/or results of operations. In addition, such bank failure(s) could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affect, in certain circumstances, the ability of both affiliated and unaffiliated co-lenders, including syndicate banks or other fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">vehicles, to undertake and/or execute co-investment transactions with us, which in turn may result in fewer co-investment opportunities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">being made available to us or impact our ability to provide additional follow-on support to portfolio companies. Our and our portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">companies’ ability to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including liens placed on their respective assets as a result of a bank agreeing to provide financing.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Related to the Fund’s REIT Status</div></div></div> <br/><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; line-height: 10.67pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <br/></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">If the Fund does not continue to qualify as a REIT, it will be subject to tax as a regular corporation and could face a substantial tax liability.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund currently operates so as to continue to qualify as a REIT under the Code. However, qualification as a REIT involves the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">application of highly technical and complex Code provisions for which only a limited number of judicial or administrative interpretations </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">exist. Notwithstanding the availability of cure provisions in the Code, various compliance requirements could be failed and could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">jeopardize the Fund’s REIT status. Furthermore, new tax legislation, administrative guidance or court decisions, in each instance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">potentially with retroactive effect, could make it more difficult or impossible for us to continue to qualify as a REIT. If the Fund fails to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continue to qualify as a REIT in any tax year, then:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund would be taxed as a regular domestic corporation, which under current laws, among other things, means being unable to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">deduct distributions to shareholders in computing taxable income and being subject to federal income tax on our taxable income at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regular corporate income tax rates;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">any resulting tax liability could be substantial and could have a material adverse effect on the Fund’s book value;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unless the Fund were entitled to relief under applicable statutory provisions, it would be required to pay taxes, and therefore, our cash </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">available for distribution to shareholders would be reduced for each of the years during which the Fund does not qualify as a REIT and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for which it had taxable income; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund generally would not be eligible to requalify as a REIT for the subsequent four full taxable years.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">To maintain the Fund’s REIT status, the Fund may have to borrow funds on a short-term basis during unfavorable market conditions.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">To continue to qualify as a REIT, the Fund generally must distribute annually to shareholders a minimum of 90% of our net taxable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income, determined without regard to the dividends-paid deduction and excluding net capital gains. The Fund will be subject to regular </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">corporate income taxes on any undistributed REIT taxable income each year. Additionally, the Fund will be subject to a 4% </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">nondeductible excise tax on any amount by which distributions paid by the Fund in any calendar year are less than the sum of 85% of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">our ordinary income, 95% of capital gain net income and 100% of undistributed income from previous years. Payments the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">makes to shareholders under the share repurchase plan will not be taken into account for purposes of these distribution requirements. If </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund does not have sufficient cash to make distributions necessary to preserve our REIT status for any year or to avoid taxation, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be forced to borrow funds or sell assets even if the market conditions at that time are not favorable for these borrowings or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">sales. These options could increase our costs or reduce the Fund’s equity.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Compliance with REIT requirements may cause the Fund to forego otherwise attractive opportunities, which may hinder or delay the Fund’s </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">ability to meet its investment objectives and reduce overall return.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">To continue to qualify as a REIT, the Fund is required at all times to satisfy tests relating to, among other things, the sources of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s, the nature and diversification of assets, the ownership of stock and the amounts distributed to shareholders. Compliance with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the REIT requirements may impair our ability to operate solely on the basis of maximizing profits. For example, the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">required to make distributions to shareholders at disadvantageous times or when the Fund does not have funds readily available </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for distribution.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Compliance with REIT requirements may force the Fund to liquidate or restructure otherwise attractive investments.</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">To continue to qualify as a REIT, at the end of each calendar quarter, at least 75% of the value of the Fund’s assets must consist of cash, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cash items, government securities and qualified real estate assets. The remainder of the Fund’s investments in securities (other than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified real estate assets and government securities) generally cannot include more than 10% of the voting securities (other than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities that qualify for the straight debt safe harbor) of any one issuer or more than 10% of the value of the outstanding securities of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">more than any one issuer unless the Fund and such issuer jointly elect for such issuer to be treated as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">taxable REIT subsidiary</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">under the Code. Debt will generally meet the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">straight debt</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> safe harbor if the debt is a written unconditional promise to pay on demand </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or on a specified date a certain sum of money, the debt is not convertible, directly or indirectly, into stock, and the interest rate and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest payment dates of the debt are not contingent on the profits, the borrower’s discretion, or similar factors. Additionally, no more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than 5% of the value of the Fund’s assets (other than government securities and qualified real estate assets) can consist of the securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of any one issuer, and no more than 20% (25% for any taxable year beginning after December 31, 2025) of the value of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets may be represented by securities of one or more taxable REIT subsidiaries. If the Fund fails to comply with these requirements at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the end of any calendar quarter, the Fund must dispose of a portion of the Fund’s assets within 30 days after the end of the calendar </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">quarter or qualify for certain statutory relief provisions in order to avoid losing its REIT qualification and suffering adverse tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consequences. In order to satisfy these requirements and maintain its qualification as a REIT, the Fund may be forced to liquidate assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">from our portfolio or not make otherwise attractive investments. These actions could have the effect of reducing the Fund’s and amounts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">available for distribution to shareholders.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Fund’s charter does not permit any person or group to own more than 9.8% in value or number of shares, whichever is more restrictive, </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">of the Fund’s outstanding Common Shares or of the aggregate of the outstanding capital stock of all classes or series, and attempts to </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">acquire the Fund’s Common Shares or the Fund’s capital stock of all other classes or series in excess of these 9.8% limits would not be </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">effective without an exemption (prospectively or retroactively) from these limits by the Board.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">For the Fund to continue to qualify as a REIT under the Code, not more than 50% of the value of its outstanding stock may be owned, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">directly or indirectly, by five or fewer individuals (including certain entities treated as individuals for this purpose) during the last half of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">taxable year. For the purpose of assisting the Fund’s qualification as a REIT for U.S. federal income tax purposes, among other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purposes, the Fund’s charter prohibits beneficial or constructive ownership by any person or group of more than 9.8%, in value or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">number of shares, whichever is more restrictive, of the outstanding shares of the Fund’s outstanding Common Shares, or 9.8% in value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or number of shares, whichever is more restrictive, of the aggregate of the outstanding capital stock of all classes or series, which we </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">refer to as the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Ownership Limit.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The constructive ownership rules under the Code and the Fund’s charter are complex and may cause </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shares of the outstanding Common Shares or capital stock owned by a group of related persons to be deemed to be constructively </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">owned by one person. As a result, the acquisition of less than 9.8% of the Fund’s outstanding Common Shares or the Fund’s capital </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">stock by a person could cause another person to constructively own in excess of 9.8% of our outstanding Common Shares or the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital stock, respectively, and thus violate the Ownership Limit. There can be no assurance that the Board, as permitted in the charter, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will not decrease this Ownership Limit in the future. Any attempt to own or transfer shares of the Common Shares or capital stock in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">excess of the Ownership Limit without the consent of the Board will result in the transfer being void.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Ownership Limit may have the effect of precluding a change in control of us by a third party, even if such change in control would </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be in the best interests of shareholders or would result in receipt of a premium to the price of the Common Shares (and even if such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">change in control would not reasonably jeopardize our REIT status). The exemptions to the Ownership Limit granted to date may limit </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Board’s power to increase the Ownership Limit or grant further exemptions in the future.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Board is authorized to revoke our REIT election without shareholder approval, which may cause adverse consequences to </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">shareholders.</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s charter authorizes the Board to revoke or otherwise terminate our REIT election, without the approval of shareholders, if it </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">determines that changes to U.S. federal income tax laws and regulations or other considerations mean it is no longer in our best </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interests to qualify, or attempt to qualify, as a REIT. The Board has certain statutory duties to the Fund and could only cause such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in our tax treatment if it determines in good faith that such changes are in our best interests. In this event, the Fund would </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">become subject to U.S. federal income tax on our taxable income and the Fund would no longer be required to distribute most of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net income to shareholders, which may cause a reduction in the total return to shareholders.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Tax Risks of Investing in the Fund</div></div></div> <br/><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; line-height: 10.67pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <br/></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Non-U.S. holders may be subject to U.S. federal income tax upon their disposition of shares of the Fund’s Common Shares or upon their </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">receipt of certain distributions from us.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to any potential withholding tax on ordinary dividends, a non-U.S. holder (as such term is defined below under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Federal Income Tax Considerations — Taxation of U.S. Holders of The Fund’s Common Shares</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), other than a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> or a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified foreign pension fund,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> that disposes of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. real property interest</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">USRPI</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) (which includes shares of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">stock of a U.S. corporation whose assets consist principally of USRPIs), is generally subject to U.S. federal income tax under the Foreign </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment in Real Property Tax Act of 1980, as amended (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">FIRPTA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), on the amount received from such disposition. Such tax does not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">apply, however, to the disposition of stock in a REIT that is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">domestically controlled.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Generally, a REIT is domestically controlled if less </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than 50% of its stock, by value, has been owned directly or indirectly by non-U.S. persons during a continuous five-year period ending </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on the date of disposition or, if shorter, during the entire period of the REIT’s existence, determined by looking through pass through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">entities and certain U.S. corporations, among others. The Fund cannot assure you that it currently qualifies as a domestically controlled </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">REIT or that it will qualify as a domestically controlled REIT at any time in the future. If the Fund were to fail to so qualify, amounts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">received by a non-U.S. holder on certain dispositions of shares of the Common Shares (including a repurchase) would be subject to tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">under FIRPTA, unless (i) shares of Common Shares were regularly traded on an established securities market and (ii) the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. holder did not, at any time during a specified testing period, hold more than 10% of the Common Shares. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Federal Income Tax Considerations — Taxation of Non-U.S. Holders of The Fund’s Common Shares — Sales of The Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">A non-U.S. holder other than a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified shareholder</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> or a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified foreign pension fund,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> that receives a distribution from a REIT that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is attributable to gains from the disposition of a USRPI as described above, including in connection with a repurchase of the Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares, is generally subject to U.S. federal income tax under FIRPTA to the extent such distribution is attributable to gains from such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">disposition, regardless of whether the difference between the fair market value and the tax basis of the USRPI giving rise to such gains is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to periods prior to or during such non-U.S. holder’s ownership of the Common Shares. In addition, a repurchase of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, to the extent not treated as a sale or exchange, may be subject to withholding as an ordinary dividend. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Federal Income Tax Considerations — Taxation of Non-U.S. Holders of The Fund’s Common Shares — Distributions, and — </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Repurchases of the Fund’s Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Manager and the Subadviser seek to act in the best interests of the Fund as a whole and not in consideration of the particular tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consequences to any specific holder of our stock. Potential non-U.S. holders should inform themselves as to the U.S. tax consequences, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purchase, ownership and disposition of shares of the C<div style="display:inline;">omm</div>on Sh<div style="display:inline;">are</div>s.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"></div></div><div style="line-height: 11.64pt; text-align: left; font-size: 8.73pt;"></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Investments outside the United States may subject us to additional taxes and could present additional complications to our ability to satisfy </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">the REIT qualification requirements.</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Non-U.S. investments may subject us to various non-U.S. tax liabilities, including withholding taxes. In addition, operating in functional </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">currencies other than the U.S. dollar and in environments in which real estate transactions are typically structured differently than they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are in the United States or are subject to different legal rules may present complications to our ability to structure non-U.S. investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in a manner that enables us to satisfy the REIT qualification requirements.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Fund may incur tax liabilities that would reduce our cash available for distribution to you.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Even if the Fund qualifies and maintains its status as a REIT, the Fund may become subject to U.S. federal income taxes and related </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">state and local taxes. For example, net income from the sale of properties that are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dealer</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> properties sold by a REIT (a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prohibited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transaction</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> under the Code) will be subject to a 100% tax. The Fund may not make sufficient distributions to avoid excise taxes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to REITs. Similarly, if the Fund were to fail an income test (and did not lose our REIT status because such failure was due to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reasonable cause and not willful neglect) the Fund would be subject to tax on the income that does not meet the income test </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. The Fund also may decide to retain net capital gain the Fund earns from the sale or other disposition of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments and pay income tax directly on such income. In that event, shareholders would be treated as if they earned that income and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">paid the tax on it directly.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">However, shareholders that are tax-exempt, such as charities or qualified pension plans, would have no benefit from their deemed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">payment of such tax liability unless they file U.S. federal income tax returns and thereon seek a refund of such tax. The Fund also may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to state and local taxes on the Fund’s or property, including franchise, payroll, mortgage recording and transfer taxes, either </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">directly or at the level of the other companies through which we indirectly own the Fund’s assets, such as our taxable REIT subsidiaries, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which are subject to full U.S. federal, state, local and foreign corporate-level income taxes. Any taxes the Fund pays directly or indirectly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will reduce our cash available for distribution to you.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">You may have current tax liability on distributions you elect to reinvest in the Fund’s Common Shares.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">If you participate in our distribution reinvestment plan, you will be deemed to have received, and for U.S. federal income tax purposes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will be taxed on, the amount reinvested in shares of the Common Shares to the extent the amount reinvested was not a tax-free return of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital. Therefore, unless you are a tax-exempt entity, you may be required to use funds from other sources to pay your tax liability on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the reinvested dividends.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Generally, ordinary dividends payable by REITs do not qualify for reduced U.S. federal income tax rates.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Currently, the maximum tax rate applicable to qualified dividend income payable to certain non-corporate U.S. shareholders is 20%. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Dividends payable by REITs, however, generally are not eligible for the reduced rate. Although this does not adversely affect the taxation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of REITs or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividends could cause certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-corporate investors to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">corporations that pay dividends, which could adversely affect the value of the shares of REITs, including the Common Shares. However, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">individual taxpayers may be entitled to claim a deduction in determining their taxable income of 20% of ordinary REIT dividends </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us), which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">temporarily reduces the effective tax rate on such dividends. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain U.S. Federal Income Tax Considerations — Taxation of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Holders of The Fund’s Common Shares — Distributions Generally.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> You are urged to consult with your tax advisor regarding the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">effect of this change on your effective tax rate with respect to REIT dividends.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Fund may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">flexibility and reduce the price of the Fund’s Common Shares.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of U.S. federal income tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">laws applicable to investments similar to an investment in shares of the Common Shares. Additional changes to the tax laws are likely to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continue to occur, and the Fund cannot assure you that any such changes will not adversely affect the taxation of shareholders. Any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such changes could have an adverse effect on an investment in shares or on the market value or the resale potential of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets. You are urged to consult with your tax advisor with respect to the impact of recent legislation on your investment in shares and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in shares. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Although REITs generally receive certain tax advantages compared to entities taxed as regular corporations, it is possible that future </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">real estate to elect to be treated for U.S. federal income tax purposes as a corporation. As a result, the Fund’s charter authorizes the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Board to revoke or otherwise terminate our REIT election, without the approval of shareholders, if it determines that changes to </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal income tax laws and regulations or other considerations mean it is no longer in our best interests to continue to qualify as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">REIT. The impact of tax reform on an investment in shares is uncertain. Prospective investors should consult their own tax advisors </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regarding changes in tax laws.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, unilateral or internationally agreed or disputed changes in international tax policy, laws or regulations or in the policies or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">positions of relevant tax authorities, including U.S. tax authorities and the application of tariffs or other U.S. executive actions regarding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the dispute, application, administration or interpretation of tax laws, regulations or treaties, could also increase the taxes or levies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(including tariffs) payable by us or in respect of our assets and tenants, possibly with retroactive effect or could otherwise have a material </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">impact on international financial or governmental agreements and arrangements or international economic conditions, each of which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could negatively impact our business.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to continue to qualify as a REIT.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may acquire mezzanine loans, for which the United States Internal Revenue Service (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">IRS</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) has provided a safe harbor </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">but not rules of substantive law. Pursuant to the safe harbor, if a mezzanine loan meets certain requirements, it will be treated by the IRS </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as a real estate asset for purposes of the REIT asset tests, and interest derived from the mezzanine loan will be treated as qualifying </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage interest for purposes of the REIT 75% income test. The Fund may acquire mezzanine loans that do not meet all of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">requirements of this safe harbor. In the event the Fund owns a mezzanine loan that does not meet the safe harbor, the IRS could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">challenge such loan’s treatment as a real estate asset for purposes of the REIT asset and income tests and, if such a challenge were </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">sustained, the Fund could fail to continue to qualify as a REIT.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">If our operating partnership failed to continue to qualify as a partnership</div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">or is not otherwise disregarded for U.S. federal income tax </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">purposes, the Fund would cease to continue to qualify as a REIT.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">If the IRS were to successfully challenge the status of our operating partnership as a partnership or disregarded entity for U.S. federal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income tax purposes, it would be taxable as a corporation. In the event that this occurs, it would reduce the amount of distributions that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s operating partnership could make to the Fund. This would also result in our failing to continue to qualify as a REIT and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">becoming subject to a corporate-level tax on the Fund’s, which would substantially reduce our cash available to pay distributions and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">yield on your investment.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Limited History of Operations Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is a non-diversified, closed-end management investment company with limited history of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operations or public trading and is subject to all of the business risks and uncertainties associated with any new business. As a result, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prospective investors have limited track record or history on which to base their investment decision.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">General, Market and Economic Risk</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">. Investing in the Fund involves certain risks and the Fund may not be able to achieve its intended </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">results for a variety of reasons, including, among others, the possibility that the Fund may not be able to successfully implement its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment strategy because of market, economic, regulatory, geopolitical and other conditions. International wars or conflicts (such as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">those in the Middle East and Ukraine) and geopolitical developments in foreign countries, along with instability in regions such as Asia, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">pandemics such as the outbreak of infectious diseases like the COVID-19 pandemic, and other similar events could adversely affect the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. Relatively reduced </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity in credit and fixed income markets could adversely affect issuers worldwide. U.S. and foreign governments have taken a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">experienced extreme volatility, and in some cases a lack of liquidity. The impact of these measures, as well as any additional future </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory actions, is not yet known and cannot be predicted.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Legislation or regulation may also change the way in which the Fund itself is regulated and could limit or preclude the Fund’s ability to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">achieve its investment objective. Because the market price of the Common Shares will fluctuate, there is a risk that you will lose money. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Your investment will decline in value if, among other things, the market price of the Common Shares decreases. As with any security, a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">complete loss of your investment is possible.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could be significantly impacted, which could lead to such securities being valued at zero.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Geopolitical Climate Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> U.S. and global markets are experiencing volatility and disruption following the geopolitical instability resulting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">from the ongoing Russia-Ukraine conflict, recent escalation of conflict in the Middle East and Southwest Asia and continued political and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">social unrest in various countries, such as Venezuela and Mexico, which have led, and will continue to lead to disruptions in local, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regional, national, and global markets and economies. Most recently, on February 28, 2026, the United States and Israel launched a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">major assault on Iran, triggering Iranian retaliation across the Gulf, including attacks against targets in Qatar, the United Arab Emirates </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(UAE), Kuwait, Bahrain and Saudi Arabia. An escalation in this or other global conflicts may have a material adverse impact on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, its portfolio companies and the market generally, including as a result of intense regional and global military and/or economic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">retaliation, major maritime disruptions in the Strait of Hormuz, and large-scale cyber warfare.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The extent and duration of the ongoing conflicts, and the resulting measures that have been taken, and could be taken in the future, by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">NATO, the U.S., the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any sanctions </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and related market disruptions are impossible to predict, but could adversely affect the global economy and financial markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">particularly if current or new sanctions continue for an extended period of time, and could lead to instability, lack of liquidity in capital </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">markets and price volatility. Any such disruptions may also have the effect of heightening many of the other risks described in this </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">section. If these disruptions or other matters of global concern continue for an extensive period of time, to the extent that we, our </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio companies, third party service providers, investors, or related customer bases have material operations or assets in such conflict </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">zones, they may be materially adversely affected.</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Real Estate Investment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments are subject to the risks typically associated with real estate, including but not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">limited to:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">local, state, national or international economic conditions, including market disruptions caused by regional concerns, political </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">upheaval, sovereign debt crises and other factors;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">lack of liquidity inherent in the nature of the asset;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reliance on tenants/operators/managers to operate their businesses in a sufficient manner and in compliance with their contractual </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">arrangements with the Fund;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ability and cost to replace a tenant/operator/manager upon default;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property management decisions;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property location and conditions;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property operating costs, including insurance premiums, real estate taxes and maintenance costs;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">competition from comparable properties;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the occupancy rate of, and the rental rates charged at, the properties;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">leasing market activity;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the ability to collect on a timely basis all rent;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the effects of any bankruptcies or insolvencies;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in interest rates and in the availability, cost and terms of mortgage financing;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in governmental rules, regulations and fiscal policies;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cost of compliance with applicable federal, state, and local laws and regulations;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">acts of nature, including earthquakes, hurricanes and other natural disasters;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">climate change and regulations intended to control its impact;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the potential for uninsured or underinsured property losses; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other factors beyond the Fund’s control.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Commercial Real Estate Industry Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s business and operations are dependent on the commercial real estate industry </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">generally, which in turn is dependent upon broad economic conditions. Challenging economic and financial market conditions may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cause the Fund to experience an increase in the number of commercial real estate investments that result in losses, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">delinquencies, non-performing assets and a decrease in the value of the property or, in the case of traded real estate-related securities, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">collateral which secures its investments, all of which could adversely affect the Fund’s results of operations.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Residential Real Estate Industry Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Investments in apartment and residential real estate are subject to various changes in real estate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions, and any negative trends in real estate conditions may adversely affect the Fund’s investments through decreased revenues </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or increased costs.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">These conditions include:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuations in interest rates;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the inability of residents and tenants to pay rent;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the existence and quality of the competition, including the attractiveness of properties based on considerations such as convenience </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of location, rental rates, amenities and safety record;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increased operating costs, including increased real property taxes, maintenance, insurance and utilities costs;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">oversupply of apartments, commercial space or single-family housing or a reduction in demand for real estate; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in, or increased costs of compliance with, laws and/or governmental regulations, including those governing usage, zoning, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the environment and taxes.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Illiquid Investment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> To the extent consistent with the applicable liquidity requirements for interval funds under Rule 23c-3 under the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">1940 Act, the Fund may invest without limit in illiquid securities. A variety of factors could make it difficult for the Fund to dispose of any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of its illiquid assets on acceptable terms even if a disposition is in the best interests of the Fund’s shareholders. The Fund may not be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">able to readily dispose of such securities at prices that approximate those at which the Fund could sell the securities if they were more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">widely traded and, as a result of that illiquidity, the Fund may have to sell such securities at a loss or sell other investments or engage in </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The Fund may invest in privately-held companies, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">below-investment-grade instruments (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">junk</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> bonds), securities which are at risk of default as to the repayment of principal and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest at the time of acquisition by the fund or are rated in the lower rating categories or are unrated, which may be difficult to value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and may be illiquid. The Fund may also invest in securities that have not been registered for public sale in the U.S. or relevant </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. jurisdictions, including, without limitation, securities eligible for purchase and sale pursuant to Rule 144A under the Securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Act. Rule 144A permits certain qualified institutional buyers, such as the Fund, to trade in privately placed securities that have not been </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">registered for sale under the Securities Act. Rule 144A securities may be deemed illiquid, although the Fund may determine that certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Rule 144A securities are liquid.</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Distributions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> There can be no assurance that the Fund will achieve investment results that will allow the Fund to make a specified </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">level of cash distributions or maintain certain levels of cash distributions. All distributions will be paid at the discretion of the Board and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may depend on the Fund’s earnings, the Fund’s net investment income, the Fund’s financial condition, compliance with applicable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulations and such other factors as the Board may deem relevant from time to time. The distributions for any full or partial calendar </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">year might not be made in equal amounts, and one distribution may be larger than others. The Fund will make a distribution only if </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">authorized by the Board and declared by the Fund out of assets legally available for these distributions. This distribution policy may, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital, which would reduce the Fund’s NAV and, over time, potentially increase the Fund’s expense ratio. If the Fund distributes a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">return of capital, it means that the Fund is returning to shareholders a portion of their investment rather than making a distribution that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is funded from the Fund’s earned income or other profits. The Fund’s distribution policy may be changed by the Board at any time </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">without shareholder approval.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Liquidity Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> In order to provide liquidity to shareholders, the Fund is structured as an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interval fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> and conducts periodic </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">repurchase offers for a portion of its outstanding Common Shares, as described herein.  The Fund is designed primarily for long-term </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investors and an investment in the Common Shares should be considered illiquid. The Common Shares are not currently listed for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">trading on any securities exchange. There is currently no public market for the Common Shares and none is expected to develop. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Although the Fund may offer to repurchase Common Shares from shareholders, no assurance can be given that these repurchases will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">occur as scheduled or at all.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Reliance on Investment Professionals.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The success of the Fund’s investments will depend on the ability of the Manager and/or the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Subadviser and their respective affiliates to identify and consummate suitable investments and to, when relevant, exit investments of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund prudently.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Selection Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Selection risk is the risk that the investments selected by PGIM Real Estate will underperform the broader real estate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">market, relevant indices, or other funds with similar investment objectives and investment strategies.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Delay in Use of Proceeds Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the Fund currently intends to invest the proceeds from any sale of the Common Shares offered </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">hereby within three months from receipt thereof, such investments may be delayed if suitable investments are unavailable at the time. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Delays which the Fund encounters in the selection, due diligence and origination or acquisition of investments would likely limit its ability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to pay distributions and lower overall returns.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Competition Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Identifying, completing and realizing attractive portfolio investments is competitive and involves a high degree of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">uncertainty. In acquiring its target assets, the Fund will compete with a variety of institutional investors, including specialty finance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">companies, public and private funds (including other funds managed by the Manager or the Subadviser), REITs, commercial and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment banks, commercial finance and insurance companies and other financial institutions.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Non-Diversification Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-diversified,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> which means that the Fund may invest a significant portion of its assets in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities of a smaller number of issuers than a diversified fund. Focusing investments in a small number of issuers increases risk. A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory occurrence than a diversified fund might be. Some of those issuers also may present substantial credit or other risks. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Similarly, the Fund may be subject to increased economic, business or political risk to the extent that it invests a substantial portion of its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets in a particular currency, in a group of related industries, in a particular issuer, in the bonds of similar projects or in a narrowly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">defined geographic area outside the United States.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Joint Venture Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may in the future enter into joint ventures with third parties and/or affiliates of the Manager or Subadviser </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to make investments. The Fund may also make investments in partnerships or other co-ownership arrangements or participations. Such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Fund and its </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">joint venture partners may result in litigation or arbitration that would increase the Fund’s expenses and prevent the Fund’s officers and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">directors from focusing their time and efforts on the Fund’s business. The Fund may at times enter into arrangements that provide for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unfunded commitments and, even when not contractually obligated to do so, may be incentivized to fund future commitments related to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">its investments.</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Real Estate Joint Venture Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may enter into real estate joint ventures with third parties to make investments. The Fund may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">also make investments in partnerships or other co-ownership arrangements or participations. Such investments may involve risks not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise present with other methods of investment, including, for instance, the following risks and conflicts of interest:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner in an investment could become insolvent or bankrupt;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the joint venture partner will typically have day-to-day control over the investment, and the Fund’s rights regarding certain major </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">decisions affecting the ownership of the real estate joint venture and the joint venture property, such as the sale of the property or the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">making of additional capital contributions for the benefit of the property, will typically be limited. These factors may prevent the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">from taking actions that are opposed by its real estate joint venture partner; under certain real estate joint venture arrangements, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">neither party may have the power to unilaterally direct certain activities of the venture and, under certain circumstances, an impasse </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could result regarding cash distributions, reserves, or a proposed sale or refinancing of the investment, and this impasse could have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">an adverse impact on the real estate joint venture, which could adversely impact the operations and profitability of the real estate joint </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">venture and/or the amount and timing of distributions the Fund receives from the real estate joint venture;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may at any time have economic or business interests or goals that are or that become in conflict </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">with the Fund’s business interests or goals, including, for instance, the operation of the properties;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may be structured differently than the Fund for tax purposes and this could create conflicts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of interest;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will typically rely upon its real estate joint venture partner to manage the day-to day operations of the real estate joint venture </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and underlying assets, as well as to prepare financial information for the real estate joint venture and any failure to perform these </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">obligations appropriately may have a negative impact on the Fund’s performance and results of operations;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may experience a change of control, which could result in new management of the real estate joint </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">venture partner with less experience or conflicting interests to the Fund and be disruptive to the Fund’s business;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may be in a position to take action contrary to the Fund’s instructions or requests or contrary to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s policies or objectives;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the terms of the real estate joint ventures could restrict the Fund’s ability to sell or transfer its interest to a third party when it desires </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on advantageous terms, which could result in reduced liquidity;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund or its real estate joint venture partner may have the right to cause the Fund to sell its interest, or acquire its partner’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest, at a time when the Fund otherwise would not have initiated such a transaction; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the real estate joint venture partner may not have sufficient personnel or appropriate levels of expertise to adequately support the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s initiatives.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, disputes between the Fund and its real estate joint venture partners may result in litigation or arbitration that would increase </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s expenses and prevent the Fund’s officers and directors from focusing their time and efforts on the Fund’s business. Any of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the above risks and conflicts of interest might subject the Fund to liabilities and thus reduce its returns on the investment with that real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate joint venture partner.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Recourse Financings Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> In certain cases, financings for the Fund’s commercial real estate properties may be recourse to the Fund. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Lenders customarily require that a creditworthy parent entity enter into so-called </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">recourse carveout</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> guarantees to protect the lender </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">against certain bad-faith or other intentional acts of the borrower in violation of the loan documents. A </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">bad boy</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> guarantee typically </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">provides that the lender can recover losses from the guarantors for certain bad acts, such as fraud or intentional misrepresentation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">intentional waste, willful misconduct, criminal acts, misappropriation of funds, voluntary incurrence of prohibited debt and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">environmental losses sustained by lender. The Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">bad boy</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> guarantees could apply to actions of the joint venture partners </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">associated with the Fund’s investments. While the Manager expects to negotiate indemnities from such joint venture partners to protect </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">against such risks, there remains the possibility that the acts of such joint venture partner could result in liability to the Fund under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such guarantees.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Valuation Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of certain of the Fund’s investments will be difficult to determine and the valuation determinations made by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Manager, Subadviser, and Independent Valuation Advisor with respect to such investments will likely vary from the amounts the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">would receive upon sale or disposition of such investments. It is possible that the fair value determined for an investment may differ </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">materially from the value that could be realized upon the sale of the investment. Within the parameters of the Fund’s valuation policies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and procedures, the valuation methodologies used to value the Fund’s assets will involve subjective judgments and projections and that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ultimately may not materialize. Ultimate realization of the value of an asset depends to a great extent on economic, market and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions beyond the Fund’s control and the control of the Manager and the Fund’s Independent Valuation Advisor and third-party </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">appraisers. Rapidly changing market conditions or material events may not be immediately reflected in the F<div style="display:inline;">un</div>d’s daily NAV. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">resulting potential disparity in the Fund’s NAV may inure to the benefit of shareholders whose shares are repurchased or new purchasers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the Common Shares, depending on whether the Fund’s published NAV per share for such class is overstated or understated. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Net Asset Value.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Prime Single Tenant Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund depends on its tenants for revenue, and therefore the Fund’s revenue is dependent on the success </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and economic viability of its tenants. The Fund’s reliance on single tenants in prime single tenant properties may decrease its ability to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">lease vacated space and could adversely affect its income, performance, operations and ability to pay distributions. Certain of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments in properties will be leased out to single tenants that the Subadviser believes have favorable credit profiles and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">performance attributes supporting highly visible long-term cash flows. Adverse impacts to such tenants, businesses or operators, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including as a result of changes in market or economic conditions, natural disasters, outbreaks of an infectious disease, pandemic or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">any other serious public health concern, political events or other factors that may impact the operation of these properties, may have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">negative effects on the Fund’s business and financial results.</div></div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Mortgage Loan Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may originate and selectively <div style="display:inline;">acquire</div> senior mortgage loans which are generally loans secured by a first </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage lien on a commercial property and are subject to risks of delinquency and foreclosure and risks of loss that are greater than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">similar risks associated with loans made on the security of single-family residential property. In addition, certain of the mortgage loans in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which the Fund invests may be structured so that all or a substantial portion of the principal will not be paid until maturity, which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increases the risk of default at that time. The ability of a borrower to repay a loan secured by an income-producing property typically is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the borrower. In the event of any default under a mortgage loan held directly by the Fund, it will bear a risk of loss of principal to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan, which could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have a material adverse effect on the profitability of the Fund.</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Mezzanine Loan Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in mezzanine loans that take the form of subordinated loans secured by a pledge of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ownership interests of either the entity owning the real property or the entity that owns the interest in the entity owning the real property. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">These types of investments involve a higher degree of risk than first mortgage loans secured by income producing real property because </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the investment may become unsecured as a result of foreclosure by the senior lender. As a result, the Fund may not recover some or all </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of its investment.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">CMBS Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> CMBS are, generally, securities backed by obligations (including certificates of participation in obligations) that are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. CMBS are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of the principal only at maturity rather than regular amortization of principal.</div></div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">RMBS Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments in RMBS are subject to the risks of defaults, foreclosure timeline extension, fraud, home price </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">depreciation and unfavorable modification of loan principal amount, interest rate and amortization of principal accompanying the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">underlying residential mortgage loans. In the event of defaults on the residential mortgage loans that underlie the Fund’s investments in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">RMBS and the exhaustion of any underlying or any additional credit support, the Fund may not realize an anticipated return on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments and may incur a loss on these investments. The Fund may also acquire non-agency RMBS, which are backed by residential </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">property but, in contrast to agency RMBS, their principal and interest are not guaranteed by federally chartered entities such as Fannie </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Mae and Freddie Mac and, in the case of Ginnie Mae are guaranteed by the federal government and backed by the full faith and credit </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the United <div style="display:inline;">States</div>.</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">ABS Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Investments in ABS are subject to risks. The ability of an issuer of ABS to enforce its security interest in the underlying assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or to otherwise recover from the underlying obligor may be limited. Certain asset-backed securities present a heightened level of risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">because in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid principal or interest. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The risk of non-payment is greater for asset-backed securities that are backed by pools that contain subprime loans, but a level of risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">exists for all loans. Market factors adversely affecting loan repayments may include a general economic turndown and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">high unemployment.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Fixed Income Instruments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> In addition to the other risks described herein, fixed income instruments are also subject to certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">risks, including:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Issuer Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of fixed income instruments may decline for a number of reasons that directly relate to the issuer, such as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">management performance, financial leverage and reduced demand for the issuer’s goods and services.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Interest Rate Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The value of the Fund’s investments may go down when interest rates rise. A rise in rates tends to have a greater </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">impact on the prices of longer term or duration debt securities. When interest rates fall, the issuers of debt obligations may prepay </div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:10.67pt;margin-left:9pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prepayment risk.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s holdings may fall sharply. This is referred to as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">extension risk.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may face a heightened level of interest rate risk as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">result of the U.S. Federal Reserve Board’s rate-setting policies. Interest rates are at or near historical lows, which may increase the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">risks associated with rising interest rates in the future. The Fund may lose money if short-term or long-term interest rates rise sharply </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or in a manner not anticipated by the Subadviser. Fluctuations in the market price of the Fund’s instruments will not affect interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income derived from instruments already owned by the Fund, but will be reflected in the Fund’s NAV. The Fund may utilize certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strategies, including investments in derivatives, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies, if utilized, will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be successful.</div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Duration Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Duration measures the time-weighted expected cash flows of a security, which can determine the security’s sensitivity </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">yield) changes than securities with shorter durations. Various techniques may be used to shorten or lengthen the Fund’s duration. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">duration of a security will be expected to change over time with changes in market factors and time to maturity.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Floating-Rate and Fixed-to-Floating-Rate Securities Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The market value of floating-rate securities is a reflection of discounted </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">expected cash flows based on expectations for future interest rate resets. The market value of such securities may fall in a declining </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the reset. This risk may also be present with respect to fixed-to-floating-rate securities in which the Fund may invest. A secondary risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">associated with declining interest rates is the risk that income earned by the Fund on floating-rate and fixed-to-floating-rate securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will decline due to lower coupon payments on floating-rate securities.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Prepayment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> During periods of declining interest rates, the issuer of an instrument may exercise its option to prepay principal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in lower yielding instruments, which may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">result in a decline in the Fund’s income and distributions to shareholders. This is known as prepayment or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">call</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> risk. Fixed income </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments frequently have call features that allow the issuer to redeem the instrument at dates prior to its stated maturity at a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">specified price (typically greater than par) only if certain prescribed conditions are met (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">call protection</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">). An issuer may choose to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">redeem a fixed income instrument if, for example, the issuer can refinance the instrument at a lower cost due to declining interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rates or an improvement in the credit standing of the issuer. For premium bonds (bonds acquired at prices that exceed their par or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">principal value) purchased by the Fund, prepayment risk may be enhanced.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Extension Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> During periods of rising interest rates, an issuer could exercise its right to pay principal on an obligation held by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund later than expected. Under these circumstances, the value of the obligation will decrease, and the Fund may be prevented from </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reinvesting in higher yielding securities.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Reinvestment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">proceeds from matured, traded or called fixed income instruments at market interest rates that are below the portfolio’s current </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">earnings rate.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Spread Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Wider credit spreads and decreasing market values typically represent a deterioration of the fixed income instrument’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">credit soundness and a perceived greater likelihood or risk of default by the issuer. Fixed income instruments generally compensate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for greater credit risk by paying interest at a higher rate. The difference (or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">spread</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) between the yield of a security and the yield of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">benchmark, such as a U.S. Treasury security with a comparable maturity, measures the additional interest paid for credit risk. As the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">spread on a security widens (or increases), the price (or value) of the security generally falls. Spread widening may occur, among </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other reasons, as a result of market concerns over the stability of the market, excess supply, general credit concerns in other markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">security- or market-specific credit concerns or general reductions in risk tolerance.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Credit Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Credit risk is the risk that one or more fixed income instruments in the Fund’s portfolio will decline in price or fail to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest or principal when due because the issuer, the guarantor or the insurer of the instrument or any applicable counterparty may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Refinancing Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> This is the risk that one or more issuers of fixed income instruments in the Fund’s portfolio may not be able to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">off their debt upon maturity. During times of extreme market stress, even creditworthy companies can have temporary trouble </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">accessing the markets to refinance their outstanding debt, potentially leading to an inability to pay off existing bondholders, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund. This could negatively affect the Fund’s NAV or overall return.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Below Investment Grade (High Yield or Junk Bond) Instruments Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund’s investments in below investment grade quality </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities and instruments are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions. Below </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade instruments are often issued in connection with a corporate reorganization or restructuring or as part of a merger, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">acquisition, takeover or similar event. They are also issued by less established companies seeking to expand. Such issuers are often </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">highly leveraged and generally less able than more established or less leveraged entities to make scheduled payments of principal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest in the event of adverse developments or business conditions. Fixed income instruments rated below investment grade generally </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">offer a higher current yield than that available from higher grade issuers, but typically involve greater risk. These investments are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">especially sensitive to adverse changes in general economic conditions, to changes in the financial condition of their issuers and to price </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fluctuation in response to changes in interest rates. During periods of economic downturn or rising interest rates, issuers of below </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment grade instruments may experience financial stress that could adversely affect their ability to make payments of principal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest on their obligations and increase the possibility of default. The secondary market for high yield instruments may not be as liquid </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as the secondary market for more highly rated instruments, a factor that may have an adverse effect on the Fund’s ability to dispose of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">particular security. There are fewer dealers in the market for high yield instruments than for investment grade obligations. The prices </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">quoted by different dealers may vary significantly, and the spread between the bid and asked price is generally much larger for high </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">yield instruments than for higher quality instruments. Under continuing adverse market or economic conditions, the secondary market </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for high yield instruments could contract further, independent of any specific adverse changes in the condition of a particular issuer, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these instruments may become illiquid. In addition, adverse publicity and investor perceptions, whether or not based on fundamental </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">analysis, may also decrease the values and liquidity of below investment grade instruments, especially in a market characterized by a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">low volume of trading. Default, or the market’s perception that an issuer is likely to default, could reduce the value and liquidity of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments held by the Fund, which could have a material adverse impact on the Fund’s business, financial condition and results of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operations. In addition, default may cause the Fund to incur expenses in seeking recovery of principal and/or interest on its portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be required to accept cash or securities or other instruments with a value less than its original investment and/or may be subject to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">restrictions on the sale of such securities or instruments. Among the risks inherent in investments in a troubled entity is the fact that it </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">frequently may be difficult to obtain information as to the true financial condition of such issuer. The Subadviser's judgment about the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">credit quality of an issuer and the relative value of its instruments may prove to be wrong. Investments in below investment grade </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments may present special tax issues for the Fund, particularly to the extent that the issuers of these instruments default on their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">obligations pertaining thereto, and the U.S. federal income tax consequences to the Fund as a holder of such instruments, including </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">when the Fund may stop reporting interest income or claim a loss on such instruments, may not be clear. Lower rated high yield </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">instruments generally present the same type of risks as investments in higher rated high yield instruments. However, in most cases, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these risks are of a greater magnitude because of the uncertainties of investing in an issuer undergoing financial distress. In particular, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">lower rated high yield instruments entail a higher risk of default. Such instruments present substantial credit risk and default is a real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">possibility. Such instruments may be illiquid and the prices at which such instruments may be sold may represent a substantial discount </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to what the Subadviser believes to be the ultimate value of such instruments.</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Capital Markets Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund expects to fund a portion of its private real estate investments with property-level financing. There can </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be no assurance that any financing will be available in the future on acceptable terms, if at all, or that it will be able to satisfy the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">conditions precedent required to use its credit facilities, if entered into, which could reduce the number, or alter the type, of investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">that the Fund would make otherwise. Any failure to obtain financing could have a material adverse effect on the continued development </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or growth of the Fund’s investments and harm the Fund’s ability to operate and make distributions.</div></div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Inflation Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Globally, inflation and rapid fluctuations in inflation rates have in the past had negative effects on economies and financial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">markets, particularly in emerging economies, and may do so in the future. Wages and prices of inputs increase during periods of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, governments may impose wage and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">price controls, or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on levels of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">economic activity.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In the United States, inflation has accelerated in recent years as a result of global supply chain disruptions, a rise in energy prices, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">strong consumer spending, and other factors. Inflationary pressures have increased the costs of labor, energy, and raw materials, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have adversely affected consumer spending, economic growth, and the operations of companies in the U.S. and globally, and have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">resulted in a tightening of monetary policy by the U.S. Federal Reserve. Inflation may continue in the near to medium-term, particularly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the U.S., with the possibility that monetary policy may tighten further in response. Inflation could become a serious problem in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">future and have an adverse impact on the Fund’s returns.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Continued inflation could have an adverse impact on the Fund’s borrowings and general and administrative expenses of the Fund, as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">these costs could increase at a rate higher than the Fund’s rental and other revenue. Inflation could also have an adverse effect on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consumer spending, which could impact the Fund’s potential tenants’ revenues and, in turn, their ability to pay rent. In addition, leases </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">that have a long-term duration or that include renewal options that specify a maximum rate increase may result in below-market lease </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rates over time, if the Fund does not accurately estimate inflation or market lease rates. Any provisions of the Fund’s leases designed to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mitigate the risk of inflation and unexpected increases in market lease rates, such as periodic rental increases, may not adequately </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">protect the Fund from the impact of inflation or unexpected increases in market lease rates. If subject to below-market lease rates on a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">significant number of properties pursuant to long-term leases, and operating and other expenses are increasing faster than anticipated, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">then the Fund’s business, financial condition, results of operations, cash flows and ability to satisfy debt ser<div style="display:inline;">vic</div>e obligations or pay </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">distributions on Common Shares could be materially adversely affected.</div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Derivatives Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in derivative instruments, such as options contracts, futures contracts, options on futures </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">contracts, indexed securities, credit linked notes, credit default swaps and other swap agreements for investment, hedging and risk </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">management <div style="display:inline;">purposes</div>.</div></div> <div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Leverage Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Although the Fund may utilize leverage, there can be no assurance that the Fund will do so, or that, if utilized, it will be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">successful during any period in which it is employed. Leverage is a speculative technique that exposes the Fund to greater risk and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">higher costs than if it were not implemented.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Property level debt will be incurred by operating entities held by the Fund or by joint ventures entered into by one of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operating entities and secured by real estate owned by such operating entities. Such operating entities would own real estate assets and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">would borrow from a lender using the owned property as mortgage collateral. In a non-recourse mortgage, if an operating entity were to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">default on a loan, the lender’s recourse would be to the mortgaged property and the lender would typically not have a claim to seek </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">recovery from any unpaid portion of the loan from the other assets of the Fund or its subsidiaries. There are no limits under the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Company Act on the amount of leverage an operating entity may incur. When such property level debt is not recourse to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund, and the entity holding such debt was not formed for the purpose of avoiding the Investment Company Act limitations on leverage, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will not treat such borrowings as senior securities (as defined in the Investment Company Act) for purposes of complying with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Investment Company Act’s limitations on leverage unless (i) the entity holding such debt is an entity that primarily engages in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment activities in securities or other assets and is primarily controlled by the Fund, including a Controlled Subsidiary, or (ii) the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">financial statements of the entity or joint venture holding such debt would be consolidated in the Fund’s financial statements. Property </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">level debt may include covenants restricting when an operating entity held by the Fund can make distributions to the Fund. Defaults on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the property level debt may result in the Fund losing its investment in the applicable property. Defaults on entity level debt may result in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">limits or restrictions on the Fund’s operations, including the Fund’s ability to make distributions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that any property-level financing will be available in the future on acceptable terms, if at all, or that it will be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">able to satisfy the conditions precedent required to use its credit facilities, if entered into, which could reduce the number, or alter the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">type, of investments that the Fund would make otherwise. Any failure to obtain financing could have a material adverse effect on the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continued development or growth of the Fund’s investments and harm the Fund’s ability to operate and make distributions.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund anticipates that any money borrowed from a bank or other financial institution for investment purposes will accrue interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">based on shorter-term interest rates that would be periodically reset. So long as the Fund’s portfolio provides a higher rate of return, net </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of expenses, than the interest rate on borrowed money, as reset periodically, the leverage may cause the Fund to receive a higher </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">current rate of return than if the Fund were not leveraged. If, however, short-term rates rise, the interest rate on borrowed money could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">exceed the rate of return on instruments held by the Fund, reducing returns to the Fund and the level of income available for dividends </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or distributions made by the Fund. Developments in the credit markets may adversely affect the ability of the Fund to borrow for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment purposes and may increase the costs of such borrowings, which would also reduce returns to the Fund. There is no </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that a leveraging strategy will be successful. The use of leverage to purchase additional investments creates an opportunity for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increased Common Shares dividends, but also creates special risks and considerations for the common shareholders, including:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the likelihood of greater volatility of NAV, market price and dividend rate of Common Shares than a comparable fund without leverage;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the risk that fluctuations in interest rates on borrowings and short-term debt or in dividend payments on, principal proceeds </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">distributed to, or redemption of any Preferred Shares and/or notes or other debt securities that the Fund has issued will reduce the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">return to the Fund;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">magnified interest rate risk, which is the risk that the prices of certain of the portfolio investments will fall (or rise) if market interest </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rates for those types of investments rise (or fall). As a result, leverage may cause greater changes in the Fund’s NAV, which could have </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">a material adverse impact on the Fund’s business, financial condition and results of operations;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Common Shares than if the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund were not leveraged; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">leverage may increase expenses (which will be borne entirely by the common shareholders), which may reduce the Fund’s NAV and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the total return to common shareholders.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Potential Conflicts of Interest Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Manager and Subadviser serve as adviser or subadvisers to other vehicles that have the same or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">similar investment objectives and investment strategies to those of the Fund. As a result, the Manager and the Fund’s portfolio managers </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may devote unequal time and attention to the management of the Fund and those other funds and accounts. Conflicts of interest exist or </div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could arise in the future as a result of the relationships between the Fund and its affiliates, on the one hand, and the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">wholly-owned operating partnership or any partner thereof, on the other. For further information on potential conflicts of interest, see </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Conflicts of Interest.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Allocation of Investment Opportunities Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain other existing or future funds, investment vehicles and accounts managed by the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Manager and its affiliates and PGIM affiliated proprietary entities invest in securities, properties and other assets in which the Fund may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">seek to invest. Allocation of identified investment opportunities among the Fund, the Manager and other PGIM affiliated investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">vehicles presents inherent conflicts of interest where demand exceeds available supply. While the Manager believes it is likely that there </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will be some overlap of investment opportunities for the Fund and other PGIM affiliated investment vehicles and PGIM affiliated </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">proprietary accounts from time to time, the Fund’s stock of investment opportunities may be materially affected by competition from </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other PGIM affiliated investment vehicles and PGIM affiliated proprietary entities. Investors should note that the conflicts inherent in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">making such allocation decisions will not always be resolved in favor of the Fund.  See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment Objectives and Strategies — </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Allocation of Investment Opportunities</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Conflicts of Interest.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Best Efforts Offering Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> This offering is being made on a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">best efforts</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> basis, meaning the Distributor and broker-dealers participating </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the offering are only required to use their best efforts to sell shares and have no firm commitment or obligation to sell any of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shares. Even though the Fund has acquired the initial portfolio, such portfolio by itself is not diversified. Further, if the Distributor is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unable to raise substantial funds in this offering, the Fund’s Board may seek the approval of the Fund’s shareholders to sell all or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">substantially all of the Fund’s assets and dissolve the Fund. In the event of the liquidation, dissolution or winding up of the Fund, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders are entitled to receive the then-current NAV per share of the assets legally available for distribution to the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders, after payment of or adequate provision for all of the Fund’s known debts and liabilities, including any outstanding debt </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities or other borrowings and any interest thereon.</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Repurchase Offers Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> As described under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Periodic Repurchase Offers</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> above, the Fund is an </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interval fund</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> and, in order to provide </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">liquidity to shareholders, the Fund, subject to applicable law, will conduct quarterly repurchase offers of the Fund’s outstanding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares at NAV, with the size of the repurchase offer subject to approval of the Board. In all cases, such repurchase offers will </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be for at least 5% and not more than 25% of its outstanding Common Shares at NAV, pursuant to Rule 23c-3 under the Investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Company Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding Common Shares under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to the Fund’s shareholders, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">repurchases generally will be funded from available cash or sales of portfolio securities. However, repurchase offers and the need to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">its assets in liquid investments, which may harm the Fund’s investment performance. Moreover, diminution in the size of the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund’s investments. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund believes that payments received in connection with the Fund’s investments will generate sufficient cash to meet the maximum </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">potential amount of the Fund’s repurchase obligations. If at any time cash and other cash equivalents held by the Fund are not sufficient </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to meet the Fund’s repurchase obligations, the Fund intends, if necessary, to sell investments. If, as expected, the Fund employs </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investment leverage, repurchases of Common Shares would compound the adverse effects of leverage in a declining market. In addition, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Common Shareholders who do not tender </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">their Common Shares by increasing the Fund’s expenses and reducing any net investment income. If a repurchase offer is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">oversubscribed, the Fund may, but is not required to, determine to increase the amount repurchased by up to 2% of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund’s outstanding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Common Shares tendered on a pro rata basis, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, shareholders may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">anticipation of proration, may tender more Common Shares than they wish to have repurchased in a particular quarter, thereby </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the NAV of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">tendered Common Shares is determined. In addition, the repurchase of Common Shares by the Fund may be a taxable event to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders. Substantial repurchases of Common Shares could result in a decrease in the Fund’s net assets, resulting in an increase in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s total annual operating expense ratio.</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Anti-Takeover Provisions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain provisions of the Fund’s charter and bylaws could have the effect of limiting the ability of other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">entities or persons to acquire control of the Fund or to modify the Fund’s structure. These provisions may inhibit a change of control in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">circumstances that could give the shareholders the opportunity to realize a premium over the value of the Common Shares.</div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Incentive Fee Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Incentive Fee may create an incentive for the Manager to make investments in order to maximize Portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Operating Income under the Incentive Fee even if such investments may not benefit the Fund’s NAV, cause us to use more leverage </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than it otherwise would in the absence of the Incentive Fee or to otherwise make riskier investments on the Fund’s behalf. While the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Board does not monitor specific investment decisions by the Manager and the particular timing of individual investment decisions as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">they relate to the Incentive Fee, the Board, as part of its fiduciary duties and responsibilities under the Investment Company Act (relating </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to future determinations as to whether to renew the investment management agreement with the Manager), considers whether the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Incentive Fee is fair and reasonable.</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Non-U.S. Investment Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund may invest in real estate located outside of the United States and real estate debt issued in, and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">backed by real estate in, countries outside the United States, including Asia, Europe and Latin America. Non-U.S. real estate and real </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">estate-related investments involve certain factors not typically associated with investing in real estate and real estate-related investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the U.S., including risks relating to (i) currency exchange matters; (ii) differences in conventions relating to documentation, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">settlement, corporate actions, stakeholder rights and other matters; (iii) differences between U.S. and non-U.S. real estate markets, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including potential price volatility in and relative illiquidity of some non-U.S. markets; (iv) the absence of uniform accounting, auditing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and financial reporting standards, practices and disclosure requirements and differences in government supervision and regulation; </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(v) certain economic, social and political risks; (vi) the possible imposition of non-U.S. taxes on income and gains and gross sales or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">other proceeds recognized with respect to such investments; (vii) differing and potentially less well-developed or well-tested corporate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">laws regarding stakeholder rights, creditors’ rights (including the rights of secured parties), fiduciary duties and the protection of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investors; (viii) different laws and regulations including differences in the legal and regulatory environment or enhanced legal and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regulatory compliance; (ix) political hostility to investments by foreign investors; (x) less publicly available information; (xi) obtaining or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">enforcing a court judgement abroad; (xii) restrictions on foreign investment in other jurisdictions; and (xiii) difficulties in effecting </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">repatriation of capital.</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Property Manager Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Manager will hire property managers to manage the Fund’s properties and leasing agents to lease vacancies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in the Fund’s properties. These property managers may be affiliates of partners in joint ventures that the Fund enter into. The property </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">managers have significant decision-making authority with respect to the management of the Fund’s properties. The Fund’s ability to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">direct and control how its properties are managed on a day-to-day basis may be limited because it engages other parties to perform this </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">function. Thus, the success of the Fund’s business may depend in large part on the ability of its property managers to manage the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">day-to-day operations and the ability of our leasing agents to lease vacancies in the Fund’s properties. Any adversity experienced by, or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">problems in our relationship with, the Fund’s property managers or leasing agents could adversely impact the operation and profitability </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of the Fund’s properties.</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Cyber Security Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is susceptible to operational, information security and other risks related to the use of technology, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">computer systems and the Internet to conduct business. These risks, which are often collectively referred to as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cyber security</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> risks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may include deliberate or malicious attacks, as well as unintentional events and occurrences. Cyber security is generally defined as the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">technology, operations and related protocol surrounding and protecting a user’s computer hardware, network, systems and applications </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and the data transmitted and stored therewith. These measures ensure the reliability of a user’s systems, as well as the security, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">availability, integrity, and confidentiality of data assets.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access to computer systems in order to misappropriate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">destruction, release or disclosure of confidential or proprietary information stored on an organization’s systems.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Cyber security failures or breaches, whether deliberate or unintentional, arising from the Fund’s third-party service providers (e.g., </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">custodians, financial intermediaries, transfer agents), Subadviser, shareholder usage of unsecure systems to access personal accounts, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as well as breaches suffered by the issuers of securities in which the Fund invests, may cause significant disruptions in the business </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operations of the Fund. Potential impacts may include, but are not limited to, potential financial losses for the Fund and the issuers’ </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities, the inability of shareholders to conduct transactions with the Fund, an inability of the Fund to calculate NAV, and disclosures </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of personal or confidential shareholder information.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to direct impacts on Fund shareholders, cyber security failures by the Fund and/or its service providers and others may result </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs to the Fund, and reputational damage. The </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may incur reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">costs. The Fund may also incur considerable expenses in enhancing and upgrading computer systems and systems security following a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cyber security failure.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The rapid proliferation of technologies, as well as the incr<div style="display:inline;">ea</div>sed sophistication and activities of organized crime, hackers, terrorists, and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">others continue to pose new and significant cyber security threats. Although the Fund and its service providers and Subadviser may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">have established business continuity plans and risk management systems to mitigate cyber security risks, there can be no guarantee or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">anticipated and identified or can be protected against. Furthermore, the Fund cannot control or assure the efficacy of the cyber security </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">plans and systems implemented by third-party service providers, the Subadviser, and the issuers in which the Fund invests.</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Artificial Intelligence Technologies Development Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Artificial intelligence, including machine learning technology and generative </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">artificial intelligence (collectively, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">artificial intelligence</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), is rapidly evolving. While the full extent of current or future risks related thereto </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which it invests. The Fund, the Manager, the Subadviser, the Distributor, and other service providers, or the issuers of securities in which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">technologies may pose risks to the Manager and the Fund. For instance, the Fund may also be exposed to competitive risks related to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects. The economy may be significantly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">technologies are used more widely, the profitability and growth of the Fund’s holdings may be impacted, which could significantly impact </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.</div></div> <div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Affiliated Transactions Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates without the prior approval of a majority of the independent members of the Board and, in some cases, the SEC. Any person that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">owns, directly or indirectly, 5% or more of the Fund’s outstanding voting securities will be the Fund’s affiliate for purposes of the 1940 </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Act and generally the Fund will be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Board. However, the Fund may under certain circumstances purchase any such affiliate’s loans or securities in the secondary </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">market, which could create a conflict for the Manager or the Subadvisers between the Fund’s interests and the interests of such affiliate, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in that the ability to recommend actions in the Fund’s best interest may be limited. The 1940 Act also prohibits certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">joint</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transactions with certain of the Fund’s affiliates, which could include investments in the same portfolio company (whether at the same or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">closely related times), without prior approval of the Board and, in some cases, the SEC. If a person acquires more than 25% of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s voting securities, the Fund will be prohibited from buying or selling any security from or to such person or certain of that person’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates, or entering into prohibited joint transactions (including certain co-investments) with such persons, absent the prior approval of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the SEC. Similar restrictions limit the Fund’s ability to transact business with its officers, the Board, the Manager, the Subadvisers or their </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security from or to any fund or any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio company of a fund managed by the Manager, the Subadvisers or their affiliates, or entering into joint arrangements such as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">certain co-investments with these companies or funds without the prior approval of the SEC, which may limit the scope of investment </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">opportunities that would otherwise be available to the Fund.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund has received exemptive relief from the SEC that allows the Fund to engage in certain co-investment transactions with the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Manager and its affiliates, subject to certain terms and conditions (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Order</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">). Pursuant to such Order, the Fund is generally permitted </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to co-invest with the Manager and its affiliates if such co-investments are completed on the same terms and at the same time, as further </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">detailed in the Order. In addition, the Manager and its affiliates must adopt and implement policies and procedures reasonably designed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">to ensure that: (i) opportunities to participate in co-investment transactions are allocated in a manner that is fair and equitable to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund and (ii) the Manager or affiliate negotiating the co-investment transaction considers the interest in the transaction of the Fund.</div></div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Risks Related to the Fund’s REIT Status.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The Fund has elected and has qualified, and intends to continue to qualify annually, as a REIT </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for U.S. federal income tax purposes under the Code. However, qualification as a REIT involves the application of highly technical and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">complex Code provisions for which only a limited number of judicial or administrative interpretations exist. Notwithstanding the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">availability of cure provisions in the Code, various compliance requirements could be failed and could jeopardize the Fund’s REIT status.</div></div> <div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Tax Risks of Investing in the Fund.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Even if the Fund qualifies and maintains its status as a REIT, it may become subject to U.S. federal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income taxes and related state and local taxes.</div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Failure of Financial Institutions and Sustained Financial Market Illiquidity Risk.</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The failure of certain financial institutions, namely banks, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">custodial financial institutions. The failure of a bank (or banks) with which we and/or our portfolio companies have a commercial </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">relationship could adversely affect, among other things, our and/or our portfolio companies’ ability to pursue key strategic initiatives, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including by affecting our ability to borrow from financial institutions on favorable terms. Our direct origination platform generally focuses </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on mature companies backed by well-capitalized equity partners (e.g., private equity firms), typically with significant equity capital </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">invested. In the event a portfolio company, or potential portfolio company, has a commercial relationship with a bank that has failed or is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">otherwise distressed, such portfolio company may experience delays or other issues in meeting certain obligations or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consummating transactions.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Additionally, if a portfolio company’s sponsor has a commercial relationship with a bank that has failed or is otherwise distressed, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">portfolio company may experience issues receiving financial support from a sponsor to support its operations or consummate </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transactions, to the detriment of their business, financial condition and/or results of operations. In addition, such bank failure(s) could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">affect, in certain circumstances, the ability of both affiliated and unaffiliated co-lenders, including syndicate banks or other fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">vehicles, to undertake and/or execute co-investment transactions with us, which in turn may result in fewer co-investment opportunities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">being made available to us or impact our ability to provide additional follow-on support to portfolio companies. Our and our portfolio </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">companies’ ability to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">including liens placed on their respective assets as a result of a bank agreeing to provide financing.</div></div></div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Risks Related to the Fund’s REIT Status</div></div></div> <br/><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; line-height: 10.67pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <br/></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">If the Fund does not continue to qualify as a REIT, it will be subject to tax as a regular corporation and could face a substantial tax liability.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund currently operates so as to continue to qualify as a REIT under the Code. However, qualification as a REIT involves the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">application of highly technical and complex Code provisions for which only a limited number of judicial or administrative interpretations </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">exist. Notwithstanding the availability of cure provisions in the Code, various compliance requirements could be failed and could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">jeopardize the Fund’s REIT status. Furthermore, new tax legislation, administrative guidance or court decisions, in each instance </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">potentially with retroactive effect, could make it more difficult or impossible for us to continue to qualify as a REIT. If the Fund fails to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continue to qualify as a REIT in any tax year, then:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund would be taxed as a regular domestic corporation, which under current laws, among other things, means being unable to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">deduct distributions to shareholders in computing taxable income and being subject to federal income tax on our taxable income at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regular corporate income tax rates;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">any resulting tax liability could be substantial and could have a material adverse effect on the Fund’s book value;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">unless the Fund were entitled to relief under applicable statutory provisions, it would be required to pay taxes, and therefore, our cash </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">available for distribution to shareholders would be reduced for each of the years during which the Fund does not qualify as a REIT and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for which it had taxable income; and</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund generally would not be eligible to requalify as a REIT for the subsequent four full taxable years.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">To maintain the Fund’s REIT status, the Fund may have to borrow funds on a short-term basis during unfavorable market conditions.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">To continue to qualify as a REIT, the Fund generally must distribute annually to shareholders a minimum of 90% of our net taxable </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income, determined without regard to the dividends-paid deduction and excluding net capital gains. The Fund will be subject to regular </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">corporate income taxes on any undistributed REIT taxable income each year. Additionally, the Fund will be subject to a 4% </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">nondeductible excise tax on any amount by which distributions paid by the Fund in any calendar year are less than the sum of 85% of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">our ordinary income, 95% of capital gain net income and 100% of undistributed income from previous years. Payments the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">makes to shareholders under the share repurchase plan will not be taken into account for purposes of these distribution requirements. If </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund does not have sufficient cash to make distributions necessary to preserve our REIT status for any year or to avoid taxation, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund may be forced to borrow funds or sell assets even if the market conditions at that time are not favorable for these borrowings or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">sales. These options could increase our costs or reduce the Fund’s equity.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Compliance with REIT requirements may cause the Fund to forego otherwise attractive opportunities, which may hinder or delay the Fund’s </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">ability to meet its investment objectives and reduce overall return.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">To continue to qualify as a REIT, the Fund is required at all times to satisfy tests relating to, among other things, the sources of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s, the nature and diversification of assets, the ownership of stock and the amounts distributed to shareholders. Compliance with </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the REIT requirements may impair our ability to operate solely on the basis of maximizing profits. For example, the Fund may be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">required to make distributions to shareholders at disadvantageous times or when the Fund does not have funds readily available </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">for distribution.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Compliance with REIT requirements may force the Fund to liquidate or restructure otherwise attractive investments.</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">To continue to qualify as a REIT, at the end of each calendar quarter, at least 75% of the value of the Fund’s assets must consist of cash, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">cash items, government securities and qualified real estate assets. The remainder of the Fund’s investments in securities (other than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified real estate assets and government securities) generally cannot include more than 10% of the voting securities (other than </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">securities that qualify for the straight debt safe harbor) of any one issuer or more than 10% of the value of the outstanding securities of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">more than any one issuer unless the Fund and such issuer jointly elect for such issuer to be treated as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">taxable REIT subsidiary</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">under the Code. Debt will generally meet the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">straight debt</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> safe harbor if the debt is a written unconditional promise to pay on demand </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or on a specified date a certain sum of money, the debt is not convertible, directly or indirectly, into stock, and the interest rate and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interest payment dates of the debt are not contingent on the profits, the borrower’s discretion, or similar factors. Additionally, no more </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than 5% of the value of the Fund’s assets (other than government securities and qualified real estate assets) can consist of the securities </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of any one issuer, and no more than 20% (25% for any taxable year beginning after December 31, 2025) of the value of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets may be represented by securities of one or more taxable REIT subsidiaries. If the Fund fails to comply with these requirements at </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the end of any calendar quarter, the Fund must dispose of a portion of the Fund’s assets within 30 days after the end of the calendar </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">quarter or qualify for certain statutory relief provisions in order to avoid losing its REIT qualification and suffering adverse tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consequences. In order to satisfy these requirements and maintain its qualification as a REIT, the Fund may be forced to liquidate assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">from our portfolio or not make otherwise attractive investments. These actions could have the effect of reducing the Fund’s and amounts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">available for distribution to shareholders.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Fund’s charter does not permit any person or group to own more than 9.8% in value or number of shares, whichever is more restrictive, </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">of the Fund’s outstanding Common Shares or of the aggregate of the outstanding capital stock of all classes or series, and attempts to </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">acquire the Fund’s Common Shares or the Fund’s capital stock of all other classes or series in excess of these 9.8% limits would not be </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">effective without an exemption (prospectively or retroactively) from these limits by the Board.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">For the Fund to continue to qualify as a REIT under the Code, not more than 50% of the value of its outstanding stock may be owned, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">directly or indirectly, by five or fewer individuals (including certain entities treated as individuals for this purpose) during the last half of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">taxable year. For the purpose of assisting the Fund’s qualification as a REIT for U.S. federal income tax purposes, among other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purposes, the Fund’s charter prohibits beneficial or constructive ownership by any person or group of more than 9.8%, in value or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">number of shares, whichever is more restrictive, of the outstanding shares of the Fund’s outstanding Common Shares, or 9.8% in value </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or number of shares, whichever is more restrictive, of the aggregate of the outstanding capital stock of all classes or series, which we </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">refer to as the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Ownership Limit.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> The constructive ownership rules under the Code and the Fund’s charter are complex and may cause </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shares of the outstanding Common Shares or capital stock owned by a group of related persons to be deemed to be constructively </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">owned by one person. As a result, the acquisition of less than 9.8% of the Fund’s outstanding Common Shares or the Fund’s capital </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">stock by a person could cause another person to constructively own in excess of 9.8% of our outstanding Common Shares or the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital stock, respectively, and thus violate the Ownership Limit. There can be no assurance that the Board, as permitted in the charter, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will not decrease this Ownership Limit in the future. Any attempt to own or transfer shares of the Common Shares or capital stock in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">excess of the Ownership Limit without the consent of the Board will result in the transfer being void.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Ownership Limit may have the effect of precluding a change in control of us by a third party, even if such change in control would </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be in the best interests of shareholders or would result in receipt of a premium to the price of the Common Shares (and even if such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">change in control would not reasonably jeopardize our REIT status). The exemptions to the Ownership Limit granted to date may limit </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Board’s power to increase the Ownership Limit or grant further exemptions in the future.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Board is authorized to revoke our REIT election without shareholder approval, which may cause adverse consequences to </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">shareholders.</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s charter authorizes the Board to revoke or otherwise terminate our REIT election, without the approval of shareholders, if it </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">determines that changes to U.S. federal income tax laws and regulations or other considerations mean it is no longer in our best </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">interests to qualify, or attempt to qualify, as a REIT. The Board has certain statutory duties to the Fund and could only cause such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">changes in our tax treatment if it determines in good faith that such changes are in our best interests. In this event, the Fund would </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">become subject to U.S. federal income tax on our taxable income and the Fund would no longer be required to distribute most of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s net income to shareholders, which may cause a reduction in the total return to shareholders.</div></div></div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Tax Risks of Investing in the Fund</div></div></div> <br/><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; line-height: 10.67pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div> <br/></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Non-U.S. holders may be subject to U.S. federal income tax upon their disposition of shares of the Fund’s Common Shares or upon their </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">receipt of certain distributions from us.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to any potential withholding tax on ordinary dividends, a non-U.S. holder (as such term is defined below under </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Federal Income Tax Considerations — Taxation of U.S. Holders of The Fund’s Common Shares</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), other than a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholder</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> or a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified foreign pension fund,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> that disposes of a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. real property interest</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">USRPI</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) (which includes shares of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">stock of a U.S. corporation whose assets consist principally of USRPIs), is generally subject to U.S. federal income tax under the Foreign </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Investment in Real Property Tax Act of 1980, as amended (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">FIRPTA</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), on the amount received from such disposition. Such tax does not </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">apply, however, to the disposition of stock in a REIT that is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">domestically controlled.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Generally, a REIT is domestically controlled if less </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">than 50% of its stock, by value, has been owned directly or indirectly by non-U.S. persons during a continuous five-year period ending </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on the date of disposition or, if shorter, during the entire period of the REIT’s existence, determined by looking through pass through </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">entities and certain U.S. corporations, among others. The Fund cannot assure you that it currently qualifies as a domestically controlled </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">REIT or that it will qualify as a domestically controlled REIT at any time in the future. If the Fund were to fail to so qualify, amounts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">received by a non-U.S. holder on certain dispositions of shares of the Common Shares (including a repurchase) would be subject to tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">under FIRPTA, unless (i) shares of Common Shares were regularly traded on an established securities market and (ii) the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-U.S. holder did not, at any time during a specified testing period, hold more than 10% of the Common Shares. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Federal Income Tax Considerations — Taxation of Non-U.S. Holders of The Fund’s Common Shares — Sales of The Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">A non-U.S. holder other than a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified shareholder</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> or a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">qualified foreign pension fund,</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> that receives a distribution from a REIT that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is attributable to gains from the disposition of a USRPI as described above, including in connection with a repurchase of the Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares, is generally subject to U.S. federal income tax under FIRPTA to the extent such distribution is attributable to gains from such </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">disposition, regardless of whether the difference between the fair market value and the tax basis of the USRPI giving rise to such gains is </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to periods prior to or during such non-U.S. holder’s ownership of the Common Shares. In addition, a repurchase of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, to the extent not treated as a sale or exchange, may be subject to withholding as an ordinary dividend. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Federal Income Tax Considerations — Taxation of Non-U.S. Holders of The Fund’s Common Shares — Distributions, and — </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Repurchases of the Fund’s Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Manager and the Subadviser seek to act in the best interests of the Fund as a whole and not in consideration of the particular tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">consequences to any specific holder of our stock. Potential non-U.S. holders should inform themselves as to the U.S. tax consequences, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">and the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">purchase, ownership and disposition of shares of the C<div style="display:inline;">omm</div>on Sh<div style="display:inline;">are</div>s.</div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Investments outside the United States may subject us to additional taxes and could present additional complications to our ability to satisfy </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">the REIT qualification requirements.</div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Non-U.S. investments may subject us to various non-U.S. tax liabilities, including withholding taxes. In addition, operating in functional </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">currencies other than the U.S. dollar and in environments in which real estate transactions are typically structured differently than they </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are in the United States or are subject to different legal rules may present complications to our ability to structure non-U.S. investments </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">in a manner that enables us to satisfy the REIT qualification requirements.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Fund may incur tax liabilities that would reduce our cash available for distribution to you.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Even if the Fund qualifies and maintains its status as a REIT, the Fund may become subject to U.S. federal income taxes and related </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">state and local taxes. For example, net income from the sale of properties that are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dealer</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> properties sold by a REIT (a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">prohibited </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">transaction</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> under the Code) will be subject to a 100% tax. The Fund may not make sufficient distributions to avoid excise taxes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">applicable to REITs. Similarly, if the Fund were to fail an income test (and did not lose our REIT status because such failure was due to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">reasonable cause and not willful neglect) the Fund would be subject to tax on the income that does not meet the income test </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">requirements. The Fund also may decide to retain net capital gain the Fund earns from the sale or other disposition of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">investments and pay income tax directly on such income. In that event, shareholders would be treated as if they earned that income and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">paid the tax on it directly.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">However, shareholders that are tax-exempt, such as charities or qualified pension plans, would have no benefit from their deemed </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">payment of such tax liability unless they file U.S. federal income tax returns and thereon seek a refund of such tax. The Fund also may </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">be subject to state and local taxes on the Fund’s or property, including franchise, payroll, mortgage recording and transfer taxes, either </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">directly or at the level of the other companies through which we indirectly own the Fund’s assets, such as our taxable REIT subsidiaries, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which are subject to full U.S. federal, state, local and foreign corporate-level income taxes. Any taxes the Fund pays directly or indirectly </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will reduce our cash available for distribution to you.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">You may have current tax liability on distributions you elect to reinvest in the Fund’s Common Shares.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">If you participate in our distribution reinvestment plan, you will be deemed to have received, and for U.S. federal income tax purposes </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">will be taxed on, the amount reinvested in shares of the Common Shares to the extent the amount reinvested was not a tax-free return of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">capital. Therefore, unless you are a tax-exempt entity, you may be required to use funds from other sources to pay your tax liability on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the reinvested dividends.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Generally, ordinary dividends payable by REITs do not qualify for reduced U.S. federal income tax rates.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Currently, the maximum tax rate applicable to qualified dividend income payable to certain non-corporate U.S. shareholders is 20%. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Dividends payable by REITs, however, generally are not eligible for the reduced rate. Although this does not adversely affect the taxation </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of REITs or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividends could cause certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">non-corporate investors to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">corporations that pay dividends, which could adversely affect the value of the shares of REITs, including the Common Shares. However, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">individual taxpayers may be entitled to claim a deduction in determining their taxable income of 20% of ordinary REIT dividends </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(dividends other than capital gain dividends and dividends attributable to certain qualified dividend income received by us), which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">temporarily reduces the effective tax rate on such dividends. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain U.S. Federal Income Tax Considerations — Taxation of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. Holders of The Fund’s Common Shares — Distributions Generally.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> You are urged to consult with your tax advisor regarding the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">effect of this change on your effective tax rate with respect to REIT dividends.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The Fund may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">flexibility and reduce the price of the Fund’s Common Shares.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of U.S. federal income tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">laws applicable to investments similar to an investment in shares of the Common Shares. Additional changes to the tax laws are likely to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continue to occur, and the Fund cannot assure you that any such changes will not adversely affect the taxation of shareholders. Any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such changes could have an adverse effect on an investment in shares or on the market value or the resale potential of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets. You are urged to consult with your tax advisor with respect to the impact of recent legislation on your investment in shares and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in shares. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Although REITs generally receive certain tax advantages compared to entities taxed as regular corporations, it is possible that future </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">real estate to elect to be treated for U.S. federal income tax purposes as a corporation. As a result, the Fund’s charter authorizes the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Board to revoke or otherwise terminate our REIT election, without the approval of shareholders, if it determines that changes to </div></div></div><div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">U.S. federal income tax laws and regulations or other considerations mean it is no longer in our best interests to continue to qualify as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">REIT. The impact of tax reform on an investment in shares is uncertain. Prospective investors should consult their own tax advisors </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">regarding changes in tax laws.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">In addition, unilateral or internationally agreed or disputed changes in international tax policy, laws or regulations or in the policies or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">positions of relevant tax authorities, including U.S. tax authorities and the application of tariffs or other U.S. executive actions regarding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the dispute, application, administration or interpretation of tax laws, regulations or treaties, could also increase the taxes or levies </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(including tariffs) payable by us or in respect of our assets and tenants, possibly with retroactive effect or could otherwise have a material </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">impact on international financial or governmental agreements and arrangements or international economic conditions, each of which </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">could negatively impact our business.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to continue to qualify as a REIT.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund may acquire mezzanine loans, for which the United States Internal Revenue Service (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">IRS</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">) has provided a safe harbor </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">but not rules of substantive law. Pursuant to the safe harbor, if a mezzanine loan meets certain requirements, it will be treated by the IRS </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">as a real estate asset for purposes of the REIT asset tests, and interest derived from the mezzanine loan will be treated as qualifying </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">mortgage interest for purposes of the REIT 75% income test. The Fund may acquire mezzanine loans that do not meet all of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">requirements of this safe harbor. In the event the Fund owns a mezzanine loan that does not meet the safe harbor, the IRS could </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">challenge such loan’s treatment as a real estate asset for purposes of the REIT asset and income tests and, if such a challenge were </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">sustained, the Fund could fail to continue to qualify as a REIT.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">If our operating partnership failed to continue to qualify as a partnership</div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; line-height: 11.64pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">or is not otherwise disregarded for U.S. federal income tax </div></div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">purposes, the Fund would cease to continue to qualify as a REIT.</div></div></div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">If the IRS were to successfully challenge the status of our operating partnership as a partnership or disregarded entity for U.S. federal </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">income tax purposes, it would be taxable as a corporation. In the event that this occurs, it would reduce the amount of distributions that </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s operating partnership could make to the Fund. This would also result in our failing to continue to qualify as a REIT and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">becoming subject to a corporate-level tax on the Fund’s, which would substantially reduce our cash available to pay distributions and the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">yield on your investment.</div></div></div> <div style="line-height:8.73pt;text-align:center"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">DESCRIPTION OF SHARES</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The following description of the terms of the stock of the Fund is only a summary. For a complete description, please refer to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Maryland General Corporation Law (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">MGCL</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), and the Fund’s charter and bylaws. The Fund’s charter and bylaws are exhibits to the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Registration Statement, of which this prospectus forms a part.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s authorized stock consists of 999,999,875 shares of Common Shares, par value $0.001 per share, and 125 shares of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares, par value $0.001 per share. Of the total shares of Common Shares authorized, 99,999,875 are designated as Class D </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares, 550,000,000 are designated as Class I Shares, 100,000,000 are designated as Class S Shares, and 250,000,000 are </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">designated as Class T Shares. The Board has reclassified and designated 125 of the original 100,000,000 authorized but unissued </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Class D Shares as 12.0% Series A Cumulative Preferred Shares, par value $0.001 per share (the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Series A Preferred Shares</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">).</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">There is currently no market for the Fund’s stock, and the Fund does not expect that a market for its stock will develop in the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">foreseeable future, if ever. A majority of the entire Board may, without any action by the shareholders, amend the charter from time to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund has authority to issue. Under Maryland law, the Fund’s shareholders generally will not be personally liable for the Fund’s debts </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or obligations.</div></div></div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Outstanding Securities</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><div style="margin-top:0.0pt"><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:105%"><tr style="height:22pt"><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Title of Class</div></div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Authorized</div></div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Held by</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund for its Account</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Outstanding</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">as of March 31, 2026</div></div></div></div></td></tr><tr style="height:13.25pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class D</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99,999,875</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,115.554</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">550,000,000</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9,734,205.423</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class S</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100,000,000</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,096.993</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class T</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">250,000,000</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,096.993</div></div></div></td></tr><tr style="height:15.25pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Series A Preferred</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">125</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">125,000</div></div></div></td></tr></table></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shares of Common Shares</div></div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">General</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">All shares of Common Shares offered pursuant to this prospectus will be, upon issuance, duly authorized, fully paid and nonassessable. </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund currently offers four different classes of shares of Common Shares: Class I Shares, Class D Shares, Class S Shares and Class T </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares. An investment in any share class of the Fund represents an investment in the same assets of the Fund. Each share class has </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">different fees, as set forth in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Summary of Fund Expenses.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Certain share class details are set forth in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Plan of Distribution.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders are entitled to receive distributions when, as and if authorized by the Board and declared by the Fund out of assets legally </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">available for the payment of distributions. Common shareholders have no preference, conversion, exchange, sinking fund or redemption </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">rights, have no preemptive rights to subscribe for any of the Fund’s securities and have no appraisal rights unless the Board determines </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">that appraisal rights apply, with respect to all or any classes of Common Shares, to one or more transactions occurring after the date of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such determination in connection with which common shareholders would otherwise be entitled to exercise appraisal rights. All shares of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares have equal earnings, assets, distribution, liquidation and other rights except as provided in the charter and any multiple </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">class plan adopted by the Fund. Shareholders are subject to transfer restrictions and there is no guarantee that they will be able to sell </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">their shares. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Certain Provisions in the Charter and Bylaws — Transfer Restrictions</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> below.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Distributions</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Distributions may be paid to common shareholders if, as and when authorized by the Board and declared by the Fund out of assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">legally available therefor. The amount of dividends and other distributions may vary among the classes of Common Shares based on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">their NAV per share and differing fees and other expenses.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">If any shares of Preferred Shares, such as the Series A Preferred Shares, are outstanding, common shareholders generally will not be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to receive any distributions from the Fund unless (1) the Fund has paid all accumulated dividends on the Preferred Shares, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(2) the Fund has redeemed the full number of shares of Preferred Shares required to be redeemed by any provision for mandatory </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">redemption of such Preferred Shares, (3) immediately after such a distribution, the Fund has an asset coverage of at least 200%, (4) the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets in the Fund’s portfolio meet any asset coverage requirements set forth by the Fund’s lenders or any applicable nationally </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">recognized statistical rating organization (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">NRSRO</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), in each case, after giving effect to such a distribution and (5) there is no event of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">default existing under the terms of any of the Fund’s borrowings, in each case, after giving effect to such distributions.</div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">So long as senior securities representing indebtedness of the Fund are outstanding, shareholders ge<div style="display:inline;">ner</div>ally will not be entitled to receive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">any distributions from the Fund unless (1) there is no event of default existing under the terms of such indebtedness, (2) immediately </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">after such a distribution, the Fund has an asset coverage of at least 300% and (3) the assets in the Fund’s portfolio meet any asset </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">coverage requirements set forth by the Fund’s lenders or any applicable NRSRO, in each case, after giving effect to such a distribution.</div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidation Rights</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s shareholders are entitled to the then-current NAV per share of the assets legally available for distribution to the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders in the event of the liquidation, dissolution or winding up of the Fund, after payment of or adequate provision for all of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s known debts and liabilities, including any outstanding debt securities or other borrowings and any interest thereon. These rights </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to the preferential rights of outstanding shares of any other class or series of the Fund’s stock, including any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Voting Rights</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Each outstanding share of Common Shares generally entitles the holder to cast one vote on all matters submitted to a vote of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders, including the election of directors. The presence in person or by proxy of shareholders entitled to cast a majority of all the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">votes entitled to be cast (without regard to class) at a meeting of the Fund’s shareholders constitutes a quorum at the meeting, unless </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">applicable law or regulatory requirements or the Fund’s charter requires a separate vote of one or more classes of the Fund’s stock, in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which case the presence in person or by proxy of the shareholders entitled to cast a majority of all the votes entitled to be cast by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders of each such class of stock on such a matter will constitute a quorum.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">There is no cumulative voting in the election of directors. Consequently, at any meeting of the Fund’s shareholders called for the purpose </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of electing directors, the holders of a majority of the outstanding shares Common Shares entitled to vote will be able to elect all of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">nominees for director, except that holders of a majority of the outstanding shares of Preferred Shares will have the right, voting as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">separate class, to elect two directors at all times.</div></div></div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Mandatory Redemptions</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares of Common Shares are not redeemable at the option of a shareholder, except as permitted by Rule 23c-3. Shares of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares are redeemable at the option of the Fund without consent or other action by the shareholder or other person if the Fund </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">determines that:</div></div></div><div><div style="clear:both;margin-top:1.36pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the shares of Common Shares have been transferred in violation of the Fund’s charter, or have vested in any person other than by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">operation of law as a result of the death, divorce, dissolution, bankruptcy, insolvency or adjudicated incompetence of the shareholder;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">ownership of the shares of Common Shares by a shareholder or other person is likely to cause the Fund to be in violation of, or require </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">registration of the Common Shares under, or subject the Fund to additional registration or regulation under, the securities, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">commodities, or other laws of the U.S. or any other relevant jurisdiction;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continued ownership of the shares of Common Shares by a shareholder may be harmful or injurious to the business or reputation of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund, the Board, the Manager or any of their affiliates, or may subject the Fund or any shareholder to an undue risk of adverse tax </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">or other fiscal or regulatory consequences;</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">any of the representations and warranties made by a shareholder or other person in connection with the acquisition of Common </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares were not true when made or have ceased to be true; or</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div><div style="clear:both;margin-top:1.33pt;position:relative;width:100%"><div style="float:left;line-height:10.73pt;text-align:left;width:5pt"><div style="color: rgb(84, 84, 84); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">■</div></div><div style="float:left;line-height:10.73pt;margin-left:4pt;text-align:left;width:505.00pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">with respect to a shareholder subject to special laws or compliance requirements, such as those imposed by ERISA, the Bank Holding </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Company Act or certain Federal Communication Commission regulations (collectively, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Special Laws or Regulations</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), the shareholder </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">continuing to hold any shares of Common Shares.</div></div></div><div style="clear: both; position: relative; max-height: 0px;"></div></div><div style="line-height:11.64pt;margin-top:10.33pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares of Common Shares will be redeemed at the NAV per share of the class of Common Shares being redeemed.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Preferred Shares</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s charter authorizes the Board to classify and reclassify any unissued shares of Common Shares into shares of other classes or </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">series of stock, including Preferred Shares, without the approval of common shareholders. To date, the Board has reclassified and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">designated 125 of the original 100,000 authorized but unissued Class D Shares as Series A Preferred Shares, all of which remain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">outstanding. Common shareholders have no preemptive right to purchase any shares of Preferred Shares that the Fund may issue.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Prior to the issuance of shares of any class or series of stock, including Preferred Shares, the Board is required by Maryland law and by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund’s charter to set the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">distributions, qualifications and terms and conditions of redemption of each such class or series. Thus, the Board could authorize the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund to issue shares of Preferred Shares with terms that could have the effect of delaying, deferring or preventing a transaction or a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">change in control that might involve a premium price for common shareholders or otherwise be in their best interests. Any issuance of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares, however, must comply with the requirements of the Investment Company Act. If the Fund elects to issue Preferred </div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Shares (and/or notes or other debt securities), its ability to make distributions to its common shareholders may be limited by the terms of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">such Preferred Shares or debt securities, the asset coverage requirements and other limitations imposed by the Investment Company </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Act, Maryland law and the Fund’s lenders.</div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Under the Investment Company Act, holders of the Preferred Shares are entitled to elect two directors of the Fund at all times, and to </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">elect a majority of the Fund’s directors if at any time dividends on the Preferred Shares are unpaid in an amount equal to two full years’ </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">dividends. Holders of Preferred Shares continue to have the right to elect a majority of the Fund’s directors until all dividends in arrears </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">on Preferred Shares have been paid. In addition, holders of Preferred Shares are also entitled to vote separately as a class on certain </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">matters, which may at times give holders of Preferred Shares disproportionate influence over the Fund’s affairs.</div></div></div><div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Uncertificated Shares; Transfer Agent</div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund does not issue certificates for shares of its Common Shares. Shares of Common Shares are held in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">uncertificated</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"> form, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which will eliminate the physical handling and safekeeping responsibilities inherent in owning transferable share certificates and </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">eliminate the need to return a duly executed share certificate to effect a transfer. The Transfer Agent acts as the Fund’s registrar and as </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">the Transfer Agent for shares of Common Shares. With respect to shares held by a financial intermediary on behalf of an investor, the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">financial intermediary will be responsible for the functions of the registrar and transfer agent. Transfers can be effected simply by mailing </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">a transfer and assignment form, which the Fund will provide to you at no charge, to the Transfer Agent. See </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Custodian and Transfer </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Agent.</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div></div></div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Outstanding Securities</div></div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 1pt; line-height: 0.97pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div></div><div style="line-height:1.0pt;margin-top:5pt;text-align:left"><div style="margin-top:5pt"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; border-left:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;border-top:0.5pt solid #E5E5E5;empty-cells:show;width:105%"><tr style="height:22pt"><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Title of Class</div></div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Authorized</div></div></div></div></td><td style="background-color:#FFFFFF;border-right:0.5pt solid #E5E5E5;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Held by</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Fund for its Account</div></div></div></div></td><td style="background-color:#FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:10pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Amount Outstanding</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; line-height: 10pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">as of March 31, 2026</div></div></div></div></td></tr><tr style="height:13.25pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class D</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">99,999,875</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,115.554</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class I</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">550,000,000</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">9,734,205.423</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class S</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">100,000,000</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,096.993</div></div></div></td></tr><tr style="height:14.5pt"><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Class T</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">250,000,000</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:#FFFFFF;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1,096.993</div></div></div></td></tr><tr style="height:15.25pt"><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:310.48pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:4pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Series A Preferred</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:66.61pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">125</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;border-right:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:70.6pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">—</div></div></div></td><td style="background-color:azure;border-bottom:0.5pt solid #E5E5E5;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:71.31pt"><div style="line-height:11.0pt;text-align:left"><div style="margin-left:5.75pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">125,000</div></div></div></td></tr></table> Class D 99999875 0 1115.554 Class I 550000000 0 9734205.423 Class S 100000000 0 1096.993 Class T 250000000 0 1096.993 Series A Preferred 125 0 125000 Shares of Common Shares <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Distributions</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Distributions may be paid to common shareholders if, as and when authorized by the Board and declared by the Fund out of assets </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">legally available therefor. The amount of dividends and other distributions may vary among the classes of Common Shares based on </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">their NAV per share and differing fees and other expenses.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">If any shares of Preferred Shares, such as the Series A Preferred Shares, are outstanding, common shareholders generally will not be </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">entitled to receive any distributions from the Fund unless (1) the Fund has paid all accumulated dividends on the Preferred Shares, </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">(2) the Fund has redeemed the full number of shares of Preferred Shares required to be redeemed by any provision for mandatory </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">redemption of such Preferred Shares, (3) immediately after such a distribution, the Fund has an asset coverage of at least 200%, (4) the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">assets in the Fund’s portfolio meet any asset coverage requirements set forth by the Fund’s lenders or any applicable nationally </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">recognized statistical rating organization (</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">“</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">NRSRO</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">”</div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">), in each case, after giving effect to such a distribution and (5) there is no event of </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">default existing under the terms of any of the Fund’s borrowings, in each case, after giving effect to such distributions.</div></div></div> <div style="line-height:11.64pt;text-align:left"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">So long as senior securities representing indebtedness of the Fund are outstanding, shareholders ge<div style="display:inline;">ner</div>ally will not be entitled to receive </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">any distributions from the Fund unless (1) there is no event of default existing under the terms of such indebtedness, (2) immediately </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">after such a distribution, the Fund has an asset coverage of at least 300% and (3) the assets in the Fund’s portfolio meet any asset </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">coverage requirements set forth by the Fund’s lenders or any applicable NRSRO, in each case, after giving effect to such a distribution.</div></div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Liquidation Rights</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s shareholders are entitled to the then-current NAV per share of the assets legally available for distribution to the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders in the event of the liquidation, dissolution or winding up of the Fund, after payment of or adequate provision for all of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s known debts and liabilities, including any outstanding debt securities or other borrowings and any interest thereon. These rights </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">are subject to the preferential rights of outstanding shares of any other class or series of the Fund’s stock, including any </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred Shares.</div></div></div> <div style="line-height:10.67pt;margin-top:12pt;text-align:left"><div style="margin-top:12pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-weight:bolder;display:inline;">Voting Rights</div></div></div></div></div><div style="line-height:11.64pt;margin-top:1pt;text-align:left"><div style="margin-top:1pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">Each outstanding share of Common Shares generally entitles the holder to cast one vote on all matters submitted to a vote of the Fund’s </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders, including the election of directors. The presence in person or by proxy of shareholders entitled to cast a majority of all the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">votes entitled to be cast (without regard to class) at a meeting of the Fund’s shareholders constitutes a quorum at the meeting, unless </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">applicable law or regulatory requirements or the Fund’s charter requires a separate vote of one or more classes of the Fund’s stock, in </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">which case the presence in person or by proxy of the shareholders entitled to cast a majority of all the votes entitled to be cast by </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">shareholders of each such class of stock on such a matter will constitute a quorum.</div></div></div><div style="line-height:11.64pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">There is no cumulative voting in the election of directors. Consequently, at any meeting of the Fund’s shareholders called for the purpose </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">of electing directors, the holders of a majority of the outstanding shares Common Shares entitled to vote will be able to elect all of the </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">nominees for director, except that holders of a majority of the outstanding shares of Preferred Shares will have the right, voting as a </div><div style="color: rgb(0, 0, 0); font-family: Arial; font-size: 8.73pt; letter-spacing: 0px; top: 0px;display:inline;">separate class, to elect two directors at all times.</div></div></div> Preferred Shares Prudential Investment Management Services LLC (the “Distributor”) is the principal underwriter and distributor of the Common Shares and serves in that capacity on a “best efforts” basis, subject to various conditions. Shares may be offered through Selling Agents that have entered into selling agreements with the Distributor. Selling Agents typically receive the sales load with respect to Class T Shares purchased by their clients. The Distributor does not retain any portion of the sales load. Class T Shares are subject to a sales load of up to 3.5% of the total offering price (including sales load). Class I Shares, Class D Shares and Class S Shares are each not subject to a sales load; however, investors could be required to pay brokerage commissions on purchases and sales of such shares to their Selling Agents. Investors should consult with their Selling Agents about the sales load and any additional fees or charges their Selling Agents might impose on each class of Common Shares. See “Purchase of Shares — Sales Loads.” A 2.0% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a shareholder’s shares by the Fund at any time prior to the day immediately preceding the one-year anniversary of a shareholder’s purchase of the Common Shares (on a “first in-first out” basis). An early repurchase fee payable by a shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly against any shareholder. Pursuant to an investment management agreement, the Manager receives a Management Fee, payable monthly in arrears at an annual rate of 1.00% of the average daily value of the Fund’s net assets. The table assumes the Fund (including by the Fund’s consolidated subsidiaries) does not use entity-level leverage. To the extent the Fund does use such leverage, the Fund would bear interest and other costs associated with leverage (the figure in the table does include expenses associated with the Fund’s credit facility, such as the amortization of costs obtaining borrowings and unused commitment fees). In addition, the Fund expects that its unconsolidated operating entities will use borrowings, the costs of which will be indirectly borne by the Fund’s shareholders. See “Leverage.” The Fund also pays the Distributor a Distribution Fee pursuant to its 12b-1 Plan that is payable monthly and accrued daily at an annualized rate of 0.60% of the net assets of the Fund attributable to Class S Shares and Class T Shares. The Distribution Fee is for the sale and marketing of the Class S Shares and Class T Shares and to reimburse the Distributor for related expenses incurred. All or a portion of the Distribution Fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to a service fee under Financial Industry Regulatory Authority (“FINRA”) rules. The Distributor generally will pay all or a portion of the Distribution Fee to the Selling Agents that sell Class S and Class T Shares. Payment of the Distribution Fee is governed by the Fund’s Distribution and Service Plan. Pursuant to an investment management agreement, the Manager will receive an incentive fee calculated and payable quarterly in arrears in an amount equal to 10% of the Fund’s Portfolio Operating Income for the immediately preceding quarter. No incentive fee on Portfolio Operating Income will be payable in any calendar quarter in which the Fund did not achieve a 5% Total Return over the trailing 12-month period. Actual Portfolio Operating Income may be higher or lower. The Fund expects the Incentive Fee it pays to increase to the extent the Fund earns greater income through its investments. See “Management and Advisory Arrangements” for more information concerning the Incentive Fee. The Fund pays the Distributor a Servicing Fee pursuant to its 12b-1 Plan that is payable monthly and accrued daily at an annualized rate of 0.25% of the net assets of the Fund attributable to Class S Shares, Class T Shares and Class D Shares. The Servicing Fee is for personal services provided to shareholders and/or the maintenance of shareholder accounts and to reimburse the Distributor for related expenses incurred. The Distributor generally will pay (or “reallow”) all or a portion of the Servicing Fee to the Selling Agents that sell Class S Shares, Class T Shares and Class D Shares. The Servicing Fee is governed by the Fund’s Distribution and Service Plan. Represents estimated fees and expenses related to property management, including real estate/property taxes, disposition expenses, any other expenses related to investments in real property by the Fund’s consolidated subsidiaries, if applicable. In addition, the Fund expects that its unconsolidated operating entities will incur property management, disposition and other expenses related to investments in real property, the costs of which will be indirectly borne by the Fund’s shareholders. The Fund’s real estate operating subsidiaries expect in the future to hire affiliated loan servicing managers (who could also be joint venture partners for an investment) at prevailing market rates to perform management and specialized services for the Fund’s loan investments. “Other Expenses” represent the annual other expenses of the Fund based on actual amounts of other expenses incurred during the fiscal year ended December 31, 2025, divided by the Fund’s average net assets for the fiscal year ended December 31, 2025. Pursuant to an Expense Limitation and Reimbursement Agreement, the Manager has contractually agreed to waive its fees and/or reimburse expenses of the Fund through August 15, 2028 (the “ELRA Period”) so that the Fund’s Specified Expenses will not exceed 0.50% of net assets (annualized). The Fund has agreed to repay these amounts, when and if requested by the Manager, but only if and to the extent that Specified Expenses are less than 0.50% of net assets (annualized) (or, if a lower expense limit is then in effect, such lower limit) within three years after the date the Manager waived or reimbursed such fees or expenses. This arrangement cannot be terminated without the consent of the Fund’s Board prior to the end of the ELRA Period. “Specified Expenses” is defined to include all expenses incurred in the business of the Fund, including organizational and offering costs (other than the Fund’s organizational and offering expenses relating to the initial sale of Common Shares, which will be paid directly by PGIM Investments and its affiliates), with the exception of (i) the Management Fee, (ii) the Incentive Fee, (iii) the Servicing Fee, (iv) the Distribution Fee, (v) property level expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated investments, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (viii) taxes, and (ix) extraordinary expenses (as determined in the sole discretion of the Manager).