<SEC-DOCUMENT>0001057861-23-000004.txt : 20230602
<SEC-HEADER>0001057861-23-000004.hdr.sgml : 20230602
<ACCEPTANCE-DATETIME>20230602115221
ACCESSION NUMBER:		0001057861-23-000004
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230602
DATE AS OF CHANGE:		20230602
EFFECTIVENESS DATE:		20230602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BNY MELLON HIGH YIELD STRATEGIES FUND
		CENTRAL INDEX KEY:			0001057861
		IRS NUMBER:				134001109
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08703
		FILM NUMBER:		23987340

	BUSINESS ADDRESS:	
		STREET 1:		C/O BNY MELLON INVESTMENT ADVISER, INC.
		STREET 2:		240 GREENWICH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		2129226400

	MAIL ADDRESS:	
		STREET 1:		C/O BNY MELLON INVESTMENT ADVISER, INC.
		STREET 2:		240 GREENWICH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DREYFUS HIGH YIELD STRATEGIES FUND
		DATE OF NAME CHANGE:	19980316
</SEC-HEADER>
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            <pricingServiceIdNumberDesc>TIN: 13-4153988</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>TIN: 79-1289924</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Self - rule 17f-2 (17 CFR 270.17f-2)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Branch of Citibank, N.A. in the Republic of, Argentina</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citigroup Pty Limited</custodianName>
            <custodianLei>MLU0ZO3ML4LN2LL2TL39</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CIBC Mellon Trust Company (CIBC Mellon)</custodianName>
            <custodianLei>549300IYUUH221WBZ505</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>Y</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Publ)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Depository and Clearing Centre (DCC) Deutsche Bank AG, London Branch</custodianName>
            <custodianLei>HPFHU0OQ28E4N0NFVK49</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Plc, Greece Branch</custodianName>
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            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
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            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco  Nacional  de Mexico S.A., integrante del GrupoFinanciero Banamex</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Publ)</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare, Inc.</shareholderServiceAgentName>
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            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>BNY Mellon Investment Adviser, Inc.</adminName>
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            <isAdminAffiliated>Y</isAdminAffiliated>
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          <admin>
            <adminName>The Bank of New York Mellon</adminName>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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          <brokerDealer>
            <brokerDealerName>BNY Mellon Capital Markets, LLC</brokerDealerName>
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          <brokerDealer>
            <brokerDealerName>BNY Mellon Asset Management Canada Ltd.</brokerDealerName>
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          <brokerDealer>
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          <brokerDealer>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>kpmg430-5232023.htm
<TEXT>
<HTML>
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-style: normal"><B>KPMG</B></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.5pt; text-align: left"><FONT STYLE="font-weight: normal">KPMG LLP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.5pt">345 Park Avenue</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.5pt">New York, NY 10154-0102</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 76.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 20pt; text-align: center"><B>Report of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">To the Shareholders of the
Fund and Board of Trustees of<BR>
BNY Mellon High Yield Strategies Fund:</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">In planning and performing
our audit of the financial statements of BNY Mellon High Yield Strategies Fund (the Fund) as of and for the year ended March&nbsp;31,&nbsp;2023,
in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control
over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing
an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">Management of the Fund is
responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial statements.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">A deficiency in internal control
over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course
of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or
a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of the company&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">Our consideration of the Fund's
internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight
Board (United States). However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be a material weakness as defined above as of March&nbsp;31,&nbsp;2023.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 121.5pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">KPMG
LLP, a Delaware limited liability partnership and a member firm of</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 121.5pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">the
KPMG global organization of independent member firms affiliated with</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 121.5pt; text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">KPMG
International Limited, a private English company limited by guarantee.</FONT></P>


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<P STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-style: normal"><B>KPMG</B></FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">This report is intended solely
for the information and use of the management and the Board of Trustees of BNY Mellon High Yield Strategies Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt 3.5in"><FONT STYLE="font-weight: normal">/s/ KPMG LLP</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-weight: normal">New York, New York<BR>
May&nbsp;23,&nbsp;2023</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SUB-INVESTMENT ADVISORY AGREEMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">BNY MELLON INVESTMENT ADVISER, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">240 Greenwich Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10286</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">November 1, 2022</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Alcentra NY, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">200 Park Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New York, New York 10166</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As you are aware, BNY Mellon High
Yield Strategies Fund (the &quot;Fund&quot;) desires to employ its capital by investing and reinvesting the same in investments of the
type and in accordance with the limitations specified in the Fund's Prospectus as from time to time in effect, copies of which have been
or will be submitted to you, and in such manner and to such extent as from time to time may be approved by the Fund's Board of Trustees
(the &quot;Board&quot;). The Fund employs BNY Mellon Investment Adviser, Inc. (the &quot;Manager&quot;) to act as the Fund's investment
manager pursuant to a written agreement (the &quot;Management Agreement&quot;), a copy of which has been furnished to you. The Manager
is authorized to and desires to retain you, and you hereby agree to accept such retention, to act as the Fund's sub-investment adviser
as of the date set forth above (the &quot;Effective Date&quot;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with your serving
as sub-investment adviser to the Fund, it is understood that from time to time you will employ or associate with yourself such person
or persons as you may believe to be particularly fitted to assist you in the performance of this Agreement. The compensation of such person
or persons shall be paid by you and no obligation may be incurred on the Fund's behalf in any such respect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to the supervision and
approval of the Manager and the Fund's Board, you will provide investment management of the Fund's portfolio subject to and in accordance
with (i) the Fund's investment objectives, policies and limitations as stated in the Fund's Prospectus as from time to time in effect
and provided to you by the Manager; (ii) any applicable procedures or policies adopted or approved by the Manager or the Fund's Board
with respect to the Fund as from time to time in effect and furnished in writing to you; (iii) the requirements applicable to registered
investment companies under applicable laws, including without limitation the Investment Company Act of 1940, as amended (the &quot;Investment
Company Act&quot;), and the rules and regulations thereunder, and the Internal Revenue Code of 1986, as amended (the &quot;Internal Revenue
Code&quot;), and the rules and regulations thereunder applicable to qualification as a &quot;regulated investment company&quot;; and (iv)
any written instructions which the Manager or the Fund's Board may issue to you from time to time; provided, however, that you shall not
be bound by any update, modification or amendment of such documents or other procedures or policies of the Fund or the Manager unless
and until you have been given notice thereof in accordance with this Agreement and have been provided with a written copy of such update,
modification or amendment. With respect to the foregoing, the Manager will seek to provide you with prior notice of any update, modification
or amendment of such documents or other procedures or policies of the Fund or the Manager that is reasonably sufficient to provide you
with the time necessary to make any changes to the Fund's portfolio that are required to comply with such procedures or policies in an
orderly manner. In connection with your duties hereunder, you (a) will obtain and provide investment research and supervise the Fund's</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">investments and (b) will conduct
a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Fund's assets, including the placing
of portfolio transactions for execution either directly with the issuer or with brokers or dealers. You agree that, in placing any orders
with selected brokers and dealers, you will attempt to obtain the best net result in terms of price and execution. Consistent with this
obligation and in accordance with applicable securities laws, you, in your discretion, may purchase and sell portfolio securities from
and to brokers and dealers who provide the Fund, the Manager's other clients, or your other clients with research, analysis, advice and
similar services. You may cause the Fund to pay to brokers and dealers, in return for such research and analysis, a higher commission
or spread than may be charged by other brokers and dealers, subject to your good faith determination that such commission or spread is
reasonable in terms either of the particular transaction or of your overall responsibility to the Fund and your other clients and that
the total commissions or spreads paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term and, if
applicable, subject to compliance with Section 28(e) of the Securities Exchange Act of 1934, as amended. Such authorization is subject
to termination at any time by the Fund's Board for any reason. In addition, you are authorized to allocate purchase and sale orders for
portfolio securities to brokers and dealers that are affiliated with you, the Manager or the Fund's principal underwriters, if any, if
you believe that the quality of the transaction and the commission are comparable to what they would be with other qualified firms, and
provided that the transactions are consistent with the Fund's Rule 17e-1 procedures as they may be provided to you by the Manager from
time to time. In no instance may portfolio securities be purchased from or sold to you, the Manager, the Fund's principal underwriters,
if any, or any person affiliated with you, the Manager, the Fund's principal underwriters, if any, or the Fund, except in accordance with
the applicable securities laws and the rules and regulations thereunder, including Rules 17a-7 and 17a-10 under the Investment Company
Act and any exemptive order then currently in effect. The Manager will periodically provide you with a list of the affiliates of the Manager
or the Fund to which investment or trading restrictions apply, and will specifically identify in writing (a) all publicly traded companies
in which the Fund may not invest, together with ticker symbols for all such companies, and (b) any affiliated brokers and any restrictions
that apply to the use of those brokers by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You shall be deemed to be an independent
contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Manager or the
Fund in any way or otherwise be deemed an agent of the Manager or the Fund, and nothing in this Agreement shall be construed as making
the Manager or the Fund a partner or co-venturer with you or any of your affiliates. You shall utilize counterparties for brokerage, futures
and options clearing, ISDA purposes and trade execution under agreements set up in the name of the Fund. You shall be responsible for
managing any collateral and margin requirements associated with investments made for the Fund's assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Proxies of companies whose shares
are part of the Fund's assets shall be voted as described in the Fund's Prospectus, and you shall assume responsibility for the voting
of such proxies pursuant to proxy voting procedures approved by the Manager. You are authorized and agree to act on behalf of the Fund
with respect to any reorganizations, exchange offers and other voluntary corporate actions and any amendments to credit agreements in
connection with securities held by the Fund in such manner as you deem advisable, unless the Fund or the Manager otherwise specifically
directs in writing. You shall have no responsibility with respect to the collection of income, physical acquisition or the safekeeping
or custody of the Fund's assets. The Manager shall furnish you with copies of the Fund's Prospectus and shareholder reports. You will
be provided the opportunity to review and approve any description of you and your investment process set forth in the Fund's Prospectus
and shareholder reports. The Manager also will furnish you with copies of press releases and shareholder reports that disclose any changes
to the Fund's investment objectives, policies, strategies or restrictions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">-2-</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You will furnish to the Manager
or the Fund such information, with respect to the investments which the Fund may hold or contemplate purchasing, as the Manager or the
Fund may reasonably request. The Fund and the Manager wish to be informed of important developments materially affecting the Fund's assets
and shall expect you, on your own initiative, to furnish to the Fund or the Manager from time to time such information as you may believe
appropriate for this purpose. In connection therewith, you will notify the Manager if you become aware of any bankruptcy proceedings,
securities litigation class actions or settlements affecting investments which the Fund holds or held at a time relevant to such proceedings,
class actions or settlements. Upon reasonable request, you will make available your officers and employees, including the portfolio managers
named in the Fund's Prospectus, to meet with the Fund's Board and/or the Manager to review the Fund's assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You will maintain all required
books and records with respect to the securities transactions of the Fund in accordance with all applicable laws, and in compliance with
the applicable requirements of the rules under Section 31 of the Investment Company Act, and will furnish the Fund's Board and the Manager
with such periodic and special reports as the Fund's Board or the Manager reasonably may request. You hereby agree that all records which
you maintain for the Fund or the Manager are the property of the Fund or the Manager, and agree to preserve for the periods prescribed
by applicable law any records which you maintain for the Fund or the Manager and which are required to be maintained, and further agree
to surrender promptly to the Fund or the Manager any records which you maintain for the Fund or the Manager upon request by the Fund or
the Manager, provided that you shall have reasonable opportunity to create and maintain copies of applicable records.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
Manager (i) is registered as an investment adviser under the Investment Advisers Act of 1940, as amended </FONT>(the &quot;Investment
Advisers Act&quot;)<FONT STYLE="background-color: white">, and will continue to be so registered for so long as this Agreement remains
in effect; (ii) is not prohibited by the Investment </FONT>Company <FONT STYLE="background-color: white">Act, the Investment Advisers
Act or other law, regulation or order from performing its obligations under this Agreement; (iii)&nbsp;has met, and will seek to continue
to meet for so long as this Agreement is in effect, any other applicable federal or state requirements, or the applicable requirements
of any regulatory or industry self-regulatory agency, necessary to be met in order to perform its obligations under this Agreement; (iv)
has the power and authority to enter into and perform its obligations under this Agreement; and (v) will promptly notify you of the occurrence
of any event that would disqualify the Manager from serving as the investment adviser of an investment company pursuant to Section 9(a)
of the Investment </FONT>Company <FONT STYLE="background-color: white">Act or otherwise. The Manager will also promptly notify you if
it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by
any court, public board or body, involving the affairs of the Fund and affecting you; provided, however, that routine regulatory examinations
not involving you shall not be required to be reported by this provision.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">You
represent that you (i) are registered as an investment adviser under the Investment Advisers Act and will continue to be so registered
for so long as this Agreement remains in effect; (ii) are not prohibited by the Investment </FONT>Company <FONT STYLE="background-color: white">Act,
the Investment Advisers Act or other law, regulation or order from performing your obligations under this Agreement; (iii) have met, and
will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or
the applicable requirements of any regulatory or industry self-regulatory agency, necessary to be met in order to perform your obligations
under this Agreement; (iv) have the power and authority to enter into and perform your obligations under this Agreement; and (v) will
promptly notify the Manager of the occurrence of any event that would disqualify you from serving as an investment adviser of an investment
company pursuant to Section 9(a) of the Investment </FONT>Company <FONT STYLE="background-color: white">Act or otherwise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">-3-</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Manager and you each agree
to comply with applicable laws, rules and regulations, including the Investment <FONT STYLE="background-color: white">Advisers</FONT>
Act and the Investment Company Act. You will promptly notify the Fund's Chief Compliance Officer (a) in the event the Securities and Exchange
Commission or other governmental authority has censured you, placed limitations upon your activities, functions or operations, suspended
or revoked your registration, as an investment adviser, or has commenced proceedings or an investigation that may result in any of these
actions; or (b) upon becoming aware of any material fact relating to you that is not contained in the Fund's Prospectus, and is required
to be stated therein or necessary to make the statements therein not misleading, or of any statement contained therein that becomes untrue
in any material respect. Upon request, and in accordance with the scope of your obligations and responsibilities contained in this Agreement,
you will provide reasonable assistance to the Fund in connection with the Fund's compliance with applicable provisions of the Sarbanes-Oxley
Act of 2002 and the rules and regulations thereunder, and Rule 38a-1 under the Investment Company Act. Such assistance shall include,
but not be limited to, (i) providing the Fund's Chief Compliance Officer upon request with copies of your compliance policies and procedures;
(ii) certifying periodically, upon the request of the Fund's Chief Compliance Officer, that you are in compliance with all applicable
&quot;federal securities laws,&quot; as required by Rule 38a-1 under the Investment Company Act and Rule 206(4)-7 under the Investment
<FONT STYLE="background-color: white">Advisers</FONT> Act; (iii) facilitating and cooperating with the Fund's Chief Compliance Officer
to evaluate the effectiveness of your compliance controls; (iv) providing the Fund's Chief Compliance Officer with direct access to your
compliance personnel; (v) providing the Fund's Chief Compliance Officer with periodic reports; and (vi) promptly providing the Fund's
Chief Compliance Officer with special reports in the event of material compliance violations. Upon request, you will provide certifications
to the Fund, in a form satisfactory to the Fund, to be relied upon by the Fund's officers certifying the Fund's periodic reports on Form
N-CSR pursuant to Rule 30a-2 under the Investment Company Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In consideration of services rendered
pursuant to this Agreement, the Manager will pay you on the first business day of each month, out of the management fee it receives and
only to the extent thereof, a fee at the annual rate of .36 of 1% of the value of the Fund's average weekly <FONT STYLE="color: #121212">total
assets minus the sum of accrued liabilities (other than the aggregate indebtedness constituting financial leverage) (the &quot;Managed
Assets&quot;)</FONT>. <FONT STYLE="color: #121212">Managed Assets</FONT> will be computed on such days and at such time or times as described
in the Fund's then-current prospectus. If the Manager waives all or a portion of the management fee it is entitled to receive from the
Fund, the fee payable to you pursuant to this Agreement may be reduced as you and the Manager mutually agree. The fee for the period from
the Effective Date to the end of the month thereof shall be pro-rated according to the proportion which such period bears to the full
monthly period, and upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be pro-rated
according to the proportion which such period bears to the full monthly period and shall be payable within 10 business days of the date
of termination of this Agreement. For the purpose of calculating the fee payable to you, the value of the Fund's <FONT STYLE="color: #121212">Managed
Assets</FONT> shall be computed in the manner specified in the Fund's then-current Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Net asset value shall be computed
on such days and at such time or times as described in the Fund's then-current Prospectus. You agree to monitor the Fund's assets and
to notify the Manager on any day that you determine that a significant event has occurred with respect to one or more securities held
in the Fund's portfolio that would materially affect the value of such securities (provided that you shall not be responsible for providing
information based on valuations provided by third party services which value securities based upon changes in one or more broad-based
indices). At the request of the Manager, the Fund's Valuation Committee or the Board, you agree to provide additional reasonable assistance
to the</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">-4-</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Manager, the Fund's Valuation Committee,
the Board and the Fund's pricing agents in valuing the Fund's assets, including in connection with fair value pricing of the Fund's assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You will bear all expenses in
connection with the performance of your services under this Agreement. All other expenses to be incurred in the operation of the Fund
(other than those borne by the Manager) will be borne by the Fund, except to the extent specifically assumed by you. The expenses to be
borne by the Fund include, without limitation, the following: organizational costs, taxes, interest, brokerage fees and commissions, if
any, and other expenses in any way related to the execution, recording and settlement of portfolio security transactions, fees of Trustees
who are not the Manager's or your officers, directors or employees or holders of 5% or more of the outstanding voting securities of you
or the Manager or any affiliate of you or the Manager, Securities and Exchange Commission fees, state Blue Sky qualification fees, advisory
fees, shareholder servicing fees, charges of custodians, transfer and dividend paying agents' fees, certain insurance premiums, industry
association fees, outside auditing and legal expenses, costs of independent pricing services, costs of maintaining corporate existence,
expenses of reacquiring shares, expenses in connection with the Fund's Automatic Dividend Reinvestment Plan, costs of maintaining the
required books and accountings (including the costs of calculating the net asset value of the Fund's shares), costs attributable to investor
services (including, without limitation, telephone and personnel expenses), costs of shareholders' reports and meetings, costs of preparing,
printing and mailing share certificates, proxy statements and prospectuses, and any extraordinary expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Manager understands that in
entering into this Agreement you have relied upon the inducements made by the Fund to you under the Management Agreement. The Manager
also understands that you now act, and that from time to time hereafter you may act, as investment adviser or sub-investment adviser to
one or more other investment companies, private funds or other pooled investment vehicles and fiduciary or other managed accounts (collectively,
the &quot;accounts&quot;), and the Manager has no objection to your so acting, provided that when the purchase or sale of securities of
the same issuer is suitable for the investment objectives of two or more accounts managed by you and which have available funds for investment
in the case of a purchase, the available securities will be allocated in a manner believed by you to be equitable to each account. It
is recognized that in some cases this procedure may adversely affect the price paid or received by the Fund or the size of the position
obtainable for or disposed of by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, it is understood
that the persons employed by you to assist in the performance of your duties hereunder will not devote their full time to such services
and nothing contained herein shall be deemed to limit or restrict your right or the right of any of your affiliates to engage in and devote
time and attention to other businesses or to render services of whatever kind or nature.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You shall exercise your best judgment
in rendering the services to be provided hereunder, and the Manager agrees as an inducement to your undertaking the same that you shall
not be liable hereunder for any error of judgment or mistake of law or for any loss suffered by the Fund or the Manager, provided that
nothing herein shall be deemed to protect or purport to protect you against any liability to the Manager, the Fund or the Fund's shareholders
to which you would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of your duties
hereunder, or by reason of your reckless disregard of your obligations and duties hereunder. In no event will you have any responsibility
for the acts or omissions of the Manager.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 11pt">Except
as may otherwise be provided by the Investment Company Act or any other federal securities law or the Commodity Exchange Act</FONT>&nbsp;<FONT STYLE="font-size: 11pt">(the
&quot;CEA&quot;), neither you nor any of your directors, </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">-5-</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">officers, members or employees
(&quot;Sub-Adviser Affiliates&quot;) shall be liable for any losses, claims, damages, liabilities or litigation (including legal and other
expenses) (&quot;Losses&quot;) incurred or suffered by the Manager or the Fund as a result of any act or omission by you or the Sub-<FONT STYLE="background-color: white">Adviser</FONT>
Affiliates with respect to the Fund, except that nothing in this Agreement shall operate or purport to operate in any way to exculpate,
waive or limit the liability of you or the Sub-Adviser Affiliates for, and you shall indemnify and hold harmless the Manager and the Fund,
and all affiliated persons (within the meaning of Section 2(a)(3) of the Investment Company Act) thereof and all controlling persons (as
described in Section 15 of the Securities Act of 1933, as amended (the &quot;Securities Act&quot;)) (collectively, &quot;Manager Indemnitees&quot;)
thereof against, any and all Losses to which any of the Manager Indemnitees may become subject under the Investment Company Act, the Investment
<FONT STYLE="background-color: white">Advisers</FONT> Act, the CEA or the Securities Act, or under any other statute, at common law or
otherwise arising out of or based on (i) your willful misfeasance, bad faith, reckless disregard or gross negligence, and/or (ii) any
untrue statement of a material fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature, or other
materials pertaining to the Fund or the omission to state therein a material fact known to you that was required to be stated therein
or necessary to make the statements therein not misleading, if such statement or omission was made in reliance upon information furnished
to the Manager Indemnitees by the Sub-<FONT STYLE="background-color: white">Adviser</FONT> Indemnitees (as defined below) for use therein.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Except
as may otherwise be provided by the Investment Company Act or any other federal securities law or the CEA, neither the Manager, the Fund
nor any of their directors, officers, members or employees (&quot;Manager Affiliates&quot;) shall be liable for any Losses incurred or
suffered by you as a result of any act or omission of the Manager or the Manager Affiliates with respect to the Fund, except that nothing
in this Agreement shall operate or purport to operate in any way to exculpate, waive or limit the liability of the Manager for, and the
Manager shall indemnify and hold harmless you, all of your affiliated persons (within the meaning of Section 2(a)(3) of the Investment
Company Act) and all of your controlling persons (as described in Section 15 of the Securities Act) (collectively, &quot;Sub-<FONT STYLE="background-color: white">Adviser</FONT>
Indemnitees&quot;) against, any and all Losses to which any of the Sub-Adviser Indemnitees may become subject under the Investment Company
Act, the Investment Advisers Act, the CEA or the Securities Act, or under any other statute, at common law or otherwise arising out of
or based on (i) the Manager's willful misfeasance, bad faith, reckless disregard or gross negligence, (ii) any untrue statement of a material
fact contained in the Prospectus, proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund
or the omission to state therein a material fact known to the Manager that was required to be stated therein or necessary to make the
statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Manager Indemnitees
by the Sub-Adviser Indemnitees for use therein, and/or (iii) any Losses accruing to the extent, if any, caused by or based upon the conduct
of any other sub-adviser to the Fund.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Promptly
after receipt of notice of any action, arbitration, claim, demand, dispute, investigation, lawsuit or other proceeding (each, a &quot;Proceeding&quot;)
by a party seeking to be indemnified hereunder (the &quot;Indemnified Party&quot;), the Indemnified Party will, if a claim in respect
thereof is to be made against a party against whom indemnification is sought hereunder (the &quot;Indemnifying Party&quot;), notify the
Indemnifying Party in writing of the commencement of such Proceeding; provided that, the failure to so notify the Indemnifying Party in
the absence of a showing of actual prejudice shall not relieve the Indemnifying Party from any indemnification liability which it may
have to the Indemnified Party. The Indemnifying Party shall <FONT STYLE="letter-spacing: -0.1pt">be entitled to participate in, and, to
the extent that it may wish, assume the defense thereof (in its own name or in the name and on behalf of any Indemnified Party, or both,
with counsel reasonably satisfactory to such Indemnified Party) </FONT>by giving written notice to the Indemnified Party within 10 days
of receiving notice of the Proceeding (or such shorter period as is required to respond to the Proceeding);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">-6-</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="letter-spacing: -0.1pt">provided,
however, if the defendants in any such action include (or will include) both the Indemnified Party and an Indemnifying Party and the Indemnified
Party shall have reasonably concluded that there may be a conflict between the positions of the Indemnified Party and an Indemnifying
Party in conducting the defense of any such action or that there may be legal defenses available to it which are inconsistent with those
available to an Indemnifying Party, the Indemnified Party shall have the right to select one separate counsel (in addition to local counsel)
to assume such legal defense and to otherwise participate in the defense of such action on behalf of such Indemnified Party at such Indemnified
Party's sole expense. Upon receipt of notice from an Indemnifying Party to such Indemnified Party of its election so to assume the defense
of such action and approval by the Indemnified Party of counsel, which approval shall not be unreasonably withheld (and any disapproval
shall be accompanied by a written statement of the reasons therefor), the Indemnifying Party will not be liable to such Indemnified Party
hereunder for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof. </FONT>No
Indemnifying Party shall be liable under this Agreement for any settlement of any Proceeding entered into without its consent with respect
to which indemnity may be sought hereunder, nor shall any Indemnifying Party enter into any settlement (other than a purely monetary &quot;no
admission&quot; settlement) without the consent of the Indemnified Party.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You may delegate some of your
duties under this Agreement to one or more of your affiliates; provided, however, that (i) you shall provide prior notice to the Manager
of any such delegation and the Manager consents to such delegation, (ii) any delegation of investment advisory duties within the definition
of &quot;investment adviser&quot; under the Investment Company Act is subject to and conditioned on the approval of the Fund's Board and/or
the Fund's shareholders as may be required pursuant to Section 15 of the Investment Company Act, (iii) you at all times shall supervise
and oversee the performance of any such services delegated by you to your affiliate, (iv) no additional charges, fees or other compensation
shall be paid by the Manager or the Fund for any such services delegated by you to your affiliate, and (v) you at all times shall remain
liable to the Manager and the Fund for your obligations under this Agreement regardless of whether services hereunder are provided by
you or any of your affiliates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement shall continue
until April 4, 2023 and thereafter shall continue automatically for successive annual periods ending on April 4<SUP>th</SUP> of each year,
provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) vote of a majority (as defined in
the Investment Company Act) of the Fund's outstanding voting securities, provided that in either event its continuance also is approved
by a majority of the Fund's Board members who are not &quot;interested persons&quot; (as defined in the Investment Company Act) of the
Fund or any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval. This Agreement
is terminable without penalty (i) by the Manager on not more than 60 days' notice to you, (ii) by the Fund's Board or by vote of the holders
of a majority of the Fund's outstanding voting securities on not more than 60 days' notice to you, or (iii) by you on not less than 90
days' notice to the Fund and the Manager. This Agreement also will terminate automatically in the event of its assignment (as defined
in the Investment Company Act or the Investment <FONT STYLE="background-color: white">Advisers</FONT> Act) and you shall be notified by
the Fund and the Manager, or you shall notify the Fund and the Manager, as applicable, as soon as reasonably practicable and as permissible
under applicable law or agreement. In addition, notwithstanding anything herein to the contrary, if the Management Agreement terminates
for any reason, this Agreement shall terminate effective upon the date the Management Agreement terminates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Manager acknowledges that
it has received and has had an opportunity to read a copy of your Form ADV Part 2A (the &quot;Brochure&quot;) and a copy of the Form ADV
Part 2B with respect to your personnel with the most significant responsibility for providing advisory services to the Fund (the &quot;Brochure</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">-7-</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Supplement&quot;). The Manager agrees
that the Brochure and Brochure Supplement, as well as other client communications, may be transmitted to the Manager electronically.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
Manager represents and warrants to you that (a) the retention of you by the Manager as contemplated by this Agreement is authorized by
the governing documents of the Manager; (b) the execution, delivery and performance of this Agreement do not violate any obligation by
which the Manager or its property is bound, whether arising by contract, operation of law or otherwise; (c) this Agreement has been duly
approved by the Fund's Board in accordance with all applicable requirements of the Investment </FONT>Company <FONT STYLE="background-color: white">Act;
and (d) this Agreement has been duly authorized by appropriate action of the Manager and when executed and delivered by the Manager will
be a legal, valid and binding obligation of the Manager, enforceable against the Manager in accordance with its terms.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">You
represent and warrant to the Manager that (a) your acceptance of the Manager's retention of you to serve as a sub-adviser of the Fund
as contemplated by this Agreement is authorized by your governing documents; (b) the execution, delivery and performance of this Agreement
do not violate any obligation by which you or your property is bound, whether arising by contract, operation of law or otherwise; and
(c) this Agreement has been duly authorized by appropriate action and when executed and delivered by you will be a legal, valid and binding
obligation, enforceable against you in accordance with its terms.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund has claimed an exclusion
from the definition of a Commodity Pool Operator pursuant to CFTC Rule 4.5 (the &quot;CPO Exclusion&quot;) and you shall not manage the
Fund's assets in a manner that would cause the Fund to not qualify for the CPO Exclusion until otherwise indicated. In the event that
the Fund no longer relies on the CPO Exclusion and you intend to rely on CFTC Rule 4.7, unless advised by the Manager to the contrary,
the Manager represents that the Fund is a &quot;qualified eligible person&quot; under the rule, consents to the Fund being treated as
an exempt account under the rule, and acknowledges the legend set forth above its signature below. <FONT STYLE="background-color: white">In
addition, the Manager represents to you that it is registered as a Commodity Pool Operator and is a member of the National Futures Association
in such capacity, to the extent required by the nature of its activities, and you represent to the Manager that you are registered as
a Commodity Trading Advisor and are a member of the National Futures Association in such capacity or are exempt from such membership.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No party to this Agreement will
disclose or use any records or information obtained pursuant to this Agreement in any manner whatsoever, except as expressly authorized
in this Agreement or, with respect to you, as may reasonably be required to execute transactions on behalf of the Fund or, with respect
to the Manager, as may reasonably be required to provide its services to the Fund. The parties will keep confidential any non-public information
obtained directly as a result of this service relationship; provided that the Manager may make any disclosure to its affiliates, the Fund,
or the Fund's Board, legal counsel or auditors or other service providers to the Fund, as the Manager may reasonably determine necessary
in its sole discretion; provided that no such information may be used for any trading or investment purposes unrelated to management of
the Fund. Notwithstanding the foregoing, any party may disclose such non-public information if (a) such information is or hereafter otherwise
is known by the receiving party or has been disclosed, directly or indirectly, to others or becomes ascertainable from public or published
information or trade sources, (b) if such disclosure is required by applicable federal, state or other law or regulation, (c) if such
disclosure is required or requested by regulatory authorities or judicial process, (d) such disclosure is reasonably required by legal
counsel or auditors of the party (or of the Fund, the Fund's Board or affiliates of the Manager) in connection with the performance of
their professional services, or (e) as may otherwise be contemplated by this Agreement. You shall not disclose</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">-8-</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">information regarding characteristics
of the Fund's assets, trading history, portfolio holdings, performance information or any other related information to any third party,
except in compliance with the Fund's policies on disclosure of portfolio holdings or as required by applicable law or regulation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No provision of this Agreement
may be changed, waived or discharged unless signed in writing by the parties hereto. This Agreement shall be governed by the laws of the
State of New York, without regard to the conflict of law principles thereof, provided that nothing herein shall be construed in a manner
inconsistent with the Investment Company Act or the Investment <FONT STYLE="background-color: white">Adviser</FONT>s Act. This Agreement
may be executed in several counterparts, each of which shall be deemed an original for all purposes, including judicial proof of the terms
hereof, and all of which together shall constitute and be deemed one and the same agreement. Nothing in this Agreement shall be deemed
a limitation or waiver of any obligation or duty that may not by law be limited or waived. If any one or more of the provisions of this
Agreement shall be held contrary to express law or against public policy, or shall for any reason whatsoever be held invalid, then such
provisions shall be deemed severable from the remainder of this Agreement and shall in no way affect the validity or enforceability of
the other provisions of this Agreement. The rights of indemnification herein shall not be exclusive of or affect any other rights to which
any person may be entitled by contract or otherwise by law and shall survive termination of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise provided herein
or agreed to in writing by the parties, all notices or instructions permitted or required under this Agreement shall be deemed to have
been properly given if sent by regular first-class mail, registered mail, private courier, facsimile or electronically and addressed to
(or delivered to) the respective party at the address set forth above or at such other address or addresses as shall be specified, in
each case, in a notice similarly given. Each party may rely upon any notice from the other party or other communication reasonably believed
by the receiving party to be genuine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Fund is expressly made a third
party beneficiary of this Agreement with rights to the same extent as if it had been a party hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Agreement contains all of
the terms agreed upon or made by the parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous
agreements, negotiations, correspondence, undertakings and communications of the parties, oral or written, respecting such subject matter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">PURSUANT TO AN EXEMPTION FROM
THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT
IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS
OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY
FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">-9-</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding, will you kindly so indicate by signing and returning to us the enclosed copy hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 18.7pt; text-indent: -18.7pt"><FONT STYLE="font-size: 11pt">BNY MELLON INVESTMENT ADVISER, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ JAMES BITETTO</U><BR>
    Name: James Bitetto</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Title: Secretary</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Accepted:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt; text-transform: uppercase">Alcentra NY,</FONT> <FONT STYLE="font-size: 11pt">LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">By: </FONT>&#9;<U>/s/ JONATHAN DESIMONE</U><FONT STYLE="font-size: 11pt"><BR>
    Name: Jonathan DeSimone</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Title: Chief Executive Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">-10-</P>


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