0000830487 2025-07-21 2025-07-21 0000830487 cik0000830487:CommonSharesMember 2025-06-25 2025-06-25 0000830487 cik0000830487:CommonSharesMember 2025-07-21 2025-07-21 0000830487 cik0000830487:OtherTransactionExpensesMember 2025-07-21 2025-07-21 0000830487 cik0000830487:CommonSharesMember 2023-02-01 2023-04-30 0000830487 cik0000830487:CommonSharesMember 2024-02-01 2024-04-30 0000830487 cik0000830487:CommonSharesMember 2025-02-01 2025-04-30 0000830487 cik0000830487:CommonSharesMember 2023-05-01 2023-07-31 0000830487 cik0000830487:CommonSharesMember 2024-05-01 2024-07-31 0000830487 cik0000830487:CommonSharesMember 2023-08-01 2023-10-31 0000830487 cik0000830487:CommonSharesMember 2024-08-01 2024-10-31 0000830487 cik0000830487:CommonSharesMember 2022-11-01 2023-01-31 0000830487 cik0000830487:CommonSharesMember 2023-11-01 2024-01-31 0000830487 cik0000830487:CommonSharesMember 2024-11-01 2025-01-31 0000830487 cik0000830487:CommonSharesMember 2023-01-31 0000830487 cik0000830487:CommonSharesMember 2023-04-30 0000830487 cik0000830487:CommonSharesMember 2023-07-31 0000830487 cik0000830487:CommonSharesMember 2023-10-31 0000830487 cik0000830487:CommonSharesMember 2024-01-31 0000830487 cik0000830487:CommonSharesMember 2024-04-30 0000830487 cik0000830487:CommonSharesMember 2024-07-31 0000830487 cik0000830487:CommonSharesMember 2024-10-31 0000830487 cik0000830487:CommonSharesMember 2025-01-31 0000830487 cik0000830487:CommonSharesMember 2025-04-30 0000830487 cik0000830487:CommonSharesMember 2025-06-25 iso4217:USD iso4217:USD shares pure shares false 0000830487 424B5 Western Asset Municipal High Income Fund Inc. <div style="margin-top:12pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The purpose of the following table and example is to help you understand all fees and expenses Common Stockholders would bear directly or indirectly. The table below is based on the capital structure of the Fund as of October 31, 2024 (except as noted below) and assumes the issuance of $75 million of additional shares of Common Stock. </div> <table cellpadding="0" cellspacing="0" id="table258874" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8.5pt; width: 90%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 79%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 9%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 5%; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="vertical-align:bottom;"><span style="font-weight:bold">STOCKHOLDER TRANSACTION EXPENSES</span></td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Sales Load (percentage of offering price)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">1.00%<sup style="font-size:75%;vertical-align:top">(1)</sup></td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Offering Expenses Borne by the Fund (percentage of offering price)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">0.27%<sup style="font-size:75%;vertical-align:top">(2)</sup></td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Dividend Reinvestment Plan Per Transaction Fee to Sell Shares Obtained Pursuant to the Plan</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$5.00<sup style="font-size:75%;vertical-align:top">(3)</sup></td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"><span style="color:#333333"><span style="font-weight:bold">TOTAL TRANSACTION EXPENSES (as a percentage of offering price)<sup style="font-size:75%;vertical-align:top">(4)</sup></span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">1.27%</td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table394162" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 3%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"><sup style="font-size:75%;vertical-align:top">(1)</sup> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">Represents the estimated commission with respect to the shares of Common Stock being sold in this offering. There is no guarantee that there will be any sales of the shares of Common Stock pursuant to this Prospectus Supplement and the accompanying Prospectus.</div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table101585" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 3%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"><sup style="font-size:75%;vertical-align:top">(2)</sup> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">Offering expenses payable by the Fund will be deducted from the proceeds, before expenses, to the Fund.</div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table282743" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 3%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"><sup style="font-size:75%;vertical-align:top">(3)</sup> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">Common Stockholders will pay brokerage charges if they direct the Plan Agent (defined below) to sell Common Stock held in a dividend reinvestment account. See “Dividend Reinvestment Plan” in the accompanying Prospectus. There are no fees charged to stockholders for participating in the Fund’s dividend reinvestment plan (the “Plan”). However, stockholders participating in the Plan that elect to sell their shares obtained pursuant to the plan would pay $5.00 per transaction to sell shares.</div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table355318" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 3%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"><sup style="font-size:75%;vertical-align:top">(4)</sup> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">Based upon net assets attributable to our Common Stock as of June 25, 2025 after giving effect to the anticipated net proceeds of this offering. Assumes the Fund sells 10,917,031 shares of Common Stock at an offering price of $6.87 (the last reported sale price per share for the Common Stock on the NYSE as of June 25, 2025). The price per share of any sale of shares of Common Stock may be greater or less than the price assumed herein, depending on the market price of the Common Stock at the time of any sale. There is no guarantee that there will be any sales of shares of Common Stock pursuant to this Prospectus Supplement and the accompanying Prospectus. The number of shares of Common Stock actually sold pursuant to this Prospectus Supplement and the accompanying Prospectus may be less than as assumed herein.</div></td> </tr></table> percentage of offering price 0.0100 percentage of offering price 0.0027 5.00 as a percentage of offering price 0.0127 <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table191224" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8.5pt; width: 90%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 79%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 9%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 5%; padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align: bottom; width: 79%;"> </td> <td style="vertical-align: bottom; width: 9%;">  </td> <td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 0%;"><span style="font-weight:bold">Percentage of Net<br/>Assets Attributable<br/>to Common Stock</span></td> <td style="vertical-align: bottom; width: 5%;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="vertical-align: bottom; width: 79%;"><span style="font-weight:bold">ANNUAL EXPENSES</span></td> <td style="vertical-align: bottom; width: 9%;">  </td> <td colspan="2" style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; width: 5%;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 79%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Management Fees<sup style="font-size:75%;vertical-align:top">(5)</sup></div></td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 9%;">  </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 0%;"> </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; text-align: center; width: 0%;">0.55%</td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 5%;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 79%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Other Expenses<sup style="font-size:75%;vertical-align:top">(6)</sup></div></td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 9%;">  </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 0%;"> </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; text-align: center; width: 0%;">0.11%</td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 5%;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 79%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Interest and Related Expenses from Leverage<sup style="font-size:75%;vertical-align:top">(7)</sup></div></td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 9%;">  </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 0%;"> </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; text-align: center; width: 0%;">0.05%</td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 5%;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 79%;"><span style="color:#333333"><span style="font-weight:bold">TOTAL ANNUAL EXPENSES</span></span></td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 9%;">  </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 0%;"> </td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; text-align: center; width: 0%;">0.71%</td> <td style="border-bottom: 0.75pt solid rgb(178, 178, 178); vertical-align: bottom; width: 5%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table984359" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 3%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"><sup style="font-size:75%;vertical-align:top">(5)</sup> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">The Manager receives an annual fee, payable monthly, in an amount equal to 0.55% of the Fund’s average daily net assets.</div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table569140" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 3%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"><sup style="font-size:75%;vertical-align:top">(6)</sup> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">Expenses based on amounts incurred in the fiscal year ended October 31, 2024.</div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table534451" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 3%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"><sup style="font-size:75%;vertical-align:top">(7)</sup> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">The Fund may enter into TOB transactions and may invest in Inverse Floaters issued in TOB transactions. When structuring an Inverse Floater, the Fund deposits securities (typically municipal bonds or other municipal securities) into a special purpose entity, referred to as a “TOB Trust.” The TOB Trust generally issues Floaters to third parties and residual interest, Inverse Floaters, to the Fund. Interest paid to holders of the Floaters, as well as other expenses related to administration, liquidity, remarketing and trustee services of the TOB Trust, are recognized as an interest expense of the Fund. For the year ended October 31, 2024, the average daily amount of Floaters outstanding was $2,988,005 and weighted average interest rate was 3.92%.</div></td> </tr></table> Percentage of Net<br/>Assets Attributable<br/>to Common Stock 0.0055 0.0011 0.0005 0.0071 Offering expenses payable by the Fund will be deducted from the proceeds, before expenses, to the Fund. The Manager receives an annual fee, payable monthly, in an amount equal to 0.55% of the Fund’s average daily net assets. Expenses based on amounts incurred in the fiscal year ended October 31, 2024. <div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Example* </div><div style="margin-top:4pt;margin-bottom:0pt;text-indent:7%;font-size:10pt;font-family:times new roman;">The following example illustrates the hypothetical expenses that you would pay on a $1,000 investment in Common Stock, assuming (i) “Total Annual Expenses” of 0.71% of net assets attributable to Common Stock and (ii) a 5% annual return: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" id="table690712" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8.5pt; width: 90%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 25%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 25%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 25%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="vertical-align:bottom;"><span style="font-weight:bold">1 Year</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">3 Years</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">5 Years</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">10 Years</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">$20</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$35</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$51</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$99</td> </tr> </table><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" id="table809474" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 2%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="width: 2%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">*</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</div></td> </tr></table> 20 35 51 99 <div style="margin-top:10pt;margin-bottom:0pt;text-indent:7%;font-size:10pt;font-family:times new roman;">The following table sets forth our capitalization (i) as of October 24, 2024 and (ii) as adjusted to give effect to the issuance of the shares of Common Stock offered hereby at a price of $6.87 per share (the last reported sale price for shares of Common Stock on the NYSE as of June 25, 2025) less the assumed commission of $750,000 (representing an estimated commission paid to the Distributor of 1.00% of the gross proceeds of the sale of shares of Common Stock in this offering, out of which the Distributor will compensate the Sub‑Placement Agent at a rate of up to 0.80% of the gross sales proceeds of the sale of shares of Common Stock sold by the Sub‑Placement Agent) and estimated offering expenses payable by the Fund of $953,233. As indicated below, the Fund will bear the offering expenses associated with this offering: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:67%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Actual <br/>(Audited)</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">As Adjusted<sup style="font-size:75%;vertical-align:top">(1)</sup><br/>(Unaudited)</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">As Further<br/>Adjusted<sup style="font-size:75%;vertical-align:top">(2)</sup><br/>(Unaudited)</span></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #b2b2b2;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="vertical-align:bottom;"><span style="font-weight:bold">Net Assets:</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Common Stock ($0.01 par value per share); 500,000,000 shares authorized; 21,651,223 shares issued and outstanding as of October 31, 2024 (actual); 21,689,855 shares issued and outstanding as of June 25, 2025 which includes 38,632 shares issued since October 31, 2024 from dividend reinvestments (as adjusted); 32,606,855 shares issued and outstanding as of June 25, 2025 and assumes the issuance of 10,917,030 shares (as further adjusted)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$216,512</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$216,898</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$326,069</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Paid‑in capital in excess of par value</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">162,633,103</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">162,904,294</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">236,841,890</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Total distributable earnings (loss)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">(6,205,859)</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">(6,205,859)</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">(6,205,859)</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8.5pt;background-color:#cceeff"> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:times new roman;">Total Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$156,643,756</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$156,915,333</td> <td style=" BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #b2b2b2;vertical-align:bottom;text-align:center;">$230,962,100</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">(1)</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">Includes 38,632 shares and $271,577 in dividend reinvestment dollars from October 31, 2024 to June 25, 2025. </div></td> </tr></table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">(2)</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">As further adjusted paid‑in surplus reflects a deduction for the estimated offering expenses and estimated commissions on the shares of Common Stock borne by the Fund of $203,233 and $750,000, respectively. </div></td> </tr></table> <div style="margin-top:10pt;margin-bottom:0pt;text-indent:7%;font-size:10pt;font-family:times new roman;">The following table sets forth for each of the periods indicated the range of high and low closing sale prices of our Common Stock, each as reported on the NYSE, the net asset value per share of Common Stock and the premium or discount to net asset value per share at which our shares were trading. Net asset value is generally determined on each business day that the NYSE is open for business. See “Net Asset Value” for information as to the determination of our net asset value. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:65%;"></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="6" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Price Range</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">NAV<sup style="font-size:75%;vertical-align:top">(1)</sup></span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">High</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Low</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Premium /</span><br/><span style="font-weight:bold">(Discount)<br/>of<br/>High Sales<br/>Price to<br/>NAV</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Premium /</span><br/><span style="font-weight:bold">(Discount)<br/>of<br/>Low Sales<br/>Price to<br/>NAV</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;font-weight:bold;"><span style="font-style:italic">Fiscal Year Ending October 31, 2025</span></div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Second Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.92</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.82</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.95</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">13.01</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">0.43</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">First Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.15</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.24</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.75</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">1.26</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(5.59</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;font-weight:bold;"><span style="font-style:italic">Fiscal Year Ending October 31, 2024</span></div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Fourth Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.23</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.32</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.94</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">1.24</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(4.01</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Third Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.30</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.04</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.54</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(3.56</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(10.41</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Second Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.20</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.92</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.53</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(3.89</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(9.31</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">First Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.36</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.58</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.06</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(10.60</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(17.66</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;font-weight:bold;"><span style="font-style:italic">Fiscal Year Ending October 31, 2023</span></div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Fourth Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.75</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.53</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">5.94</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(3.26</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(12.00</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Third Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.21</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.65</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.28</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(7.77</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(12.90</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Second Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.19</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.84</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.34</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(4.87</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(11.82</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">First Quarter</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">7.28</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.79</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">6.20</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(6.73</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">(14.84</td> <td style="white-space:nowrap;vertical-align:bottom;">)% </td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;">Source of market prices: NYSE </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">(1)</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:times new roman;text-align:left;">Net asset value per share is determined as of close of business on the last day of the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices, which may or may not fall on the last day of the quarter. Net asset value per share is calculated as described in “Net Asset Value.”</div></td> </tr></table><div style="margin-top:10pt;margin-bottom:0pt;text-indent:7%;font-size:10pt;font-family:times new roman;">On June 25, 2025, the last reported sale price of our Common Stock on the NYSE was $6.87, which represented a premium of approximately 0.44% to the net asset value per share reported by us on that date. </div><div style="margin-top:10pt;margin-bottom:0pt;text-indent:7%;font-size:10pt;font-family:times new roman;">As of June 25, 2025, we had approximately 21,689,855 shares of Common Stock outstanding and we had net assets attributable to Common Stockholders of approximately $148,401,007. </div> 6.92 7.82 6.95 0.1301 0.0043 7.15 7.24 6.75 0.0126 -0.0559 7.23 7.32 6.94 0.0124 -0.0401 7.30 7.04 6.54 -0.0356 -0.1041 7.20 6.92 6.53 -0.0389 -0.0931 7.36 6.58 6.06 -0.1060 -0.1766 6.75 6.53 5.94 -0.0326 -0.1200 7.21 6.65 6.28 -0.0777 -0.1290 7.19 6.84 6.34 -0.0487 -0.1182 7.28 6.79 6.20 -0.0673 -0.1484 6.87 0.0044 21689855 Common Stock Net asset value per share is determined as of close of business on the last day of the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices, which may or may not fall on the last day of the quarter. Net asset value per share is calculated as described in “Net Asset Value.” Represents the estimated commission with respect to the shares of Common Stock being sold in this offering. There is no guarantee that there will be any sales of the shares of Common Stock pursuant to this Prospectus Supplement and the accompanying Prospectus. The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. Offering expenses payable by the Fund will be deducted from the proceeds, before expenses, to the Fund. Based upon net assets attributable to our Common Stock as of June 25, 2025 after giving effect to the anticipated net proceeds of this offering. Assumes the Fund sells 10,917,031 shares of Common Stock at an offering price of $6.87 (the last reported sale price per share for the Common Stock on the NYSE as of June 25, 2025). The price per share of any sale of shares of Common Stock may be greater or less than the price assumed herein, depending on the market price of the Common Stock at the time of any sale. There is no guarantee that there will be any sales of shares of Common Stock pursuant to this Prospectus Supplement and the accompanying Prospectus. The number of shares of Common Stock actually sold pursuant to this Prospectus Supplement and the accompanying Prospectus may be less than as assumed herein. The Manager receives an annual fee, payable monthly, in an amount equal to 0.55% of the Fund’s average daily net assets. Expenses based on amounts incurred in the fiscal year ended October 31, 2024. The Fund may enter into TOB transactions and may invest in Inverse Floaters issued in TOB transactions. When structuring an Inverse Floater, the Fund deposits securities (typically municipal bonds or other municipal securities) into a special purpose entity, referred to as a “TOB Trust.” The TOB Trust generally issues Floaters to third parties and residual interest, Inverse Floaters, to the Fund. Interest paid to holders of the Floaters, as well as other expenses related to administration, liquidity, remarketing and trustee services of the TOB Trust, are recognized as an interest expense of the Fund. For the year ended October 31, 2024, the average daily amount of Floaters outstanding was $2,988,005 and weighted average interest rate was 3.92%. Common Stockholders will pay brokerage charges if they direct the Plan Agent (defined below) to sell Common Stock held in a dividend reinvestment account. See “Dividend Reinvestment Plan” in the accompanying Prospectus. There are no fees charged to stockholders for participating in the Fund’s dividend reinvestment plan (the “Plan”). However, stockholders participating in the Plan that elect to sell their shares obtained pursuant to the plan would pay $5.00 per transaction to sell shares.