<SEC-DOCUMENT>0001398344-18-000772.txt : 20180119
<SEC-HEADER>0001398344-18-000772.hdr.sgml : 20180119
<ACCEPTANCE-DATETIME>20180119171700
ACCESSION NUMBER:		0001398344-18-000772
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20180119
DATE AS OF CHANGE:		20180119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blackstone / GSO Senior Floating Rate Term Fund
		CENTRAL INDEX KEY:			0001486298
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-222635
		FILM NUMBER:		18538153

	BUSINESS ADDRESS:	
		STREET 1:		C/O GSO CAPITAL PARTNERS LP
		STREET 2:		345 PARK AVE.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-503-2100

	MAIL ADDRESS:	
		STREET 1:		C/O GSO CAPITAL PARTNERS LP
		STREET 2:		345 PARK AVE.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blackstone / GSO Senior Floating Rate Term Fund
		CENTRAL INDEX KEY:			0001486298
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22393
		FILM NUMBER:		18538154

	BUSINESS ADDRESS:	
		STREET 1:		C/O GSO CAPITAL PARTNERS LP
		STREET 2:		345 PARK AVE.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		212-503-2100

	MAIL ADDRESS:	
		STREET 1:		C/O GSO CAPITAL PARTNERS LP
		STREET 2:		345 PARK AVE.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>fp0030426_n2.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on January 19, 2018 </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Securities Act Registration No.&nbsp;333-_____<BR>
Investment Company Registration No.&nbsp;811-22393 </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES</B></FONT><B><BR>
<FONT STYLE="font-size: 18pt">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
Washington, D.C. 20549 </B></P>

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

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM N-2 </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933&nbsp;[X] </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pre-Effective
Amendment No.&nbsp;[&nbsp;&nbsp;]</B><BR> <B>Post-Effective Amendment No.&nbsp;[&nbsp;&nbsp;]</B><BR> <B>and/or</B><BR> <B>REGISTRATION
STATEMENT UNDER</B><BR> <B>THE INVESTMENT COMPANY ACT OF&nbsp;1940&nbsp;[X]</B><BR> <B>Amendment No.&nbsp;7</B><BR> <FONT STYLE="font-size: 18pt"><B>Blackstone&nbsp;/
GSO Senior Floating Rate Term Fund</B></FONT><BR> (Exact Name of Registrant as Specified in Charter)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>345 Park Avenue, 31st Floor</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10154</B><BR>
(Address of Principal Executive Offices)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(877) 876-1121</B><BR>
(Registrant's Telephone Number, Including Area Code)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Marisa Beeney<BR>
GSO Capital Partners&nbsp;LP<BR>
345 Park Avenue, 31st Floor</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10154</B><BR>
(Name and Address of Agent for Service)</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0; text-align: center; text-indent: -9.35pt"><B>Rajib
Chanda</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -9.35pt"><B>Simpson
Thacher &amp; Bartlett LLP&nbsp;</B></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>900 G Street, N.W.</B><BR>
<B>Washington, D.C. 20001</B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approximate Date of Proposed Public Offering: </B>As soon
as practicable after the effective date of this Registration Statement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
any of the securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415
under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following
box.&nbsp;</FONT>[&nbsp;&nbsp;]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is proposed that this filing will become effective (check appropriate box) </FONT>[&nbsp;&nbsp;]<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;when
declared effective pursuant to section&nbsp;8(c) </FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE UNDER
THE SECURITIES ACT OF&nbsp;1933 </B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-top: Black 2pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title of Securities Being Registered</B></FONT></TD>
    <TD STYLE="text-align: center; width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Amount Being</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Registered</B></FONT></TD>
    <TD STYLE="text-align: center; width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Proposed Maximum</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Offering Price</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>per Unit</B></FONT></TD>
    <TD STYLE="text-align: center; width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Proposed Maximum</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Aggregate</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Offering Price<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; width: 15%; border-top: Black 2pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Amount of</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Registration Fee<SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 4pt; text-indent: -4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common Shares of Beneficial Interest, $0.001 par value</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$[ ]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$1,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$124.50</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 4pt; text-indent: -4pt; border-bottom: Black 2pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">Rights to Purchase Common Shares </FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">None</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif">None </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD>Estimated solely for purpose of calculating the registration
fee in accordance with Rule&nbsp;457(c) under the Securities Act of 1933.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD>No separate consideration will be received by the Registrant.</TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant shall file&nbsp;a further amendment
which specifically states that the Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the Registration Statement shall become effective on such dates as the Securities and Exchange
Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information in this prospectus is not complete
and may be changed. The Fund may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale is not permitted.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>SUBJECT TO COMPLETION,
DATED JANUARY 19, 2018</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red"><B>PRELIMINARY
PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">___ <B>Common Shares of Beneficial Interest
Issuable Upon Exercise of </B>___ <B>Rights to Subscribe for Such Shares</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Blackstone&nbsp;/
GSO Senior Floating Rate Term Fund</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Blackstone&nbsp;/ GSO Senior Floating Rate
Term Fund (the &ldquo;Fund&rdquo;) is issuing transferable subscription rights (&ldquo;Rights&rdquo;) to its common shareholders
of record as of March ___, 2018 (the &ldquo;Record Date&rdquo; and such shareholders, &ldquo;Record Date Shareholders&rdquo;).
These Rights will allow Record Date Shareholders to subscribe for new common shares of the Fund in an aggregate amount of approximately
___ common shares (the &ldquo;Offer&rdquo; or the &ldquo;Offering&rdquo;). Record Date Shareholders will receive one Right for
each common share held on Record Date. For every three Rights held, a Record Date Shareholder is entitled to purchase one new common
share of the Fund. Record Date Shareholders who fully exercise their Rights may also, in certain circumstances, purchase additional
common shares pursuant to an over-subscription privilege. The number of Rights to be issued to a Record Date Shareholder will be
rounded up to the nearest number of Rights evenly divisible by three. Fractional shares will not be issued upon the exercise of
the Rights. Accordingly, new common shares may be purchased only pursuant to the exercise of Rights in integral multiples of three.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Rights are transferable and will be
admitted for trading on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol ___ during the course of the Offer. The
Fund&rsquo;s common shares are currently listed, and the new common shares issued in this Offer will also be listed, on the NYSE
under the symbol &ldquo;BSL.&rdquo; On March ___, 2018, the last reported net asset value per common share was $___, and the last
reported sales price per common share on the NYSE was $___.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Offer will expire at 5:00 p.m., Eastern
Time, on April ___, 2018, unless the Offer is extended as described in this Prospectus (the &ldquo;Expiration Date&rdquo;). The
subscription price per common share will be determined based upon a formula equal to _________________. Market price per common
share will be determined based on the average of the last reported sales prices of a common share on the NYSE for the five trading
days preceding the Expiration Date (not including sales price on the Expiration Date). Based on reported net asset value and market
price per common share as of March ___, 2018, the Subscription Price would be $___ per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Rights holders may not know the subscription
price at the time of exercise and will be required initially to pay for both the common shares subscribed for pursuant to the primary
subscription and, if eligible, any additional common shares subscribed for pursuant to the over-subscription privilege, at the
Subscription Price and, except in limited circumstances, will not be able to rescind their subscription. Rights acquired in the
secondary market may not participate in the over-subscription privilege.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exercising your Rights and investing in the Fund involves
a high degree of risk and may be considered speculative. Before exercising your Rights and investing in the Fund, you should read
the discussion of the material risks in &ldquo;Risks&rdquo; in the Prospectus.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In addition, you should consider the following:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20pt">&#9679;</TD>
    <TD STYLE="vertical-align: top"><B>Shareholders who do not exercise their Rights will, at the completion of the Offer, own a smaller proportional interest in the Fund than if they had exercised their Rights, which will proportionately decrease the relative voting power of those shareholders.</B></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20pt">&#9679;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Because the Subscription Price per common share will be below
        the net asset value per common share on the Expiration Date, you will experience an immediate dilution of the aggregate net asset
        value of your common shares if you do not participate in the Offer and you will experience a reduction in the net asset value per
        common share of your common shares whether or not you participate in the Offer.</B></P></TD></TR>
</TABLE>


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<TR>
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20pt"><B>&#9679;</B></TD>
    <TD STYLE="vertical-align: top"><B>You will experience an immediate dilution of the aggregate net asset value of your common shares because you will indirectly bear the expenses of the Offer. This dilution of net asset value will disproportionately affect common shareholders who do not exercise their Rights.</B></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20pt">&#9679;</TD>
    <TD STYLE="vertical-align: top"><B>The Fund cannot state precisely the extent of this dilution if you do not exercise your Rights because the Fund does not know what the net asset value per common share will be when the Offer expires, or what proportion of the Rights will be exercised. &nbsp;</B></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>Per common share</B></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>Total maximum<SUP>3</SUP></B></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Estimated subscription price<SUP>1</SUP></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$______</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$______</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Estimated sales load</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">None</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">None</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top">Estimated offering expenses<SUP>2</SUP></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$______</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$______</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Estimated net proceeds to Fund<SUP>1</SUP></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$______</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$______</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD>Estimated on the basis of __________ at the close of trading
on the NYSE on ______, 2018. See &ldquo;The Offer&mdash;The Subscription Price.&rdquo;</TD>
</TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD>Offering expenses payable by the Fund (and indirectly by
all of the Fund&rsquo;s common shareholders, including those who do not exercise their Rights) are estimated at approximately
$______, which includes fees to the Computershare Trust Company, N.A. (&ldquo;Computershare&rdquo; or the &ldquo;Subscription
Agent&rdquo;) and Georgeson LLC (&ldquo;Georgeson&rdquo; or the &ldquo;Information Agent&rdquo;) estimated to be approximately
$______ in the aggregate inclusive of out of pocket expenses.</TD>
</TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD>Assumes all Rights are exercised at the estimated subscription
price per common share. All of the Rights offered may not be exercised.</TD>
</TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Assuming all common shares offered are purchased
in the Offer, the proportionate interest held by non-exercising shareholders will decrease upon completion of the Offer. As with
any common stock, the price of the Fund&rsquo;s common shares fluctuates with market conditions and other factors. As of March
___, 2018, the common shares were trading at a (&nbsp;&nbsp;)% [premium/discount] to their net asset value. Since the inception of the Fund,
the common shares have traded at discounts of as much as (&nbsp;&nbsp;)%. As described more fully in this prospectus, Record Date Shareholders
who fully exercise all Rights initially issued to them are entitled to buy those common shares referred to as &ldquo;over-subscription
shares,&rdquo; that were not purchased by other Rights holders. If enough over-subscription shares are available, all such requests
will be honored in full. If the requests for over-subscription shares exceed the over-subscription shares available, the available
over-subscription shares will be allocated <I>pro rata </I>among those fully exercising Record Date Shareholders who over-subscribe
based on the number of Rights originally issued to them by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Investment Objectives</I>.&nbsp;&nbsp;The
Fund is a diversified, closed-end management investment company. The Fund&rsquo;s primary investment objective is to seek high
current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of high current income.
There can be no assurance that the Fund will achieve its investment objectives. The Fund seeks to achieve these investment objectives
by investing primarily in senior, secured floating rate loans (&ldquo;Senior Loans&rdquo;). Under normal market conditions, GSO&nbsp;/&nbsp;Blackstone
Debt Funds Management&nbsp;LLC (the &ldquo;Adviser&rdquo;), the Fund&rsquo;s investment adviser, expects the Fund to maintain an
average duration of less than one year (including the effect of anticipated leverage).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 9pt">ii</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Investment Policies</I>.&nbsp;&nbsp;Under
normal market conditions, the Fund will invest at least 80% of its Managed Assets (as defined below) in Senior Loans. Senior Loans
are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities (&ldquo;Borrowers&rdquo;)
which operate in various industries and geographical regions. Senior Loans pay interest at rates which are determined periodically
on the basis of a floating base lending rate, primarily the London-Interbank Offered Rate, plus a premium. Senior Loans typically
are of below investment grade quality. Below investment grade quality securities (including Senior Loans) are those that, at the
time of investment, are rated Ba1 or lower by Moody&rsquo;s Investors Service,&nbsp;Inc. (&ldquo;Moody&rsquo;s&rdquo;) and BB+
or lower by Standard&nbsp;&amp; Poor&rsquo;s Corporation Ratings Group (&ldquo;S&amp;P&rdquo;) or Fitch Ratings,&nbsp;Inc. (&ldquo;Fitch&rdquo;),
or if unrated are determined by the Adviser to be of comparable quality. Below investment grade securities, commonly referred to
as &ldquo;junk&rdquo; or &ldquo;high yield&rdquo; securities, are high risk and have speculative characteristics.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may invest up to 20% of its Managed
Assets in (i)&nbsp;loan interests that are not secured by any collateral of the Borrower, (ii)&nbsp;loan interests that have a
lower than first lien priority on collateral of the Borrower, (iii)&nbsp;other income producing securities (including, without
limitation, U.S. government debt securities and investment and non-investment grade, subordinated and unsubordinated corporate
debt securities), (iv)&nbsp;warrants and equity securities issued by a Borrower or its affiliates as part of a package of investments
in the Borrower or its affiliates and (v)&nbsp;structured products (including, without limitation, collateralized loan obligations,
credit linked notes and derivatives, including credit derivatives).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Limited Term.</I> On November 17, 2017,
shareholders approved extending the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date from
May 31, 2020 to May 31, 2022, absent any further extension approved by shareholders. Upon dissolution, the Fund will distribute
substantially all of its net assets to shareholders, after making appropriate provision for any liabilities of the Fund. Investors
may receive more or less than their original investment upon dissolution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Illiquid Securities.</I> The Fund may
invest up to 50% of its Managed Assets in securities that are considered illiquid. &ldquo;Illiquid securities&rdquo; are securities
which cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining
its net asset value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Leverage.</I> The Fund may utilize leverage
through borrowings, including loans from certain financial institutions and/or the issuance of debt securities (collectively, &ldquo;Borrowings&rdquo;),
in an aggregate amount of up to 33<SUP>1</SUP>/3% of its Managed Assets at the time the leverage is incurred in order to buy additional
securities. As used throughout this prospectus, &ldquo;Managed Assets&rdquo; means the total assets of the Fund (including any
assets attributable to any preferred shares that may be outstanding or to money borrowed from banks or financial institutions or
issued notes for investment purposes) minus the sum of the Fund&rsquo;s accrued liabilities (other than Fund liabilities incurred
for the express purpose of creating leverage). As of ____, the Fund had a credit facility with a financial institution in place
under which it had Borrowings representing approximately ____% of our Managed Assets. After completion of this Offer, the Fund
expects to increase its use of leverage through the availability of a credit facility to maintain leverage equal to 33<SUP>1</SUP>/3%.
See &ldquo;Risks&mdash;Leverage Risk.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Investment Adviser.</I> GSO / Blackstone
Debt Funds Management LLC (the &ldquo;Adviser&rdquo;) acts as the Fund&rsquo;s investment adviser. The Adviser, a wholly-owned
subsidiary of GSO Capital Partners LP (collectively with its affiliates in the credit-focused business of The Blackstone Group
L.P., &ldquo;GSO&rdquo;), is a registered investment adviser. GSO is the credit platform of The Blackstone Group L.P. (collectively
with its affiliates as the context requires, &ldquo;Blackstone&rdquo;), which is a leading global manager of private capital. The
alternative asset management business includes the management of private equity funds, real estate funds, real estate investment
trusts, funds of hedge funds, hedge funds, credit-focused funds, collateralized loan obligation vehicles, separately managed accounts
and registered investment companies. Blackstone&rsquo;s business is organized into four segments: private equity, real estate,
hedge fund solutions and credit. Through its different investment businesses, as of December 31, 2017, Blackstone had total assets
under management of over $___&nbsp;billion. As of December 31, 2017, GSO&rsquo;s asset management operation had aggregate assets
under management of over $____&nbsp;billion across multiple strategies within the leveraged finance marketplace, including loans,
high yield bonds, distressed and mezzanine debt and private equity, including hedge funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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


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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">An investment in the Fund is not appropriate
for all investors. No assurances can be given that the Fund will achieve its investment objectives. Further, the Fund&rsquo;s ability
to pursue its investment objectives, the value of the Fund&rsquo;s investments and the Fund&rsquo;s net asset value may be adversely
affected by changes in tax rates and policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">You should read this prospectus, which concisely
sets forth information about the Fund, before deciding whether to invest in the common shares, and retain it for future reference.
A Statement of Additional Information, dated ____, 2018, containing additional information about the Fund, has been filed with
the Securities and Exchange Commission and, as amended from time to time, is incorporated by reference in its entirety into this
prospectus. You can review the table of contents for the Statement of Additional Information on page&nbsp;___ of this prospectus.
You may request a free copy of the Statement of Additional Information by calling 1-877-876-1121 or by writing to the Fund, or
obtain a copy (and other information regarding the Fund) from the Securities and Exchange Commission&rsquo;s Public Reference
Room in Washington, D.C. Call (202)&nbsp;551-8090 for information. The Securities and Exchange Commission charges a fee for copies.
You can get the same information, including any materials incorporated by reference, free from the Securities and Exchange Commission&rsquo;s
website (<I>http://www.sec.gov</I>). You may also e-mail requests for these documents to <I>publicinfo@sec.gov</I> or make a request
in writing to the Securities and Exchange Commission&rsquo;s Public Reference Section, 100&nbsp;F Street, N.E., Washington, D.C.
20549-0102. You may request a free copy of the Statement of Additional Information (the table of contents of which is on page&nbsp;[
] of this prospectus), annual and semi-annual reports to stockholders, and additional information about the Fund and make shareholders&rsquo;
inquiries by calling 1-800-831-5776, by writing to the Fund or visiting the Fund&rsquo;s website (<U>http://www.blackstone-gso.com</U>).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>The Rights and the Fund&rsquo;s common
shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository
institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other
government agency.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2018.</P>

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

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


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    <!-- Field: /Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>PROSPECTUS SUMMARY</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SUMMARY OF FUND EXPENSES</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">30</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL HIGHLIGHTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SENIOR SECURITIES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3</FONT>4</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE OFFERING</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">USE OF PROCEEDS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE FUND</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE FUND&rsquo;S INVESTMENTS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">LEVERAGE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">56</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RISKS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">58</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">HOW THE FUND MANAGES RISK</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">77</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT OF THE FUND</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">78</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NET ASSET VALUE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">82</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DISTRIBUTIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">82</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DIVIDEND REINVESTMENT PLAN</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">83</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DESCRIPTION OF SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">85</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CERTAIN PROVISIONS IN THE AGREEMENT AND DECLARATION OF TRUST</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CLOSED-END FUND STRUCTURE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">89</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">REPURCHASE OF COMMON SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">90</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TAX MATTERS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">90</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSTODIAN AND TRANSFER AGENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">93</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">LEGAL OPINIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">93</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TABLE OF CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">94</FONT></TD></TR>
</TABLE>




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



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You should rely only on the information contained or incorporated
by reference in this prospectus. We have not authorized any other person to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities
in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this prospectus is accurate
only as of the date of this prospectus. Our business, financial condition and prospects may have changed since that date.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt">v</FONT></P>


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    <!-- Field: /Page -->



<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PROSPECTUS
SUMMARY</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>This
is only a summary of certain information contained in this prospectus relating to Blackstone&nbsp;/ GSO Senior Floating Rate Term
Fund. This summary may not contain all of the information that you should consider before investing in our common shares. You
should review the more detailed information contained in this prospectus and in the Statement of Additional Information (the &ldquo;SAI&rdquo;).</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The Fund</B></FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Blackstone&nbsp;/&nbsp;GSO
    Senior Floating Rate Term Fund is a diversified, closed-end management investment company. Throughout the prospectus, we refer
    to Blackstone&nbsp;/ GSO Senior Floating Rate Term Fund simply as the &ldquo;Fund&rdquo; or as &ldquo;we,&rdquo; &ldquo;us&rdquo;
    or &ldquo;our.&rdquo; See &ldquo;The Fund.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The Purpose of the Offer</B></FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[To
        be filed by amendment]</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The Offering</B></FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Fund is issuing transferable subscription rights (&ldquo;Rights&rdquo;) to its common shareholders of record as of March
        ___, 2018 (the &ldquo;Record Date&rdquo; and such shareholders, &ldquo;Record Date Shareholders&rdquo;). These Rights
        will allow Record Date Shareholders to subscribe for new common shares of the Fund in an aggregate amount of approximately
        ___ common shares (the &ldquo;Offer&rdquo; or the &ldquo;Offering&rdquo;). Record Date Shareholders will receive one Right
        for each common share held on the Record Date. For every three Rights held, you are entitled to purchase one new common
        share of the Fund. Record Date Shareholders who fully exercise their Rights may also, in certain circumstances, purchase
        additional common shares pursuant to an over-subscription privilege. The number of Rights to be issued to each Record
        Date Shareholder will be rounded up to the nearest number of Rights evenly divisible by three. Fractional shares will
        not be issued upon the exercise of the Rights. Accordingly, new common shares may be purchased only pursuant to the exercise
        of Rights in integral multiples of three.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Rights are transferable and will be admitted for trading on the New York Stock Exchange under the symbol ___ during the
        course of the Offer. The Fund&rsquo;s common shares are currently listed, and the new common shares issued in this Offer
        will also be listed, on the New York Stock Exchange under the symbol &ldquo;BSL&rdquo;. On ___, 2018, the last reported
        net asset value per common share was $___, and the last reported sales price per common share on the New York Stock Exchange
        was $___.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Offer will expire at 5:00 p.m., Eastern Time, on April ___, 2018, unless the Offer is extended as described in this Prospectus
        (the &ldquo;Expiration Date&rdquo;).</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        subscription price (&ldquo;Subscription Price&rdquo;) per common share will be determined based upon a formula equal to
        __________. Market price per common share will be determined based on the average of the last reported sales prices of
        a common share on the New York Stock Exchange for the five trading days preceding the Expiration Date (not including sales
        price on the Expiration Date). Based on reported net asset value and market price per common share as of March ___, 2018,
        the Subscription Price would be $___ per share. Common shares of the Fund, as a closed-end fund, can trade at a discount
        to net asset value. Upon expiration of the Offer, common shares will be issued at a price below net asset value per share.</FONT></P>

        </TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 80%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rights
        holders may not know the Subscription Price at the time of exercise and will be required initially to pay for both the
        common shares subscribed for pursuant to the primary subscription and, if eligible, any additional common shares subscribed
        for pursuant to the over-subscription privilege at the Subscription Price and, except in limited circumstances, will not
        be able to rescind their subscription.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rights
        acquired in the secondary market may not participate in the over-subscription privilege.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        right to acquire one common share for each three Rights held during the period commencing on March ___, 2018 and ending
        at 5:00 p.m., Eastern Time, on April ___, 2018 (the &ldquo;Subscription Period&rdquo;) at the Subscription Price will
        be referred to in the remainder of this Prospectus as the &ldquo;primary subscription.&rdquo;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>The
        Fund will not be issuing share certificates for the common shares issued pursuant to this Offer. Issuance of common shares
        will be made electronically via book entry by Computershare Shareowner Services, LLC (&ldquo;Computershare&rdquo;), the
        Fund&rsquo;s transfer agent.</I></FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Over-subscription Privilege</B></FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Record
Date Shareholders who fully exercise all Rights initially issued to them are entitled to buy those common shares, referred to
as &ldquo;over-subscription shares,&rdquo; that were not purchased by other Rights holders at the same Subscription Price. If
enough over-subscription shares are available, all such requests will be honored in full. If the requests for over-subscription
shares exceed the over-subscription shares available, the available over-subscription shares will be allocated <I>pro rata </I>among
those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by
the Fund. Common shares acquired pursuant to the over-subscription privilege are subject to allotment. </FONT>Rights acquired
in the secondary market may not participate in the over-subscription privilege.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Notwithstanding
        the above, the Board may determine to eliminate the over-subscription privilege with respect
        to the over-subscription shares if it considers it to be in the best interest of the Fund to do so. The Board may make
        that determination at any time, without prior notice to Rights holders or others, up to and including the seventh day
        following the Expiration Date. See &ldquo;The Offer&mdash;Over-Subscription Privilege.&rdquo;</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Method for Exercising Rights</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rights may be exercised by completing and signing
    the reverse side of the subscription certificate evidencing the Rights (the &ldquo;Subscription Certificate&rdquo;) and mailing
    it in the envelope provided, or otherwise delivering the completed and signed Subscription Certificate to ______ (the &ldquo;Subscription
    Agent&rdquo;), together with payment for the common shares as described below under &ldquo;Payment for Shares.&rdquo; Rights
    may also be exercised through a Rights holder&rsquo;s broker, who may charge the Rights holder a servicing fee in connection
    with such exercise. See &ldquo;The Offer &mdash;Method of Exercising Rights&rdquo; and &ldquo;The Offer&mdash;Payment for
    Shares.&rdquo;</FONT></TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Sale of Rights</B></FONT></TD>
    <TD STYLE="width: 80%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Rights are transferable until the completion of the Subscription Period and will be admitted for trading on the New York
        Stock Exchange. Although no assurance can be given that a market for the Rights will develop, trading in the Rights on
        the New York Stock Exchange will begin when the Subscription Period begins and may be conducted until the close of trading
        on the last New York Stock Exchange trading day prior to the completion of the Subscription Period. For purposes of this
        Prospectus, a &ldquo;Business Day&rdquo; means any day on which trading is conducted on the New York Stock Exchange.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        value of the Rights, if any, will be reflected by the market price. Rights may be sold by individual holders or may be
        submitted to the Subscription Agent for sale (see &ldquo;The Offer &mdash; Method of Transferring Rights&rdquo;). Any
        Rights submitted to the Subscription Agent for sale must be received by the Subscription Agent on or before April ___,
        2018, five Business Days prior to the completion of the Subscription Period, due to normal settlement procedures. Selling
        shareholders are responsible for all brokerage commissions incurred by the Subscription Agent as well as other fees and
        expenses associated with a transfer of Rights.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rights
        that are sold will not confer any right to acquire any Shares in the over-subscription, and any Record Date Shareholder
        who sells any Rights will not be eligible to participate in the over-subscription with respect to the Rights sold.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trading
        of the Rights on the New York Stock Exchange will be conducted on a when-issued basis until and including the date on
        which the Subscription Certificates are mailed to Record Date Shareholders, and thereafter will be conducted on a regular
        way basis until and including the last New York Stock Exchange trading day prior to the completion of the Subscription
        Period. [Common shares will begin trading ex-Rights two Business Days prior to the Record
        Date.]</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
        the Subscription Agent receives Rights for sale in a timely manner, it will use its best efforts to sell the Rights on
        the New York Stock Exchange. The Subscription Agent will also attempt to sell any Rights (i) a Rights holder is unable
        to exercise because the Rights represent the right to subscribe for less than one new common share or (ii) attributable
        to shareholders whose record addresses are outside the United States or who have an Army Post Office (&ldquo;APO&rdquo;)
        or Fleet Post Office (&ldquo;FPO&rdquo;) address. See &ldquo;Restrictions on Foreign Shareholders&rdquo; and &ldquo;The
        Offer&mdash;Foreign Restrictions&rdquo;.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
        commissions will be paid by the selling Rights holders. Neither the Fund nor the Subscription Agent will be responsible
        if Rights cannot be sold and neither has guaranteed any minimum sales price for the Rights. If the Rights can be sold,
        sales of these Rights will be deemed to have been effected at the weighted average price received by the Subscription
        Agent on the day such Rights are sold, less any applicable brokerage commissions, taxes and other expenses.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Shareholders
        are urged to obtain a recent trading price for the Rights on the New York Stock Exchange from their broker, bank, financial
        advisor or the financial press.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Banks,
        broker-dealers and trust companies that hold common shares for the accounts of others are advised to notify those persons
        who purchase Rights in the secondary market that such Rights will not participate in the over-subscription privilege.</FONT></P>
</TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Offering Expenses</B></FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Offering expenses incurred by the Fund (and
    indirectly by all of the Fund&rsquo;s common shareholders, including those who do not exercise their Rights) in connection
    with the Offer are estimated to be $___.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Restrictions
on Foreign Shareholders</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Subscription Certificates will only be mailed
    to Record Date Shareholders whose addresses are within the United States (other than an APO or FPO address). Record Date Shareholders
    whose addresses are outside the United States or who have an APO or FPO address and who wish to subscribe to the Offer either
    in part or in full should contact the Subscription Agent in writing or by recorded telephone conversation no later than five
    Business Days prior to the Expiration Date. The Fund will determine whether the Offer may be made to any such Record Date
    Shareholder. The Offer will not be made in any jurisdiction where it would be unlawful to do so. If the Subscription Agent
    has received no instruction by the fifth Business Day prior to the Expiration Date or the Fund has determined that the Offer
    may not be made to a particular Record Date Shareholder, the Subscription Agent will attempt to sell all of such shareholder&rsquo;s
    Rights and remit the net proceeds, if any, to such shareholder. If the Rights can be sold, sales of these Rights will be deemed
    to have been effected at the weighted average price received by the Subscription Agent on the day the Rights are sold, less
    any applicable brokerage commissions, taxes and other expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Use of Proceeds</B></FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Fund estimates the net proceeds of the Offer to be approximately $___. This figure is based on an estimated Subscription
        Price per common share of $___ and assumes all new common shares offered are sold and that the expenses related to the
        Offer estimated at approximately $___ are paid.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Fund will invest the net proceeds from the Offer in accordance with the Fund&rsquo;s investment objectives and policies.
        Pending the investment of the proceeds pursuant to the Fund&rsquo;s investment objectives and policies, the Fund may invest
        a portion of the proceeds of the offering, which may be a substantial portion, in short-term, high quality debt securities,
        money market securities, cash or cash equivalents.</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Who May Want to Invest</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investors should consider their investment goals,
    time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors,
    and the Fund is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as
    a trading vehicle. The Fund may be an appropriate investment for investors who are seeking:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a closed-end fund with a limited term structure that will invest primarily in senior secured, floating rate loans (&ldquo;Senior
    Loans&rdquo;);</FONT></P>
    <P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exposure to Senior Loans, which may provide some diversification for an overall portfolio that lacks such exposure; and</FONT>
    </P>

    <P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;professional selection and active management by the Adviser.</FONT></P>
    </TD></TR>

</TABLE>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Adviser believes that current market conditions
    provide opportunities to invest in Senior Loans and other debt securities that may provide attractive risk adjusted returns.
    The closed-end structure allows the Fund to maintain a stable pool of assets, without the need to keep assets in low-yielding
    instruments like cash or cash equivalents or to liquidate assets, sometimes at inopportune times, to meet redemption requests.
    The Fund&rsquo;s limited remaining term structure may also mitigate trading discount concerns for long-term investors because
    the Fund intends to dissolve and distribute substantially all its net assets to shareholders on or about May&nbsp;31, 2022.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment Objectives</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund&rsquo;s primary investment objective
    is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal
    of high current income. There can be no assurance that the Fund will achieve its investment objectives. The Fund&rsquo;s investment
    objectives may be changed on 60&nbsp;days&rsquo; notice to shareholders. Under normal market conditions, the Adviser expects
    the Fund to maintain an average duration of less than one year (including the effect of anticipated leverage). Duration is
    a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted
    average timing of the instrument&rsquo;s expected principal and interest payments. See &ldquo;The Fund&rsquo;s Investments.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment Policies</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund will pursue its objectives by investing
    primarily in Senior Loans. Senior Loans are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and
    other business entities (&ldquo;Borrowers&rdquo;) which operate in various industries and geographical regions. Senior Loans
    pay interest at rates which are determined periodically by reference to a base lending rate, primarily the London-Interbank
    Offered Rate (&ldquo;LIBOR&rdquo;), plus a premium.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Under normal market conditions, at least 80%
    of the Fund&rsquo;s Managed Assets will be invested in Senior Loans. This policy is not fundamental and may be changed by
    the board of trustees of the Fund with at least 60&nbsp;days&rsquo; written notice provided to shareholders. Borrowers take
    out Senior Loans to refinance existing debt and for acquisitions, dividends, leveraged buyouts, and general corporate purposes.
    &ldquo;Managed Assets&rdquo; means the total assets of the Fund (including any assets attributable to any preferred shares
    that may be outstanding or to money borrowed from banks or financial institutions or issued notes for investment purposes)
    minus the sum of the Fund&rsquo;s accrued liabilities (other than Fund liabilities incurred for the express purpose of creating
    leverage).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Loans typically are of below investment
    grade quality. Below investment grade quality securities (including Senior Loans) are those that, at the time of investment,
    are rated Ba1 or lower by Moody&rsquo;s Investors Service,&nbsp;Inc. (&ldquo;Moody&rsquo;s&rdquo;) and BB+ or lower by Standard&nbsp;&amp;
    Poor&rsquo;s Corporation Ratings Group (&ldquo;S&amp;P&rdquo;) or Fitch Ratings,&nbsp;Inc. (&ldquo;Fitch&rdquo;), or if unrated
    are determined by the Adviser to be of comparable quality. Securities of below investment grade quality, commonly referred
    to as &ldquo;junk&rdquo; or &ldquo;high yield&rdquo; securities, are regarded as having predominantly speculative characteristics
    with respect to an issuer&rsquo;s capacity to pay interest and repay principal.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund may invest up to 20% of its Managed
    Assets in (i)&nbsp;loan interests that are not secured by any collateral of the Borrower, (ii)&nbsp;loan interests that have
    a lower than first lien priority on collateral of the Borrower, (iii)&nbsp;other income producing securities (including, without
    limitation, U.S. government debt securities and investment and non-investment grade, subordinated and unsubordinated corporate
    debt securities), (iv)&nbsp;warrants and equity securities issued by a Borrower or its affiliates as part of a package of
    investments in the Borrower or its affiliates and (v)&nbsp;structured products (including, without limitation, collateralized
    loan obligations, credit linked notes and derivatives, including credit derivatives).</FONT></TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund may invest in debt securities, including
    Senior Loans, of any credit quality, maturity and duration. The Fund may invest in U.S. dollar and non-U.S. dollar denominated
    securities of issuers located anywhere in the world, and of issuers that operate in any industry. The Fund may also invest
    in swaps, including single name credit default swaps, single name loan credit default swaps, total return swaps, interest
    rate swaps and foreign currency swaps.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund may invest up to 50% of its Managed
    Assets in securities that are considered illiquid. &ldquo;Illiquid securities&rdquo; are securities which cannot be sold within
    seven days in the ordinary course of business at approximately the value used by the Fund in determining its net asset value.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">During temporary defensive periods or in order
    to keep the Fund&rsquo;s cash fully invested, including during the period when the net proceeds of the offering of common
    shares are being invested, the Fund may deviate from its investment policies and objectives. During such periods, the Fund
    may invest all or a portion of Managed Assets in U.S. government securities, including bills, notes and bonds differing as
    to maturity and rates of interest that are either issued or guaranteed by the Treasury or by U.S. government agencies or instrumentalities;
    non-U.S. government securities which have received the highest investment grade credit rating, certificates of deposit issued
    against funds deposited in a bank or a savings and loan association; commercial paper; bankers&rsquo; acceptances; bank time
    deposits; shares of money market funds; credit linked notes; repurchase agreements with respect to any of the foregoing; asset-backed
    securities or any other fixed income securities that the Adviser considers consistent with this strategy. It is impossible
    to predict when, or for how long, the Fund will use these alternative strategies. There can be no assurance that such strategies
    will be successful. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio Composition&mdash;Temporary Strategies; Invest-Up
    Period; Dissolution&rdquo; in this prospectus and &ldquo;The Fund&rsquo;s Investments&mdash;Investment Policies and Techniques&rdquo;
    in the Fund&rsquo;s SAI.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Percentage limitations described in this prospectus
    are as of the time of investment by the Fund and may be exceeded because of changes in the market value or investment rating
    of the Fund&rsquo;s assets or if a Borrower distributes equity securities as incident to the purchase or ownership of a Senior
    Loan, Subordinated Loan (as defined below) or in connection with a reorganization of a Borrower.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For a more complete discussion of the Fund&rsquo;s
    portfolio composition, see &ldquo;The Fund&rsquo;s Investments.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Limited Term</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">On November 17, 2017, shareholders approved
    extending the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date from May 31, 2020 to May
    31, 2022, absent any further extension approved by shareholders. Upon dissolution, the Fund will distribute substantially
    all of its net assets to shareholders, after making appropriate provision for any liabilities of the Fund.</FONT></TD></TR>
</TABLE>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund&rsquo;s Amended and Restated Agreement
    and Declaration of Trust (the &ldquo;Agreement and Declaration of Trust&rdquo;) provides that the Fund will dissolve on May&nbsp;31,
    2020 (which was extended to May 31, 2022), except for the purpose of paying, satisfying and discharging any existing debts
    or obligations, collecting and distributing its assets and doing all other acts required to liquidate and wind up its business
    and affairs, unless extended by shareholder approval. The dissolution process could be extended depending on market conditions
    at that time.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant to the Agreement and Declaration of
    Trust, prior to the date of dissolution a majority of the board of trustees, with the approval of a majority of the shareholders
    entitled to vote (as defined in the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;))
    may extend the life of the Fund. If approved, the dissolution date of the Fund may be extended by a period of two years or
    such shorter time as may be determined. However, the dissolution date of the Fund may be extended an unlimited number of times.
    In determining whether to extend the dissolution date of the Fund, the board of trustees may consider the inability to sell
    the Fund&rsquo;s assets in a time frame consistent with dissolution due to lack of market liquidity or other extenuating circumstances.
    Additionally, the board of trustees may determine that market conditions are such that it is reasonable to believe that, with
    an extension, the Fund&rsquo;s remaining assets will appreciate by an amount that is meaningful relative to the cost and expense
    of continuing the operation of the Fund.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund has a reinvestment period that will
    end one year prior to the dissolution date of the Fund and accordingly is currently scheduled to end on May 31, 2021. The
    reinvestment period was extended in connection with the extension of the dissolution date. After the reinvestment period,
    the Fund will stop reinvesting principal proceeds generated by maturities, prepayments and sales of investments. Principal
    proceeds after the reinvestment period may be distributed on a <I>pro rata</I> basis among the Fund&rsquo;s common shareholders,
    preferred shareholders, noteholders and lenders, subject to any terms of any borrowing or preferred share and/or notes issuance.
    Principal proceeds distributed to shareholders may constitute tax-advantaged returns of capital for U.S. federal income tax
    purposes. See &ldquo;Tax Matters.&rdquo; The Adviser will continue receiving a fee for investment advisory services after
    the reinvestment period on the Fund&rsquo;s Managed Assets.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Leverage</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund currently anticipates utilizing
    leverage     through borrowings, including loans from certain financial institutions and/or the issuance of debt securities
    (collectively,     &ldquo;Borrowings&rdquo;), in an aggregate amount of up to 33<SUP>1</SUP>/3% of its Managed Assets at the
    time the leverage     is incurred in order to buy additional securities. As of ____, the Fund had a credit facility with a
    financial institution     in place under which it had Borrowings representing approximately ____% of our Managed Assets.
    After completion of this Offer,     the Fund expects to increase its use of leverage through the availability of a credit
    facility to maintain leverage equal     to 33<SUP>1</SUP>/3% of its Managed Assets.&nbsp;&nbsp;The Fund may also borrow for
    temporary,     emergency or other purposes as permitted under the     Investment Company Act. All costs and expenses related
    to any form of     leverage used by the Fund will be borne entirely by     common shareholders. See &ldquo;Summary of Fund
    Expenses.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If the rate of return, after the payment of
    applicable expenses of the Fund, on the securities purchased by the Fund is greater than the interest paid by the Fund on
    its borrowed money, the excess income may be used to pay higher dividends to holders of common shares. However, the Fund cannot
    assure you that the use of leverage will result in a higher yield on the common shares. When leverage is employed, the net
    asset value and market price of the common shares and the yield to holders of common shares will be more volatile. During
    periods when the Fund is using leverage, the fees paid to the Adviser for advisory services and to ALPS (defined below) for
    administrative services will be higher than if the Fund did not use leverage because the fees paid will be calculated on the
    basis of the Fund&rsquo;s Managed Assets, which includes the assets purchased through leverage. As such, the Adviser may have
    a financial incentive to increase the Fund&rsquo;s use of leverage, which constitutes an inherent conflict of interest. See
    &ldquo;Leverage&rdquo; and &ldquo;Risks&mdash;Leverage Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment Adviser</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GSO / Blackstone Debt Funds Management LLC (the
    &ldquo;Adviser&rdquo;) acts as the Fund&rsquo;s investment adviser. The Adviser, a wholly-controlled subsidiary of GSO Capital
    Partners LP (collectively with its affiliates, &ldquo;GSO&rdquo;), is a registered investment adviser. GSO is the credit platform
    of The Blackstone Group L.P. (collectively with its affiliates, &ldquo;Blackstone&rdquo;), which is a leading global manager
    of private capital. The alternative asset management business includes the management of private equity funds, real estate
    funds, real estate investment trusts, funds of hedge funds, hedge funds, credit-focused funds, collateralized loan obligation
    vehicles, separately managed accounts and registered investment companies. Blackstone&rsquo;s business is organized into four
    segments: private equity, real estate, hedge fund solutions and credit.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Adviser receives a monthly fee at the annual
    rate of 0.90% of the average daily value of the Fund&rsquo;s Managed Assets. During periods when the Fund is using leverage,
    the fees paid to the Adviser will be higher than if the Fund did not use leverage because the fees paid will be calculated
    on the basis of the Fund&rsquo;s Managed Assets, which includes the assets purchased through leverage. See &ldquo;Management
    of the Fund&mdash;Investment Advisory Agreement.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Administrator</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALPS Fund Services,&nbsp;Inc. (&ldquo;ALPS&rdquo;),
    located at 1290 Broadway, 11<SUP>th</SUP> Floor, Denver, Colorado 80203, serves as administrator to the Fund. Under the administration
    agreement, ALPS is responsible for calculating the net asset value of the common shares and generally managing the administrative
    affairs of the Fund.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALPS is entitled to receive a monthly fee at
    the annual rate of 0.09% of the average daily value of the Fund&rsquo;s Managed Assets, subject to a minimum annual fee of
    the lesser of $225,000 or (if below $225,000) 0.14% of the average daily value of the Fund&rsquo;s Managed Assets, plus out-of-pocket
    expenses. During periods when the Fund is using leverage, the fees paid to ALPS will be higher than if the Fund did not use
    leverage because the fees paid are calculated on the basis of the Fund&rsquo;s Managed Assets, which includes the assets purchased
    through leverage. See &ldquo;Management of the Fund&mdash;Administrator.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Distributions</B></FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund generally makes regular monthly cash
    distributions of all or a portion of its net investment income to common shareholders and intends to continue to do so. The
    Fund generally distributes to common shareholders at least annually all or substantially all of its net investment income
    after the payment of leverage expenses.&nbsp;&nbsp;However, the Fund may preserve modest amounts of net income to support
    future distributions. The Fund pays any capital gains distributions at least annually. If the Fund realizes a long-term capital
    gain, it will be required to allocate such gain between the common shares and any preferred shares issued by the Fund in proportion
    to the total dividends paid to each class for the year in which the income is realized. See &ldquo;Distributions&rdquo; and
    &ldquo;Leverage.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Various factors will affect the level of the
    Fund&rsquo;s income, including the asset mix, the average maturity of the Fund&rsquo;s portfolio, the amount of leverage utilized
    by the Fund and the Fund&rsquo;s use of hedging. To permit the Fund to maintain a more stable monthly distribution, the Fund
    may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed income
    would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular
    monthly period may be more or less than the amount of income actually earned by the Fund during that period. Undistributed
    income will add to the Fund&rsquo;s net asset value (and indirectly benefits the Adviser and ALPS by increasing their fees)
    and, correspondingly, distributions from undistributed income will reduce the Fund&rsquo;s net asset value. See &ldquo;Distributions.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cash distributions to holders of our common
    shares may be reinvested under our Dividend Reinvestment Plan (&ldquo;DRIP&rdquo;) in additional whole and fractional shares
    if you or your representative elect (&ldquo;opt-in&rdquo;) to enroll in the DRIP. See &ldquo;Distributions&rdquo; and &ldquo;Dividend
    Reinvestment Plan.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Listing</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund&rsquo;s common shares are listed on
    the New York Stock Exchange. The trading or &ldquo;ticker&rdquo; symbol of the common shares is &ldquo;BSL,&rdquo; and the
    new common shares issued in this Offer will also be listed under BSL. See &ldquo;Description of Shares&mdash;Common Shares.&rdquo;
    The Rights will be admitted for trading on the New York Stock Exchange under the symbol ___&nbsp;&nbsp;during the course of
    the Offer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Custodian and Transfer Agent</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Bank of New York Mellon serves as the Fund&rsquo;s
    custodian. Computershare Shareowner Services, LLC (&ldquo;Computershare&rdquo;) serves as the Fund&rsquo;s transfer agent.
    See &ldquo;Custodian and Transfer Agent.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Market Price of Shares</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common shares of closed-end management investment
    companies frequently trade at a discount from their net asset value. Common shares of closed-end investment companies like
    the Fund have traded at prices higher than their net asset value during some periods, and have traded at prices lower than
    their net asset value during other periods. The Fund cannot assure you that its common shares will trade at a price higher
    than or equal to net asset value. The Fund&rsquo;s net asset value will be reduced immediately following this Offer by the
    amount of expenses paid by the Fund. See &ldquo;Use of Proceeds.&rdquo; In addition to net asset value, the market price of
    the Fund&rsquo;s common shares may be affected by such factors as distribution levels, which are in turn affected by expenses,
    distribution stability, liquidity and market supply and demand. See &ldquo;Risks,&rdquo; &ldquo;Description of Shares&mdash;Common
    Shares&rdquo; and &ldquo;Repurchase of Common Shares.&rdquo; The common shares are designed primarily for long-term investors;
    you should not purchase common shares of the Fund if you intend to sell them shortly after purchase. See &ldquo;Description of Shares&rdquo; for historical market prices
of the Fund&rsquo;s common shares.

</FONT></TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Risks</B></FONT></TD>
    <TD STYLE="width: 80%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Dilution
                           Risk. </I>Shareholders who do not exercise their Rights will, at the completion of the Offer, own a smaller proportional
                           interest in the Fund than if they exercised their Rights, which will proportionately decrease the relative voting power
                           of those shareholders. Because the Subscription Price per common share will be below the net asset value per common share
                           on the Expiration Date, you will experience an immediate dilution of the aggregate net asset value of your common shares
                           if you do not participate in the Offer and you will experience a reduction in the net asset value per common share of
                           your common shares whether or not you participate in the Offer. In addition, whether or not you exercise your Rights,
                           you will experience a dilution of net asset value of the common shares because you will indirectly bear the expenses of
                           this Offer, which include, among other items, SEC registration fees, printing expenses and the fees assessed by service
                           providers (including the cost of the Fund&rsquo;s counsel,  independent registered public accounting firm, Information Agent
                           and Subscription Agent).                            This                            dilution         of net asset value will
                           disproportionately                            affect common shareholders who do                            not exercise their
                           Rights. The                            Fund                            cannot         state precisely the extent of this
                           dilution if                            you do not exercise your Rights                            because the Fund does not
                           know what the         net asset value                            per                            common share will be when the
                           Offer expires, or what proportion of the Rights will                            be
                           exercised.</FONT></P>

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

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assuming,
        for example, that all Rights are exercised, the Subscription Price is $___ and the Fund&rsquo;s net asset value per common
        share at the expiration of the Offer is___, the Fund&rsquo;s net asset value per common share (after payment of estimated
        offering expenses) would be reduced by approximately $___ (___%) per common share.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
        you do not wish to exercise your Rights, you should consider selling them as set forth in this prospectus. The Fund cannot
        give any assurance, however, that a market for the Rights will develop or that the Rights will have any marketable value.</FONT></P>


        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Offer may increase the volatility of the market price of the Fund&rsquo;s common shares. In addition, the Offer could
        be under-subscribed, in which case the Adviser will not have as much proceeds to invest on behalf of the Fund. See &ldquo;Risks&mdash;Dilution.&rdquo;</FONT></P>

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

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Market
        Discount Risk.</I>&nbsp;&nbsp;Common shares of closed-end management investment companies frequently trade at a discount
        from their net asset value. This risk may be greater for investors who sell their common shares in a relatively short
        period of time after completion of the Offering. The Fund&rsquo;s common shares may trade at a price that is less than
        the Subscription Price. See &ldquo;Risks&mdash;Market Discount Risk.&rdquo;</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Investment and Market Risk.</I>&nbsp;&nbsp;An
    investment in the Fund&rsquo;s common shares is subject to investment risk, including the possible loss of the entire principal
    amount invested. An investment in the Fund&rsquo;s common shares represents an indirect investment in the portfolio of Senior
    Loans and other securities owned by the Fund, and the value of these securities may fluctuate, sometimes rapidly and unpredictably.
    At any point in time an investment in the Fund&rsquo;s common shares may be worth less than the original amount invested,
    even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends. The Fund
    currently uses leverage, which will magnify the Fund&rsquo;s investment, market and certain other risks. See &ldquo;Risks&mdash;Investment
    and Market Risk&rdquo; and &ldquo;Risks&mdash;Leverage Risk.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Senior Loans Risk.</I>&nbsp;&nbsp;Under normal
    market conditions, the Fund will invest at least 80% of its Managed Assets in Senior Loans. This policy is not fundamental
    and may be changed by the board of trustees of the Fund with at least 60&nbsp;days&rsquo; written notice provided to shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
the extent the Fund invests in Senior Loans, the Fund may be subject to greater levels of credit risk, call risk, settlement risk
and liquidity risk, than funds that do not invest in such securities. These instruments are considered predominantly speculative
with respect to an issuer&rsquo;s continuing ability to make principal and interest payments, and may be more volatile than other
types of securities. An economic downturn or individual corporate developments could adversely affect the market for these instruments
and reduce the Fund&rsquo;s ability to sell these instruments at an advantageous time or price. An economic downturn would generally
lead to a higher non-payment rate and, a senior loan may lose significant market value before a default occurs. The Fund may also
be subject to greater levels of liquidity risk than funds that do not invest in Senior Loans. In addition, the Senior Loans in
which the Fund invests may not be listed on any exchange and a secondary market for such loans may be comparatively illiquid relative
to markets for other more liquid fixed income securities. Consequently, transactions in Senior Loans may involve greater costs
than transactions in more actively traded securities. Restrictions on transfers in loan agreements, a lack of publicly-available
information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make Senior
Loans difficult to sell at an advantageous time or price than other types of securities or instruments. These factors may result
in the Fund being unable to realize full value for the Senior Loans and/or may result in the Fund not receiving the proceeds from
a sale of a Senior Loan for an extended period after such sale, each of which could result in losses to the Fund. Senior Loans
may have extended trade settlement periods which may result in cash not being immediately available to the Fund. If an issuer
of a Senior Loan prepays or redeems the loan prior to maturity, the Fund will have to reinvest the proceeds in other Senior Loans
or similar instruments that may pay lower interest rates. Because of the risks involved in investing in Senior Loans, an investment
in the Fund that invests in such instruments should be considered speculative.&nbsp;See &ldquo;Risks&mdash;Senior Loans Risk.&rdquo;</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Subordinated Loans Risk.</I>&nbsp;&nbsp;The
    Fund may invest up to 20% of its Managed Assets in second lien or other subordinated or unsecured floating rate or fixed rate
    debt (&ldquo;Subordinated Loans&rdquo;). Subordinated Loans generally are subject to similar risks as those associated with
    investments in Senior Loans except that such loans are subordinated in payment and/or lower in lien priority to first lien
    holders. In the event of default on a Subordinated Loan, the first priority lien holder has first claim to the underlying
    collateral of the loan. Subordinated Loans are subject to the additional risk that the cash flow of the Borrower and property
    securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured
    or senior secured obligations of the Borrower. This risk is generally higher for subordinated unsecured loans or debt, which
    are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater price volatility
    than Senior Loans and may be less liquid. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio Composition&mdash;Subordinated
    Loans&rdquo; and &ldquo;Risks&mdash;Subordinated Loans Risk.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Below Investment Grade Instruments Risk.</I>&nbsp;&nbsp;The
    Fund anticipates that it will invest the majority of its assets in Senior Loans, Subordinated Loans and other debt securities
    that are rated below investment grade. Below investment grade instruments are commonly referred to as &ldquo;junk&rdquo; or
    &ldquo;high yield&rdquo; instruments and are regarded as predominantly speculative with respect to the issuer&rsquo;s capacity
    to pay interest and repay principal. Below investment grade instruments may be particularly susceptible to economic downturns.
    It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such securities
    to repay principal and pay interest thereon, increase the incidence of default for such securities and severely disrupt the
    market value of such securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Below
        investment grade instruments, though higher yielding, are characterized by higher risk. They may be subject to certain
        risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated
        securities. The secondary market for lower grade securities may be less liquid than that for higher rated securities and
        may have wide spreads between the bid and asked prices. Adverse conditions could make it difficult at times for the Fund
        to sell certain securities or could result in lower prices than those used in calculating the Fund&rsquo;s net asset value.
        Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on
        their investment in common shares of the Fund, both in the short-term and the long-term.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Because
        of the greater number of investment considerations involved in investing in below investment grade instruments the ability
        of the Fund to meet its objectives depends more on the Adviser's judgment and analytical abilities than would be the case
        if the portfolio invested primarily in securities in the higher rating categories. While the Adviser will attempt to reduce
        the risks of investing in lower rated instruments through active portfolio management, diversification, credit analysis
        and attention to current developments and trends in the economy and the financial markets, there can be no assurance that
        a broadly diversified portfolio of such instruments would substantially lessen the risks of defaults brought about by
        an economic downturn or recession. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio Composition&mdash;Below Investment
        Grade Securities&rdquo; and &ldquo;Risks&mdash;Below Investment Grade Instruments Risk.&rdquo;</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Distressed and Defaulted Securities Risk.</I>&nbsp;&nbsp;Investments
    in the securities of financially distressed companies involve substantial risks. These risks are often greater than those
    associated with below investment grade securities because of the uncertainties of investing in the issuer undergoing the financial
    distress. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund
    may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of
    or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a Borrower or issuer, the
    Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment.
    Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information
    as to the true financial condition of such Borrower or issuer. The Adviser&rsquo;s judgments about the credit quality of the
    Borrower or issuer and the relative value of its securities may prove to be wrong. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio
    Composition&mdash;Distressed and Defaulted Securities&rdquo; and &ldquo;Risks&mdash;Distressed and Defaulted Securities Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>Valuation Risk</I>. Unlike publicly traded common stock which
trades on national exchanges, there is no central place or exchange for most of the Fund&rsquo;s investments to trade. The Fund&rsquo;s
investments generally trade on an &ldquo;over-the-counter&rdquo; market which may be anywhere in the world where the buyer and
seller can settle on a price. Due to the lack of centralized information and trading, the valuation of floating rate instruments
may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data,
lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other
market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when
an instrument is sold in the market, the amount received by the Fund is less than the value of such floating rate instruments carried
on the Fund&rsquo;s books.</P>



</TD></TR>
</TABLE>
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<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Liquidity Risk.</I>&nbsp;&nbsp;The Fund may
    invest up to 50% of its Managed Assets in securities that are considered illiquid. &ldquo;Illiquid securities&rdquo; are securities
    which cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining
    its net asset value. The Fund may not be able to readily dispose of such securities at prices that approximate those at which
    the Fund could sell such securities if they were more widely-traded and, as a result of such illiquidity, the Fund may have
    to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited
    liquidity can also affect the market price of securities, thereby adversely affecting the Fund&rsquo;s net asset value and
    ability to make dividend distributions. The market price of illiquid and restricted securities generally is more volatile
    than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale
    of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets.
    The Adviser's judgment may play a greater role in the valuation process. Investment of the Fund's assets in illiquid and restricted
    securities may restrict the Fund's ability to take advantage of market opportunities. In order to dispose of an unregistered
    security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable
    period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby
    enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally
    the result of a negotiation between the issuer and acquirer of the securities. In either case, the Fund would bear market
    risks during that period.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Some Senior Loans are not readily marketable
    and may be subject to restrictions on resale. Senior Loans are not listed on any national securities exchange and no active
    trading market may exist for the Senior Loans in which the Fund will invest. Where a secondary market exists, the market for
    some Senior Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.
    The Fund has no limitation on the amount of its assets which may be invested in securities that are not readily marketable
    or are subject to restrictions on resale. See &ldquo;Risks&mdash;Liquidity Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Credit Risk.</I>&nbsp;&nbsp;Credit risk is
    the risk that one or more debt securities in the Fund&rsquo;s portfolio will decline in price or fail to pay interest or principal
    when due because the issuer of the security experiences a decline in its financial status. While a senior position in the
    capital structure of a Borrower may provide some protection with respect to the Fund&rsquo;s investments in Senior Loans,
    losses may still occur because the market value of Senior Loans is affected by the creditworthiness of Borrowers and by general
    economic and specific industry conditions and the Fund's investments will often be subordinate to other debt in the issuer's
    capital structure. To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount
    of credit risk than a fund which invests in investment grade securities. The prices of lower grade securities are more sensitive
    to negative developments, such as a decline in the issuer&rsquo;s revenues or a general economic downturn, than are the prices
    of higher grade securities. Securities of below investment grade quality are predominantly speculative with respect to the
    issuer&rsquo;s capacity to pay interest and repay principal when due and therefore involve a greater risk of default. In addition,
    the Fund may use credit derivatives which may expose it to additional risk in the event that the securities underlying the
    derivatives default. See &ldquo;Risks&mdash;Credit Risk.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Interest Rate Risk.</I>&nbsp;&nbsp;The floating
    or variable rate feature of Senior Loans is a significant difference from typical fixed-income investments that carry significant
    interest rate risk. The Fund can normally be expected to have less significant interest rate-related fluctuations in its net
    asset value per share than investment companies investing primarily in fixed income securities (other than money market funds
    and some short term bond funds). When interest rates decline, the value of a fixed income portfolio can normally be expected
    to rise. Conversely, when interest rates rise, the value of a fixed income portfolio can normally be expected to decline.
    Although the income available to the Fund will vary, the Adviser expects the Fund&rsquo;s policy of acquiring interests in
    Senior Loans may minimize fluctuations in net asset value of the Fund resulting from changes in market interest rates.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">However, because floating or variable rates
    on Senior Loans only reset periodically, changes in prevailing interest rates can be expected to cause some fluctuations in
    the Fund&rsquo;s net asset value. Similarly, a sudden and significant increase in market interest rates may cause a decline
    in the Fund&rsquo;s net asset value. In addition, Senior Loans may allow the Borrower to opt between LIBOR-based interest
    rates and interest rates based on bank prime rates, which may have an impact on the Fund&rsquo;s net asset value. A material
    decline in the Fund&rsquo;s net asset value may impair the Fund&rsquo;s ability to maintain required levels of asset coverage.
    See &ldquo;Risks&mdash;Interest Rate Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Limited Term Risk.</I> On November 17, 2017,
    shareholders approved extending the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date
    from May 31, 2020 to May 31, 2022, absent any further extension approved by shareholders. The Fund&rsquo;s limited term may
    cause it to sell securities when it otherwise would not, which could raise the Fund&rsquo;s returns to decrease and the market
    price of the common shares to fall. Rather than reinvesting the proceeds of its matured, called or sold securities, the Fund
    may distribute the proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Fund&rsquo;s
    fixed expenses to increase when expressed as a percentage of assets under management. Alternatively, the Fund may invest the
    proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance
    of the Fund. The board of trustees may in its sole discretion, without the consent or vote of the shareholders, choose to
    dissolve the Fund prior to the required dissolution date, which would cause the Fund to miss any market appreciation that
    occurs after the Fund is dissolved. Conversely, if the shareholders extend the dissolution date, market conditions may deteriorate
    and the Fund may experience losses. See &ldquo;Certain Provisions in the Agreement and Declaration of Trust&rdquo; and &ldquo;Risks&mdash;Limited
    Term Risk.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Leverage
    Risk.</I>&nbsp;&nbsp;The Fund may     utilize leverage in an aggregate amount of up to 33<SUP>1</SUP>/3% of its Managed
    Assets at the time the leverage is incurred     in order to buy additional securities. As of December 31, 2017, the
    Fund&rsquo;s use of leverage was ___ % of its Managed Assets. The use of leverage     to purchase additional securities creates an
    opportunity     for     increased common share dividends, but also creates risks for     the holders of common shares.
    Leverage is a     speculative     technique that exposes the Fund to greater risk and increased costs     than if it were not
    implemented.     Increases and     decreases in the value of the Fund&rsquo;s portfolio will be magnified when     the Fund
    uses leverage. As     a result, leverage     may cause greater changes in the Fund&rsquo;s net asset value which will be
    borne entirely by the     Fund&rsquo;s common     shareholders. The Fund will also have to pay dividends on its preferred
    shares or     interest on its     notes or borrowings, if     any, which will increase expenses and may reduce the
    Fund&rsquo;s return. These dividend      payments or interest expenses     may be greater than the Fund&rsquo;s return on the
    underlying investments. The Fund&rsquo;s     leveraging strategy may not     be successful.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund anticipates that any money borrowed
    from a bank or other financial institution for investment purposes will accrue interest based on shorter-term interest rates
    that would be periodically reset. So long as the Fund&rsquo;s portfolio provides a higher rate of return, net of expenses,
    than the interest rate on borrowed money, as reset periodically, the leverage may cause the holders of common shares to receive
    a higher current rate of return than if the Fund were not leveraged. If, however, long-term and/or short-term rates rise,
    the interest rate on borrowed money could exceed the rate of return on securities held by the Fund, reducing return to the
    holders of common shares. Developments in the credit markets may adversely affect the ability of the Fund to borrow for investment
    purposes and may increase the costs of such borrowings, which would reduce returns to the holders of common shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">There is no assurance that a leveraging strategy
    will be successful. Leverage involves risks and special considerations for common shareholders, including:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable
    portfolio without leverage;</FONT></P>
    <P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the risk that fluctuations in interest rates on borrowings and short-term debt or in dividend payments on, principal proceeds
    distributed to, or redemption of any preferred shares and/or notes that the Fund has issued will reduce the return to the
    common shareholders;</FONT></P>

    <P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common
    shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;</FONT></P>

    <P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;when the Fund uses financial leverage, the investment advisory and administrative fees payable to the Adviser and ALPS will
    be higher than if the Fund did not use leverage, and may provide a financial incentive to the Adviser to increase the Fund&rsquo;s
    use of leverage and create an inherent conflict of interest; and</FONT></P>
    </TD></TR>

</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><P STYLE="margin-left: 40pt; text-indent: -20pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;leverage may increase expenses, which may reduce total return.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund may continue to use leverage if the
    benefits to the Common Shareholders of maintaining the leveraged position are believed to outweigh any current reduced return,
    but expects to reduce, modify or cease its leverage if it is believed the costs of the leverage will exceed the return provided
    from the investments made with the proceeds of the leverage.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which
        may issue ratings for any preferred shares and/or notes or short-term debt securities issued by the Fund. These guidelines
        may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment
        Company Act. These covenants and restrictions may negatively affect the Fund&rsquo;s ability to achieve its investment
        objectives. See &ldquo;Leverage&rdquo; and &ldquo;Risks&mdash;Leverage Risk.&rdquo;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Derivatives
        Risk</I>. Under normal market conditions, the use of derivatives by the Fund, other than for hedging purposes, will not
        exceed 20% of the Fund&rsquo;s Managed Assets on a mark-to-market basis. The Fund&rsquo;s use of derivative instruments
        may be particularly speculative and involves investment risks and transaction costs to which the Fund would not be subject
        absent the use of these instruments, and the use of derivatives generally involves leverage in the sense that the investment
        exposure created by the derivatives may be significantly greater than the Fund&rsquo;s initial investment in the derivatives.
        In some cases, the use of derivatives may result in losses in excess of principal or greater than if they had not been
        used. The ability to successfully use derivative instruments depends on the ability of the Adviser. The skills needed
        to employ derivatives strategies are different from those needed to select a portfolio security and, in connection with
        such strategies, the Adviser must make predictions with respect to market conditions, liquidity, currency movements, market
        values, interest rates and other applicable factors, which may be inaccurate. The use of derivative instruments may require
        the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market
        values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security
        that it might otherwise want to sell. The Fund may also have to defer closing out certain derivative positions to avoid
        adverse tax consequences and there may be situations in which derivative instruments are not elected that result in losses
        greater than if such instruments had been used. Amounts paid by the Fund as premiums and cash or other assets held in
        margin accounts with respect to the Fund&rsquo;s derivative instruments would not be available to the Fund for other investment
        purposes, which may result in lost opportunities for gain. Changes to the derivatives markets as a result of the continuous
        promulgation of rules under the Dodd-Frank Act and other government or international regulation may also have an adverse
        effect on the Fund&rsquo;s ability to make use of derivative transactions. In addition, the use of derivatives is subject
        to other risks, each of which may create additional risk of loss, including liquidity risk, interest rate risk, credit
        risk and management risk as well as the following risks:</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Correlation Risk. Imperfect correlation between the value of derivative instruments and the underlying assets of the Fund
        creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying
        assets in the Fund&rsquo;s portfolio.</FONT></P>
        </TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 80%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duration Mismatch Risk. The duration of a derivative instrument may be significantly different than the duration of the
        related liability or asset.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT>&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation Risk. The prices of derivative instruments, including swaps, futures, forwards and options, could be highly
        volatile and such instruments may subject us to significant losses. The value of such derivatives also depends upon the
        price of the underlying asset, reference rate or index, which may also be subject to volatility. Actual or implied daily
        limits on price fluctuations and speculative position limits on the exchanges or over-the-counter markets in which we
        may conduct our transactions in derivative instruments may prevent prompt liquidation of positions, subjecting us to the
        potential of greater losses. In addition, significant disparities may exist between &ldquo;bid&rdquo; and &ldquo;asked&rdquo;
        prices for derivative instruments that are traded over-the-counter and not on an exchange.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Risk. Derivative instruments, especially when purchased in large amounts, may not be liquid in all circumstances,
        so that in volatile markets we may not be able to close out a position without incurring a loss.</FONT></P>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty Risk. Derivative instruments also involve exposure to counterparty risk, since contract performance depends
        in part on the financial condition of the counterparty.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
        addition, the Adviser may cause the Fund to invest in derivative instruments that are neither presently contemplated nor
        currently available, but which may be developed in the future, to the extent such opportunities are both consistent with
        the Fund&rsquo;s investment objectives and legally permissible. Any such investments may expose the Fund to unique and
        presently indeterminate risks, the impact of which may not be capable of determination until such instruments are developed
        and/or the Adviser determines to make such an investment on behalf of the Fund.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Structured Products Risk.</I>&nbsp;&nbsp;The
    Fund may invest up to 20% of its Managed Assets in structured products, including, without limitation, collateralized loan
    obligations (&ldquo;CLOs&rdquo;), structured notes, credit linked notes and derivatives, including credit derivatives. Holders
    of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty
    risk.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund may have the right to receive payments
    only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the
    assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities
    without the brokerage and other expenses associated with directly holding the same securities, investors in structured products
    generally pay their share of the structured product&rsquo;s administrative and other expenses. Although it is difficult to
    predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and,
    therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect
    issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to
    purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences
    difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the
    Fund.</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certain structured products may be thinly traded
    or have a limited trading market. CLOs are typically privately offered and sold. As a result, investments in CLOs may be characterized
    by the Fund as illiquid securities. In addition to the general risks associated with debt securities discussed herein, CLOs
    carry additional risks, including, but not limited to: (i)&nbsp;the possibility that distributions from collateral securities
    will not be adequate to make interest or other payments; (ii)&nbsp;the quality of the collateral may decline in value or default;
    (iii)&nbsp;the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv)&nbsp;the
    complex structure of the security may not be fully understood at the time of investment and may produce disputes with the
    issuer or unexpected investment results.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investments in structured notes involve risks,
    including credit risk and market risk. Where the Fund&rsquo;s investments in structured notes are based upon the movement
    of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on
    the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant
    price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured
    note to be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable
    on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument
    or security underlying the note. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio Composition&rdquo; and &ldquo;Risks&mdash;Structured
    Products Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>CLO
        Risk</I>. In addition to the general risks associated with debt securities and structured products discussed herein, CLOs
        carry additional risks, including, but not limited to (i) the possibility that distributions from collateral securities
        will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default;
        (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof, (iv) the potential
        of spread compression in the underlying loans of the CLO, which could reduce credit enhancement in the CLOs and (v) the
        complex structure of the security may not be fully understood at the time of investment and may produce disputes with
        the issuer or unexpected investment results.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CLO
        junior debt securities that the Fund may acquire are subordinated to more senior tranches of CLO debt. CLO junior debt
        securities are subject to increased risks of default relative to the holders of superior priority interests in the same
        securities. In addition, at the time of issuance, CLO equity securities are under-collateralized in that the liabilities
        of a CLO at inception exceed its total assets. Though not exclusively, the Fund will typically be in a first loss or subordinated
        position with respect to realized losses on the assets of the CLOs in which it is invested. The Fund may recognize phantom
        taxable income from its investments in the subordinated tranches of CLOs.</FONT></P></TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%">

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Between
        the closing date and the effective date of a CLO, the CLO collateral manager will generally expect to purchase additional
        collateral obligations for the CLO. During this period, the price and availability of these collateral obligations may
        be adversely affected by a number of market factors, including price volatility and availability of investments suitable
        for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of collateral obligations
        that will satisfy specified concentration limitations and allow the CLO to reach the initial par amount of collateral
        prior to the effective date. An inability or delay in reaching the target initial par amount of collateral may adversely
        affect the timing and amount of interest or principal payments received by the holders of the CLO debt securities and
        distributions of the CLO on equity securities and could result in early redemptions which may cause CLO debt and equity
        investors to receive less than the face value of their investment.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        failure by a CLO in which the Fund invests to satisfy financial covenants, including with respect to adequate collateralization
        and/or interest coverage tests, could lead to a reduction in the CLO&rsquo;s payments to the Fund. In the event that a
        CLO fails certain tests, holders of CLO senior debt may be entitled to additional payments that would, in turn, reduce
        the payments the Fund would otherwise be entitled to receive. Separately, the Fund may incur expenses to the extent necessary
        to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants,
        with a defaulting CLO or any other investment the Fund may make. If any of these occur, it could adversely affect the
        Fund&rsquo;s operating results and cash flows.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
        Fund&rsquo;s CLO investments are exposed to leveraged credit risk. If certain minimum collateral value ratios and/or interest
        coverage ratios are not met by a CLO, primarily due to senior secured loan defaults, then cash flow that otherwise would
        have been available to pay distributions to the Fund on its CLO investments may instead be used to redeem any senior notes
        or to purchase additional senior secured loans, until the ratios again exceed the minimum required levels or any senior
        notes are repaid in full.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>LIBOR
        Risk.</I> Instruments in which the Fund invests may pay interest at floating rates based on LIBOR or may be subject to
        interest caps or floors based on LIBOR. The Fund and issuers of instruments in which the Fund investments may also obtain
        financing at floating rates based on LIBOR. The underlying collateral of CLOs in which the Fund invests may pay interest
        at floating rates based on LIBOR. Derivative instruments utilized by the Fund and/or issuers of instruments in which the
        Trust may invest may also reference LIBOR. Regulators and law-enforcement agencies from a number of governments, including
        entities in the United States, Japan, Canada and the United Kingdom, have conducted or are conducting civil and criminal
        investigations into whether the banks that contribute to the British Bankers&rsquo; Association, or the &ldquo;BBA,&rdquo;
        in connection with the calculation of daily LIBOR may have been manipulating or attempting to manipulate LIBOR. Several
        financial institutions have reached settlements with the CFTC, the U.S. Department of Justice Fraud Section and the United
        Kingdom Financial Conduct Authority in connection with investigations by such authorities into submissions made by such
        financial institutions to the bodies that set LIBOR and other interbank offered rates. Additional investigations remain
        ongoing with respect to other major banks. There can be no assurance that there will not be additional admissions or findings
        of rate-setting manipulation or that manipulations of LIBOR or other similar interbank offered rates will not be shown
        to have occurred. ICE Benchmark Administration Limited assumed the role of LIBOR administrator from the BBA on February
        1, 2014. Any new administrator of LIBOR may make methodological changes to the way in which LIBOR is calculated or may
        alter, discontinue or suspend calculation or dissemination of LIBOR. Additional findings of manipulation may decrease
        the confidence of the market in LIBOR and lead market participants to look for alternative, non-LIBOR based types of financing,
        such as fixed rate loans or bonds or floating rate loans based on non-LIBOR indices.</FONT></P>

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

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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 80%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Recently,
        regulators in the United Kingdom have called for the LIBOR to be abandoned by the end of 2021. Abandonment of or modifications
        to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference
        LIBOR. While some instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative
        rate setting methodology, not all instruments may have such provisions and there are significant uncertainty regarding
        the effectiveness of any such alternative methodologies. Abandonment of or modifications to LIBOR could lead to significant
        short-term and long-term uncertainty and market instability. It remains uncertain how such changes would be implemented
        and the effects such changes would have on the Fund, issuers of instruments in which the Fund invests and financial markets
        generally.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Lender
        Liability Risk.</I>&nbsp;&nbsp;A number of U.S. judicial decisions have upheld judgments of Borrowers against lending
        institutions on the basis of various evolving legal theories, collectively termed &ldquo;lender liability.&rdquo; Generally,
        lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good
        faith, commercial reasonableness and fair dealing, or a similar duty owed to the Borrower or has assumed an excessive
        degree of control over the Borrower resulting in the creation of a fiduciary duty owed to the Borrower or its other creditors
        or shareholders. Because of the nature of its investments, the Fund may be subject to allegations of lender liability.</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In addition, under common law principles that
    in some cases form the basis for lender liability claims, if a lender or bondholder (a)&nbsp;intentionally takes an action
    that results in the undercapitalization of a Borrower to the detriment of other creditors of such Borrower, (b)&nbsp;engages
    in other inequitable conduct to the detriment of such other creditors, (c)&nbsp;engages in fraud with respect to, or makes
    misrepresentations to, such other creditors or (d)&nbsp;uses its influence as a stockholder to dominate or control a Borrower
    to the detriment of other creditors of such Borrower, a court may elect to subordinate the claim of the offending lender or
    bondholder to the claims of the disadvantaged creditor or creditors, a remedy called &ldquo;equitable subordination.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Because affiliates of, or persons related to,
    the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable
    subordination or lender liability or both based on such equity or other holdings. See &ldquo;Risks&mdash;Lender Liability
    Risk.&rdquo;</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Potential
        Conflicts of Interest Risk.</I>&nbsp;The Adviser will be subject to certain conflicts of interest in its management of
        the Fund. These conflicts will arise primarily from the involvement of Blackstone in other activities that may conflict
        with those of the Fund. Blackstone engages in a broad spectrum of activities. In the ordinary course of its business activities,
        Blackstone may engage in activities where the interests of certain divisions of Blackstone or the interests of their clients
        may conflict with the interests of the holders. Other present and future activities of Blackstone may give rise to additional
        conflicts of interest. In the event that a conflict of interest arises, the Adviser will attempt to resolve such conflicts
        in a fair and equitable manner.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
        addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, Blackstone
        has implemented certain policies and procedures (e.g., information walls) that may reduce the positive synergies that
        the Adviser may have potentially utilized for purposes of finding attractive investments. Additionally, Blackstone may
        limit a client and/or its portfolio companies from engaging in agreements with or related to companies in which any fund
        of Blackstone has or has considered making an investment or which is otherwise an advisory client of Blackstone and/or
        from time to time restrict or otherwise limit the ability of the Fund to make investments in or otherwise engage in businesses
        or activities competitive with companies or other clients of Blackstone, either as result of contractual restrictions
        or otherwise. Finally, Blackstone has in the past entered, and is likely in the future to enter, into one or more strategic
        relationships in certain regions or with respect to certain types of investments that, although possibly intended to provide
        greater opportunities for the Fund, may require the Fund to share such opportunities or otherwise limit the amount of
        an opportunity the Fund can otherwise take.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
        part of its regular business, Blackstone provides a broad range of services other than those provided by the Adviser,
        including investment banking, underwriting, capital markets syndication and advisory (including underwriting), placement,
        financial advisory, restructuring and advisory, consulting, asset/property management, mortgage servicing, insurance (including
        title insurance), monitoring, commitment, syndication, origination, servicing, management consulting and other similar
        operational and finance matters, healthcare consulting/brokerage, group purchasing, organizational, operational, loan
        servicing, financing, divestment and other services. In addition, Blackstone may provide services in the future beyond
        those currently provided. The Fund will not receive a benefit from the fees or profits derived from such services. In
        such a case, a client of Blackstone would typically require Blackstone to act exclusively on its behalf. This request
        may preclude all of Blackstone clients (including the Fund) from participating in related transactions that would otherwise
        be suitable. Blackstone will be under no obligation to decline any such engagements in order to make an investment opportunity
        available to the Fund. In connection with its other businesses, Blackstone will likely come into possession of information
        that limits its ability to engage in potential transactions. The Fund&rsquo;s activities are expected to be constrained
        as a result of the inability of the personnel of Blackstone to use such information. For example, employees of Blackstone
        from time to time are prohibited by law or contract from sharing information with members of the Adviser&rsquo;s investment
        team that would be relevant to monitoring the Fund&rsquo;s portfolio and other investment decisions. Additionally, there
        are expected to be circumstances in which one or more of certain individuals associated with Blackstone will be precluded
        from providing services related to the Fund&rsquo;s activities because of certain confidential information available to
        those individuals or to other parts of Blackstone (e.g., trading may be restricted). Blackstone has long term relationships
        with a significant number of corporations and their senior management. In determining whether to invest in a particular
        transaction on behalf of the Fund, the Adviser will consider those relationships, and may decline to participate in a
        transaction as a result of such relationships. To the extent permitted by the 1940 Act, the Fund may also co-invest with
        clients of Blackstone in particular investment opportunities, and the relationship with such clients could influence the
        decisions made by the Adviser with respect to such investments. The Fund may be forced to sell or hold existing investments
        (possibly at disadvantageous times or under disadvantageous conditions) as a result of various relationships that Blackstone
        may have or transactions or investments Blackstone and its affiliates may make or have made. The inability to transact
        in any security, derivative or loan held by the Fund could result in significant losses or lost opportunity costs to the
        Fund.</FONT></P>
        </TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Limitations on Transactions with Affiliates
    Risk.</I>&nbsp;&nbsp;The Investment Company Act limits our ability to enter into certain transactions with certain of our
    affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security directly from or to
    any portfolio company of a private equity fund managed by Blackstone, GSO or any of their respective affiliates (the &ldquo;Blackstone&nbsp;/
    GSO Related Parties&rdquo;). The Investment Company Act also prohibits certain &ldquo;joint&rdquo; transactions with certain
    of our affiliates, which could include investments in the same portfolio company (whether at the same or different times).
    These limitations may limit the scope of investment opportunities that would otherwise be available to us. See &ldquo;Risks&mdash;Limitation
    on Transactions with Affiliates Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Dependence on Key Personnel Risk.</I>&nbsp;&nbsp;The
    Adviser is dependent upon the experience and expertise of certain key personnel in providing services with respect to the
    Fund&rsquo;s investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could
    be adversely affected. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities
    or investment techniques for the Fund&rsquo;s portfolio and the Fund&rsquo;s performance may lag behind that of similar funds.
    The Adviser has informed the Fund that the investment professionals associated with the Adviser are actively involved in other
    investment activities not concerning the Fund and will not be able to devote all of their time to the Fund&rsquo;s business
    and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund and the
    performance of the Fund may also depend on the experience and expertise of such individuals. See &ldquo;Risks&mdash;Dependence
    on Key Personnel Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Prepayment Risk.</I>&nbsp;&nbsp;During periods
    of declining interest rates, Borrowers may exercise their option to prepay principal earlier than scheduled. For fixed rate
    securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding
    securities, resulting in a possible decline in the Fund&rsquo;s income and distributions to shareholders. This is known as
    prepayment or &ldquo;call&rdquo; risk. Below investment grade instruments frequently have call features that allow the issuer
    to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain
    prescribed conditions are met (&ldquo;call protection&rdquo;). An issuer may redeem a below investment grade instrument if,
    for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit
    standing of the issuer. Senior Loans and Subordinated Loans typically do not have call protection. For premium bonds (bonds
    acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. See &ldquo;Risks&mdash;Prepayment
    Risk.&rdquo;</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Inflation/Deflation Risk.</I>&nbsp;&nbsp;Inflation
    risk is the risk that the value of certain assets or income from the Fund&rsquo;s investments will be worth less in the future
    as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions on
    the common shares can decline. In addition, during any periods of rising inflation, borrowing costs associated with the Fund&rsquo;s
    use of leverage would likely increase, which would tend to further reduce returns to shareholders. Deflation risk is the risk
    that prices throughout the economy decline over time&mdash;the opposite of inflation. Deflation may have an adverse effect
    on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of
    the Fund&rsquo;s portfolio. See &ldquo;Risks&mdash;Inflation/Deflation Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Non-U.S. Securities Risk.</I>&nbsp;&nbsp;The
    Fund may invest in securities, including Senior Loans and Subordinated Loans, of non-U.S. issuers or Borrowers (&ldquo;Non-U.S.
    Securities&rdquo;). Such investments involve certain risks not involved in domestic investments and may experience more rapid
    and extreme changes in value than investments in securities of U.S. companies. Securities markets in foreign countries often
    are not as developed, efficient or liquid as securities markets in the United States, and therefore, the prices of Non-U.S.
    Securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of Non-U.S. Securities
    to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise.
    In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries,
    including seizure or nationalization of foreign deposits, different legal systems and laws relating to creditors&rsquo; rights
    and the potential inability to enforce legal judgments, all of which could cause the Fund to lose money on its investments
    in Non-U.S. Securities. Generally, there is less readily available and reliable information about non-U.S. issuers or Borrowers
    due to less rigorous disclosure or accounting standards and regulatory practices. The ability of a foreign sovereign issuer
    to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&rsquo;s balance of
    payments, including export performance, its access to international credit facilities and investments, fluctuations of interest
    rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected
    by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based
    upon international interest rates. Because Non-U.S. Securities may trade on days when the Fund&rsquo;s common shares are not
    priced, net asset value can change at times when common shares cannot be sold. See &ldquo;Risks&mdash;Non-U.S. Securities
    Risk.&rdquo;</FONT></TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Foreign Currency Risk.</I>&nbsp;&nbsp;Because
    the Fund may invest its Managed Assets in securities or other instruments denominated or quoted in currencies other than the
    U.S. dollar, changes in foreign currency exchange rates may affect the value of instruments held by the Fund and the unrealized
    appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the
    value of instruments denominated in such currencies, which means that the Fund&rsquo;s NAV could decline as a result of changes
    in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, seek to protect
    the Fund from changes in currency exchange rates through hedging transactions depending on market conditions. See &ldquo;Risks&mdash;Swap
    Risk&rdquo; The Fund may incur costs in connection with the conversions between various currencies. In addition, certain countries
    may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility
    of currency.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Swap
        Risk.</I>&nbsp;&nbsp;The Fund may also invest in swaps, single name credit default swaps, single name loan credit default
        swaps, total return swaps, interest rate swaps and foreign currency swaps. Such transactions are subject to market risk,
        liquidity risk, risk of default by the other party to the transaction, known as &ldquo;counterparty risk,&rdquo; and risk
        of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or
        other costs. To the extent credit default swaps are used, the Fund will generally sell protection and the risk of loss
        could be up to the notional value of the underlying asset and could be substantially greater than the amount received
        from the buyers. If, however, the Fund buys protection under a credit default swap but such swap expires before any credit
        event is triggered, the Fund will lose the stream of payments made to the swap counterparty; should a credit event be
        triggered before expiration, there is also no assurance that the protection seller will honor its obligations under such
        credit default swap. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives
        in exchange the total return of underlying debt securities. The Fund bears the risk of default on the underlying loans
        or debt securities, based on the notional amount of the swap. The Fund would typically have to post collateral to cover
        this potential obligation.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Swaps
        generally do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss
        with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make,
        or in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled
        to receive. However, because some swap agreements have a leverage component, adverse changes in the value or level of
        the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in
        the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment.
        The market for certain types of swaps has grown substantially in recent years with a large number of banks and investment
        banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap
        market has become relatively liquid, however there is no guarantee that the swap market will continue to provide liquidity.
        If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment
        performance of the Fund would be less favorable than it would have been if these investment techniques were not used.
        See &ldquo;The Fund&rsquo;s Investments&mdash;Other Investment Techniques&rdquo; and &ldquo;Risks&mdash;Swap Risk.&rdquo;</FONT></P>
        </TD></TR>
</TABLE>

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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Counterparty
        Risk.</I>&nbsp;&nbsp;Changes in the credit quality of the companies that serve as the Fund&rsquo;s counterparties with
        respect to derivatives, swaps or other transactions supported by another party&rsquo;s credit will affect the value of
        those instruments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative
        contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the
        derivative contract in a bankruptcy or other reorganization proceeding. In addition, in the event of the insolvency of
        a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value.
        If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the
        Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying
        security.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certain
        entities that have served as counterparties in the markets for these transactions have incurred significant financial
        hardships including bankruptcy and losses as a result of exposure to subprime mortgages or other lower quality credit
        investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such
        hardships have reduced such entities&rsquo; capital and called into question their continued ability to perform their
        obligations under such transactions. By using derivatives, swaps or other transactions, the Fund assumes the risk that
        its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the
        Fund may sustain losses or be unable to liquidate a derivative or swap position. See &ldquo;Risks&mdash;Counterparty Risk.&rdquo;</FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Credit
        Derivatives Risk.</I>&nbsp;&nbsp;The use of credit derivatives is a highly specialized activity which involves strategies
        and risks different from those associated with ordinary portfolio security transactions. If the Adviser is incorrect in
        its forecasts of default risks, counterparty risk market spreads or other applicable factors, the investment performance
        of the Fund would diminish compared with what it would have been if these techniques were not used. Moreover, even if
        the Adviser is correct in its forecasts, there is a risk that a credit derivative position may correlate imperfectly with
        the price of the asset or liability being protected. The Fund&rsquo;s risk of loss in a credit derivative transaction
        varies with the form of the transaction. For example, if the Fund sells a default swap on a security, it would collect
        periodic fees from the buyer and would profit if the credit of the underlying issuer or reference entity remains stable
        or improves while the swap is outstanding, but the Fund would be required to pay an agreed upon amount to the buyer (which
        may be the entire notional amount of the swap) if the reference entity defaults on the reference security. Credit default
        swap agreements involve greater risks than if the Fund invested in the reference obligation directly. See &ldquo;Risks&mdash;Credit
        Derivatives Risk.&rdquo;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Cyber-Security
        Risk and Identity Theft Risks.</I> Cyber-security incidents and cyber-attacks have been occurring globally at a more frequent
        and severe level and will likely continue to increase in frequency in the future. The Adviser&rsquo;s information and
        technology systems may be vulnerable to damage or interruption from computer viruses and other malicious code, network
        failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors
        by their respective professionals or service providers, power, communications or other service outages and catastrophic
        events such as fires, tornadoes, floods, hurricanes and earthquakes. If unauthorized parties gain access to such information
        and technology systems, they may be able to steal, publish, delete or modify private and sensitive information. Although
        the Adviser has implemented various measures to manage risks relating to these types of events, such systems could be
        inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail
        to adequately secure private information. Breaches such as those involving covertly introduced malware, impersonation
        of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection
        systems, potentially resulting in further harm and preventing it from being addressed appropriately. The Adviser and/or
        the Fund may have to make a significant investment to fix or replace them. The failure of these systems and/or of disaster
        recovery plans for any reason could cause significant interruptions in the Adviser&rsquo;s, and/or the Fund&rsquo;s operations
        and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information
        relating to shareholders and the intellectual property and trade secrets of the Adviser. Such a failure could harm the
        Adviser&rsquo;s and/or the Fund&rsquo;s reputation, subject any such entity and their respective affiliates to legal claims
        and adverse publicity and otherwise affect their business and financial performance.</FONT></P>
        </TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Repurchase Agreements Risk.</I>&nbsp;&nbsp;Subject
    to its investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes.
    Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution
    such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities
    back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying
    security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a
    seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses,
    including (1)&nbsp;possible decline in the value of the underlying security during the period in which the Fund seeks to enforce
    its rights thereto; (2)&nbsp;possible lack of access to income on the underlying security during this period; and (3)&nbsp;expenses
    of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement
    will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the
    event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral.
    However, the exercise of the Fund&rsquo;s right to liquidate such collateral could involve certain costs or delays and, to
    the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price,
    the Fund could suffer a loss.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Investments in Equity Securities Incidental
    to Investments in Senior Loans.</I>&nbsp;&nbsp;From time to time the Fund also may invest in or hold common stock and other
    equity securities incidental to the purchase or ownership of a Senior Loan or in connection with a reorganization of a Borrower.
    Investments in equity securities incidental to investment in Senior Loans entail certain risks in addition to those associated
    with investments in Senior Loans. Because equity is merely the residual value of an issuer after all claims and other interests,
    it is inherently more risky than the bonds or Senior Loans of the same Borrower. The value of the equity securities may be
    affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks
    may increase fluctuations in the Fund&rsquo;s net asset value. The Fund frequently may possess material non-public information
    about a Borrower as a result of its ownership of a Senior Loan of a Borrower. Because of prohibitions on trading in securities
    while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security
    of the Borrower when it would otherwise be advantageous to do so. See &ldquo;Risks&mdash;Investments in Equity Securities
    Incidental to Investments in Senior Loans.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>U.S.
        Government Debt Securities Risk</I>.&nbsp;&nbsp;The Fund may invest in debt securities issued or guaranteed by agencies,
        instrumentalities and sponsored enterprises of the U.S. Government. Some U.S. Government securities, such as U.S. Treasury
        bills, notes and bonds, and mortgage-related securities guaranteed by the Government National Mortgage Association (&quot;GNMA&quot;),
        are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks
        (&quot;FHLBs&quot;) or the Federal Home Loan Mortgage Corporation (&quot;FHLMC&quot;), are supported by the right of the
        issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association (&quot;FNMA&quot;),
        are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; and still others
        are supported only by the credit of the agency, instrumentality or corporation Although legislation has been enacted to
        support certain government sponsored entities, including the FHLBs, the FHLMC and FNMA, there is no assurance that the
        obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default.
        It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact
        the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental
        entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices
        and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could
        adversely affect the credit quality, availability or investment character of securities issued by these entities. U.S.
        Government debt securities generally involve lower levels of credit risk than other types of debt securities of similar
        maturities, although, as a result, the yields available from U.S. Government debt securities are generally lower than
        the yields available from such other securities. Like other debt securities, the values of U.S. Government securities
        change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income
        on existing portfolio securities but will be reflected in the Fund's NAV<I>. </I> See &ldquo;Risks&mdash;U.S. Government
        Debt Securities Risk.&rdquo;</FONT></P>
        </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Market Developments.</I>&nbsp;&nbsp;Periods
    of market volatility remain, and may continue to occur in the future, in response to various political, social and economic
    events both within and outside of the United States. Instability in the credit markets may make it more difficult for a number
    of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations.
    In particular, because of volatile conditions in the credit markets, issuers of debt securities may be subject to increased
    cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities
    they issue.</FONT></TD></TR>
</TABLE>
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<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For example, certain Borrowers may, due to macroeconomic
    conditions, be unable to repay the Senior Loans during this period. A Borrower&rsquo;s failure to satisfy financial or operating
    covenants imposed by lenders could lead to defaults and, potentially, termination of the Senior Loans and foreclosure on its
    secured assets, which could trigger cross-defaults under other agreements and jeopardize the Borrower&rsquo;s ability to meet
    its obligations under its debt securities. We may incur expenses to the extent necessary to seek recovery upon default or
    to negotiate new terms with a defaulting Borrower. In addition, if one of the Borrowers were to commence bankruptcy proceedings,
    even though the Fund may have structured its interest as senior debt, depending on the facts and circumstances, including
    the extent to which the Fund actually provided managerial assistance to such Borrower, a bankruptcy court might recharacterize
    the Fund&rsquo;s debt holding and subordinate all or a portion of its claim to that of other creditors. The current adverse
    economic conditions also may decrease the value of collateral securing some of the Fund&rsquo;s loans and the value of its
    equity investments. The current recession could lead to financial losses in our portfolio and a decrease in revenues, net
    income and the value of the Fund&rsquo;s assets.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">These developments may increase the volatility
    of the value of securities owned by the Fund. These developments also may make it more difficult for the Fund to accurately
    value its securities or to sell its securities on a timely basis. These developments could adversely affect the ability of
    the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to the
    holders of common shares. These developments also may adversely affect the broader economy, which in turn may adversely affect
    the ability of issuers of securities owned by the Fund to make payments of principal and interest when due, lead to lower
    credit ratings of the issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities
    owned by the Fund and adversely affect the net asset value and market price of the Fund&rsquo;s common shares. See &ldquo;Risks&mdash;Market
    Developments.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Market Disruption and Geopolitical
    Risk.</I>&nbsp;&nbsp;The     instability in various regions and terrorist attacks in the United States and around the world
    may result in market volatility     and may have long-term effects on the U.S. and worldwide financial markets and may cause
    further economic uncertainties in     the United States and worldwide. The Fund cannot predict the effects of geopolitical
    events in the future on the U.S. economy     and securities markets. See &ldquo;Risks&mdash;Market Disruption and
    Geopolitical Risk.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>UK Exit from the European Union.</I> The United Kingdom (the
&ldquo;UK&rdquo;) held a referendum on June 23, 2016 on whether to leave or remain a member state of the European Union (the &ldquo;EU&rdquo;).
The outcome of that referendum was in favor of leaving. Under the process for leaving the EU contemplated in article 50 of the
Treaty on the Functioning of the European Union, the UK will remain a member state until a withdrawal agreement is entered into,
or failing that, two years following the notification of the intention to leave. On March 13, 2017, the British Parliament passed
a bill approving the UK&rsquo;s exit from the EU. On March 29, 2017, the UK formally notified the European Council of its intention
to leave. As a result, the UK will remain a member state subject to EU law with privileges to provide services under the single
market directives until at least March 29, 2019. However, given the size and importance of the UK&rsquo;s economy, uncertainty
or unpredictability about its legal, political and economic relationship with Europe after that two-year period may continue to
be a source of instability, create significant currency fluctuations, and/or otherwise adversely affect international markets,
arrangements for trading or other existing cross-border co-operation arrangements (whether economic, tax, fiscal, legal, regulatory
or otherwise) for the foreseeable future including beyond the date of the UK&rsquo;s withdrawal from the EU. The outcome of the
UK referendum could also have a destabilizing effect if other member states were to consider the option of leaving the EU.</P>


</TD></TR>
</TABLE>
</div>
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<center>
<div STYLE="BORDER:solid BLACK 2PX;padding-left:2%;padding-Right:2%;padding-top:1%;padding-bottom:1%;width:96%">
<TABLE CELLPADDING="6" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>U.S. Federal Income Tax Reform.</I> The recently
    enacted tax bill &ldquo;H.R. 1&rdquo; will significantly alter existing U.S. federal income tax law. Prospective investors
    should consult their own tax advisors regarding these changes, as well as other potential changes in tax laws. See &ldquo;Risks&mdash;U.S.
    Federal Income Tax Reform.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>Portfolio Turnover Risk.</I> The Fund&rsquo;s annual portfolio
turnover rate may vary greatly from year to year, as well as within a given year. Although the Fund cannot accurately predict its
annual portfolio turnover rate, it is not expected to exceed 100% under normal circumstances. However, portfolio turnover rate
is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in
the realization of net short-term capital gains by the Fund which, when distributed to common shareholders, will be taxable as
ordinary income. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other
transactional expenses that are borne by the Fund.</P>



</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Anti-Takeover Provisions.</I>&nbsp;&nbsp;The
    Fund&rsquo;s Agreement and Declaration of Trust includes provisions that could limit the ability of other entities or persons
    to acquire control of the Fund. These provisions could deprive the holders of common shares of opportunities to sell their
    common shares at a premium over the then-current market price of the common shares or at net asset value. See &ldquo;Risks&mdash;Anti-Takeover
    Provisions&rdquo; and &ldquo;Certain Provisions in the Agreement and Declaration of Trust.&rdquo;</FONT></TD></TR>
</TABLE>
</div>
</center>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>SUMMARY
OF FUND EXPENSES</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
purpose of the following table and the example below is to help you understand all fees and expenses that you, as a holder of
common shares, would bear directly or indirectly as a result of the Offer being fully subscribed and the receipt of net proceeds
from the Offer of approximately $______. The expenses shown in the table under &ldquo;Other expenses&rdquo; and &ldquo;Total annual
expenses&rdquo; are based on estimated amounts for the Fund&rsquo;s annual operations and assume that the Fund issues approximately
___ common shares. The following table also assumes the Fund has borrowings under its credit facility in an amount equal to 33<SUP>1</SUP>/3%
of the Fund&rsquo;s Managed Assets and shows Fund expenses as a percentage of net assets attributable to common shares.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 85%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Shareholder
    Transaction Expenses (as a percentage of offering price)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sales
    Load</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Offering
    Expenses Borne by Common Shareholders<SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">%</FONT></TD></TR>
<TR STYLE="background-color: gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dividend
    Reinvestment Plan Fees<SUP>2</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Annual Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Percentage
    Net&nbsp;Assets Attributable to Common Shares<SUP>3</SUP></B></FONT></TD></TR>
<TR STYLE="background-color: gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment
    Advisory Fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.47%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interest
    Payments on Borrowed Funds<SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.97%</FONT></TD></TR>
<TR STYLE="background-color: gainsboro">
    <TD STYLE="vertical-align: top; padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other
    Expenses<SUP>4</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.57%</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
    Annual Fund Operating Expenses<SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.01%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
fees and expenses of the Offering will be borne by the Fund and indirectly by all of its common shareholders, including those
who do not exercise their Rights. &nbsp;The Offering costs to be paid by the Fund are not included in the Annual Expenses table.&nbsp;
Offering costs borne by common shareholders will result in a reduction of capital of the Fund.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">There
will be no brokerage charges under the Fund&rsquo;s dividend reinvestment plan with respect to shares of common stock issued by
the Fund in connection with the Offering.&nbsp; However, you may pay brokerage charges if you sell your shares of common stock
held in a dividend reinvestment account.&nbsp; You also may pay a <I>pro rata</I> share of brokerage commissions incurred in connection
with your market purchases pursuant to the Fund&rsquo;s dividend reinvestment plan.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assumes
the use of leverage in the form of borrowing under the Fund&rsquo;s credit agreement representing 33 1/3%&nbsp;&nbsp;of the Fund&rsquo;s
total assets (including any additional leverage obtained through the use of borrowed funds) at an annual interest rate cost to
the Fund of 1.94%.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other
Expenses are estimated based on the Fund&rsquo;s fiscal year ended on December 31, 2017.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Example</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
purpose of the following table is to help a holder of common shares understand the fees and expenses that such holder would bear
directly or indirectly. The following example illustrates the expenses that you would pay on a $1,000 investment in common shares
of the Fund, including the estimated costs of the Offer to be borne by the common shareholders of $______, assuming (1) that the
Fund&rsquo;s net assets following (and after giving effect to) the Offer do not increase or decrease, (2) that the Fund incurs
total annual expenses of ___% of its net assets in years 1 through 10 (assuming borrowing equal to ___% of the Fund&rsquo;s total
assets) and (3) a 5% annual return.&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1
    Year</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3
    Years</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5
    Years</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10
    Years</B></FONT></TD></TR>
<TR STYLE="background-color: gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$______</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$______</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$______</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$______</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The
example should not be considered a representation of future expenses or rate of return. Actual expenses may be higher or lower
than those shown.</B> The example assumes that the estimated &ldquo;Other Expenses&rdquo; set forth in the Annual Expenses table
are accurate and that all dividends and distributions are reinvested at net asset value. Moreover, the Fund&rsquo;s actual rate
of return may be greater or less than the hypothetical 5% annual return shown in the example.</FONT></P>



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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FINANCIAL
HIGHLIGHTS</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Selected
Per Share Data And Ratios</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
selected financial data below sets forth per common share operating performance data, total investment return, ratios and supplemental
data for each fiscal year since the Fund&rsquo;s inception. The financial information set forth below for the years ended December
31, 2010 (from May 31, 2010, commencement of operations, through December 31, 2010) through December 31, 2017 was audited by ___,
the Fund&rsquo;s independent registered public accounting firm. This financial information should be read in conjunction with
the financial statements of the Fund incorporated by reference into this prospectus and the SAI. See &ldquo;Financial Statements&rdquo;
in the Statement of Additional Information.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Year Ended December 31, 2017</B></FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Year Ended December 31, 2016</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Year Ended December 31, 2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Year Ended December 31, 2014</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Year Ended December 31, 2013</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Year Ended December 31, 2012</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Year Ended December 31, 2011</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>For
the Period May 26, 2010 (Commencement of Operations) to December 31, 2010</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -0.1in; padding-left: 0.1in">PER COMMON SHARE OPERATING PERFORMANCE:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 16%; text-indent: -0.1in; padding-left: 0.1in">Net asset value - beginning of period</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">15.96</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">18.08</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">19.27</TD><TD STYLE="width: 4%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">19.31</TD><TD STYLE="width: 4%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">18.81</TD><TD STYLE="width: 4%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">19.63</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 6%; text-align: right">19.10</TD><TD STYLE="width: 4%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">INCOME/(LOSS) FROM INVESTMENT OPERATIONS:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Net investment income<SUP>(a)</SUP> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.62</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net realized and unrealized gain/(loss) on investments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.84</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.70</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.64</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">DISTRIBUTIONS TO PREFERRED SHAREHOLDERS:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">From net investment income<SUP>(a)</SUP> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.06</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.03</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">From net realized gains</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.01</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Total Income/(Loss) from Investment Operations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.95</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.23</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">DISTRIBUTIONS TO COMMON SHAREHOLDERS:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">From net investment income</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.16</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.86</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.06</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.23</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.23</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.66</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">From net realized gains</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">From tax return of capital</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Total Distributions to Common Shareholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.16</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.21</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.21</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.42</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.38</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.66</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Net asset value per common share - end of period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17.61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19.27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.81</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19.63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Market price per common share - end of period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20.33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19.96</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total Investment Return - Net Asset Value<SUP>(b)</SUP></B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.44</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.19</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.38</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.27</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.51</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.05</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.37</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total Investment Return - Market Price<SUP>(b)</SUP></B> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.70</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.72</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.99</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.26</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.20</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.08</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.29</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">RATIOS AND SUPPLEMENTAL DATA:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Net assets attributable to common shares, end of period (000s) </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">268,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">242,874</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">275,201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">293,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">293,459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">285,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">297,206</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Ratio of expenses to average net assets attributable to common shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.59</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.48</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.02</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.73</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.78</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.79</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.41</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Ratio of net investment income to average net assets attributable to common <BR> shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.48</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.84</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.88</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.02</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.04</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.91</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.37</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of expenses to average managed assets<SUP>(d)</SUP> </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.74</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.67</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.02</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.83</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.87</TD><TD STYLE="text-align: left">%<SUP>(c)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.87</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.83</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Portfolio turnover rate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="font-weight: bold; text-indent: -0.1in; padding-left: 0.1in">TERM PREFERRED SHARES:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Liquidation value, end of period, including dividends payable on Term Preferred Shares (000s) </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A<SUP></SUP></FONT></TD><TD STYLE="text-align: left"><SUP>(e)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Total shares outstanding (000s)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Asset coverage per share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left"><SUP>(e)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,035</TD><TD STYLE="text-align: left"><SUP>(f)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,116</TD><TD STYLE="text-align: left"><SUP>(g)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,946</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Liquidation preference per share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A<SUP></SUP></FONT></TD><TD STYLE="text-align: left"><SUP>(e)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">SENIOR SECURED NOTES:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Aggregate principal amount, end of period (000s) </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left"><SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Average borrowings outstanding during the period (000s) </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left"><SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">96,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,527</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Asset coverage, end of period per $1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A<SUP></SUP></FONT></TD><TD STYLE="text-align: left"><SUP>(h)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,556</TD><TD STYLE="text-align: left"><SUP>(i)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,057</TD><TD STYLE="text-align: left"><SUP>(j)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,096</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">LEVERAGE FACILITY:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Aggregate principal amount, end of period (000s) </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">131,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">119,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">133,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Average borrowings outstanding during the period (000s) </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">122,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">132,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">137,412</TD><TD STYLE="text-align: left"><SUP>(k)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Asset coverage, end of period per $1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,047</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,032</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 39; Value: 31 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->





<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(a)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Calculated
                                         using average common shares outstanding.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(b)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Total
                                         investment return is calculated assuming a purchase of common share at the opening on
                                         the first day and a sale at closing on the last day of each period reported.&nbsp; Dividends
                                         and distributions are assumed for purposes of this calculation to be reinvested at prices
                                         obtained under the Fund's dividend reinvestment plan.&nbsp; Total investment returns
                                         do not reflect brokerage commissions, if any, and are not annualized.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(c)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Ratios
                                         do not reflect dividend payments to preferred shareholders.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(d)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Average
                                         managed assets represent net assets applicable to common shares plus principal value
                                         of leverage.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(e)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>On
                                         October 8, 2014, the Fund redeemed 100% of the term preferred shares at 100% of their
                                         liquidation preference.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(f)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Calculated
                                         by subtracting the Fund's total liabilities (excluding Term Preferred Shares and Senior
                                         Secured Notes) from the Fund's total assets and dividing by the sum of the Term Preferred
                                         Shares and the Senior Secured Notes and then multiplying by $1,000.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(g)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Calculated
                                         by subtracting the Fund's total liabilities (excluding Term Preferred Shares) from the
                                         Fund's total assets and dividing by the number of Term Preferred Shares outstanding.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(h)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>On
                                         October 8, 2014, the Fund redeemed 100% of the senior secured notes at 100% of their
                                         principal amount and entered into a new 364-day revolving credit facility.&nbsp; Average
                                         borrowings are shown for the period January 1, 2014 through the redemption date.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(i)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Calculated
                                         by subtracting the Fund's total liabilities (excluding Term Preferred Shares and Senior
                                         Secured Notes) from the Fund's total assets and dividing by the principal amount of Senior
                                         Secured Notes and then multiplying by $1,000.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(j)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Calculated
                                         by subtracting the Fund's total liabilities (including Term Preferred Shares but excluding
                                         Senior Secured Notes) from the Fund's total assets and dividing by the principal amount
                                         of Senior Secured Notes and then multiplying by $1,000.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I><SUP>(k)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Since
                                         first borrowing was made on October 8, 2014.</I></FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>SENIOR
SECURITIES</B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following table sets forth certain unaudited information regarding the Fund&rsquo;s senior securities as of the end of each of
the Fund&rsquo;s prior fiscal years since the Fund&rsquo;s inception. The Fund&rsquo;s senior securities during this time period
are comprised of outstanding indebtedness, which constitutes a &ldquo;senior security&rdquo; as defined in the Investment Company
Act, and then-outstanding preferred shares. As of the end of the Fund&rsquo;s last fiscal year, the Fund had a credit facility
with a financial institution.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fiscal
    Year Ended</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type
    of Leverage</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Term
    of Leverage</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total
    Amount of Leverage Outstanding</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Asset
    Coverage per $1,000 of Leverage<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Line of Credit </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">364 days </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">132,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,032</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Line of Credit</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">364 days</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">131,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,047</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2015</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Line of Credit</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">364 days</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">119,500,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,032</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2014</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Line of Credit</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">364 days</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">133,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,069</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Securities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">96,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,556</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preferred Shares</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,035</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2012</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Securities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">96,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,057</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2012</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preferred Shares</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,036</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Securities
    </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">96,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,972</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preferred Shares</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2,980</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2010</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Securities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">96,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4,096</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December
    31, 2010</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preferred Shares</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">May 31, 2020</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48,000,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3,062</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 40pt"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Asset coverage per $1,000 of borrowings is calculated by subtracting
the Fund&rsquo;s liabilities (other than borrowings and preferred shares) from the Fund&rsquo;s total assets, dividing the result
by the aggregate amount of the Fund&rsquo;s borrowings, and multiplying the result by 1,000. Asset coverage per $1,000 of preferred
shares is calculated by subtracting the Fund&rsquo;s liabilities (including borrowings, but excluding preferred shares) from the
Fund&rsquo;s total assets, dividing the result by the aggregate liquidation preference of the Fund&rsquo;s preferred shares, and
multiplying the result by 1,000.</P>



<FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></TD>
</TR></TABLE>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE OFFER</B></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"><B>Terms of the Offer</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Fund is issuing to Record Date Shareholders
Rights to subscribe for additional common shares. Each Record Date Shareholder is being issued one transferable Right for each
common share owned on the Record Date. The Offer entitles the holder to acquire at the Subscription Price one common share for
each three Rights held. The number of Rights to be issued to a Record Date Shareholder will be rounded up to the nearest number
of Rights evenly divisible by three. Fractional shares will not be issued upon the exercise of the Rights. Accordingly, common
shares may be purchased only pursuant to the exercise of Rights in integral multiples of three.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">In the case of common shares held of record
by Cede &amp; Co. or another nominee, as nominee for the Depository Trust Company, or any other depository, the number of Rights
issued to a depository or nominee will be adjusted to permit rounding up (to the nearest number of Rights evenly divisible by three)
of the Rights to be received by beneficial owners for whom it is the holder of record only if a depository or nominee provides
to the Fund on or before the close of business on March ___, 2018 a written representation to the number of Rights required for
such rounding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Rights may be exercised at any time during the
period Subscription Period, unless extended by the Fund. See &ldquo;&mdash; Expiration of the Offer.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">If all of the Rights are exercised in the primary
subscription, the Fund will experience a ___% increase in common shares outstanding. In addition, any Record Date Shareholder who
fully exercises all Rights initially issued to the shareholder is entitled to subscribe for common shares available for Primary
Subscription (the &ldquo;Primary Subscription Shares&rdquo;) that were not otherwise subscribed for by other Rights holders on
the Primary Subscription. The entitlement to subscribe for unsubscribed Primary Subscription Shares is available only to those
Record Date Shareholders who fully exercise all Rights initially issued to them and only on the basis of their Record Date holdings
and will be referred to in the remainder of this Prospectus as the &ldquo;Over-Subscription Privilege.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">For purposes of determining the maximum number
of Shares a Record Date Shareholder may acquire pursuant to the Offer, broker-dealers whose common shares are held of record by
Cede, nominee for DTC, or by any other depository or nominee, will be deemed to be the holders of the Rights that are issued to
Cede or such other depository or nominee on their behalf.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Common shares acquired pursuant to the Over-Subscription
Privilege are subject to allotment, which is more fully discussed below under &ldquo;Over-Subscription Privilege.&rdquo; Rights
acquired in the secondary market may not participate in the Over-Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The method by which Rights may be exercised
and common shares paid for is set forth below in &ldquo;&mdash; Method of Exercising Rights&rdquo; and &ldquo;&mdash; Payment for
Shares.&rdquo; A Rights holder will have no right to rescind a purchase after the Subscription Agent has received payment. See
&ldquo;&mdash; Payment for Shares&rdquo; below. Common shares issued pursuant to an exercise of Rights will be listed on the New
York Stock Exchange. Common shares issued in connection with the Offer will not be evidenced by share certificates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">For purposes of determining the maximum number
of common shares that may be acquired pursuant to the Offer, broker-dealers, trust companies, banks or others whose shares are
held of record by Cede or by any other depository or nominee will be deemed to be the holders of the Rights that are held by Cede
or such other depository or nominee on their behalf.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Rights are transferable until the Expiration
Date and will be admitted for trading on the New York Stock Exchange. Although no assurance can be given that a market for the
Rights will develop, trading in the Rights on the New York Stock Exchange will begin when the Subscription Period begins and may
be conducted until the close of trading on the last New York Stock Exchange trading day prior to the Expiration Date due to normal
settlement procedures.</P>



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    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Rights that are sold will not confer any right
to acquire any common shares in the Over-Subscription Privilege (with respect to the Rights that are sold). Trading of the Rights
on the New York Stock Exchange will be conducted on a when-issued basis until and including the date on which the Subscription
Certificates are mailed to Record Date Shareholders and thereafter, will be conducted on a regular way basis until and including
the last New York Stock Exchange trading day prior to the Expiration Date. The method by which Rights may be transferred is set
forth below under &ldquo;&mdash; Method of Transferring Rights.&rdquo; The Shares will begin trading ex-Rights two Business Days
prior to the Record Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Nominees who hold the Fund&rsquo;s common shares
for the account of others, such as banks, broker-dealers, or depositories for securities, should notify the respective beneficial
owners of such Shares as soon as possible to ascertain such beneficial owners&rsquo; intentions and to obtain instructions with
respect to the Rights. Nominees should also notify holders purchasing Rights in the secondary market that such Rights may not participate
in the Over-Subscription Privilege. If the beneficial owner so instructs, the nominee will complete the Subscription Certificate
and submit it to the Subscription Agent with proper payment. In addition, beneficial owners of the common shares or Rights held
through such a nominee should contact the nominee and request the nominee to effect transactions in accordance with such beneficial
owner&rsquo;s instructions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>The Fund will not be issuing share certificates for the common
shares issued pursuant to this Offer. Issuance of common shares will be made electronically via book entry by Computershare, the
Fund&rsquo;s transfer agent.</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ALTHOUGH THE FUND HAS NO PRESENT INTENTION TO DO SO, THE FUND MAY,
IN THE FUTURE AND IN ITS DISCRETION, CHOOSE TO MAKE ADDITIONAL RIGHTS OFFERINGS FROM TIME TO TIME FOR A NUMBER OF COMMON SHARES
AND ON TERMS WHICH MAY OR MAY NOT BE SIMILAR TO THE OFFER.</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"><B>Purpose of the Offer</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt">[To be filed by amendment]</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Over-Subscription Privilege</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Board may determine to eliminate the
Over-Subscription Privilege if it considers it to be in the best interest of the Fund to do so. The Board may make that
determination at any time, without prior notice to Rights holders or others, up to and including the seventh day
following the Expiration Date. If the Over-Subscription Privilege is not eliminated, it will operate as set forth below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Rights holders who are Record Date Shareholders
are entitled to subscribe for additional common shares at the same Subscription Price pursuant to the Over-Subscription Privilege,
subject to certain limitations and subject to allotment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Record Date Shareholders who fully exercise
all Rights initially issued to them are entitled to buy those common shares that were not purchased by other Rights holders at
the same Subscription Price. If enough over-subscription shares are available, all such requests will be honored in full. If the
requests for Over-Subscription Shares exceed the over-subscription shares available, the available Over-Subscription Shares will
be allocated <I>pro rata </I>among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights
originally issued to them by the Fund. Shares acquired pursuant to the Over-Subscription Privilege are subject to allotment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Record Date Shareholders who are fully exercising
their Rights during the Subscription Period should indicate, on the Subscription Certificate that they submit with respect to the
exercise of the Rights issued to them, how many common shares they are willing to acquire pursuant to the Over-Subscription Privilege.
Rights acquired in the secondary market may not participate in the Over-Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">To the extent sufficient common shares are not
available to fulfill all over-subscription requests, the excess shares will be allocated <I>pro rata </I>among those Record Date
Shareholders who over-subscribe based on the number of common shares owned on the Record Date. The allocation process may involve
a series of allocations in order to assure that the total number of common shares available for over-subscriptions is distributed
on a <I>pro rata </I>basis.</P>



<!-- Field: Page; Sequence: 43; Value: 35 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The formula to be used in allocating the Excess
Shares is as follows: (shareholder&rsquo;s Record Date share position divided by total record date position of all over-subscribers)
multiplied by Excess Shares remaining.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Banks, broker-dealers, trustees and other nominee
holders of Rights will be required to certify to the Subscription Agent, before any Over-Subscription Privilege may be exercised
with respect to any particular beneficial owner, as to the aggregate number of Rights exercised during the Subscription Period
and the number of common shares subscribed for pursuant to the Over-Subscription Privilege by such beneficial owner and that such
beneficial owner&rsquo;s subscription was exercised in full. Nominee holder over-subscription forms and beneficial owner certification
forms will be distributed to banks, broker-dealers, trustees and other nominee holders of rights with the Subscription Certificates.
Nominees should also notify holders purchasing Rights in the secondary market that such Rights may not participate in the Over-Subscription
Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Fund will not offer or sell any common shares
that are not subscribed for during the Subscription Period or pursuant to the Over-Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>The Subscription Price</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Subscription Price will be determined based
upon a formula equal to ___________________. Market price per common share will be determined based on the average of the last
reported sales prices of a common share on the New York Stock Exchange for the five trading days preceding the Expiration Date
(not including sales price on the Expiration Date). Based on reported net asset value and market price per common share as of March
___, 2018, the Subscription Price would be $___ per share (the &ldquo;estimated Subscription Price&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Because the expiration date of the
Subscription Period will be April ____, 2018 (unless the Fund extends the Subscription Period), Rights holders may not know
the Subscription Price at the time of exercise and will be required initially to pay for both the common shares subscribed
for pursuant to the Primary Subscription (i.e., the Rights to acquire new common shares during the Subscription Period) and,
if eligible, any additional common shares subscribed for pursuant to the Over-Subscription Privilege at the Subscription
Price  and, except in limited circumstances, will not be able to rescind their subscription.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Fund announced the Offer on ___, 2018. The
net asset value per common share at the close of business on ___, 2018 was $___. The last reported sale price of a common share
on the New York Stock Exchange on that date was $___, representing a ___% [premium/discount] in relation to the then-current net
asset value per common share and in relation to the estimated Subscription Price.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Common shares of the Fund, as a closed-end fund,
can trade at a discount to net asset value. Upon expiration of the Offer, common shares will be issued at a price below net asset
value per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Sales by Subscription Agent</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Holders of Rights who are unable or do not wish
to exercise any or all of their Rights may instruct the Subscription Agent to sell any unexercised Rights. The Subscription Certificates
representing the Rights to be sold by the Subscription Agent must be received on or before April ___, 2018, the fifth business
day before the Expiration Date. Upon the timely receipt of the appropriate instructions to sell Rights, the Subscription Agent
will use its best efforts to complete the sale and will remit the proceeds of sale, net of commissions, to the holders. The Subscription
Agent will also attempt to sell any Rights (i) a Rights holder is unable to exercise because the Rights represent the right to
subscribe for less than one new common share or (ii) attributable to shareholders whose record addresses are outside the United
States or who have an APO or FPO address.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">If the Rights can be sold, sales of the Rights
will be deemed to have been effected at the weighted average price received by the Subscription Agent on the day such Rights are
sold, less any applicable brokerage commissions, taxes and other expenses. The selling Rights holder will pay all brokerage commissions
incurred by the Subscription Agent.&nbsp;</P>

<!-- Field: Page; Sequence: 44; Value: 35 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Subscription Agent will automatically attempt
to sell any unexercised Rights that remain unclaimed as a result of Subscription Certificates being returned by the postal authorities
as undeliverable as of the fifth Business Day prior to the Expiration Date. These sales will be made net of commissions on behalf
of the nonclaiming Rights holders. Proceeds from those sales will be held by the Fund&rsquo;s transfer agent, for the account of
the nonclaiming Rights holder until the proceeds are either claimed or escheated. There can be no assurance that the Subscription
Agent will be able to complete the sale of any of these Rights and neither the Fund nor the Subscription Agent has guaranteed any
minimum sales price for the Rights. All of these Rights will be sold at the market price, if any, through an exchange or market
trading the Rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Common shareholders are urged to obtain a recent
trading price for the Rights on the New York Stock Exchange from their broker, bank, financial advisor or the financial press.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Method of Transferring Rights</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The value of the Rights, if any, will be reflected
by the market price. Rights may be sold by individual holders or may be submitted to the Subscription Agent for sale. Any Rights
submitted to the Subscription Agent for sale must be received by the Subscription Agent on or before April ___, 2018, five Business
Days prior to the completion of the Subscription Period, due to normal settlement procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Rights that are sold will not confer any right
to acquire any common shares in the Over-Subscription, and any Record Date Shareholder who sells any Rights will not be eligible
to participate in the Over-Subscription with respect to the Rights sold.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Rights evidenced by a single Subscription
Certificate may be transferred in whole by endorsing the Subscription Certificate for transfer in accordance with the accompanying
instructions. A portion of the Rights evidenced by a single Subscription Certificate (but not fractional Rights) may be transferred
by delivering to the Subscription Agent a Subscription Certificate properly endorsed for transfer, with instructions to register
the portion of the Rights evidenced thereby in the name of the transferee (and to issue a new Subscription Certificate to the transferee
evidencing the transferred Rights). In this event, a new Subscription Certificate evidencing the balance of the Rights will be
issued to the Rights holder or, if the Rights holder so instructs, to an additional transferee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Holders wishing to transfer all or a portion
of their Rights (but not fractional Rights) should allow at least five Business Days prior to the Expiration Date for (i) the transfer
instructions to be received and processed by the Subscription Agent, (ii) a new Subscription Certificate to be issued and transmitted
to the transferee or transferees with respect to transferred Rights, and to the transferor with respect to retained Rights, if
any, and (iii) the Rights evidenced by the new Subscription Certificates to be exercised or sold by the recipients thereof. Neither
the Fund nor the Subscription Agent shall have any liability to a transferee or transferor of Rights if Subscription Certificates
are not received in time for exercise or sale prior to the Expiration Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Except for the fees charged by the Subscription
Agent (which will be paid by the Fund as described below), all commissions, fees and other expenses (including brokerage commissions
and transfer taxes) incurred in connection with the purchase, sale or exercise of Rights will be for the account of the transferor
of the Rights, and none of these commissions, fees or expenses will be paid by the Fund or the Subscription Agent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Fund anticipates that the Rights will be
eligible for transfer through, and that the exercise of the Offer may be effected through, the facilities of DTC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Expiration of the Offer</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Offer will expire at 5:00 p.m., Eastern
Time, on April ___, 2018, unless extended by the Fund (the &ldquo;Expiration Date&rdquo;). Rights will expire on the Expiration
Date and thereafter may not be exercised.&nbsp;</P>

<!-- Field: Page; Sequence: 45; Value: 35 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Subscription Agent</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Subscription Agent is [Computershare]. The
Subscription Agent will receive from the Fund an amount estimated to be $______, comprising the fee for its services and the reimbursement
for certain expenses related to the Offer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Information Agent</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">INQUIRIES BY ALL HOLDERS OF RIGHTS SHOULD BE
DIRECTED TO: THE INFORMATION AGENT, ___, TOLL-FREE AT ___ OR PLEASE SEND WRITTEN REQUEST TO: ___; HOLDERS MAY ALSO CONSULT THEIR
BROKERS OR NOMINEES.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Marketing Services</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><B>[</B>The Fund has engaged ALPS, the Fund&rsquo;s
administrator, to assist with marketing services for the Offer. ALPS will not receive any additional fees with respect to such
services.]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Method of Exercising Rights</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Rights may be exercised by completing and signing
the reverse side of the Subscription Certificate and mailing it in the envelope provided, or otherwise delivering the completed
and signed Subscription Certificate to the Subscription Agent, together with payment for the Shares as described below under &ldquo;Payment
for Shares.&rdquo; Rights may also be exercised through a Rights holder&rsquo;s broker, who may charge the Rights holder a servicing
fee in connection with such exercise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Completed Subscription Certificates must be
received by the Subscription Agent prior to 5:00 p.m. Eastern Time, on the Expiration Date (unless payment is effected by means
of a notice of guaranteed delivery as described below under &ldquo;Payment for Shares&rdquo;). The Subscription Certificate and
payment should be delivered to the Subscription Agent at the following addresses:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 20%">If By Mail:</TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Computershare Trust Company, N.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Attn: Corporate Actions Voluntary Offer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">P.O. Box 43011</P>

<P STYLE="margin: 0">Providence, RI 02940-3011</P>



</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 20%">If By Overnight Courier:</TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Computershare Trust Company, N.A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Attn: Corporate Actions Voluntary Offer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">250 Royall Street</P>

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

<P STYLE="margin: 0">Canton, MA 02021</P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Payment for Shares</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Holders of Rights who acquire common shares
on Primary Subscription or pursuant to the Over-Subscription Privilege may choose between the following methods of payment:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 40pt">(1)</TD>
    <TD STYLE="vertical-align: top">A subscription will be accepted by the Subscription Agent if, prior to 5:00 p.m., Eastern Time, on the Expiration Date, the Subscription Agent has received a written notice of guaranteed delivery from a bank, a trust company, or a New York Stock Exchange member, guaranteeing delivery of: (i) payment for the common shares subscribed for in the Primary Subscription and additional common shares subscribed for pursuant to the Over-Subscription Privilege to the Subscription Agent based on the Subscription Price, and (ii) a properly completed and executed Subscription Certificate.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 80pt">The Subscription Agent will not honor a notice of guaranteed
delivery if a properly completed and executed Subscription Certificate and full payment is not received by the Subscription Agent
by the close of business on the third Business Day after the Expiration Date. The notice of guaranteed delivery may be delivered
to the Subscription Agent in the same manner as Subscription Certificates at the addresses set forth above, or may be transmitted
to the Subscription Agent by facsimile transmission to fax number ___; telephone number to confirm receipt ___.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 40pt">(2)</TD>
    <TD STYLE="vertical-align: top">Alternatively, a holder of Rights can send the Subscription Certificate together with payment in the form of a personal check drawn upon a U.S. bank payable to the Subscription Agent. To be accepted, the payment, together with the executed Subscription Certificate, must be received by the Subscription Agent at the addresses noted above prior to 5:00 p.m., Eastern Time, on the Expiration Date. The Subscription Agent will deposit all checks received by it prior to the Expiration Date into a segregated account pending proration and distribution of the common shares issued pursuant to the Offer. The Subscription Agent will not accept cash as a means of payment for common shares issued pursuant to the Offer.</TD></TR>
</TABLE>



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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">EXCEPT AS OTHERWISE SET FORTH BELOW, A PAYMENT PURSUANT TO THIS
METHOD MUST BE IN UNITED STATES DOLLARS BY PERSONAL CHECK DRAWN UPON A U.S. BANK, MUST BE PAYABLE TO THE SUBSCRIPTION AGENT, [COMPUTERSHARE<B>]</B>,
AND MUST ACCOMPANY AN EXECUTED SUBSCRIPTION CERTIFICATE TO BE ACCEPTED.</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-indent: 40pt">If the aggregate Subscription Price paid by
a Record Date Shareholder is insufficient to purchase the number of common shares that the holder indicates are being subscribed
for, or if a Record Date Shareholder does not specify the number of common shares to be purchased, then the Record Date Shareholder
will be deemed to have exercised first, the Primary Subscription Rights (if not already fully exercised) and second, the Over-Subscription
Privilege to the full extent of the payment tendered. If the aggregate Subscription Price paid by such holder is greater than the
common shares he has indicated an intention to subscribe, then the Rights holder will be deemed to have exercised first, the Primary
Subscription Rights (if not already fully subscribed) and second, the Over-Subscription Privilege to the full extent of the excess
payment tendered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Any payment required from a holder of Rights
must be received by the Subscription Agent by the Expiration Date, or if the Rights holder has elected to make payment by means
of a notice of guaranteed delivery, on the third Business Day after the Expiration Date. Whichever of the two methods of payment
described above is used, issuance and delivery of the common shares purchased are subject to collection of checks and actual payment
pursuant to any notice of guaranteed delivery.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Within ten Business Days following the Expiration
Date, a confirmation will be sent by the Subscription Agent to each holder of Rights (or, if the common shares are held by Cede
or any other depository or nominee, to Cede or such other depository or nominee), showing (i) the number of common shares acquired
pursuant to the Primary Subscription, (ii) the number of Excess Shares, if any, acquired pursuant to the Over-Subscription Privilege,
(iii) the per common share and total purchase price for the common shares and (iv) any excess to be refunded by the Fund to such
holder as a result of payment for common shares pursuant to the Over-Subscription Privilege which the holder is not acquiring.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Any payment required from a holder of Rights
must be received by the Subscription Agent on the Expiration Date, or if the Rights holder has elected to make payment by means
of a notice of guaranteed delivery, on the third Business Day after the Expiration Date. Any excess payment to be refunded by the
Fund to a holder of Rights, or to be paid to a holder of Rights as a result of sales of Rights on his behalf by the Subscription
Agent or exercises by Record Date Shareholders of their Over-Subscription Privileges, will be mailed by the Subscription Agent
to the holder within ten Business Days after the Expiration Date. If any Rights holder exercises its right to acquire Shares pursuant
to the Over-Subscription Privilege, any excess payment which would otherwise be refunded to the Rights holder will be applied by
the Fund toward payment for common shares acquired pursuant to exercise of the Over-Subscription Privilege, if any.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">A Rights holder will have no right to rescind
a purchase after the Subscription Agent has received payment either by means of a notice of guaranteed delivery or a check.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">If a holder of Rights who acquires common shares
pursuant to the Primary Subscription or the Over-Subscription Privilege does not make payment of any amounts due, the Fund reserves
the right to take any or all of the following actions: (i) find other purchasers for such subscribed-for and unpaid-for common
shares; (ii) apply any payment actually received by it toward the purchase of the greatest whole number of common shares which
could be acquired by such holder upon exercise of the Primary Subscription or the Over-Subscription Privilege; (iii) sell all or
a portion of the common shares purchased by the holder, in the open market, and apply the proceeds to the amounts owed; and (iv)
exercise any and all other rights or remedies to which it may be entitled, including, without limitation, the right to set off
against payments actually received by it with respect to such subscribed common shares and to enforce the relevant guaranty of
payment.</P>

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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Nominees who hold common shares for the account
of others, such as brokers, dealers or depositories for securities, should notify the respective beneficial owners of the common
shares as soon as possible to ascertain such beneficial owners&rsquo; intentions and to obtain instructions with respect to the
Rights. If the beneficial owner so instructs, the record holder of the Rights should complete Subscription Certificates and submit
them to the Subscription Agent with the proper payment. In addition, beneficial owners of common shares or Rights held through
such a nominee should contact the nominee and request the nominee to effect transactions in accordance with the beneficial owner&rsquo;s
instructions. <B>Banks, broker-dealers and trust companies that hold common shares for the accounts of others are advised to notify
those persons that purchase Rights in the secondary market that such Rights may not participate in the Over-Subscription Privilege.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>THE INSTRUCTIONS ACCOMPANYING THE SUBSCRIPTION CERTIFICATES SHOULD
BE READ CAREFULLY AND FOLLOWED IN DETAIL. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The method of delivery of Subscription Certificates
and payment of the aggregate Subscription Price to the Subscription Agent will be at the election and risk of the Rights holders,
but, if sent by mail, it is recommended that the certificates and payments be sent by registered mail, properly insured, with return
receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Subscription Agent and clearance of
payment prior to 5:00 p.m., Eastern Time, on the Expiration Date. Because uncertified personal checks may take at least five Business
Days or more to clear, you are strongly urged to pay, or arrange for payment, by means of a certified bank check drawn off a personal
bank account. Payments by cashier&rsquo;s check or money order will not be accepted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">All questions concerning the timeliness, validity,
form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will be final and binding.
The Fund, in its sole discretion, may waive any defect or irregularity, or permit a defect or irregularity to be corrected within
such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be deemed to have been received
or accepted until all irregularities have been waived or cured within such time as the Fund determines in its sole discretion.
Neither the Fund nor the Subscription Agent will be under any duty to give notification of any defect or irregularity in connection
with the submission of Subscription Certificates or incur any liability for failure to give such notification.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>Rights holders who have exercised their rights will have no right
to rescind their subscription after receipt by the subscription agent of the completed Subscription Certificate together with payment
for common shares, except as described under &ldquo;Notice of Net Asset Value Decline.&rdquo;</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Foreign Restrictions</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Subscription Certificates will only be mailed
to Record Date Shareholders whose addresses are within the United States (other than an APO or FPO address). Record Date Shareholders
whose addresses are outside the United States or who have an APO or FPO address and who wish to subscribe to the Offer either in
part or in full should contact the Subscription Agent in writing or by recorded telephone conversation no later than five Business
Days prior to the Expiration Date. The Fund will determine whether the Offer may be made to any such Record Date Shareholder. If
the Subscription Agent has received no instruction by the fifth Business Day prior to the Expiration Date or the Fund has determined
that the Offer may not be made to a particular shareholder, the Subscription Agent will attempt to sell all of such shareholder&rsquo;s
Rights and remit the net proceeds, if any, to such shareholder. If the Rights can be sold, sales of these Rights will be deemed
to have been effected at the weighted average price received by the Subscription Agent on the day the Rights are sold, less any
applicable brokerage commissions, taxes and other expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Notice of Net Asset Value Decline</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">In accordance with SEC regulatory requirements,
the Fund has undertaken to suspend the Offer until the Fund amends this Prospectus if, after the effective date of the Fund&rsquo;s
registration statement relating to this Offer, the Fund&rsquo;s net asset value declines more than 10% from the Fund&rsquo;s net
asset value as of that date. If this occurs, the Expiration Date will be extended and the Fund will notify Record Date Shareholders
of the decline and permit them to cancel their exercise of Rights.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Certain United States Federal Income Tax Consequences</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The following is a general summary of the material
U.S. federal income tax consequences of the Offer that are generally applicable to Record Date Shareholders who are &ldquo;United
States persons&rdquo; within the meaning of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). This discussion
does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to Record Date
Shareholders in light of their particular circumstances. In addition, this discussion applies only to Record Date Shareholders
that hold their &ldquo;Old Common Shares&rdquo; (as defined below), and will hold the Rights received, as capital assets for U.S.
federal income tax purposes. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder,
and judicial and administrative ruling authorities, all of which are subject to change or differing interpretations (possibly with
retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant
to special classes of taxpayers including, without limitation, financial institutions, insurance companies, investors in pass-through
entities, persons whose &ldquo;functional currency&rdquo; is not the U.S. dollar, tax-exempt organizations, dealers in securities
or currencies, traders in securities or commodities that elect mark to market treatment, or persons that hold their Old Common
Shares, or will hold the Rights received, as a position in a &ldquo;straddle,&rdquo; &ldquo;hedge&rdquo; or as part of a &ldquo;constructive
sale&rdquo; for U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare
tax on net investment income or the U.S. federal alternative minimum tax. Record Date Shareholders should consult their tax advisors
regarding the tax consequences, including U.S. federal, state, local, foreign or other tax consequences, relevant to their particular
circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The receipt of the Rights by Record Date Shareholders
will generally not be a taxable event for U.S. federal income tax purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Except as described in the following sentence,
the basis of a Right issued to a Record Date Shareholder will be zero, and the basis of the common share with respect to which
the Right was issued (the &ldquo;Old Common Share&rdquo;) will remain unchanged. The Record Date Shareholder is, however, required
to allocate the basis of its Old Common Shares between the Old Common Shares and the Rights received in respect thereof in proportion
to their respective fair market values on the date of distribution if (i) either (a) the fair market value of the Rights on the
date of distribution is at least 15% of the fair market value on such date of the Old Common Shares with respect to which the Rights
were issued, or (b) the Record Date Shareholder affirmatively elects (in the manner set out in Treasury regulations) to allocate
to the Rights a portion of the basis of the Old Common Shares and (ii) the Rights do not expire unexercised in the hands of the
Record Date Shareholder (i.e., the Record Date Shareholder either exercises or sells the Rights following their issuance).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">No loss will be recognized by a Record Date
Shareholder if a Right distributed to such Record Date Shareholder expires unexercised in the hands of such Record Date Shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Any gain or loss on the sale of a Right will
generally be a capital gain or loss and will generally be a long-term capital gain or loss if the holding period of the Right exceeds
(or is deemed to exceed) one year. For non-corporate taxpayers, long-term capital gains are currently eligible for reduced rates
of taxation. The deductibility of capital losses is subject to limitation. The holding period of a Right issued to a Record Date
Shareholder will include the holding period of the Old Common Share with respect to which the Right was issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">No gain or loss will be recognized by a Rights
holder upon the exercise of the Rights, and the basis of any shares acquired upon exercise of the Rights (the &ldquo;New Common
Shares&rdquo;) will equal the sum of the basis, if any, of the Rights exercised in respect thereof and the subscription price for
the New Common Shares. The holding period for the New Common Shares will generally begin on the date of exercise of the Rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 91%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><I>You should consult a tax advisor regarding the U.S. federal tax consequences of acquiring, holding, disposing of and exercising Rights, and of allowing Rights to expire, in your particular circumstances, as well as any tax consequences that may arise under the laws of any state, local or foreign taxing jurisdiction.</I></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Certain Employee Plan Considerations</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Employee Retirement Income Security Act
of 1974, as amended (&ldquo;ERISA&rdquo;) and the Code contain certain fiduciary responsibility and prohibited transaction provisions
applicable to holders that are &ldquo;benefit plan investors&rdquo; within the meaning of Section 3(42) of ERISA and the regulations
thereunder (each, a &ldquo;Benefit Plan&rdquo; and collectively, &ldquo;Benefit Plans&rdquo;), which term is defined to include
employee benefit plans subject to Title I of ERISA and/or Section 4975 of the Code, such as corporate pension plans, 401(k) plans,
Keogh plans of self-employed individuals, individual retirement accounts (&ldquo;IRA&rdquo;) and entities whose underlying assets
are considered to include plan assets of any such plan . Due to the complexity of these rules and the penalties for noncompliance,
fiduciaries of Benefit Plans and other retirement plans should consult with their counsel and advisors regarding the consequences
of their exercise or transfer of Rights under ERISA and the Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">As described above, existing shareholders who
do not fully exercise their Rights will, at the completion of the Offer, own a smaller proportional interest in the Fund than they
owned prior to the Offer. The exercise of Rights will require the future funding of cash. See &ldquo;The Offer&mdash;The Subscription
Price.&rdquo; Benefit Plans should be aware that additional contributions of cash to the Benefit Plan necessary in order to fund
the exercise of Rights may be treated as Benefit Plan contributions and, particularly when taken together with contributions previously
made, may result in issues under the rules governing contributions and reductions, and give rise to possible excise taxes. For
example, in the case of Benefit Plans qualified under Section 401(a) of the Code, and certain other retirement plans, additional
cash contributions could cause the maximum contribution limitations of Section 415 of the Code and other qualification rules to
be violated. Benefit Plans contemplating making additional cash contributions to the Benefit Plan to fund the exercise of Rights
should consult with their counsel prior to making such contributions. There may also be reportable distributions, and other adverse
tax and ERISA consequences, if Rights are sold or transferred by a Benefit Plan. If any portion of an IRA is used as security for
a loan, the portion so used could be treated as distributed to the IRA depositor, and other adverse consequences could arise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Additional special issues may arise in the case
of any Benefit Plan sponsored or maintained by the Fund or any affiliate thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Fund does not intend to and cannot act as
a fiduciary under ERISA or the Code with respect to any Benefit Plan&rsquo;s decision to exercise Rights, and this prospectus is
not, and does not purport to be a recommendation by the Fund that a Benefit Plan exercise Rights, and the Fund expressly recommends
that you consider the investment in light of applicable rules relating to Benefit Plan investments, including obtaining the services
of an independent fiduciary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Neither the Fund or any Relevant Entity (defined
below) has provided or will provide: (i) impartial investment advice or recommendations or (ii) advice or recommendations in a
fiduciary capacity with respect to any Benefit Plan&rsquo;s decision to exercise Rights. Under no circumstances should any written
or oral communication regarding the Fund be construed as impartial investment advice or a recommendation, advice or a recommendation
in a fiduciary capacity, or an undertaking to provide any such advice or recommendation with respect to any Benefit Plan&rsquo;s
interest in any common shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Relevant Entities will receive fees or other
compensation as a result of a Benefit Plan&rsquo;s investment or retention of common, and thus has a financial interest in a Benefit
Plan investing in or remaining invested in such common shares that would preclude it from giving any impartial investment advice
or recommendations with respect to such decisions. The nature and extent of such financial interests are further described in this
prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">In addition, by exercising Rights, each Benefit
Plan will be considered to have acknowledged and represented (which acknowledgment and representation will be deemed repeated and
reaffirmed on each day the Benefit Plan holds any common shares):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">(1)</TD><TD>Neither the Fund, the Adviser, GSO, Blackstone, or any of their respective affiliates (collectively, the &ldquo;Relevant Entities&rdquo;)
has been relied upon for any advice with respect to the Benefit Plan&rsquo;s decision to exercise Rights, purchase or hold any
common shares and none of the Relevant Entities shall at any time be relied upon as the Benefit Plan&rsquo;s fiduciary with respect
to any decision exercise Rights, to purchase, continue to hold, transfer, vote or provide any consent with respect to any such
shares;</TD></TR></TABLE>



<!-- Field: Page; Sequence: 50; Value: 35 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt"><P STYLE="margin-top: 0; margin-bottom: 0">(2)</P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD><TD>The Benefit Plan is aware of and acknowledges that (a) none of the Relevant Entities is undertaking to provide impartial investment
advice, or to give advice in a fiduciary capacity, in connection with the exercise of Rights, (b) the Relevant Entities have a
financial interest in the Benefit Plan&rsquo;s investment in common shares on account of the fees and other compensation they expect
to receive in connection with their relationships with the Fund, as disclosed in this prospectus and (c) any such fees and any
distributions received by any Relevant Entity do not constitute fees rendered for the provision of investment advice to a Benefit
Plan; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">(3)</TD><TD>The Benefit Plan&rsquo;s decision to exercise Rights has been made at the recommendation or direction of a fiduciary (an &ldquo;Independent
Fiduciary&rdquo;) who:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD>
    <TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 11pt">is independent of the Relevant Entities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 11pt">is capable of evaluating investment
                                         risks independently, both in general and with respect to particular transactions and
                                         investment strategies contemplated in this prospectus;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 11pt">is a fiduciary (under ERISA and/or
                                         Section 4975 of the Code) with respect to the Benefit Plan&rsquo;s investment in the
                                         Fund and any related transactions and is responsible for exercising independent judgment
                                         in evaluating the Benefit Plan&rsquo;s investment in the Fund and any related transactions;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 11pt">is either: (A) a bank as defined
                                         in Section 202 of the U.S. Investment Advisers Act of 1940, as amended (the &ldquo;Advisers
                                         Act&rdquo;) or similar institution that is regulated and supervised and subject to periodic
                                         examination by a state or federal agency of the United States; (B) an insurance carrier
                                         which is qualified under the laws of more than one state of the United States to perform
                                         the services of managing, acquiring or disposing of assets of a Benefit Plan; (C) an
                                         investment adviser registered under the Advisers Act or, if not registered as an investment
                                         adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers
                                         Act, is registered as an investment adviser under the laws of the state (referred to
                                         in such paragraph (1)) in which it maintains its principal office and place of business;
                                         (D) a broker dealer registered under the Exchange Act; and/or (E) a fiduciary that holds
                                         or has under management or control total assets of at least $50 million</FONT>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">Notwithstanding the foregoing, any Benefit Plan
investor which is an IRA that is not represented by an Independent Fiduciary shall not be deemed to have made the representation
in paragraph 3(d) above</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid"><I>ERISA contains fiduciary responsibility requirements, and ERISA and the Code contain prohibited transaction rules, that may impact the exercise or transfer of Rights. Due to the complexity of these rules and the penalties for noncompliance, Benefit Plans should consult with their counsel and other advisors regarding the consequences of their exercise or transfer of Rights under ERISA and the Code.</I></TD></TR>
</TABLE>
<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"><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Fund estimates the net proceeds of the Offer
to be $___, based on the estimated Subscription Price per common share of $___, assuming all Primary Subscription Shares offered
are sold and that the expenses related to the Offer estimated at approximately $___ are paid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">The Fund will invest the net proceeds of Offer
in accordance with the Fund&rsquo;s investment objectives and policies. Pending the investment of the proceeds pursuant to the
Fund&rsquo;s investment objectives and policies, the Fund may invest a portion of the proceeds of the offering, which may be a
substantial portion, in short-term, high quality debt securities, money market securities, cash or cash equivalents.&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund is a diversified, closed-end
management investment company registered under the Investment Company Act. The Fund was organized as a Delaware statutory trust
on March 4, 2010 pursuant to an Agreement and Declaration of Trust governed by the laws of the State of Delaware. The Fund&rsquo;s
principal office is located at 345 Park Avenue, 31st Floor, New York, NY 10154, and its telephone number is (877) 876-1121.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">On November 17, 2017, shareholders approved
extending the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date from May 31, 2020 to May 31,
2022. On or about May 31, 2022, the Fund will be dissolved, absent any further extension approved by shareholders. Upon dissolution,
the Fund will distribute substantially all of its net assets to common shareholders, after making appropriate provision for any
liabilities of the Fund. Investors may receive more or less than their original investment upon dissolution. See &ldquo;Certain
Provisions in the Agreement and Declaration of Trust.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><B>THE FUND&rsquo;S INVESTMENTS</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund&rsquo;s primary investment objective
is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of
high current income. There can be no assurance that the Fund will achieve its investment objectives. Under normal market conditions,
the Adviser expects the Fund to maintain an average duration of less than one year (including the effect of anticipated leverage).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund will pursue its objectives by
investing primarily in Senior Loans. Senior Loans are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships
and other business entities which operate in various industries and geographical regions. Senior Loans pay interest at rates which
are determined periodically by reference to a base lending rate, primarily LIBOR, plus a premium.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt"><B>Investment Strategies</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Under normal market conditions, at least
80% of the Fund&rsquo;s Managed Assets will be invested in Senior Loans. This policy is not fundamental and may be changed by the
board of trustees of the Fund with at least 60 days&rsquo; written notice to shareholders. Borrowers take out Senior Loans to refinance
existing debt and for acquisitions, dividends, leveraged buyouts, and general corporate purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Senior Loans typically are of below investment
grade quality. Below investment grade quality securities (including Senior Loans) are those that, at the time of investment, are
rated Ba1 or lower by Moody&rsquo;s and BB+ or lower by S&amp;P or Fitch, or if unrated are determined by the Adviser to be of
comparable quality. Securities of below investment grade quality are regarded as having predominantly speculative characteristics
with respect to an issuer&rsquo;s capacity to pay interest and repay principal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund&rsquo;s policy of investing,
under normal market conditions, at least 80% of its Managed Assets in Senior Loans is not considered to be fundamental by the Fund
and can be changed without a vote of the shareholders. However, this policy may only be changed by the Fund&rsquo;s board of trustees
following the provision of 60 days prior written notice to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may invest up to 20% of its
Managed Assets in (i) loan interests that are not secured by any collateral of the Borrower, (ii) loan interests that have a lower
than first lien priority on collateral of the Borrower, (iii) other income producing securities (including, without limitation,
U.S. government debt securities and investment and non-investment grade, subordinated and unsubordinated corporate debt securities),
(iv) warrants and equity securities issued by a Borrower or its affiliates as part of a package of investments in the Borrower
or its affiliates and (v) structured products (including, without limitation, collateralized loan obligations, credit linked notes
and derivatives, including credit derivatives).</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may invest in debt securities,
including Senior Loans, of any credit quality, maturity and duration. The Fund may invest in U.S. dollar and non-U.S. dollar denominated
securities of issuers located anywhere in the world, and of issuers that operate in any industry. The Fund may also invest in swaps,
including single name credit default swaps, single name loan credit default swaps, total return swaps, interest rate swaps and
foreign currency swaps.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">During temporary defensive periods or
in order to keep the Fund&rsquo;s cash fully invested, including during the period when the net proceeds of the offering of common
shares are being invested, the Fund may deviate from its investment policies and objectives. During such periods, the Fund may
invest all or a portion of assets in U.S. government securities, including bills, notes and bonds differing as to maturity and
rates of interest that are either issued or guaranteed by the Treasury or by U.S. government agencies or instrumentalities; non-U.S.
government securities which have received the highest investment grade credit rating, certificates of deposit issued against funds
deposited in a bank or a savings and loan association; commercial paper; bankers&rsquo; acceptances; bank time deposits; shares
of money market funds; credit linked notes; repurchase agreements with respect to any of the foregoing; or any other fixed income
securities that the Adviser considers consistent with this strategy. It is impossible to predict when, or for how long, the Fund
will use these alternative strategies. There can be no assurance that such strategies will be successful. See &ldquo;The Fund&rsquo;s
Investments&mdash;Portfolio Composition&mdash;Temporary Strategies; Invest-Up Period; Dissolution&rdquo; in this prospectus and
&ldquo;Investment Policies and Techniques&rdquo; in the Fund&rsquo;s SAI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Under normal market conditions, the Adviser
expects to maintain an average duration of less than one year (including the effect of anticipated leverage). In comparison to
maturity (which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration
is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted
average timing of the instrument&rsquo;s expected principal and interest payments. Duration differs from maturity in that it considers
a security&rsquo;s yield, coupon payments, principal payments and call features in addition to the amount of time until the security
finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations
tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities
with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may utilize leverage in an aggregate
amount of up to 33<SUP>1</SUP>/3% of its Managed Assets at the time the leverage is incurred in order to buy additional securities.
The Fund may also borrow for temporary, emergency or other purposes as permitted under the Investment Company Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">If the rate of return, after the payment
of applicable expenses of the Fund, on the securities purchased by the Fund is greater than the interest paid by the Fund on its borrowed money, the excess income may be used to pay higher dividends to
holders of common shares. However, the Fund cannot assure you that the use of leverage will result in a higher yield on the common
shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">When leverage is employed, the net asset
value and market price of the common shares and the yield to holders of common shares will be more volatile. During periods when
the Fund is using leverage the fees paid to the Adviser for advisory services and to ALPS for administrative service will be higher
than if the Fund did not use leverage because the fees paid will be calculated on the basis of the Fund&rsquo;s Managed Assets,
which includes the assets attributable to money borrowed for investment purposes. As such, the Adviser may have a financial incentive
to increase the Fund&rsquo;s use of leverage, which constitutes an inherent conflict of interest. See &ldquo;Leverage,&rdquo; &ldquo;Risks&mdash;Leverage
Risk&rdquo; and &ldquo;Description of Shares&mdash;Preferred Shares.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt"><B>Portfolio Composition</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund&rsquo;s portfolio will be composed
principally of the following investments. A more detailed description of the Fund&rsquo;s investment policies and restrictions
and more detailed information about the Fund&rsquo;s portfolio investments are contained in the SAI.</P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Senior Loans</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Senior Loans hold the most senior position
in the capital structure of the Borrower, are secured with specific collateral and have a claim on the assets and/or stock of the
Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower. The proceeds
of Senior Loans primarily are used to refinance existing debt and for acquisitions, dividends, leveraged buyouts, and general corporate
purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Senior Loans typically have rates of
interest which are determined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium or
credit spread. As a result, as short-term interest rates increase, interest payable to the Fund from its investments in Senior
Loans should increase, and as short-term interest rates decrease, interest payable to the Fund from its investments in Senior Loans
should decrease. Longer interest rate reset periods generally increase fluctuations in the Fund&rsquo;s net asset value as a result
of changes in market interest rates. These base lending rates are primarily LIBOR and secondarily the prime rate offered by one
or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Senior Loans are subject to the risk
of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Fund, a reduction
in the value of the investment and a potential decrease in the net asset value of the Fund. There can be no assurance that the
liquidation of any collateral securing a Senior Loan would satisfy the Borrower&rsquo;s obligation in the event of non-payment
of scheduled interest or principal payments, or that such collateral could be readily liquidated. In the event of bankruptcy or
insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of
the collateral securing a Senior Loan. The collateral securing a Senior Loan may lose all or substantially all of its value in
the event of the bankruptcy or insolvency of a Borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent
conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the Borrower
or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans
or causing interest previously paid to be refunded to the Borrower. If interest were required to be refunded, it could negatively
affect the Fund&rsquo;s performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Senior Loans may not be rated by a rating
agency. The amount of public information available with respect to Senior Loans will generally be less extensive than that available
for registered or exchange-listed securities. In evaluating the creditworthiness of Borrowers, the Adviser will consider, and may
rely in part, on analyses performed by others. To the extent that they are rated by a rating agency, many of the Senior Loans in
which the Fund will invest will have been assigned below investment grade ratings by independent rating agencies. In the event
Senior Loans are not rated, they are likely to be the equivalent of below investment grade quality. The Adviser does not view ratings
as the determinative factor in their investment decisions and rely more upon their credit analysis abilities than upon ratings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Senior Loans are not registered with
the SEC, or any state securities commission, and are not listed on any national securities exchange. There is less readily available
or reliable information about most Senior Loans than is the case for many other types of securities, including securities issued
in transactions registered under the Securities Act or registered under the Exchange Act. No active trading market may exist for
some Senior Loans, and some loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading
activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to realize full value and thus
cause a material decline in the Fund&rsquo;s net asset value. In addition, the Fund may not be able to readily dispose of its Senior
Loans at prices that approximate those at which the Fund could sell such loans if they were more widely-traded and, as a result
of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash
to meet its obligations. During periods of limited supply and liquidity of Senior Loans, the Fund&rsquo;s yield may be lower. See
&ldquo;Risks&mdash;Liquidity Risk&rdquo; and &ldquo;Risks&mdash;Senior Loans Risk.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The floating or variable rate feature
of Senior Loans is a significant difference from typical fixed-income investments that carry significant interest rate risk. The
Fund can normally be expected to have less significant interest rate-related fluctuations in its net asset value per share than
investment companies investing primarily in fixed income securities (other than money market funds and some short term bond funds).
When interest rates decline, the value of a fixed income portfolio can normally be expected to rise. Conversely, when interest
rates rise, the value of a fixed income portfolio can normally be expected to decline. Although the income available to the Fund
will vary, the Adviser expects the Fund&rsquo;s policy of acquiring interests in floating rate Senior Loans may minimize fluctuations
in net asset value of the Fund resulting from changes in market interest rates. However, because floating or variable rates on
Senior Loans only reset periodically, changes in prevailing interest rates can be expected to cause some fluctuations in the Fund&rsquo;s
net asset value. Similarly, a sudden and significant increase in market interest rates may cause a decline in the Fund&rsquo;s
net asset value. A material decline in the Fund&rsquo;s net asset value may impair the Fund&rsquo;s ability to maintain required
levels of asset coverage. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward
movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can
reduce the value of Senior Loans and other debt obligations, impairing the Fund&rsquo;s net asset value.&nbsp;</P>

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    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may purchase and retain in its
portfolio Senior Loans where the Borrower has experienced, or may be perceived to be likely to experience, credit problems, including
involvement in or recent emergence from bankruptcy court proceedings or other forms of debt restructuring. Such investments may
provide opportunities for enhanced income as well as capital appreciation, although they also will be subject to greater risk of
loss. At times, in connection with the restructuring of a Senior Loan either outside of bankruptcy court or in the context of bankruptcy
court proceedings, the Fund may determine or be required to accept equity securities or junior credit securities in exchange for
all or a portion of a Senior Loan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>Direct Assignments.</I> The Fund may
purchase Senior Loans on a direct assignment basis. If the Fund purchases a Senior Loan on direct assignment, it typically succeeds
to all the rights and obligations under the loan agreement of the assigning lender and becomes a lender under the loan agreement
with the same rights and obligations as the assigning lender. Investments in Senior Loans on a direct assignment basis may involve
additional risks to the Fund. For example, if such loan is foreclosed, the Fund could become part owner of any collateral, and
would bear the costs and liabilities associated with owning and disposing of the collateral.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>Loan Participations.</I> The Fund
may also purchase, without limitation, participations in Senior Loans. The participation by the Fund in a lender&rsquo;s portion
of a Senior Loan typically will result in the Fund having a contractual relationship only with such lender, not with the Borrower.
As a result, the Fund may have the right to receive payments of principal, interest and any fees to which it is entitled only from
the lender selling the participation and only upon receipt by such lender of payments from the Borrower. Such indebtedness may
be secured or unsecured. Loan participations typically represent direct participations in a loan to a Borrower, and generally are
offered by banks, other financial institutions or lending syndicates. The Fund may participate in such syndications, or can buy
part of a loan, becoming a part lender. When purchasing loan participations, the Fund assumes the credit risk of both the Borrower
and the institution that sells the participation. The participation interests in which the Fund intends to invest may not be rated
by any rating agency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Adviser may use an independent pricing
service or prices provided by dealers to value loans and other credit securities at their market value. The Adviser will use the
fair value method to value Senior Loans or other securities if market quotations for them are not readily available or are deemed
unreliable. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value
determined by other funds using their own fair valuation procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>Pre-Funded Letter of Credit Loans.
</I>The Fund may purchase participations in prefunded letter of credit loans (a &ldquo;prefunded L/C loan&rdquo;). A prefunded
L/C loan is a facility created by the Borrower in conjunction with the agent bank as issuer of a loan, and the prefunded L/C loan
is backed by letters of credit (each letter, an &ldquo;L/C&rdquo;). Each participant in a prefunded L/C loan (sometimes referred
to as a funded letter of credit facility) fully funds its commitment amount to the agent bank for the facility. The funds are
invested by the agent bank and held solely to satisfy a prefunded L/C loan lender&rsquo;s obligation to the agent bank under the
facility. The funds paid by the lenders are invested by the agent bank in deposits that pay interest, usually approximating a
benchmark rate, such as LIBOR, which goes to the Borrower. Generally, the Borrower, via the agent bank, pays the lenders an interest
rate, equivalent to the fully drawn spread plus the benchmark rate, usually LIBOR. The funds are returned to the lender upon termination
of the prefunded L/C loan (and upon satisfaction of all obligations). Under the terms of the prefunded L/C loan agreement, a lender
may sell and assign all or a portion of its interest in the loan to another lender so long as the other lender is eligible and
agrees to the terms and conditions of the prefunded L/C loan agreement.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">When the Borrower needs funds, it may
draw against the prefunded L/C loan and the agent bank makes payment to the Borrower by withdrawing some of the amount invested
as deposits. Consequently, the lenders do not have to advance any additional funds at the time the Borrower draws against the prefunded
L/C loan facility. The prefunded L/C loan can be structured from the standpoint of the Borrower as either (i) a revolving credit
facility, where the Borrower can reborrow, during the term of the loan, moneys it has paid back to the facility during the term
of the loan, or (ii) a delayed draw term loan where the Borrower may not reborrow moneys it has repaid to the facility during the
term of the loan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">When the Fund purchases a participation
in a prefunded L/C loan, the proceeds of the purchase are deposited in a collateral account, which backs an L/C loan by the agent
bank to the Borrower to support trade or other financing. The Fund typically receives interest on the cash collateral account equal
to LIBOR. In addition, the Fund may also receive a fee, typically similar to the spread paid on the Borrower&rsquo;s institutional
loan. Participations by the Fund in a prefunded L/C loan typically will result in the Fund having a contractual relationship only
with the agent bank, not with the Borrower. As a result, the Fund may have the right to receive interest, fees and any repayments,
if any, to which it is entitled only from the agent bank selling the participation and only upon receipt by the agent bank of such
payments from the Borrower. In connection with purchasing the participation in a prefunded L/C loan, the Fund generally will have
no right to enforce compliance by the Borrower with the terms of the prefunded L/C loan. As a result, the Fund may assume the credit
risk of both the Borrower and the agent bank selling the participation in a prefunded L/C loan. In the event of the insolvency
of the agent bank selling a participation in a prefunded L/C loan, the Fund may be treated as a general creditor of such agent
bank. The agent bank will likely conduct its principal business activities in the banking, finance and financial services industries.
Persons engaged in such industries may be more susceptible to, among other things, fluctuations in interest rates, changes in the
Federal Reserve Open Market Committee&rsquo;s monetary policy, governmental regulations concerning such industries and concerning
capital raising activities generally and fluctuations in the financial markets generally.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Subordinated Loans</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may invest in Subordinated Loans,
which have the same characteristics as Senior Loans except that such loans are subordinated in payment and/or lower in lien priority
to first lien holders. In the event of default on a Subordinated Loan, the first priority lien holder has first claim to the underlying
collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder and therefore
result in a loss of investment to the Fund. Because Subordinated Loans are subordinated and thus lower in priority of payment and/or
in priority of lien to Senior Loans, they are subject to the additional risk that the cash flow of the Borrower and property securing
the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations
of the Borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest
in any specific collateral. Subordinated Loans generally have greater price volatility than Senior Loans and may be less liquid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Below Investment Grade Securities</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund anticipates that, under current
market conditions, a majority of the Fund&rsquo;s assets, including its investments in Senior Loans, Subordinated Loans and other
debt securities, will be invested in securities rated below investment grade, such as those rated Ba1 or lower by Moody&rsquo;s
and BB+ or lower by S&amp;P or Fitch or securities comparably rated by other rating agencies, or in unrated securities determined
by the Adviser to be of comparable quality. Securities rated Ba1 or lower by Moody&rsquo;s are judged to have speculative elements,
their future cannot be considered as well assured and often the protection of interest and principal payments may be very moderate.
Securities rated BB+ or lower by S&amp;P or Fitch are regarded as having predominantly speculative characteristics and, while such
obligations have less near-term vulnerability to default than other speculative grade debt, they face major ongoing uncertainties
or exposure to adverse business, financial or economic conditions which could lead to inadequate capacity to meet timely interest
and principal payments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Lower grade securities, though higher
yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and to greater
market fluctuations than certain lower yielding, higher rated securities. The retail secondary market for lower grade securities
may be less liquid than that of higher rated securities. Adverse conditions could make it difficult at times for the Fund to sell
certain securities or could result in lower prices than those used in calculating the Fund&rsquo;s net asset value.&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The prices of credit securities generally
are inversely related to interest rate changes; however, the price volatility caused by fluctuating interest rates of securities
also is inversely related to the coupon of such securities. Accordingly, lower grade securities may be relatively less sensitive
to interest rate changes than higher quality securities of comparable maturity, because of their higher coupon. This higher coupon
is what the investor receives in return for bearing greater credit risk. The higher credit risk associated with lower grade securities
potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable
maturity, and will be a substantial factor in the Fund&rsquo;s relative share price volatility.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Distressed and Defaulted Securities</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may invest in the securities
of financially distressed and bankrupt issuers, including debt obligations that are in covenant or payment default. Such investments
generally trade significantly below par and are considered speculative. The repayment of defaulted obligations is subject to significant
uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer
might not make any interest or other payments. Typically such workout or bankruptcy proceedings result in only partial recovery
of cash payments or an exchange of the defaulted obligation for other debt or equity securities of the issuer or its affiliates,
which may in turn be illiquid or speculative. In addition to pre-existing outstanding debt obligations of issuers undergoing financial
distress, the Fund may also invest in &ldquo;debtor-in-possession&rdquo; loans (&ldquo;DIP Loans&rdquo;) newly issued in connection
with &ldquo;special situation&rdquo; restructuring and refinancing transactions. DIP Loans are loans to a debtor-in-possession
in a proceeding under the U.S. bankruptcy code that have been approved by the bankruptcy court. DIP Loans are typically fully secured
by a lien on the debtor&rsquo;s otherwise unencumbered assets or secured by a junior lien on the debtor&rsquo;s encumbered assets
(so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP Loans
are often required to close with certainty and in a rapid manner in order to satisfy existing creditors and to enable the issuer
to emerge from bankruptcy or to avoid a bankruptcy proceeding. The Adviser believes that DIP Loans can offer holders thereof the
opportunity to achieve attractive rates of return relative to the risk assumed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Distressed and defaulted securities generally
present the same risks as investment in below investment grade securities. However, in most cases, these risks are of a greater
magnitude because of the uncertainties of investing in an issuer undergoing financial distress. As discussed above, an issuer of
distressed securities may be in bankruptcy or undergoing some other form of financial restructuring. Interest and/or principle
payments on distressed securities may be in default. Distressed securities present a risk of loss of principal value, including
potentially a total loss of value. Distressed securities may be highly illiquid and the prices at which distressed securities may
be sold may represent a substantial discount to what the Adviser believes to be the ultimate value of such obligations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Corporate Bonds</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may invest in corporate bonds.
The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity.
Certain bonds are &ldquo;perpetual&rdquo; in that they have no maturity date. The investment return of corporate bonds reflects
interest on the security and changes in the market value of the security. The market value of a corporate bond generally may be
expected to rise and fall inversely with interest rates. The value of the intermediate- and longer-term corporate bonds normally
fluctuates more in response to changes in interest rates than does the value of shorter-term corporate bonds. The market value
of a corporate bond also may be affected by the credit rating of the corporation, the corporation&rsquo;s performance and perceptions
of the corporation in the market place. There is a risk that the issuers of the securities may not be able to meet their obligations
on interest or principal payments at the time called for by an instrument.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Non-U.S. Securities</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may invest in Non-U.S. Securities.
Some Non-U.S. Securities may be less liquid and more volatile than securities of comparable U.S. issuers. Similarly, there is less
volume and liquidity in most foreign securities markets than in the United States and, at times, greater price volatility than
in the United States.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Because evidences of ownership of such
securities usually are held outside the United States, the Fund will be subject to additional risks if it invests in Non-U.S.
Securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits
and adoption of governmental restrictions which might adversely affect or restrict the payment of principal and interest on the
foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. Because
Non-U.S. Securities may trade on days when the Fund&rsquo;s common shares are not priced, net asset value can change at times
when common shares cannot be sold.&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Certain of the Fund&rsquo;s investment
in foreign fixed income securities may be denominated in currencies other than the U.S. dollar. To the extent the Fund invests
in such instruments, the value of the assets of the Fund as measured in U.S. dollars will be affected by changes in exchange rates.
Generally, the Fund&rsquo;s currency exchange transactions will be conducted on a spot (i.e., cash) basis at the spot rate prevailing
in the currency exchange market. The cost of the Fund&rsquo;s currency exchange transactions will generally be the difference between
the bid and offer spot rate of the currency being purchased or sold. In order to protect against uncertainty in the level of future
currency exchange rates, the Fund is authorized to enter into various currency exchange transactions. See &ldquo;Risks&mdash;Foreign
Currency Risk.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Collateralized Loan Obligations</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">A CLO is a financing company (generally
called a Special Purpose Vehicle or &ldquo;SPV&rdquo;), created to reapportion the risk and return characteristics of a pool of
assets. While the assets underlying CLOs are typically Senior Loans, the assets may also include (i) Subordinated Loans, (ii) debt
securities that are rated below investment grade, (iii) debt tranches of other CLOs and (iv) equity securities incidental to investments
in Senior Loans. When investing in CLOs, the Fund will not invest in equity tranches, which are the lowest tranche. However, the
Fund may invest in lower tranches of CLOs, which typically experience a lower recovery, greater risk of loss or deferral or non-payment
of interest than more senior tranches of the CLO. In addition, the Fund intends to invest in CLOs consisting primarily of individual
Senior Loans of Borrowers and not repackaged CLO obligations from other high risk pools. The key feature of the CLO structure is
the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company
founded solely for the purpose of securitizing payment claims arising out of this diversified asset pool. On this basis, marketable
securities are issued by the SPV which, due to the diversification of the underlying risk, generally represent a lower level of
risk than the original assets. The redemption of the securities issued by the SPV typically takes place at maturity out of the
cash flow generated by the collected claims.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Equity Securities</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">From time to time the Fund also may invest
in or hold common stock and other equity securities incident to the purchase or ownership of a Senior Loan or in connection with
a reorganization of a Borrower. Investments in equity securities incidental to investment in Senior Loans entail certain risks
in addition to those associated with investments in Senior Loans. Common stock represents an equity ownership interest in a company.
Historical trends would indicate that common stock is subject to higher levels of volatility and market and issuer-specific risk
than debt securities. The value of the equity securities may be affected more rapidly, and to a greater extent, by company-specific
developments and general market conditions. These risks may increase fluctuations in the Fund&rsquo;s net asset value. In addition,
the Fund frequently may possess material non-public information about a Borrower as a result of its ownership of a Senior Loan
of a Borrower. Because of prohibitions on trading in securities while in possession of material non-public information, the Fund
might be unable to enter into a transaction in a security of the Borrower when it would otherwise be advantageous to do so.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Temporary Strategies; Invest-Up Period; Dissolution</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">During the period in which the net proceeds
of this offering of common shares are being invested or during periods in which the Adviser determines that it is temporarily unable
to follow the Fund&rsquo;s investment strategy or that it is impractical to do so, the Fund may deviate from its investment strategy
and invest all or any portion of its assets in U.S. government securities, including bills, notes and bonds differing as to maturity
and rates of interest that are either issued or guaranteed by the Treasury or by U.S. government agencies or instrumentalities;
non-U.S. government securities which have received the highest investment grade credit rating, certificates of deposit issued against
funds deposited in a bank or a savings and loan association; commercial paper; bankers&rsquo; acceptances; bank time deposits;
shares of money market funds; credit linked notes; repurchase agreements with respect to any of the foregoing; or any other fixed
income securities that the Adviser considers consistent with this strategy. It is impossible to predict when, or for how long,
the Fund will use these alternative strategies. There can be no assurance that such strategies will be successful.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt">On November 17, 2017, shareholders approved
extending the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date from May 31, 2020 to May 31,
2022, although the board of trustees of the Fund may choose to dissolve the Fund prior to this date. As the Fund approaches its
dissolution date, the portfolio composition of the Fund may change as more of its Senior Loans mature or are called or sold. Rather
than reinvesting the proceeds of its matured, called or sold Senior Loans, the Fund may invest the proceeds in cash or cash equivalents,
which may adversely affect the performance of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>Commercial Paper.</I> Commercial paper
represents short-term unsecured promissory notes issued in bearer form by corporations such as banks or bank holding companies
and finance companies. The rate of return on commercial paper may be linked or indexed to the level of exchange rates between the
U.S. dollar and a foreign currency or currencies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>Certificates of Deposit.</I> Certificates
of deposit are certificates that are issued against funds deposited in a commercial bank for a definite period of time and that
earn a specified return and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited
plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may
not be fully insured by the Federal Deposit Insurance Corporation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>Fixed Time Deposits.</I> Fixed time
deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be
withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions
and the remaining maturity of the obligation. There are generally no contractual restrictions on the right to transfer a beneficial
interest in a fixed time deposit to a third party, although there is no market for such deposits. The Fund may also hold funds
on deposit with its custodian bank in an interest-bearing account for temporary purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt"><I>Bankers&rsquo; Acceptances.</I> Bankers&rsquo;
acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise,
which are &ldquo;accepted&rdquo; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the
instrument on maturity.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt"><B>Other Investment Techniques</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Credit Derivatives</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may engage in credit derivative
transactions. There are two broad categories of credit derivatives: default price risk derivatives and market spread derivatives.
Default price risk derivatives are linked to the price of reference securities or loans after a default by the issuer or Borrower,
respectively. Market spread derivatives are based on the risk that changes in market factors, such as credit spreads, can cause
a decline in the value of a security, loan or index. There are three basic transactional forms for credit derivatives: swaps, options
and structured instruments. The Fund currently intends to invest primarily in credit default swaps as a seller (as defined below).
A credit default swap is an agreement between two counterparties that allows one counterparty (the &ldquo;seller&rdquo;) to sell
the swap and or be &ldquo;long&rdquo; on a third party&rsquo;s credit risk and the other party (the &ldquo;buyer&rdquo;) to purchase
the swap and be &ldquo;short&rdquo; on the credit risk. Typically, the seller agrees to make regular fixed payments to the buyer
with the same frequency as the underlying reference bond. In exchange, the seller typically has the right upon default of the underlying
bond to put the bond to the buyer in exchange for the bond&rsquo;s par value plus interest. Credit default swaps can be used as
a substitute for purchasing or selling a credit security and sometimes is preferable to actually purchasing the security. The Fund
does not intend to leverage its investments through the use of credit default swaps. A purchaser of a credit default swap is subject
to counterparty risk. The Fund will monitor any such swaps or derivatives with a view towards ensuring that the Fund remains in
compliance with all applicable regulatory investment policy and tax requirements.</P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Credit-Linked Notes</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may purchase credit-linked notes
for risk management purposes. A credit-linked note is a form of funded credit derivative instrument. It is a synthetic obligation
between two or more parties where the payment of principal and/or interest is based on the performance of some obligation (a reference
obligation). Credit-linked notes are created by embedding a credit default swap in a funded asset to form an investment whose credit
risk and cash flow characteristics resemble those of a bond or loan. These credit-linked notes pay an enhanced coupon to the investor
for taking on the added credit risk of the reference issuer. In addition to the credit risk of the reference obligations and interest
rate risk, the buyer/seller of credit-linked notes is subject to counterparty risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Interest Rate Transactions</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund can normally be expected to
have less significant interest rate-related fluctuations in its net asset value per share than investment companies investing primarily
in fixed income securities (other than money market funds and some short term bond funds). However, because floating or variable
rates on Senior Loans only reset periodically, changes in prevailing interest rates can be expected to cause some fluctuations
in the Fund&rsquo;s net asset value. Similarly, a sudden and significant increase in market interest rates may cause a decline
in the Fund&rsquo;s net asset value. In addition, Senior Loans may allow the Borrower to opt between LIBOR-based interest rates
and interest rates based on bank prime rates, which may have an impact on the Fund&rsquo;s net asset value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may use interest rate swaps
for risk management purposes only and not as a speculative investment and would typically use interest rate swaps to shorten the
average interest rate reset time of the Fund&rsquo;s holdings. Interest rate swaps involve the exchange by the Fund with another
party of their respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating rate payments).
The Fund will only enter into interest rate swaps on a net basis. If the other party to an interest rate swap defaults, the Fund&rsquo;s
risk of loss consists of the net amount of payments that the Fund is contractually entitled to receive. The net amount of the excess,
if any, of the Fund&rsquo;s obligations over its entitlements will be maintained in a segregated account by the Fund&rsquo;s custodian.
The Fund will not enter into any interest rate swap unless the claims-paying ability of the other party thereto is considered to
be investment grade by the Adviser. If there is a default by the other party to such a transaction, the Fund will have contractual
remedies pursuant to the agreements related to the transaction. These instruments are traded in the over-the-counter market.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The use of interest rate swaps is a highly
specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities
transactions. If the Adviser is incorrect in its forecasts of market values, interest rates and other applicable factors, the investment
performance of the Fund would be unfavorably affected.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Total Return Swaps</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may enter into total return
swaps. In a total return swap, the Fund pays another party the total return of an underlying debt or equity security and in exchange
receives a floating local short-term interest rate, or vice versa. The payment obligation would be based on the notional amount
of the swap. The Fund may use total return swaps for hedging or investment purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Foreign Currency Transactions</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may engage in foreign currency
exchange transactions in connection with its investments in foreign securities. The Fund will conduct its foreign currency exchange
transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through
forward contracts to purchase or sell foreign currencies, including the payment of dividends and the settlement of securities transactions
which otherwise might require untimely dispositions of Fund securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Forward Foreign Currency Exchange Contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may enter into forward foreign
currency exchange contracts in order to protect against possible losses on foreign investments resulting from adverse changes
in the relationship between the U.S. dollar and foreign currencies. A forward foreign currency exchange contract involves an obligation
to purchase or sell a specific currency at a future date, which may be any fixed number of days (usually less than one year) from
the date of the contract agreed upon by the parties, at a price and for an amount set at the time of the contract. These contracts
are traded in the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.
A forward contract generally has a deposit requirement, and no commissions are charged at any stage for trades. Although foreign
exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the spread) between the
price at which they are buying and selling various currencies. However, forward foreign currency exchange contracts may limit
potential gains which could result from a positive change in such currency relationships. The Fund does not speculate in foreign
currency.&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Except for cross-hedges, the Fund will
not enter into forward foreign currency exchange contracts or maintain a net exposure in such contracts when it would be obligated
to deliver an amount of foreign currency in excess of the value of its portfolio securities or other assets denominated in that
currency or, in the case of a &ldquo;cross-hedge,&rdquo; denominated in a currency or currencies that the Adviser believes will
tend to be closely correlated with that currency with regard to price movements. At the consummation of a forward contract, the
Fund may either make delivery of the foreign currency or terminate its contractual obligation to deliver the foreign currency by
purchasing an offsetting contract obligating it to purchase, at the same maturity date, the same amount of such foreign currency.
If the Fund chooses to make delivery of the foreign currency, it may be required to obtain such currency through the sale of portfolio
securities denominated in such currency or through conversion of other assets of the Fund into such currency. If the Fund engages
in an offsetting transaction, the Fund will incur a gain or loss to the extent that there is a difference between the forward contract
price and the offsetting forward contract price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">It should be realized that this method
of protecting the value of the Fund&rsquo;s portfolio securities against a decline in the value of a currency does not eliminate
fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange which can be achieved at some
future point in time. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the value of
the hedged currency, at the same time they tend to limit any potential gain should the value of such currency increase. Generally,
the Fund will not enter into a forward foreign currency exchange contract with a term longer than one year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt"><B>Investment Policies</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>Credit Ratings and Unrated Securities</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">Rating agencies are private services
that provide ratings of the credit quality of debt obligations, including convertible securities. Appendix A to the SAI describes
the various ratings assigned to debt obligations by S&amp;P, Moody&rsquo;s and Fitch. Ratings assigned by a rating agency are not
absolute standards of credit quality and do not evaluate market risks or the liquidity of securities. Rating agencies may fail
to make timely changes in credit ratings and an issuer&rsquo;s current financial condition may be better or worse than a rating
indicates. Credit rating agencies may be paid by the companies whose debt they analyze and grade. To the extent that the issuer
of a security pays a rating agency for the analysis of its security, an inherent conflict of interest may exist that could affect
the reliability of the rating. The Fund will not necessarily sell a security when its rating is reduced below its rating at the
time of purchase. The Adviser does not rely solely on credit ratings, and develops its own analysis of issuer credit quality. The
ratings of a debt security may change over time. S&amp;P, Moody&rsquo;s and Fitch monitor and evaluate the ratings assigned to
securities on an ongoing basis. As a result, securities held by the Fund could receive a higher rating (which would tend to increase
their value) or a lower rating (which would tend to decrease their value) during the period in which they are held.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 40pt">The Fund may purchase unrated securities
(securities which are not rated by a rating agency) if the Adviser determines that the securities are of comparable quality to
rated securities that the Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve
the risk that the Adviser may not accurately evaluate the security&rsquo;s comparative credit rating. To the extent that the Fund
invests in high yield and/or unrated securities, the Fund&rsquo;s success in achieving its investment objectives may depend more
heavily on the Adviser&rsquo;s analysis than if the Fund invested exclusively in higher-quality and rated securities. The Adviser
will attempt to reduce the risks of investing in lower rated or unrated debt instruments through active portfolio management,
credit analysis and attention to current developments and trends in the economy and the financial markets.&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund is not required to dispose of a security
in the event that a rating agency downgrades its assessment of the credit characteristics of a particular issue or withdraws its
assessment, including in the event of a default. In determining whether to retain or sell such a security, the Adviser may consider
such factors as Adviser&rsquo;s assessment of the credit quality of the issuers of such security, the price at which such security
could be sold and the rating, if any, assigned to such security by <FONT STYLE="font-family: Times New Roman, Times, Serif">other
rating agencies.</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman Bold,serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Percentage
Limitations</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman Bold,serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Compliance
with any policy or limitation of the Fund that is expressed as a percentage of assets is determined at the time of purchase of
portfolio securities. The policy will not be violated if these limitations are exceeded because of changes in the market value
or investment rating of the Fund&rsquo;s assets, prepayments or maturities, or if a Borrower distributes equity securities incident
to the purchase or ownership of a Senior Loan or in connection with a reorganization of a Borrower.</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman Bold,serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Segregation
and Cover Requirements</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman Bold,serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
portfolio management techniques, such as purchasing securities on a when-issued or delayed delivery basis, entering into credit
default swaps or futures contracts, engaging in short sales or writing options on portfolio securities, may be considered senior
securities unless appropriate steps are taken to segregate the Fund&rsquo;s assets or otherwise cover its obligations. If the
Fund utilizes these portfolio management techniques, it may segregate liquid assets, enter into offsetting transactions or own
positions covering its obligations. To the extent the Fund covers its commitment under such a portfolio management technique,
such instrument will not be considered a senior security for the purposes of the Investment Company Act. The Fund may cover such
transactions using other methods currently or in the future permitted under the Investment Company Act, the rules and regulations
thereunder, or orders issued by the SEC thereunder. For these purposes, interpretations and guidance provided by the SEC staff
may be taken into account when deemed appropriate by the Fund. These segregation and coverage requirements could result in the
Fund maintaining securities positions that it would otherwise liquidate, segregating assets at a time when it might be disadvantageous
to do so or otherwise restricting portfolio management. Such segregation and cover requirements will not limit or offset losses
on related positions.</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman Bold,serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Portfolio
Turnover</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman Bold,serif; margin: 0pt 0 0pt 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is not the Fund&rsquo;s policy to engage in transactions with the objective of seeking profits from short-term trading. Active
and frequent trading may lead to the realization and distribution to shareholders of higher capital gains, which would increase
their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund&rsquo;s performance.</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Limited Term</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">On November 17, 2017, shareholders approved extending
the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date from May 31, 2020 to May 31, 2022, absent
any further extension approved by shareholders.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s Agreement and Declaration of Trust
provides that the Fund will dissolve on May 31, 2020 (which was extended to May 31, 2022), except for the purpose of paying, satisfying
and discharging any existing debts or obligations, collecting and distributing its assets and doing all other acts required to
liquidate and wind up its business and affairs, unless extended by shareholder approval. On November 17, 2017, shareholders approved
extending the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date from May 31, 2020 to May 31,
2022, absent any further extension approved by shareholders, but the dissolution process could be extended depending on market
conditions at that time. Upon dissolution, the Fund will distribute substantially all of its net assets to shareholders, after
making appropriate provision for any liabilities of the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Pursuant to the Agreement and Declaration of Trust,
prior to the date of dissolution a majority of the board of trustees, with the approval of a majority of the shareholders entitled
to vote (as defined in the Investment Company Act) may extend the life of the Fund. If approved the dissolution date of the Fund
may be extended by a period of two years or such shorter time as may be determined. However, the dissolution date of the Fund may
be extended an unlimited number of times. In determining whether to extend the dissolution date of the Fund, the board of trustees
may consider the inability to sell the Fund&rsquo;s assets in a time frame consistent with dissolution due to lack of market liquidity
or other extenuating circumstances. Additionally, the board of trustees may determine that market conditions are such that it is
reasonable to believe that, with an extension, the Fund&rsquo;s remaining assets will appreciate by an amount that is meaningful
relative to the cost and expense of continuing the operation of the Fund.</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund intends to maintain a seven year reinvestment
period. The reinvestment period was extended in connection with the extension of the dissolution date. After the reinvestment period,
the Fund will stop reinvesting principal proceeds generated by maturities, prepayments and sales of investments. Principal proceeds
after the reinvestment period may be distributed on a pro-rata basis among the Fund&rsquo;s common shareholders, preferred shareholders,
noteholders and lenders, subject to any terms of any borrowing or preferred share and/or notes issuance. Principal proceeds distributed
to shareholders may constitute tax-advantaged returns of capital for U.S. federal income tax purposes. See &ldquo;Tax Matters.&rdquo;
The Adviser will continue receiving a fee for investment advisory services after the reinvestment period on the Fund&rsquo;s Managed
Assets.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may utilize leverage through
borrowings, including loans from certain financial institutions and/or the issuance of debt securities (collectively,
&ldquo;Borrowings&rdquo;), in an aggregate amount of up to 33<SUP>1</SUP>/3% of its Managed Assets at the time the leverage
is incurred in order to buy additional securities. The use of borrowings to leverage the common shares can create risks. As
of ____, the Fund had a credit facility with a financial institution in place under which it had Borrowings representing
approximately ____% of our Managed Assets. After completion of this Offer, the Fund expects to increase its use of leverage
through the availability of a credit facility to maintain leverage equal to 33<SUP>1</SUP>/3% of Managed Assets. Changes in
the value of the Fund&rsquo;s portfolio, including securities bought with the proceeds of leverage, will be borne entirely by
the holders of common shares. All costs and expenses related to any form of leverage used by the Fund will be borne entirely
by common shareholders. If there is a net decrease or increase in the value of the Fund&rsquo;s investment portfolio,
the leverage may decrease or increase, as the case may be, the net asset value per common share to a greater extent than if
the Fund did not utilize leverage. During periods when the Fund is using leverage, the fees paid to the Adviser for
advisory services and to ALPS for administrative services will be higher than if the Fund did not use leverage because the
fees paid will be calculated on the basis of the Fund&rsquo;s Managed Assets, which includes the assets purchased through
leverage. As such, the Adviser may have a financial incentive to increase the Fund&rsquo;s use of leverage, which constitutes
an inherent conflict of interest. In addition, the fees paid to the Adviser and ALPS are borne exclusively by common
shareholders. Preferred shareholders, noteholders and any lenders to the Fund will not bear any expenses of the Fund. The
Fund&rsquo;s leveraging strategy may not be successful.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Credit Facility</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may also negotiate with several large commercial
banks to arrange a floating rate credit facility pursuant to which the Fund would be entitled to borrow an amount equal to approximately
33<SUP>1</SUP>/3% of the Fund&rsquo;s Managed Assets less any amounts of existing leverage. Any such borrowings would constitute
financial leverage. The Fund currently utilizes a credit facility for borrowing, with a maximum borrowing capacity of $142 million.
As of ____, the Fund had $___ outstanding under its credit facility, representing approximately ____% of our Managed Assets. After
completion of this Offer, the Fund expects to increase its use of leverage (including by increasing the borrowing capacity under
its credit agreement) to maintain leverage equal to 33<SUP>1</SUP>/3%.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Under the Investment Company Act, the Fund is not
permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the total asset
value of the Fund&rsquo;s portfolio is at least 300% of the aggregate amount of outstanding indebtedness (i.e., the aggregate amount
of outstanding debt may not exceed 33<SUP>1</SUP>/3% of the Fund&rsquo;s Managed Assets). In addition, the Fund is not permitted
to declare any cash distribution on its common shares unless, at the time of such declaration, the net asset value of the Fund&rsquo;s
portfolio (determined after deducting the amount of such distribution) is at least 300% of the aggregate amount of such outstanding
indebtedness. If the Fund borrows money or issues notes, the Fund intends, to the extent possible, to retire outstanding debt from
time to time to maintain coverage of any outstanding indebtedness of at least 300%.</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may also borrow money in an amount equal
to 5% of its total assets as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and
the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Under the credit agreement the Fund has agreed to
certain covenants and additional investment limitations while the leverage is outstanding. The Fund may be required to prepay outstanding
amounts or incur a penalty rate of interest upon the occurrence of certain events of default. The Fund&rsquo;s credit facility
contains customary covenants that, among other things, likely limit the Fund&rsquo;s ability to pay distributions in certain circumstances,
incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations,
and require asset coverage ratios in addition to those required by the Investment Company Act. The Fund has pledged its assets
as security for its borrowings under the credit facility. The Fund&rsquo;s custodian will retain all assets of the pledge, including
those that are pledged. The Fund&rsquo;s custodian is not an affiliate of the Fund, as such term is defined in the Investment Company
Act. The Fund expects that any future credit facility would also have customary covenants, negative covenants and default provisions.
There can be no assurance that the Fund will maintain its current credit facility or enter into a new agreement on terms and conditions
representative of the foregoing, or that additional material terms will not apply to any new or amended credit facility. In addition,
the Fund&rsquo;s current credit facility may in the future be replaced or refinanced by one or more credit facilities having substantially
different terms or by the issuance of preferred shares or debt securities.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Preferred Shares and Notes</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Under the Investment Company Act, the Fund is not
permitted to issue preferred shares unless immediately after such issuance the value of the Fund&rsquo;s total assets, less all
liabilities and indebtedness of the Fund other than senior securities, is at least 200% of the liquidation value of the outstanding
preferred shares (i.e., the liquidation value may not exceed 50% of the Fund&rsquo;s total assets less all liabilities and indebtedness
of the Fund other than senior securities). In addition, the Fund is not permitted to declare any cash dividend or other distribution
on its common shares unless, at the time of such declaration, the value of the Fund&rsquo;s assets less all liabilities and other
indebtedness other than senior securities satisfies the above-referenced 200% coverage requirement. If preferred shares are issued,
the Fund intends, to the extent possible, to purchase or redeem preferred shares from time to time to the extent necessary in order
to maintain coverage of any preferred shares of at least 200%. Currently, the Fund has no intention to issue Preferred Shares.
Under the Investment Company Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities,
unless immediately thereafter the total asset value of the Fund&rsquo;s portfolio is at least 300% of the aggregate amount of outstanding
indebtedness (i.e., the aggregate amount of outstanding debt may not exceed 33<SUP>1</SUP>/3% of the Fund&rsquo;s Managed Assets).
In addition, the Fund is not permitted to declare any cash distribution on its common shares unless, at the time of such declaration,
the net asset value of the Fund&rsquo;s portfolio (determined after deducting the amount of such distribution) is at least 300%
of the aggregate amount of such outstanding indebtedness.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In addition, as a condition to obtaining ratings
on any preferred shares and/or notes, the terms of any preferred shares and/or notes issued would be expected to include asset
coverage maintenance provisions which would require a reduction of indebtedness or the redemption of the preferred shares and/or
notes in the event of non-compliance by the Fund and might also prohibit dividends and other distributions on the common shares
in such circumstances. In order to meet redemption requirements, the Fund might have to liquidate portfolio securities. Such liquidations
and redemptions, or reductions in indebtedness, would cause the Fund to incur related transaction costs and could result in capital
losses to the Fund. Prohibitions on dividends and other distributions on the common shares could impair the Fund&rsquo;s ability
to qualify as a regulated investment company under the Code.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">If the Fund has preferred shares outstanding, two
of the Fund&rsquo;s trustees will be elected by the holders of preferred shares voting separately as a class. The remaining trustees
of the Fund will be elected by holders of common shares and preferred shares voting together as a single class. In the event the
Fund failed to pay dividends on preferred shares for two years, holders of preferred shares would be entitled to elect a majority
of the trustees of the Fund.</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">If the Fund issues preferred shares and/or notes,
it may be subject to certain restrictions imposed by guidelines of one or more ratings agencies that may issue ratings for preferred
shares issued by the Fund. These guidelines would be expected to impose asset coverage or portfolio composition requirements that
would be more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants
or guidelines would impede the Adviser from managing the Fund&rsquo;s portfolio in accordance with the Fund&rsquo;s investment
objectives and policies.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Effects of Leverage</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The following table is furnished in response
to requirements of the SEC. It is designed to illustrate the effect of leverage on common share total return, assuming
investment portfolio total returns (comprised of income and changes in the value of securities held in the Fund&rsquo;s
portfolio) of &ndash;10%, &ndash;5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and
are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. See
&ldquo;Risks.&rdquo; Actual returns may be greater or less than those appearing in the table. The table further reflects
leverage representing, in the aggregate, 33<SUP>1</SUP>/3% of the Fund&rsquo;s Managed Assets, net of expenses, and the
Fund&rsquo;s current interest rate of ___% on its credit facility. The Fund&rsquo;s common shares must experience an annual
return of ___% in order to cover annual interest payments on borrowings under the credit facility.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top; background-color: Silver">
    <TD STYLE="width: 40%; padding-right: 5.75pt; padding-left: 7.75pt; font-family: Times New Roman,serif; text-indent: -7.75pt">Assumed Portfolio Total Return (Net of Expenses) </TD>
    <TD STYLE="width: 12%; padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">(10)%</TD>
    <TD STYLE="width: 12%; padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">(5)%</TD>
    <TD STYLE="width: 12%; padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">0%</TD>
    <TD STYLE="width: 12%; padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">5%</TD>
    <TD STYLE="width: 12%; padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">10%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 7.75pt; font-family: Times New Roman,serif; text-indent: -7.75pt">Common Share Total Return </TD>
    <TD STYLE="padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">( )%</TD>
    <TD STYLE="padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">( )%</TD>
    <TD STYLE="padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">( )%</TD>
    <TD STYLE="padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">%</TD>
    <TD STYLE="padding-right: 1.65pt; padding-left: 5.75pt; font-family: Times New Roman,serif; text-align: center">%</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Common share total return is composed of two elements&mdash;the
common share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after
paying dividends) and gains or losses on the value of the securities the Fund owns. As required by SEC rules, the tables above
assume that the Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total
return of 0% the Fund must assume that the interest it receives on its investments is entirely offset by losses in the value of
those investments.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund is a diversified, closed-end management
investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a
complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will
achieve its investment objectives. At any point in time an investment in the Fund&rsquo;s common shares may be worth less than
the original amount invested, even after taking into account the distributions paid by and the ability of shareholders to reinvest
dividends.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Dilution</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">As with any stock, the price of the Fund&rsquo;s
common shares fluctuates with market conditions and other factors. The common shares are currently trading at a [premium/discount]
to their net asset value. As of February __, 2018, the common shares were trading at a ___% [premium/discount] to their net asset
value. However, since the inception of the Fund, the common shares have traded at [discounts] of as much as ( )%. Common shares
of closed-end investment companies often trade at a discount from their net asset values. This characteristic is a risk separate
and distinct from the risk that the Fund&rsquo;s net asset value could decrease as a result of its investment activities and may
be greater for shareholders expecting to sell their common shares in a relatively short period of time following completion of
this Offer. The net asset value of the common shares will be reduced immediately following this Offer as a result of the payment
of certain offering costs.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Shareholders who do not exercise their
Rights will, at the completion of the Offer, own a smaller proportional interest in the Fund than if they exercised their
Rights, which will proportionately decrease the relative voting power of those shareholders. Because the Subscription Price
per common share will be below the net asset value per common share on the Expiration Date, you will experience an
immediate dilution of the aggregate net asset value of your common shares if you do not participate in the Offer and you
will experience a reduction in the net asset value per common share of your common shares whether or not you participate in
the Offer. In addition, whether or not you exercise your Rights, you will experience a dilution of net asset of the common
shares because you will indirectly bear the expenses of this Offer, which include, among other items, SEC registration
fees, printing expenses and the fees assessed by service providers (including the cost of the Fund&rsquo;s counsel,
independent registered public accounting firm, Information Agent and Subscription Agent). This dilution of net asset value will
disproportionately affect common shareholders who do not exercise their Rights. The Fund cannot state precisely the extent of
this dilution if you do not exercise your Rights because the Fund does not know what the net asset value per common share
will be when the Offer expires, or what proportion of the Rights will be exercised.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund cannot state precisely the amount of any
dilution because it is not known at this time what the subscription price or net asset value per common share will be on the Expiration
Date or what proportion of the Rights will be exercised. The Offer may increase the volatility of the market price of the Fund&rsquo;s
common shares. In addition, the Offer could be under-subscribed, in which case the Adviser will not have as much proceeds to invest
on behalf of the Fund (see &ldquo;Use of Proceeds&rdquo;). The likely impact of the Offer on net asset value per common share is
shown by the following example, assuming a $___ estimated Subscription Price per common share:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><I>Example (assumes that net asset value per share
is above Subscription Price per share)</I><SUP>1</SUP></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="background-color: Silver">
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; padding-left: 10pt">NAV<SUP>2</SUP></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: left">$</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; width: 88%; font-family: Times New Roman,serif">Subscription Price</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font-family: Times New Roman,serif; text-align: left">$</TD>
    </TR>
<TR STYLE="background-color: Silver">
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">Reduction in NAV($)<SUP>3,4</SUP></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: left">$</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">Reduction in NAV(%)<SUP>3,4</SUP></TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: left">%</TD>
    </TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
<TR>
    <TD STYLE="width: 40pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20pt; font-family: Times New Roman,serif">(1)</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">The example assumes the full Primary Subscription is exercised. Actual amounts may vary due to rounding.</TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">(2)</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">This example assumes that the Fund&rsquo;s NAV on the Expiration Date is $___ per common share and that the Fund&rsquo;s market price is greater than the NAV on that date. The Subscription Price used in this example was determined based on a formula equal to ________________.</TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">(3)</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">Assumes $___ in estimated offering expenses.</TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">(4)</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">Assuming the full primary subscription is exercised, the Fund&rsquo;s NAV per common share would be reduced by approximately $___ (___%) per common share. Actual amounts may vary due to rounding.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">If you do not wish to exercise your Rights, you
should consider selling them as set forth in this Prospectus. Any cash you receive from selling your Rights should serve as partial
compensation for any possible dilution of your interest in the Fund. The Fund cannot give assurance, however, that a market for
the Rights will develop or that the Rights will have any marketable value.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s largest shareholders, Record Date
Shareholders of more than 5% of the outstanding shares of common stock of the Fund, could increase their percentage ownership in
the Fund through the exercise of the Primary Subscription and Over-Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Market Discount Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Common shares of closed-end management investment
companies frequently trade at a discount from their net asset value. This risk may be greater for investors who sell their common
shares in a relatively short period of time after completion of the Offering. The Fund&rsquo;s common shares may trade at a price
that is less than the Subscription Price.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Investment and Market Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">An investment in the Fund is subject to investment
risk, including the possible loss of the entire principal amount invested. An investment in the Fund represents an indirect investment
in the portfolio of Senior Loans and other securities owned by the Fund, and the value of these securities may fluctuate, sometimes
rapidly and unpredictably. At any point in time an investment in the Fund&rsquo;s common shares may be worth less than the original
amount invested, even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends.
The Fund currently uses leverage, which will magnify the Fund&rsquo;s investment, market and certain other risks. See &ldquo;&mdash;Leverage
Risk.&rdquo;</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Senior Loans Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Under normal market conditions, the Fund will invest
at least 80% of its Managed Assets in Senior Loans. This policy is not fundamental and may be changed by the board of trustees
of the Fund with at least 60 days&rsquo; written notice provided to shareholders. Senior Loans hold the most senior position in
the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of
the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower. Senior
Loans are usually rated below investment grade or may also be unrated. As a result, the risks associated with Senior Loans are
similar to the risks of below investment grade securities, although Senior Loans are senior and secured in contrast to other below
investment grade securities, which are often subordinated or unsecured. Nevertheless, if a Borrower under a Senior Loan defaults
or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Senior Loan or nothing at all. Senior Loans
are subject to a number of risks described elsewhere in this Prospectus, including credit risk, liquidity risk and management risk.
See &ldquo;&mdash;Below Investment Grade Instruments Risk,&rdquo; &ldquo;&mdash;Credit Risk&rdquo; and &ldquo;&mdash;Liquidity
Risk.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">There is less readily available and reliable
information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions
registered under the Securities Act, or registered under the Exchange Act. As a result, the Adviser will rely primarily on its
own evaluation of a Borrower&rsquo;s credit quality rather than on any available independent sources. Therefore, the Fund will
be particularly dependent on the analytical abilities of the Adviser.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund will typically invest in Senior Loans rated
below investment grade, which are considered speculative because of the credit risk of their issuers. Such companies are more likely
than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could
reduce the Fund&rsquo;s net asset value and income distributions. An economic downturn would generally lead to a higher non-payment
rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure
a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan&rsquo;s value.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In general, the secondary trading market for Senior
Loans is not well developed. No active trading market may exist for certain Senior Loans, which may make it difficult to value
them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair
price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular
trading activity, wide bid/ask spreads and extended trade settlement periods.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Senior Loans and other variable rate debt instruments
are subject to the risk of payment defaults of scheduled interest or principal. Such payment defaults would result in a reduction
of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the Fund.
See &ldquo;&mdash;Credit Risk.&rdquo; Similarly, a sudden and significant increase in market interest rates may increase the risk
for payment defaults and cause a decline in the value of these investments and in the Fund&rsquo;s net asset value. Other factors
(including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity
in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of Senior Loans and
other debt obligations, impairing the Fund&rsquo;s net asset value.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Although the Senior Loans in which the Fund will
invest will be secured by collateral, there can be no assurance that such collateral could be readily liquidated or that the liquidation
of such collateral would satisfy the Borrower&rsquo;s obligation in the event of non-payment of scheduled interest or principal.
In the event of the bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its
ability to realize the benefits of the collateral securing a Senior Loan. In the event of a decline in the value of the already
pledged collateral, if the terms of a Senior Loan do not require the Borrower to pledge additional collateral, the Fund will be
exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the Borrower&rsquo;s obligations
under the Senior Loans. To the extent that a Senior Loan is collateralized by stock in the Borrower or its subsidiaries, such stock
may lose some or all of its value in the event of the bankruptcy or insolvency of the Borrower. Those Senior Loans that are under-collateralized
involve a greater risk of loss.</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Some Senior Loans are subject to the risk that a
court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Senior Loans to presently existing or future
indebtedness of the Borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain
circumstances include invalidation of Senior Loans.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">If legislation or state or federal regulations impose
additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans
for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate
sources of financing for certain Borrowers. This would increase the risk of default. If legislation or federal or state regulations
require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Senior
Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do
not represent fair value. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such
a sale, the price the Fund could get for the Senior Loan may be adversely affected.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may acquire Senior Loans through assignments
or participations. The Fund will typically acquire Senior Loans through assignment and may elevate a participation interest into
an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations
of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the
purchaser&rsquo;s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally
enforce all rights and remedies under the loan and with regard to any associated collateral. A participation typically results
in a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations
typically include banks, broker-dealers, other financial institutions and lending institutions. The Adviser has adopted best execution
procedures and guidelines to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a Senior
Loan through a participation. The Adviser has established a risk and valuation committee that regularly reviews each broker-dealer
counterparty for, among other things, its quality and the quality of its execution. The established procedures and guidelines require
trades to be placed for execution only with broker-dealer counterparties approved by the risk and valuation committee of the Adviser.
The factors considered by the committee when selecting and approving brokers and dealers include, but are not limited to: (i) quality,
accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability of the financial institution,
(iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access to underwritten offerings
and secondary markets. In purchasing participations, the Fund generally will have no right to enforce compliance by the Borrower
with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral supporting
the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both
the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund
will not be able to conduct the due diligence on the Borrower or the quality of the Senior Loan with respect to which it is buying
a participation that the Fund would otherwise conduct if it were investing directly in the Senior Loan, which may result in the
Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Senior Loan than the Fund expected when
initially purchasing the participation. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio Composition&mdash;Senior Loans.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may obtain exposure to Senior Loans through
the use of derivative instruments, which have become increasingly available. Although the Fund does not have an intention to do
so, the Fund may utilize these instruments and similar instruments that may be available in the future. Derivative transactions
involve the risk of loss due to unanticipated adverse changes in securities prices, interest rates, the inability to close out
a position, imperfect correlation between a position and the desired hedge, tax constraints on closing out positions and portfolio
management constraints on securities subject to such transactions. The potential loss on derivative instruments may be substantial
relative to the initial investment therein. The Fund may also be subject to the risk that the counterparty in a derivative transaction
will default on its obligations.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Subordinated Loans Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may invest up to 20% of its Managed Assets
in Subordinated Loans. Subordinated Loans generally are subject to similar risks as those associated with investments in Senior
Loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default
on a Subordinated Loan, the first priority lien holder has first claim to the underlying collateral of the loan. Subordinated Loans
are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient
to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the Borrower. This risk
is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral.
Subordinated Loans generally have greater price volatility than Senior Loans and may be less liquid. See &ldquo;The Fund&rsquo;s
Investments&mdash;Portfolio Composition&mdash;Subordinated Loans.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Below Investment Grade Instruments Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund anticipates that it will invest the majority
of its assets in Senior Loans, Subordinated Loans and other debt securities that are rated below investment grade. Below investment
grade instruments are commonly referred to as &ldquo;junk&rdquo; or &ldquo;high yield&rdquo; instruments and are regarded as predominantly
speculative with respect to the issuer&rsquo;s capacity to pay interest and repay principal. Lower grade securities may be particularly
susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability
of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments
and severely disrupt the market value of such instruments.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Below investment grade instruments, though generally
higher yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and
to greater market fluctuations than certain lower yielding, higher rated instruments. The retail secondary market for lower grade
instruments may be less liquid than that for higher rated securities. Adverse conditions could make it difficult at times for the
Fund to sell certain securities or could result in lower prices than those used in calculating the Fund&rsquo;s net asset value.
Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment
in common shares of the Fund, both in the short-term and the long-term. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio
Composition&mdash;Below Investment Grade Securities.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Distressed and Defaulted Securities Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Investments in the securities of financially distressed
companies involve substantial risks. These risks are often greater than those associated with below investment grade securities
because of the uncertainties of investing in the issuer undergoing the financial distress. These securities may present a substantial
risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required
to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or
liquidation proceeding relating to a Borrower or issuer, the Fund may lose its entire investment or may be required to accept cash
or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is the
fact that it frequently may be difficult to obtain information as to the true financial condition of such Borrower or issuer. The
Adviser&rsquo;s judgments about the credit quality of the Borrower or issuer and the relative value of its securities may prove
to be wrong. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio Composition&mdash;Distressed and Defaulted Securities.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Valuation Risk</B></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-indent: 40pt">Unlike publicly traded common stock which
trades on national exchanges, there is no central place or exchange for most of the Fund&rsquo;s investments to trade. The Fund&rsquo;s
investments generally trade on an &ldquo;over-the-counter&rdquo; market which may be anywhere in the world where the buyer and
seller can settle on a price. Due to the lack of centralized information and trading, the valuation of floating rate instruments
may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data,
lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other
market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when
an instrument is sold in the market, the amount received by the Fund is less than the value of such floating rate instruments carried
on the Fund&rsquo;s books.</P>



<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Liquidity Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may invest up to 50% of its Managed Assets
in securities that are considered illiquid. &ldquo;Illiquid securities&rdquo; are securities which cannot be sold within seven
days in the ordinary course of business at approximately the value used by the Fund in determining its net asset value. The Fund
may not be able to readily dispose of such securities at prices that approximate those at which the Fund could sell such securities
if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in
borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of
securities, thereby adversely affecting the Fund&rsquo;s net asset value and ability to make dividend distributions. Illiquid and
restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do
so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which
may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities
are also more difficult to value, especially in challenging markets. The Adviser&rsquo;s judgment may play a greater role in the
valuation process. Investment of the Fund&rsquo;s assets in illiquid and restricted securities may restrict the Fund&rsquo;s ability
to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual
rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision
is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions
on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror
of the securities. In either case, the Fund would bear market risks during that period.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Some Senior Loans are not readily marketable and
may be subject to restrictions on resale. Senior Loans are not listed on any national securities exchange and no active trading
market may exist for the Senior Loans in which the Fund will invest. Where a secondary market exists, the market for some Senior
Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The Fund has no
limitation on the amount of its assets which may be invested in securities that are not readily marketable or are subject to restrictions
on resale.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Credit Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Credit risk is the risk that one or more debt securities
in the Fund&rsquo;s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security
experiences a decline in its financial status. Losses may occur because the market value of a debt security is affected by the
creditworthiness of the issuer and by general economic and specific industry conditions and the Fund&rsquo;s investments will often
be subordinate to other debt in the issuer&rsquo;s capital structure. Because the Fund invests in below investment grade instruments,
it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. While a senior
position in the capital structure of a Borrower may provide some protection with respect to the Fund&rsquo;s investments in Senior
Loans, losses may still occur because the market value of Senior Loans is affected by the creditworthiness of Borrowers and by
general economic and specific industry conditions. To the extent the Fund invests in below investment grade securities, it will
be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of lower grade
securities are more sensitive to negative developments, such as a decline in the issuer&rsquo;s revenues or a general economic
downturn, than are the prices of higher grade securities. Securities of below investment grade quality are predominantly speculative
with respect to the issuer&rsquo;s capacity to pay interest and repay principal when due and therefore involve a greater risk of
default. In addition, the Fund may use credit derivatives which may expose it to additional risk in the event that the securities
underlying the derivatives default.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Interest Rate Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The floating or variable rate feature of Senior
Loans is a significant difference from typical fixed-income investments that carry significant interest rate risk. The Fund can
normally be expected to have less significant interest rate-related fluctuations in its net asset value per share than investment
companies investing primarily in fixed income securities (other than money market funds and some short term bond funds). When interest
rates decline, the value of a fixed income portfolio can normally be expected to rise. Conversely, when interest rates rise, the
value of a fixed income portfolio can normally be expected to decline. Although the income available to the Fund will vary, the
Adviser expects the Fund&rsquo;s policy of acquiring interests in Senior Loans may minimize fluctuations in net asset value of
the Fund resulting from changes in market interest rates. However, because floating or variable rates on Senior Loans only reset
periodically, changes in prevailing interest rates can be expected to cause some fluctuations in the Fund&rsquo;s net asset value.
Similarly, a sudden and significant increase in market interest rates may cause a decline in the Fund&rsquo;s net asset value.
In addition, Senior Loans may allow the Borrower to opt between LIBOR-based interest rates and interest rates based on bank prime
rates, which may have an impact on the Fund&rsquo;s net asset value. A material decline in the Fund&rsquo;s net asset value may
impair the Fund&rsquo;s ability to maintain required levels of asset coverage.</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Limited Term Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">On November 17, 2017, shareholders approved extending
the term of the Fund by two years by changing the Fund&rsquo;s scheduled dissolution date from May 31, 2020 to May 31, 2022. On
or about May 31, 2022, the Fund will be dissolved, absent any further extension approved by shareholders. The Fund&rsquo;s limited
term may cause it to sell securities when it otherwise would not, which could raise the Fund&rsquo;s returns to decrease and the
market price of the common shares to fall. Rather than reinvesting the proceeds of its matured, called or sold securities, the
Fund may distribute the proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Fund&rsquo;s
fixed expenses to increase when expressed as a percentage of assets under management. Alternatively, the Fund may invest the proceeds
in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the
Fund. The board of trustees may in its sole discretion, without the consent or vote of the shareholders, choose to dissolve the
Fund prior to the required dissolution date, which would cause the Fund to miss any market appreciation that occurs after the Fund
is dissolved. Conversely, if the shareholders extend the dissolution date, market conditions may deteriorate and the Fund may experience
losses. See &ldquo;Certain Provisions in the Agreement and Declaration of Trust.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Leverage Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may utilize leverage in an
aggregate amount of up to 33<SUP>1</SUP>/3% of its Managed Assets at the time the leverage is incurred in order to buy
additional securities. As of December 31, 2017, the Fund&rsquo;s use of leverage was ___% of its Managed Assets. The Fund currently
utilizes leverage in the form of a credit facility. The use of leverage to purchase additional securities creates an
opportunity for increased common share dividends, but also creates risks for the holders of common shares. Leverage is a
speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases
and decreases in the value of the Fund&rsquo;s portfolio will be magnified when the Fund uses leverage. As a result, leverage
may cause greater changes in the Fund&rsquo;s net asset value which will be borne by the Fund&rsquo;s common shareholders.
The Fund will also have to pay dividends on its preferred shares or interest on its notes or borrowings, if any, which will
increase expenses and may reduce the Fund&rsquo;s return. These dividend payments or interest expenses may be greater than
the Fund&rsquo;s return on the underlying investments. The Fund&rsquo;s leveraging strategy may not be successful.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund anticipates that any money borrowed from
a bank or other financial institution for investment purposes will accrue interest based on shorter-term interest rates that would
be periodically reset. So long as the Fund&rsquo;s portfolio provides a higher rate of return, net of expenses, than the interest
rate on borrowed money, as reset periodically, the leverage may cause the holders of common shares to receive a higher current
rate of return than if the Fund were not leveraged. If, however, long-term and/or short-term rates rise, the interest rate on borrowed
money could exceed the rate of return on securities held by the Fund, reducing return to the holders of common shares. Developments
in the credit markets may adversely affect the ability of the Fund to borrow for investment purposes and may increase the costs
of such borrowings, which would reduce returns to the holders of common shares.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">There is no assurance that a leveraging strategy
will be successful. Leverage involves risks and special considerations for common shareholders, including:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable
portfolio without leverage;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>the risk that fluctuations in interest rates on borrowings and short-term debt or in dividend payments on, principal proceeds
distributed to or redemption of any preferred shares and/or notes that the Fund has issued will reduce the return to the common
shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common
shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>when the Fund uses financial leverage, the investment advisory and administrative fees payable to the Adviser and ALPS will
be higher than if the Fund did not use leverage and may provide a financial incentive to the Adviser to increase the Fund&rsquo;s
use of leverage and create an inherent conflict of interest; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>leverage may increase expenses, which may reduce total return.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0">The Fund may continue to use leverage if the benefits to the common
shareholders of maintaining the leveraged position are believed to outweigh any current reduced return, but expects to reduce,
modify or cease its leverage if it is believed the costs of the leverage will exceed the return provided from the investments made
with the proceeds of the leverage.</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">If the Fund issues and/or offers preferred shares
and/or notes or borrows money the Fund will be required to maintain asset coverage in conformity with the requirements of the Investment
Company Act.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may be subject to certain restrictions
on investments imposed by guidelines of one or more rating agencies, which may issue ratings for any preferred shares and/or notes
or short-term debt securities issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements
that are more stringent than those imposed by the Investment Company Act. Certain types of borrowings by the Fund may result in
the Fund being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. These
covenants and restrictions may negatively affect the Fund&rsquo;s ability to achieve its investment objectives. See &ldquo;Leverage.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Derivatives Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Under normal market conditions, the use of derivatives
by the Fund, other than for hedging purposes, will not exceed 20% of the Fund&rsquo;s Managed Assets on a mark-to-market basis.
The Fund&rsquo;s use of derivative instruments may be speculative and involves investment risks and transaction costs to which
the Fund would not be subject absent the use of these instruments, and the use of derivatives generally involves leverage in the
sense that the investment exposure created by the derivatives may be significantly greater than the Fund&rsquo;s initial investment
in the derivatives. In some cases, the use of derivatives may result in losses in excess of principal or greater than if they had
not been used. The ability to successfully use derivative instruments depends on the ability of the Adviser. The skills needed
to employ derivatives strategies are different from those needed to select a portfolio security and, in connection with such strategies,
the Adviser must make predictions with respect to market conditions, liquidity, currency movements, market values, interest rates
and other applicable factors, which may be inaccurate. The use of derivative instruments may require the Fund to sell or purchase
portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation
the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. The Fund may
also have to defer closing out certain derivative positions to avoid adverse tax consequences and there may be situations in which
derivative instruments are not elected that result in losses greater than if such instruments had been used. Amounts paid by the
Fund as premiums and cash or other assets held in margin accounts with respect to the Fund&rsquo;s derivative instruments would
not be available to the Fund for other investment purposes, which may result in lost opportunities for gain. Changes to the derivatives
markets as a result of the continuous promulgation of rules under the Dodd-Frank Act and other government or international and
other government regulation may also have an adverse effect on the Fund&rsquo;s ability to make use of derivative transactions.
In addition, the use of derivatives is subject to other risks, each of which may create additional risk of loss, including liquidity
risk, interest rate risk, credit risk and management risk as well as the following risks:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>Correlation Risk. Imperfect correlation between the value of derivative instruments and the underlying assets of the Fund creates
the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund&rsquo;s
portfolio.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>Duration Mismatch Risk. The duration of a derivative instrument may be significantly different than the duration of the related
liability or asset.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>Valuation Risk. The prices of derivative instruments, including swaps, futures, forwards and options, could be highly volatile
and such instruments may subject us to significant losses. The value of such derivatives also depends upon the price of the underlying
asset, reference rate or index, which may also be subject to volatility. In addition, actual or implied daily limits on price fluctuations
and speculative position limits on the exchanges or over-the-counter markets in which we may conduct our transactions in derivative
instruments may prevent prompt liquidation of positions, subjecting us to the potential of greater losses. In addition, significant
disparities may exist between &ldquo;bid&rdquo; and &ldquo;asked&rdquo; prices for derivative instruments that are traded over-the-counter
and not on an exchange.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>Liquidity Risk. Derivative instruments, especially when purchased in large amounts, may not be liquid in all circumstances,
so that in volatile markets we may not be able to close out a position without incurring a loss.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD>Counterparty Risk. Derivative instruments also involve exposure to counterparty risk, since contract performance depends in
part on the financial condition of the counterparty. See &ldquo;&mdash;Counterparty Risk&rdquo; below.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In addition, the Adviser may cause the Fund to invest
in derivative instruments that are neither presently contemplated nor currently available, but which may be developed in the future,
to the extent such opportunities are both consistent with the Fund&rsquo;s investment objectives and legally permissible. Any such
investments may expose the Fund to unique and presently indeterminate risks, the impact of which may not be capable of determination
until such instruments are developed and/or the Adviser determines to make such an investment on behalf of the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Structured Products Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may invest up to 20% of its Managed Assets
in structured products, including, without limitation, CLOs, structured notes, credit linked notes and derivatives, including credit
derivatives. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject
to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not
have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable
the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding
the same securities, investors in structured products generally pay their share of the structured product&rsquo;s administrative
and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products
will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political
and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses
shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices
if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products
owned by the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Certain structured products may be thinly traded
or have a limited trading market. CLOs are typically privately offered and sold. As a result, investments in CLOs may be characterized
by the Fund as illiquid securities. In addition to the general risks associated with debt securities discussed herein, CLOs carry
additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be
adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility
that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security
may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Investments in structured notes involve risks, including
credit risk and market risk. Where the Fund&rsquo;s investments in structured notes are based upon the movement of one or more
factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and
the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations.
Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced
to zero, and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured
notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying
the note. See &ldquo;The Fund&rsquo;s Investments&mdash;Portfolio Composition.&rdquo;</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>CLO Risk </B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">In addition to the general risks associated with
debt securities and structured products discussed herein, CLOs carry additional risks, including, but not limited to (i) the possibility
that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the
collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes
or tranches thereof, (iv) the potential of spread compression in the underlying loans of the CLO, which could reduce credit enhancement
in the CLOs and (v<B><I>) </I></B>the complex structure of the security may not be fully understood at the time of investment and
may produce disputes with the issuer or unexpected investment results.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">CLO junior debt securities that the Fund may acquire
are subordinated to more senior tranches of CLO debt. CLO junior debt securities are subject to increased risks of default relative
to the holders of superior priority interests in the same securities. In addition, at the time of issuance, CLO equity securities
are under-collateralized in that the liabilities of a CLO at inception exceed its total assets. Though not exclusively, the Fund
will typically be in a first loss or subordinated position with respect to realized losses on the assets of the CLOs in which it
is invested. The Fund may recognize phantom taxable income from its investments in the subordinated tranches of CLOs.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">Between the closing date and the effective date
of a CLO, the CLO collateral manager will generally expect to purchase additional collateral obligations for the CLO. During this
period, the price and availability of these collateral obligations may be adversely affected by a number of market factors, including
price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager
to acquire a portfolio of collateral obligations that will satisfy specified concentration limitations and allow the CLO to reach
the initial par amount of collateral prior to the effective date. An inability or delay in reaching the target initial par amount
of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the CLO debt
securities and distributions of the CLO on equity securities and could result in early redemptions which may cause CLO debt and
equity investors to receive less than the face value of their investment.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">The failure by a CLO in which the Fund invests
to satisfy financial covenants, including with respect to adequate collateralization and/or interest coverage tests, could lead
to a reduction in the CLO&rsquo;s payments to the Fund. In the event that a CLO fails certain tests, holders of CLO senior debt
may be entitled to additional payments that would, in turn, reduce the payments the Fund would otherwise be entitled to receive.
Separately, the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which
may include the waiver of certain financial covenants, with a defaulting CLO or any other investment the Fund may make. If any
of these occur, it could adversely affect the Fund&rsquo;s operating results and cash flows.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">The Fund&rsquo;s CLO investments are exposed to
leveraged credit risk. If certain minimum collateral value ratios and/or interest coverage ratios are not met by a CLO, primarily
due to senior secured loan defaults, then cash flow that otherwise would have been available to pay distributions to the Fund on
its CLO investments may instead be used to redeem any senior notes or to purchase additional senior secured loans, until the ratios
again exceed the minimum required levels or any senior notes are repaid in full.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>LIBOR Risk </B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">Instruments in which the Fund invests may pay interest
at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund and issuers of instruments
in which the Fund investments may also obtain financing at floating rates based on LIBOR. The underlying collateral of CLOs in
which the Fund invests may pay interest at floating rates based on LIBOR. Derivative instruments utilized by the Fund and/or issuers
of instruments in which the Trust may invest may also reference LIBOR. Regulators and law-enforcement agencies from a number of
governments, including entities in the United States, Japan, Canada and the United Kingdom, have conducted or are conducting civil
and criminal investigations into whether the banks that contribute to the British Bankers&rsquo; Association, or the &ldquo;BBA,&rdquo;
in connection with the calculation of daily LIBOR may have been manipulating or attempting to manipulate LIBOR. Several financial
institutions have reached settlements with the CFTC, the U.S. Department of Justice Fraud Section and the United Kingdom Financial
Conduct Authority in connection with investigations by such authorities into submissions made by such financial institutions to
the bodies that set LIBOR and other interbank offered rates. Additional investigations remain ongoing with respect to other major
banks. There can be no assurance that there will not be additional admissions or findings of rate-setting manipulation or that
manipulations of LIBOR or other similar interbank offered rates will not be shown to have occurred. ICE Benchmark Administration
Limited assumed the role of LIBOR administrator from the BBA on February 1, 2014. Any new administrator of LIBOR may make methodological
changes to the way in which LIBOR is calculated or may alter, discontinue or suspend calculation or dissemination of LIBOR. Additional
findings of manipulation may decrease the confidence of the market in LIBOR and lead market participants to look for alternative,
non-LIBOR based types of financing, such as fixed rate loans or bonds or floating rate loans based on non-LIBOR indices.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">Recently, regulators in the United Kingdom have
called for the LIBOR to be abandoned by the end of 2021. Abandonment of or modifications to LIBOR could have adverse impacts on
newly issued financial instruments and existing financial instruments which reference LIBOR. While some instruments may contemplate
a scenario where LIBOR is no longer available by providing for an alternative rate setting methodology, not all instruments may
have such provisions and there are significant uncertainty regarding the effectiveness of any such alternative methodologies. Abandonment
of or modifications to LIBOR could lead to significant short-term and long-term uncertainty and market instability. It remains
uncertain how such changes would be implemented and the effects such changes would have on the Fund, issuers of instruments in
which the Fund invests and financial markets generally.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Lender Liability Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">A number of U.S. judicial decisions have upheld
judgments of Borrowers against lending institutions on the basis of various evolving legal theories, collectively termed &ldquo;lender
liability.&rdquo; Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual)
of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the Borrower or has assumed an excessive degree
of control over the Borrower resulting in the creation of a fiduciary duty owed to the Borrower or its other creditors or shareholders.
Because of the nature of its investments, the Fund may be subject to allegations of lender liability.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In addition, under common law principles that in
some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results
in the undercapitalization of a Borrower to the detriment of other creditors of such Borrower, (b) engages in other inequitable
conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other
creditors or (d) uses its influence as a stockholder to dominate or control a Borrower to the detriment of other creditors of such
Borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor
or creditors, a remedy called &ldquo;equitable subordination.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Because affiliates of, or persons related to, the
Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination
or lender liability or both based on such equity or other holdings.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Potential Conflicts of Interest Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Adviser will be subject to certain conflicts
of interest in its management of the Fund. These conflicts will arise primarily from the involvement of the Adviser, GSO, Blackstone
and their affiliates in other activities that may conflict with those of the Fund. The Adviser, GSO, Blackstone and their affiliates
engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, GSO, Blackstone and
their affiliates may engage in activities where the interests of certain divisions of the Adviser, GSO, Blackstone and their affiliates
or the interests of their clients may conflict with the interests of the Fund or the shareholders of the Fund. Other present and
future activities of the Adviser, GSO, Blackstone and their affiliates may give rise to additional conflicts of interest which
may have a negative impact on the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In addressing these conflicts and regulatory, legal
and contractual requirements across its various businesses, GSO and affiliates have implemented certain policies and procedures
(e.g., information walls). For example, GSO and affiliates may come into possession of material non-public information with respect
to companies in which the Fund may be considering making an investment or companies that are GSO&rsquo;s and its affiliates&rsquo;
advisory clients. As a consequence, that information, which could be of benefit to the Fund, could also restrict the Fund&rsquo;s
activities and the investment opportunity may otherwise be unavailable to the Fund. Additionally, the terms of confidentiality
or other agreements with or related to companies in which any fund managed by GSO has or has considered making an investment or
which is otherwise an advisory client of GSO and its affiliates may restrict or otherwise limit the ability of the Fund to make
investments in such companies.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">As part of its regular business, Blackstone provides
a broad range of investment banking, advisory, and other services. In the regular course of its investment banking and advisory
businesses, Blackstone represents potential purchasers, sellers and other involved parties, including corporations, financial buyers,
management, shareholders and institutions, with respect to transactions that could give rise to investments that would otherwise
be available for investment by the Fund. Because of such relationships, there may be certain investments that the Adviser will
decline or be unable to make. In addition, employees of Blackstone or its affiliates may possess information relating to such issuers
that is not known to the individuals at the Adviser responsible for making investment decisions and performing the other obligations
under the investment advisory agreement between the Fund and the Adviser. Those employees of Blackstone or its affiliates will
not be obligated to share any such information with the Adviser and may be prohibited by law or contract from doing so.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Adviser or certain of its affiliates may come
into possession of material non-public information with respect to an issuer. Should this occur, the Adviser would be restricted
from buying or selling securities, derivatives or loans of the issuer on behalf of the Fund until such time as the information
became public or was no longer deemed material, so as to preclude the Fund from participating in an investment. Disclosure of such
information to the Adviser&rsquo;s personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and
the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to material non-public information
in the possession of the Adviser which might be relevant to an investment decision to be made by the Fund, and the Fund may initiate
a transaction or sell an investment which, if such information had been known to it, may not have been undertaken. Due to these
restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to
sell an investment that it otherwise might have sold.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">GSO, Blackstone and their affiliates may represent
creditors or debtors in proceedings under Chapter 11 of the Bankruptcy Code or prior to such filings. From time to time, GSO, Blackstone
and their affiliates may serve as advisor to creditor or equity committees. This involvement, for which GSO, Blackstone and their
affiliates may be compensated, may limit or preclude the flexibility that the Fund may otherwise have to participate in restructurings.
For example, in situations in which a Borrower of Senior Loans or other securities held by the Fund is a client or a potential
client of the restructuring and reorganization advisory practice, the Adviser may dispose of such securities or take such other
actions reasonably necessary to the extent permitted under the Investment Company Act in order to avoid actual or perceived conflicts
of interest with the restructuring and reorganization advisory practice. Further, there may also be instances in which the work
of Blackstone&rsquo;s restructuring and reorganization advisory practice prevents the Adviser from purchasing securities on behalf
of the Fund. In addition, the Investment Company Act limits the Fund&rsquo;s ability to enter into certain transactions with certain
GSO or Blackstone affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security
directly from or to any portfolio company of a private equity fund managed by Blackstone, GSO or one of its affiliates. However,
the Fund may under certain circumstances purchase any such portfolio company&rsquo;s loans or securities in the secondary market,
which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability
of the Adviser to recommend actions in the best interest of the Fund might be impaired. The Investment Company Act also prohibits
certain &ldquo;joint&rdquo; transactions with certain of our affiliates, which could include investments in the same portfolio
company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would
otherwise be available to the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Limitations on Transactions with Affiliates Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Investment Company Act limits our ability to
enter into certain transactions with certain of our affiliates. As a result of these restrictions, we may be prohibited from buying
or selling any security directly from or to any portfolio company of a private equity fund managed by the Blackstone / GSO Related
Parties. However, the Fund may, under certain circumstances, purchase any such portfolio company&rsquo;s securities in the secondary
market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the
ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The Investment Company Act also
prohibits certain &ldquo;joint&rdquo; transactions with certain of our affiliates, which could include investments in the same
portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that
would otherwise be available to us.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Dependence on Key Personnel Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Adviser is dependent upon the experience and
expertise of certain key personnel in providing services with respect to the Fund&rsquo;s investments. If the Adviser were to lose
the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Adviser
may not be successful in selecting the best-performing securities or investment techniques for the Fund&rsquo;s portfolio and the
Fund&rsquo;s performance may lag behind that of similar funds. The Adviser has informed the Fund that the investment professionals
associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to
devote all of their time to the Fund&rsquo;s business and affairs. In addition, individuals not currently associated with the Adviser
may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Prepayment Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">During periods of declining interest rates, Borrowers
may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during
periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline
in the Fund&rsquo;s income and distributions to shareholders. This is known as prepayment or &ldquo;call&rdquo; risk. Below investment
grade securities frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity
at a specified price (typically greater than par) only if certain prescribed conditions are met (&ldquo;call protection&rdquo;).
An issuer may choose to redeem a below investment grade security if, for example, the issuer can refinance the debt at a lower
cost due to declining interest rates or an improvement in the credit standing of the issuer. Senior Loans and Subordinated Loans
typically do not have call protection. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased
by the Fund, prepayment risk may be enhanced.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Inflation/Deflation Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Inflation risk is the risk that the value of certain
assets or income from the Fund&rsquo;s investments will be worth less in the future as inflation decreases the value of money.
As inflation increases, the real value of the common shares and distributions on the common shares can decline. In addition, during
any periods of rising inflation, the borrowing costs associated with the Fund&rsquo;s use of leverage would likely increase, which
would tend to further reduce returns to shareholders. Deflation risk is the risk that prices throughout the economy decline over
time&mdash;the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer
defaults more likely, which may result in a decline in the value of the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Non-U.S. Securities Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may invest in Non-U.S. Securities. Such
investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value
than investments in securities of U.S. companies. Securities markets in foreign countries often are not as developed, efficient
or liquid as securities markets in the United States, and therefore, the prices of Non-U.S. Securities can be more volatile. Certain
foreign countries may impose restrictions on the ability of issuers of Non-U.S. Securities to make payments of principal and interest
to investors located outside the country, whether from currency blockage or otherwise. In addition, the Fund will be subject to
risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of
foreign deposits, different legal systems and laws relating to creditors&rsquo; rights and the potential inability to enforce legal
judgments, all of which could cause the Fund to lose money on its investments in Non-U.S. Securities. Generally, there is less
readily available and reliable information about non-U.S. issuers or Borrowers due to less rigorous disclosure or accounting standards
and regulatory practices. The ability of a foreign sovereign issuer to make timely payments on its debt obligations will also be
strongly influenced by the sovereign issuer&rsquo;s balance of payments, including export performance, its access to international
credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing
external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations
bear interest at rates which are adjusted based upon international interest rates. Because Non-U.S. Securities may trade on days
when the Fund&rsquo;s common shares are not priced, net asset value can change at times when common shares cannot be sold.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Foreign Currency Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0">Because the Fund may invest its Managed Assets in securities or other
instruments denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect
the value of instruments held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain
countries may be volatile and therefore may affect the value of instruments denominated in such currencies, which means that the
Fund&rsquo;s NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The
Adviser may, but is not required to, seek to protect the Fund from changes in currency exchange rates through hedging transactions
depending on market conditions. See &ldquo;Risks&mdash;Swap Risk&rdquo; The Fund may incur costs in connection with the conversions
between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions
on the repatriation, transferability or convertibility of currency.</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Swap Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may also invest in swaps, including single
name credit default swaps, single name loan credit default swaps, total return swaps, interest rate swaps and foreign currency
swaps. Such transactions are subject to, among others, market risk, liquidity risk, risk of default by the other party to the transaction,
known as &ldquo;counterparty risk,&rdquo; and risk of imperfect correlation between the value of such instruments and the underlying
assets and may involve commissions or other costs. Swaps (except when physically settled) generally do not involve the delivery
of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps generally is limited to
the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting,
the net amount of payments that the Fund is contractually entitled to receive. However, because some swap agreements have a leverage
component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially
greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size
of the initial investment. To the extent credit default swaps are used, the Fund will generally sell protection and the risk of
loss could be up to the notional value of the underlying asset and could be substantially greater than the amount received from
the buyers. If, however, the Fund buys protection under a credit default swap, but such swap expires before any credit event is
triggered, the Fund will lose the stream of payments made to the swap counterparty, should a credit event be triggered before expiration,
there is also no assurance that the protection seller will honor its obligations under such credit default swap. In a total return
swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying
debt securities. The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of
the swap. The Fund would typically have to post collateral to cover this potential obligation. The market for certain types of
swaps has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals
and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid, however there
is no guarantee that the swap market will continue to provide liquidity. If the Adviser is incorrect in its forecasts of market
values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would
have been if these investment techniques were not used. See &ldquo;The Fund&rsquo;s Investments&mdash;Other Investment Techniques.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In December 2012, the CFTC issued a final rule requiring
certain credit default swaps and interest rate swaps denominated in certain currencies to be centrally cleared, which is applicable
to all swap counterparties not eligible for certain narrowly-defined exemption or exceptions. In December 2016, the CFTC further
expanded the categories of interest rate swaps subject to mandatory clearing. Such clearing requirements may affect the Fund&rsquo;s
ability to negotiate individualized terms and/or may increase the costs of entering into such derivative transactions (for example,
by increasing margin or capital requirements).</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Counterparty Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Changes in the credit quality of the companies that
serve as the Fund&rsquo;s counterparties with respect to derivatives, swaps or other transactions supported by another party&rsquo;s
credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these
transactions have recently incurred significant financial hardships including bankruptcy and losses as a result of exposure to
subprime mortgages or other lower quality credit investments that have experienced recent defaults or otherwise suffered extreme
credit deterioration. As a result, such hardships have reduced such entities&rsquo; capital and called into question their continued
ability to perform their obligations under such transactions. By using derivatives, swaps or other transactions, the Fund assumes
the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty,
the Fund may sustain losses or be unable to liquidate a derivative or swap position.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Certain categories of interest rate and credit default
swaps are subject to mandatory clearing, and more categories may be subject to mandatory clearing in the future. The counterparty
risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions because generally a clearing organization
becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties&rsquo; performance
under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However,
there can be no assurance that a clearing house, or its members, will satisfy the clearing house&rsquo;s obligations (including,
but not limited to, financial obligations and legal obligations to segregate margins collected by the clearing house) to the Fund.
Counterparty risk with respect to certain exchange-traded and over-the-counter derivatives may be further complicated by recently
enacted U.S. financial reform legislation. See &ldquo;Derivatives Legislation and Regulatory Risk&rdquo; below.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Credit Derivatives Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The use of credit derivatives is a highly specialized
activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If
the Adviser is incorrect in its forecasts of default risks, counterparty risk market spreads or other applicable factors, the investment
performance of the Fund would diminish compared with what it would have been if these techniques were not used. Moreover, even
if the Adviser is correct in its forecasts, there is a risk that a credit derivative position may correlate imperfectly with the
price of the asset or liability being protected. The Fund&rsquo;s risk of loss in a credit derivative transaction varies with the
form of the transaction. For example, if the Fund sells a default swap on a security, it would collect periodic fees from the buyer
and would profit if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding,
but the Fund would be required to pay an amount based on an agreed upon formula to the buyer (which may be the entire notional
amount of the swap) if the reference entity defaults on the reference security. Credit default swap agreements may involve greater
risks than if the Fund invested in the reference obligation directly.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In December 2012, the CFTC issued a final rule requiring
certain index-based credit default swaps to be centrally cleared, which is applicable to all swap counterparties not eligible for
certain narrowly-defined exemption or exceptions. Such clearing requirement may affect the Fund&rsquo;s ability to negotiate individualized
terms and/or may increase the costs of entering into such credit default swap transactions (for example, by increasing margin or
capital requirements). Clearing mandates with respect to other types of credit default swaps have not yet been issued by the regulators,
but could have additional impact on the Fund&rsquo;s ability to use credit default swap transactions as part of its investment
strategy.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Derivatives Legislation and Regulatory Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The enforceability of agreements governing hedging
transactions may depend on compliance with applicable statutory and other regulatory requirements and, depending on the identity
of the counterparty, applicable international requirements. New or amended regulations may be imposed by the CFTC, the SEC, the
Federal Reserve, the European Union or other financial regulators, other governmental or intergovernmental regulatory authorities
or self-regulatory organizations that supervise the financial markets, and could adversely affect the Fund. In particular, these
agencies are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United
States. The Fund also may be adversely affected by changes in the enforcement or interpretation of statues and rules by these regulatory
authorities or self-regulatory organizations.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In addition, the securities and futures markets
are subject to comprehensive statutes and regulations. For instance, the Dodd-Frank Act could have an adverse effect on the Fund&rsquo;s
ability to use derivative instruments. The Dodd-Frank Act is designed to impose stringent regulation on the over-the-counter derivatives
market in an attempt to increase transparency and accountability and provides for, among other things, new clearing, execution,
margin, reporting, recordkeeping, business conduct, documentation, disclosure, position limit, minimum net capital and registration
requirements. Although the CFTC has released final rules relating to clearing, margin, execution, reporting, risk management, compliance,
position limit, anti-fraud, consumer protection, portfolio reconciliation, documentation, recordkeeping, business conduct, margin
requirements and registration requirements under the Dodd-Frank Act, many of the provisions are subject to further final rulemaking,
and thus the Dodd-Frank Act&rsquo;s ultimate impact remains unclear.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">New regulations could, among other things, restrict
the Fund&rsquo;s ability to engage in derivatives transactions (for example, by making certain types of derivatives transactions
no longer available to the Fund), increase the costs of using these instruments (for example, by increasing margin, capital or
reporting requirements) and/or make them less effective. In particular, new margin requirements and capital charges, even when
not directly applicable to the Fund, may increase the pricing of derivatives transacted by the Fund. New exchange trading and trade
reporting requirements and position limits may lead to changes in the liquidity of derivative transactions, or higher pricing or
reduced liquidity in the derivatives markets, or the reduction of arbitrage opportunities for the Fund. Limits or restrictions
applicable to the counterparties with which the Fund&rsquo;s engages in derivative transactions could also limit the ability of
the Fund from using these instruments, affect the pricing or other factors relating to these instruments or may change the availability
of certain investments. As a result, these changes could make it difficult for the Fund to execute its investment strategy.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">It is unclear how the regulatory changes will affect
counterparty risk. For instance, in December 2012, the CFTC issued a final rule requiring certain credit default swaps and interest
rate swaps denominated in certain currencies to be centrally cleared, which is applicable to all swap counterparties not eligible
for certain narrowly-defined exemption or exceptions. In September 2016, CFTC further expanded the categories of interest rate
swaps subject to mandatory clearing. Where the Fund enters into certain swaps subject to mandatory clearing, it may be required
to execute such swaps on a registered designated contract market or swap execution facility. Such clearing requirements may affect
the Fund&rsquo;s ability to negotiate individualized terms and/or may increase the costs of entering into such derivative transactions
(for example, by increasing margin or capital requirements). Clearing mandates with respect to other types of derivative instruments
have not yet been issued by the applicable regulators, but could have additional impact on the Fund&rsquo;s ability to use such
instruments as part of its investment strategy. In addition, certain foreign jurisdictions may also impose clearing requirements
that could apply to the Fund&rsquo;s transactions with non-U.S. entities. For entities designated by the CFTC or the SEC as &ldquo;swap
dealers,&rdquo; &ldquo;security-based swaps dealers,&rdquo; &ldquo;major swap participants&rdquo; or major &ldquo;security-based
swap participants,&rdquo; the Dodd-Frank Act imposes new regulatory, reporting and compliance requirements. On May 23, 2012, a
joint final rulemaking by the CFTC and the SEC defining these key terms was published in the Federal Register. Based on those definitions,
the Fund would not be a swap dealer, security-based swap dealer, major swap participant or security-based major swap participant
at this time. If the Fund is later designated as a swap dealer, security-based swap dealer, major swap participant or major security-based
swap participant, its business will be subject to increased regulatory requirements, including registration requirements, additional
recordkeeping and reporting obligations, external and internal business conduct standards, position limits monitoring, capital
and margin thresholds, which will in turn increase the Fund&rsquo;s compliance cost.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The SEC has also indicated that it may adopt new
policies on the use of derivatives by registered investment companies. Such policies could affect the nature and extent of derivatives
use by the Fund. On August 31, 2011, the SEC issued a concept release to seek public comment on a wide range of issues raised by
the use of derivatives by investment companies. Then, on December 11, 2015, the SEC proposed new rules to govern the use of derivatives
by registered investment companies and business development companies (&ldquo;registered funds&rdquo;). Under the proposed new
rules, (i) a registered fund&rsquo;s exposure under derivatives transactions and other &ldquo;financial commitment transactions&rdquo;
(including reverse repurchase agreements, short sale borrowings and firm and standby commitment transactions and similar agreements)
would be limited to (x) 150% of the registered fund&rsquo;s net assets (the &ldquo;exposure-based portfolio limit&rdquo;) or (y)
300% of the registered fund&rsquo;s net assets, but only if its derivatives transactions, in the aggregate, reduce the total &ldquo;value
at risk&rdquo; of the fund&rsquo;s portfolio (the &ldquo;risk-based portfolio limit&rdquo;); (ii) a registered fund would need
to segregate certain qualifying assets equal to the sum of (a) the amount the fund would need to pay to close out its derivatives
at the given time of the determination (a &ldquo;mark-to-market coverage amount&rdquo;) and (b) a reasonable estimate of the potential
amount the fund would pay if the fund exited the derivatives under stressed conditions (a &ldquo;risk-based coverage amount&rdquo;);
(iii) a registered fund that engages in financial commitment transactions (such as unfunded commitments) would need to segregate
assets equal to 100% of its payment or delivery obligations under these transactions, whether conditional or unconditional; (iv)
a registered fund whose derivatives use is not limited under a portfolio limitation to an aggregate exposure of 50% or less of
the value of its net assets or that uses complex derivatives must enact a formalized derivatives risk-management program that contains
specified components, and the program would need to be approved by the fund&rsquo;s board and be administered by a board-approved
derivatives risk manager; and (v) and a registered fund would have to file with the SEC two reporting forms, Forms N-PORT and N-CEN,
which as amended by the proposed rule, would require registered funds to provide information about their derivatives risk management
program, additional risk metrics related to derivatives use, and disclosure about which of the portfolio limitations under the
proposed rule (as described in (i)) the fund is relying upon. It is possible that such regulations, once adopted, could increase
the cost of and limit the implementation of the Fund&rsquo;s use of derivatives, which could have an adverse impact on the Fund.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Furthermore, on December 15, 2015, the CFTC approved
a final rule, which became effective in April 2016, but with an implementation date of March 1, 2017 (subject to a time-limited
no action relief until September 1, 2017), governing margin requirements for uncleared swaps entered into by registered swap dealers
and major swap participants who are not supervised by the prudential regulators, referred to as &ldquo;covered swap entities.&rdquo;
The final rule generally requires covered swap entities, subject to certain thresholds and exemptions, to collect and post margin
in respect of uncleared swap transactions with other covered swap entities and financial end-users. In particular, the final rule
requires covered swap entities and financial end-users having &ldquo;material swaps exposure,&rdquo; defined as an average aggregate
daily notional amount of uncleared swaps exceeding $8 billion as calculated from June, July and August of the previous calendar
year, to collect and/or post (as applicable) a minimum amount of &ldquo;initial margin&rdquo; in respect of each uncleared swap,
subject to a phase-in schedule until September 1, 2020. In addition, the final rule requires covered swap entities entering into
uncleared swaps with other covered swap entities or financial-end-users, regardless of swaps exposure, to post and/or collect (as
applicable) &ldquo;variation margin&rdquo; in reflection of changes in the mark-to-market value of an uncleared swap since the
swap was executed or the last time such margin was exchanged. The CFTC final rule is broadly consistent with a similar rule mandating
the exchange of initial and variation margin adopted by the prudential regulators in October 2015. It is possible that such regulations
could increase the cost of and limit the implementation of the Fund&rsquo;s use of derivatives, which could have an adverse impact
on the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In addition to U.S. laws and regulations relating
to derivatives, certain non-U.S. regulatory authorities, such as those in the European Union, Australia, Japan and Hong Kong have
passed or proposed, or may propose in the future, legislation similar to that imposed by the Dodd-Frank Act. The regulatory changes
in the European Union will impact a broad range of counterparties, both outside and within the European Union, and are expected
to potentially increase the cost of transacting derivatives for the Fund (particularly with banks and other dealers directly subject
to such regulations).</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Cyber-Security Risk and Identity Theft Risks </B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Cyber-security incidents and cyber-attacks have
been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The
Adviser&rsquo;s information and technology systems may be vulnerable to damage or interruption from computer viruses and other
malicious code, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches,
usage errors by their respective professionals or service providers, power, communications or other service outages and catastrophic
events such as fires, tornadoes, floods, hurricanes and earthquakes. If unauthorized parties gain access to such information and
technology systems, they may be able to steal, publish, delete or modify private and sensitive information. Although the Adviser
has implemented various measures to manage risks relating to these types of events, such systems could be inadequate and, if compromised,
could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information.
Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage
may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing
it from being addressed appropriately. The Adviser and/or the Fund may have to make a significant investment to fix or replace
them. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the
Adviser&rsquo;s, and/or the Fund&rsquo;s operations and result in a failure to maintain the security, confidentiality or privacy
of sensitive data, including personal information relating to shareholders and the intellectual property and trade secrets of the
Adviser. Such a failure could harm the Adviser&rsquo;s and/or the Fund&rsquo;s reputation, subject any such entity and their respective
affiliates to legal claims and adverse publicity and otherwise affect their business and financial performance.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Repurchase Agreements Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Subject to its investment objectives and policies,
the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition
by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer.
The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does
not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation.
In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in
liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during
the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security
during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying
the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase
agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate
such collateral. However, the exercise of the Fund&rsquo;s right to liquidate such collateral could involve certain costs or delays
and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price,
the Fund could suffer a loss.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Investments in Equity Securities Incidental to Investments in Senior
Loans</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">From time to time the Fund also may invest in or
hold common stock and other equity securities incidental to the purchase or ownership of a Senior Loan or in connection with a
reorganization of a Borrower. Investments in equity securities incidental to investment in Senior Loans entail certain risks in
addition to those associated with investments in Senior Loans. Because equity is merely the residual value of an issuer after all
claims and other interests, it is inherently more risky than the bonds or Senior Loans of the same Borrower. The value of the equity
securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions.
These risks may increase fluctuations in the Fund&rsquo;s net asset value. The Fund frequently may possess material non-public
information about a Borrower as a result of its ownership of a Senior Loan of a Borrower. Because of prohibitions on trading in
securities while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security
of the Borrower when it would otherwise be advantageous to do so.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>U.S. Government Debt Securities Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may invest in debt securities issued or
guaranteed by agencies, instrumentalities and sponsored enterprises of the U.S. Government. Some U.S. Government securities, such
as U.S. Treasury bills, notes and bonds, and mortgage-related securities guaranteed by the Government National Mortgage Association
(&ldquo;GNMA&rdquo;), are supported by the full faith and credit of the United States; others, such as those of the Federal Home
Loan Banks (&ldquo;FHLBs&rdquo;) or the Federal Home Loan Mortgage Corporation (&ldquo;FHLMC&rdquo;), are supported by the right
of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association (&ldquo;FNMA&rdquo;),
are supported by the discretionary authority of the U.S. Government to purchase the agency&rsquo;s obligations; and still others
are supported only by the credit of the agency, instrumentality or corporation Although legislation has been enacted to support
certain government sponsored entities, including the FHLBs, the FHLMC and FNMA, there is no assurance that the obligations of such
entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible,
to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values
of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject
to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes
in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character
of securities issued by these entities. U.S. Government debt securities generally involve lower levels of credit risk than other
types of debt securities of similar maturities, although, as a result, the yields available from U.S. Government debt securities
are generally lower than the yields available from such other securities. Like other debt securities, the values of U.S. Government
securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income
on existing portfolio securities but will be reflected in the Fund&rsquo;s NAV.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Market Developments</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Periods of market volatility remain, and may continue
to occur in the future, in response to various political, social and economic events both within and outside of the United States.
Instability in the credit markets has made it more difficult for a number of issuers of debt securities to obtain financing or
refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit
markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity
for loans they make, securities they purchase and securities they issue.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">For example, certain Borrowers may, due to macroeconomic
conditions, be unable to repay the Senior Loans during this period. A Borrower&rsquo;s failure to satisfy financial or operating
covenants imposed by lenders could lead to defaults and, potentially, termination of the Senior Loans and foreclosure on its secured
assets, which could trigger cross-defaults under other agreements and jeopardize the Borrower&rsquo;s ability to meet its obligations
under its debt securities. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms
with a defaulting Borrower. In addition, if one of the Borrowers were to commence bankruptcy proceedings, even though the Fund
may have structured its interest as senior debt, depending on the facts and circumstances, including the extent to which the Fund
actually provided managerial assistance to such Borrower, a bankruptcy court might recharacterize the Fund&rsquo;s debt holding
and subordinate all or a portion of its claim to that of other creditors. Adverse economic conditions also may decrease the value
of collateral securing some of the Fund&rsquo;s loans and the value of its equity investments. A recession could lead to financial
losses in our portfolio and a decrease in revenues, net income and the value of the Fund&rsquo;s assets.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">These developments may increase the volatility of
the value of securities owned by the Fund. These developments also may make it more difficult for the Fund to accurately value
its securities or to sell its securities on a timely basis. These developments could adversely affect the ability of the Fund to
use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to the holders of common
shares. These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers
of securities owned by the Fund to make payments of principal and interest when due, lead to lower credit ratings of the issuer
and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely
affect the net asset value and market price of the Fund&rsquo;s common shares.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Market Disruption and Geopolitical Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The instability in  various regions and
terrorist attacks in the United States and around the world may result in market volatility, may have long-term effects on
the U.S. and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The
Fund cannot predict the effects of geopolitical events in the future on the U.S. economy and securities markets.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0"><B>UK Exit from the European Union</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 40pt">The United Kingdom (the
&ldquo;UK&rdquo;) held a referendum on June 23, 2016 on whether to leave or remain a member state of the European Union (the &ldquo;EU&rdquo;).
The outcome of that referendum was in favor of leaving. Under the process for leaving the EU contemplated in article 50 of the
Treaty on the Functioning of the European Union, the UK will remain a member state until a withdrawal agreement is entered into,
or failing that, two years following the notification of the intention to leave. On March 13, 2017, the British Parliament passed
a bill approving the UK&rsquo;s exit from the EU. On March 29, 2017, the UK formally notified the European Council of its intention
to leave. As a result, the UK will remain a member state subject to EU law with privileges to provide services under the single
market directives until at least March 29, 2019. However, given the size and importance of the UK&rsquo;s economy, uncertainty
or unpredictability about its legal, political and economic relationship with Europe after that two-year period may continue to
be a source of instability, create significant currency fluctuations, and/or otherwise adversely affect international markets,
arrangements for trading or other existing cross-border co-operation arrangements (whether economic, tax, fiscal, legal, regulatory
or otherwise) for the foreseeable future including beyond the date of the UK&rsquo;s withdrawal from the EU. The outcome of the
UK referendum could also have a destabilizing effect if other member states were to consider the option of leaving the EU.</P>



<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"></P>

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



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>U.S. Federal Income Tax Reform</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The recently enacted tax bill &ldquo;H.R. 1&rdquo;
will significantly alter existing U.S. federal income tax law. Prospective investors should consult their own tax advisors regarding
these changes, as well as other potential changes in tax laws.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0"><B>Portfolio Turnover Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-indent: 40pt">The Fund&rsquo;s annual portfolio
turnover rate may vary greatly from year to year, as well as within a given year. Although the Fund cannot accurately predict its
annual portfolio turnover rate, it is not expected to exceed 100% under normal circumstances. However, portfolio turnover rate
is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in
the realization of net short-term capital gains by the Fund which, when distributed to Common Shareholders, will be taxable as
ordinary income. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other
transactional expenses that are borne by the Fund.</P>



<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Anti-Takeover Provisions</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s Agreement and Declaration of Trust
includes provisions that could limit the ability of other entities or persons to acquire control of the Fund. These provisions
could deprive the holders of common shares of opportunities to sell their common shares at a premium over the then current market
price of the common shares or at net asset value. See &ldquo;Certain Provisions in the Agreement and Declaration of Trust.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>HOW
THE FUND MANAGES RISK</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>General Risk Management</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The secondary investment objective of the Fund is
to seek preservation of capital, consistent with its primary goal of high income. The ability of the Fund to achieve its secondary
investment objective is limited due to the Fund&rsquo;s investment policy of investing primarily in Senior Loans. Senior Loans
are usually rated below investment grade or may also be unrated. Even though Senior Loans are senior and secured in contrast to
other below investment grade securities, which are often subordinated or unsecured, the risks associated with Senior Loans are
similar to the risks of below investment grade securities. If a Borrower under a Senior Loan defaults, becomes insolvent or files
for bankruptcy, the Fund may recover only a fraction of what is owed on the Senior Loan or nothing at all. Senior Loans are subject
to a number of risks described elsewhere in this Prospectus, including credit risk, liquidity risk and management risk. See &ldquo;Risks&mdash;Below
Investment Grade Instruments Risk,&rdquo; &ldquo;&mdash;Credit Risk&rdquo; and &ldquo;&mdash;Liquidity Risk.&rdquo; There may be
less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including
securities issued in transactions registered under the Securities Act, or registered under the Exchange Act. The Fund does not
intend to engage in hedging transactions in order to achieve its secondary investment objective of capital preservation.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">However, the Adviser expects to achieve its secondary
investment objective through a disciplined approach to its credit investment selection process in which the credit ratings of a
Borrower are not considered to be the sole or determinative factor of selection. Credit selection will focus on Senior Loans which
are adequately collateralized or over-collateralized and covered by sufficient earnings and cash flow to service such indebtedness
on a timely basis. The risks associated with investments in Senior Loans and other below investment grade investments will be mitigated
by the Adviser&rsquo;s careful selection of Borrowers across a broad range of industries and of varying characteristics and return
profiles, as well as active management of such investments in light of current economic developments and trends.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Additionally, the Adviser has established procedures
for the regular and periodic monitoring of credit risk with a goal toward the early identification, and sale, of potential credit
problems. This monitoring process will include, but not be limited to, the Borrower&rsquo;s financial resources and operating history,
comparison of current operating results with the initial investment thesis and the Adviser&rsquo;s initial expectations for the
performance of the obligor for each investment held by the Fund, the Borrower&rsquo;s sensitivity to economic conditions, the ability
of the Borrower&rsquo;s management, the Borrower&rsquo;s debt maturities and borrowing requirements, the Borrower&rsquo;s interest
and asset coverage, and relative value based on anticipated cash flow. The Adviser will develop a &lsquo;watch list&rsquo; requiring
that any significant concerns which could result in potential for credit loss be elevated to review by the Investment Committee
of the Adviser. Finally, the Adviser&rsquo;s personnel are experienced in corporate reorganizations, work-outs and restructurings
with the goal of maximizing recovery in the event of bankruptcy or serious financial failings or default of a Senior Loan or investment
held by the Fund. Moreover, because of the attributes of a Senior Loan and its position in a Borrower&rsquo;s capital structure,
Senior Loans are distinguishable from, and typically have more favorable recovery rates than, other securities of below investment
grade credit quality.</P>


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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Similar to Senior Loans, the Adviser adheres to
a disciplined approach with respect to the Fund&rsquo;s investments in structured products, which will primarily consist of CLOs.
The Adviser&rsquo;s personnel includes a dedicated structured products team, which focuses on the selection and subsequent monitoring
of investments in structured products. To the extent possible, the Adviser will select structured products which are well structured
and collateralized by portfolios of primarily Senior Loans that the Adviser believes to be of sufficient quality, diversity and
amount to support the structure and fully collateralize the tranche the Fund is investing in. Once approved for investment, the
structured product is monitored by a structured product investment analyst who reviews the expected performance of the underlying
investments.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Investment Limitations</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund has adopted certain investment limitations
designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders
of a majority of the outstanding common shares and, if issued, preferred shares voting together as a single class, and the approval
of the holders of a majority of the preferred shares voting as a separate class. The Fund&rsquo;s investment objectives are not
fundamental and may be changed by the board of trustees without the approval of shareholders.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may become subject to guidelines which
are more limiting than its investment restrictions in order to obtain and maintain ratings from rating agencies of the preferred
shares that it may issue. The Fund does not anticipate that such guidelines would have a material adverse effect on the Fund&rsquo;s
common shareholders or the Fund&rsquo;s ability to achieve its investment objectives. See &ldquo;Investment Restrictions&rdquo;
in the SAI for a complete list of the fundamental and non-fundamental investment policies of the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Management of Investment Portfolio and Capital Structure to Limit
Leverage Risk</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund may take certain actions if short-term
interest rates increase or market conditions otherwise change (or the Fund anticipates such an increase or change) and the Fund&rsquo;s
leverage begins (or is expected) to adversely affect common shareholders. In order to attempt to offset such a negative impact
of leverage on common shareholders, the Fund may shorten the average maturity of its investment portfolio (by investing in short-term
securities) or may extend the maturity of outstanding preferred shares or reduce its indebtedness or unwind other leverage transactions.
The Fund may also attempt to reduce the utilization of leverage by redeeming or otherwise purchasing preferred shares. As explained
above under &ldquo;Risks&mdash;Leverage Risk,&rdquo; the success of any such attempt to limit leverage risk depends on the Adviser&rsquo;s
ability to accurately predict interest rate or other market changes. Because of the difficulty of making such predictions, the
Fund may never attempt to manage its capital structure in the manner described in this paragraph. If market conditions suggest
that additional leverage would be beneficial, the Fund may sell previously unissued preferred shares or preferred shares that the
Fund previously issued but later repurchased.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT
OF THE FUND</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Trustees and Officers</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The overall management of the business and affairs
of the Fund is vested in the board of trustees. The responsibilities of the board of trustees include, among other things, the
oversight of our investment activities, oversight of our financing arrangements and corporate governance activities. The board
of trustees currently has an audit committee and a nominating and corporate governance committee and may establish additional committees
from time to time as necessary. The day-to-day operation of the Fund is delegated to the officers of the Fund and the Adviser,
subject always to the investment objectives, restrictions and policies of the Fund and to the general supervision of the board
of trustees.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">There currently are five trustees of the Fund. A
majority of the trustees are not &ldquo;interested persons&rdquo; (as defined in the Investment Company Act) of the Fund. The names
and business addresses of the trustees and officers of the Fund and their principal occupations and other affiliations during the
past five years are set forth under &ldquo;Management of the Fund&rdquo; in the SAI.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Investment Adviser</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">GSO / Blackstone Debt Funds Management LLC acts
as the Fund&rsquo;s investment adviser and also provides administrative and compliance oversight services to the Fund. The Adviser
is located at 345 Park Avenue, 31st Floor, New York, NY 10017. The Adviser is a wholly-owned subsidiary of GSO. GSO is the credit
platform of Blackstone, which is a leading global manager of private capital. The alternative asset management business includes
the management of private equity funds, real estate funds, real estate investment trusts, funds of hedge funds, hedge funds, credit-focused
funds, collateralized loan obligation vehicles, separately managed accounts and registered investment companies. Blackstone&rsquo;s
business is organized into four segments: private equity, real estate, hedge fund solutions and credit. Through its different investment
businesses, as of September 30, 2017, Blackstone had total assets under management of over $___ billion. As of September 30, 2017,
GSO&rsquo;s asset management operation had aggregate assets under management of over $___ billion across multiple strategies within
the leveraged finance marketplace, including Loans, high yield bonds, distressed and mezzanine debt and private equity, including
hedge funds.  The Adviser
is part of the Customized Credit Strategies business unit of GSO (&ldquo;CCS&rdquo;) and is responsible for managing long-only
credit strategies, including investments in U.S. and European senior secured loans, high yield bonds, and structured credit investments,
in vehicles, including CLOs, separately managed accounts, commingled funds, three other closed-end funds and a sub-advised exchange-traded
fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Competitive Advantages</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Adviser believes that it offers the following
competitive advantages:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><I>Global platform with seasoned investment professionals.</I>
The Adviser&rsquo;s senior management team believes that the breadth and depth of its experience, together with the wider resources
of GSO and Blackstone and their relationships with the investment community provides the Adviser with a significant competitive
advantage in sourcing and analyzing attractive investment opportunities worldwide. All of the Adviser&rsquo;s investment professionals
are focused exclusively on leveraged finance.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><I>Disciplined, income-oriented investment philosophy.</I>
The Adviser will employ a defensive investment approach focused on long-term credit performance and principal protection. This
investment approach will involve a multi-stage selection process for each investment opportunity as well as ongoing monitoring
of each investment made, with particular emphasis on early detection of credit deterioration. This strategy is designed to maximize
current yield and minimize the risk of capital loss while maintaining potential for long-term capital appreciation.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><I>Expertise across all levels of the corporate
capital structure.</I> The Adviser believes that its broad expertise and experience at all levels of a company&rsquo;s capital
structure will afford it numerous tools to manage risk while preserving the opportunity for attractive returns on the Fund&rsquo;s
investments. The Adviser will attempt to capitalize on this expertise in an effort to produce and maintain an investment portfolio
that will perform in a broad range of economic conditions.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Investment Management Team</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Set forth below is information regarding the team
of professionals at the Adviser primarily responsible for overseeing the day-to-day operations of the Fund. The Adviser utilizes
a team approach, with decisions derived from interaction among various investment management sector specialists. Under this team
approach, management of the Fund&rsquo;s portfolio will reflect a consensus of interdisciplinary views.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><B>Robert Zable</B> is a Senior Managing Director
of The Blackstone Group L.P. and Senior Portfolio Manager for CCS&rsquo;s U.S. CLOs and high yield separately managed accounts.
Mr. Zable serves as a member of CCS&rsquo;s U.S. Syndicated Investment Committee and Global Structured Credit Investment Committee.
Before joining GSO in 2007, Mr. Zable was a Vice President at FriedbergMilstein LLC, where he was responsible for credit opportunity
investments and junior capital origination and execution. Prior to that, Mr. Zable was a Principal with Abacus Advisors Group,
a boutique restructuring and distressed investment firm. Mr. Zable began his career at JP Morgan Securities Inc., where he focused
on leveraged finance in New York and London. Mr. Zable received B.S. from Cornell University and an M.B.A. in Finance from The
Wharton School at the University of Pennsylvania.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt"><B>Gordon McKemie</B> is a Principal and a portfolio
manager with GSO. Mr. McKemie is also responsible for the evaluation and ongoing analysis of primary and secondary fixed income
investments across multiple industries. Prior to joining GSO, Mr. McKemie was an Associate in Leveraged Finance at Citigroup and
an Assistant Vice President in high yield research at Barclays Capital. He began his career at Lehman Brothers. Mr. McKemie received
a B.B.A. from Goizueta Business School at Emory University, and is a CFA Charterholder.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Additional information about the portfolio managers&rsquo;
compensation, other accounts managed by them and other information is provided in the SAI.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Investment Adviser Philosophy</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In times of economic uncertainty, the Adviser believes
that it is prudent to focus more on opportunities in Senior Loans, where investments are secured by collateral and recovery rates
have been historically the strongest among corporate debt securities in the event of default. The Adviser currently intends to
weight the Fund&rsquo;s investment portfolio heavily toward Senior Loans.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">When identifying prospective investment opportunities,
the Adviser currently intends to focus primarily on the following attributes, which it believes will help generate higher total
returns with an acceptable level of risk. These attributes are:</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD><I>Leading, defensible market positions.</I> The Adviser intends to invest in Borrowers that it believes have developed strong
positions within their respective markets and exhibit the potential to maintain sufficient cash flows and profitability to service
their obligations in a range of economic environments. The Adviser will seek Borrowers that it believes possess advantages in scale,
scope, customer loyalty, product pricing, or product quality versus their competitors, thereby minimizing business risk and protecting
profitability.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD><I>Investing in stable Borrowers with positive cash flow.</I> The Adviser intends to invest in established, stable Borrowers
with strong profitability and cash flows. The Adviser believes these Borrowers, are well-positioned to maintain consistent cash
flow to service and repay their obligations and maintain growth in their businesses or market share. The Adviser does not intend
to invest in start-up companies, companies in turnaround situations or companies with speculative business plans.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD><I>Proven management teams.</I> The Adviser intends to focus on investments in which the target company has an experienced
management team with an established track record of success. The Adviser will typically require Borrowers to have in place proper
incentives to align management&rsquo;s goals with the Fund&rsquo;s goals.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD><I>Private equity sponsorship.</I> Often the Adviser will seek to participate in transactions sponsored by what it believes
to be high-quality private equity firms. The Adviser believes that a private equity sponsor&rsquo;s willingness to invest significant
sums of equity capital into a company is an implicit endorsement of the quality of the investment. Further, private equity sponsors
of Borrowers with significant investments at risk have the ability and a strong incentive to contribute additional capital in difficult
economic times should operational issues arise.</TD></TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD><I>Diversification.</I> The Adviser will seek to invest broadly among Borrowers and industries,
thereby potentially reducing the risk of a downturn in any one company or industry having a disproportionate impact on the value
of the Fund&rsquo;s portfolio, however there can be no assurances in this regard.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Investment Advisory Agreement</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Adviser provides services to the Fund pursuant
to an investment advisory agreement between the Fund and the Adviser. Under the investment advisory agreement, subject to the supervision
and direction of the Fund&rsquo;s board of trustees, the Adviser will manage the Fund&rsquo;s portfolio in accordance with the
Fund&rsquo;s investment objectives and policies, make investment decisions for the Fund, place orders to purchase and sell securities,
and employ professional portfolio managers and securities analysts who provide research services to the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s investment advisory agreement
will continue in effect, unless otherwise terminated, until June 1, 2018, and then from year to year thereafter provided such
continuance is specifically approved at least annually (a) by the Fund&rsquo;s board of trustees or by a majority of the
outstanding voting securities of the Fund (as defined in the Investment Company Act) and (b) in either event, by a majority
of the board of trustees of the Fund who are not &ldquo;interested persons&rdquo; of the Fund within the meaning of Section
2(a)(19) of the Investment Company Act (the &ldquo;Independent trustees&rdquo;) with such Independent trustees casting votes
in person at a meeting called for such purpose. The Fund&rsquo;s investment advisory agreement provides that the Adviser may
render services to others. The Fund&rsquo;s investment advisory agreement is terminable without penalty on not more than 60
days&rsquo; nor less than 30 days&rsquo; written notice by the Fund when authorized either by a vote of a majority of the
outstanding securities entitled to vote (as defined in the Investment Company Act) or by a vote of a majority of the
Fund&rsquo;s trustees, or by the Adviser on not less than 90 days&rsquo; written notice, and will automatically terminate in
the event of its assignment. The Fund&rsquo;s investment advisory agreement provides that neither the Adviser nor its
personnel or affiliates shall be liable for any error of judgment or mistake of law or for any loss arising out of any
investment or for any act or omission in the execution of security transactions for the Fund, except for willful misfeasance,
bad faith or gross negligence or reckless disregard of its or their obligations and duties.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund has agreed to pay the Adviser a management
fee at an annual rate equal to 0.90% of the Fund&rsquo;s Managed Assets (through the end of the Fund&rsquo;s current term). The
Adviser agreed to waive a portion of the previous management fee, which was at an annual rate equal to 1.00% of the Fund&rsquo;s
Managed Assets, in connection with the extension of the Fund&rsquo;s term through May 31, 2022. If the Fund&rsquo;s term is extended
again by shareholders beyond May 31, 2022, the management fee will return to an annual rate of 1.00% of the Fund&rsquo;s Managed
Assets unless waived or otherwise modified. Managed Assets means the total assets of the Fund (including any assets attributable
to any preferred shares that may be outstanding or to money borrowed from banks and other financial institutions or issued notes
for investment purposes) minus the sum of the Fund&rsquo;s accrued liabilities (other than Fund liabilities incurred for the express
purposes of creating leverage). Such borrowings may include funds from banks and other financial institutions. This means that
during periods in which the Fund is using leverage, the fees paid to the Adviser will be higher than if the Fund did not use leverage
because the fees are calculated on the basis of the Fund&rsquo;s Managed Assets, which includes those assets purchased through
leverage.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The basis for continuations of the Fund&rsquo;s
investment advisory agreement is provided in annual or semi-annual reports to stockholders for the periods during which such continuations
occur.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">In addition to the fees paid to the Adviser, the
Fund pays all other costs and expenses of its operations, including compensation of its trustees (other than those affiliated with
the Adviser), custodian, leveraging expenses, transfer and dividend disbursing agent expenses, legal fees, rating agency fees,
listing fees and expenses, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and
distributing shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any.</P>

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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Administrator</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">ALPS Fund Services, Inc. (&ldquo;ALPS&rdquo;), located
at 1290 Broadway, 11th Floor, Denver, Colorado 80203, serves as administrator to the Fund. Under the Administration Agreement,
ALPS maintains the Fund&rsquo;s general ledger and is responsible for calculating the net asset value of the common shares, and
generally managing the administrative affairs of the Fund. ALPS is entitled to receive a monthly fee at the annual rate of 0.09%
of the Fund&rsquo;s average daily value of the Fund&rsquo;s Managed Assets, subject to a minimum annual fee of the lesser of $225,000
or (if below $225,000) 0.14% of the average daily value of the Fund&rsquo;s Managed Assets, plus out of pocket expenses. During
periods when the Fund is using leverage, the fees paid to ALPS will be higher than if the Fund did not use leverage because the
fees paid are calculated on the basis of the Fund&rsquo;s Managed Assets, which includes the assets purchased through leverage.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0"><B>Control Persons</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">A control person is a person who beneficially owns
more than 25% of the voting securities of a company. To the Fund&rsquo;s knowledge, there are no control persons of the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>NET
ASSET VALUE</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The net asset value of the common shares of the
Fund is computed based upon the value of the Fund&rsquo;s Managed Assets. Net asset value per common share will be determined daily
by ALPS on each day that the New York Stock Exchange is open for business as of the close of the regular trading session on the
New York Stock Exchange. The Fund calculates net asset value per common share by subtracting liabilities (including accrued expenses
or dividends) from the total assets of the Fund (the value of the securities plus cash or other assets, including interest accrued
but not yet received) and dividing the result by the total number of outstanding common shares of the Fund.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund values its investments primarily by using
the mid-price of market quotations from a nationally recognized loan pricing service. Short-term debt investments having a remaining
maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts.
Any investments and other assets for which such current market quotations are not readily available are valued at fair value (&ldquo;Fair
Valued Assets&rdquo;) as determined in good faith under procedures established by, and under the general supervision and responsibility
of, the Fund&rsquo;s board of trustees. The Adviser submits its recommendations regarding the valuation and/or valuation methodologies
for Fair Valued Assets to a valuation committee comprised of officers and employees of the Adviser. The valuation committee may
accept, modify or reject any recommendations. The pricing of all Fair Valued Assets is subsequently reported to the Fund&rsquo;s
board of trustees.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Non-U.S. Securities are valued by translating available
quotes into U.S. dollar equivalents, if the quotes are considered reliable, and are otherwise valued at fair value. Over-the-counter
options are priced on the basis of dealer quotes. Other types of derivatives for which quotes may not be available are valued at
fair value.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">When determining the price for a Fair Valued Asset,
the Adviser seeks to determine the price that the Fund might reasonably expect to receive from the current sale of that asset in
an arm&rsquo;s-length transaction. Fair value determinations are based upon all available factors that the Adviser deems relevant.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The Fund generally makes regular monthly cash distributions
of all or a portion of its net investment income to common shareholders and intends to continue to do so. The Fund generally distributes
to common shareholders at least annually all or substantially all of its net investment income after the payment of leverage expenses.
However, the Fund may preserve modest amounts of net income to support future distributions. The Fund pays any capital gains distributions
at least annually. If the Fund makes a long-term capital gain distribution, it will be required to allocate such gain between the
common shares and any preferred shares issued by the Fund in proportion to the total dividends paid to each class for the year
in which the income is realized.</P>



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<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The U.S. federal income tax treatment and characterization
of the Fund&rsquo;s distributions may vary significantly from time to time because of the varied nature of the Fund&rsquo;s investments.
In light of the Fund&rsquo;s investment policies, the Investment Company Act requires the Fund to accompany each monthly distribution
with a statement setting forth the estimated source (as between net income, capital gains and return of capital) of the distribution
made. The Fund will indicate the proportion of its capital gains distributions that constitute long-term and short-term gains annually.
The ultimate U.S. federal income tax characterization of the Fund&rsquo;s distributions made in a taxable year cannot finally be
determined until after the end of that taxable year. As a result, there is a possibility that the Fund may make total distributions
during a taxable year in an amount that exceeds the Fund&rsquo;s net investment company taxable income and net capital gains for
such taxable year. In such situations, if a distribution exceeds the Fund&rsquo;s current and accumulated earnings and profits
(as determined for U.S. federal income tax purposes), such distribution would generally be treated as a tax-free return of capital
reducing the amount of a shareholder&rsquo;s tax basis in such shareholder&rsquo;s shares. When you sell your shares in the Fund,
the amount, if any, by which your sales price exceeds your basis in the Fund&rsquo;s shares is gain subject to tax. Because a return
of capital reduces your basis in the shares, it will increase the amount of your gain or decrease the amount of your loss when
you sell the shares, all other things being equal. To the extent that the amount of any return of capital distribution exceeds
the shareholder&rsquo;s basis in such shareholder&rsquo;s shares, the excess will be treated as gain from a sale or exchange of
the shares. See &ldquo;Tax Matters.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Various factors will affect the level of the Fund&rsquo;s
income, including the asset mix, the average maturity of the Fund&rsquo;s portfolio, the amount of leverage utilized by the Fund
and the Fund&rsquo;s use of hedging. To permit the Fund to maintain a more stable monthly distribution, the Fund may from time
to time distribute less than the entire amount of income earned in a particular period. The undistributed income would be available
to supplement future distributions. As a result, the distributions paid by the Fund for any particular monthly period may be more
or less than the amount of income actually earned by the Fund during that period. Undistributed income will add to the Fund&rsquo;s
net asset value (and indirectly benefits the Adviser and ALPS by increasing their fees) and, correspondingly, distributions from
undistributed income will reduce the Fund&rsquo;s net asset value.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Section 19(b) of the Investment Company Act and
Rule 19b-1 thereunder generally limit the Fund to one long-term capital gain distribution per year, subject to certain exceptions.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>DIVIDEND
REINVESTMENT PLAN</B></P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">Pursuant to the DRIP, shareholders whose shares
are registered in their own name may &ldquo;opt-in&rdquo; to the plan and elect to reinvest all or a portion of their distributions
in common shares by providing the required enrollment notice to Computershare, the DRIP administrator. Shareholders whose shares
are held in the name of a broker or other nominee may have distributions reinvested only if such a service is provided by the broker
or the nominee or if the broker or the nominee permits participation in the DRIP. Shareholders whose shares are held in the name
of a broker or other nominee should contact the broker or nominee for details. A shareholder may terminate participation in the
DRIP at any time by notifying the DRIP administrator before the record date of the next distribution through the Internet, by telephone
or in writing. All distributions to shareholders who do not participate in the DRIP, or have elected to terminate their participation
in the DRIP, will be paid by check mailed directly to the record holder by or under the direction of the DRIP administrator when
our board of trustees declares a dividend or distribution.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">When we declare a distribution, shareholders who
are participants in the DRIP receive the equivalent of the amount of the distribution in our common shares. If you participate
in the DRIP, the number of common shares of the Fund you will receive will be determined as follows:</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">1)</TD><TD>If the market price of the common shares plus any brokerage commissions on the payable date (or, if the payable date is not
a New York Stock Exchange trading day, the immediately preceding trading day) for determining shareholders eligible to receive
the relevant distribution (the &ldquo;determination date&rdquo;) is equal to or exceeds 98% of the net asset value per common share,
the Fund will issue new common shares at a price equal to the greater of:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD><TD STYLE="width: 20pt">a.</TD><TD>98% of the net asset value per share at the close of trading on the New York Stock Exchange on the determination date or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 100pt"></TD><TD STYLE="width: 20pt">b.</TD><TD>95% of the market price per common share on the determination date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">2)</TD><TD>If 98% of the net asset value per common share exceeds the market price of the common shares plus any brokerage commissions
on the determination date, the DRIP administrator will receive the distribution in cash and will buy common shares in the open
market, on the New York Stock Exchange or elsewhere, for your account as soon as practicable commencing on the trading day following
the determination date and terminating no later than the earlier of (a) 30 days after the distribution payment date, or (b) the
record date for the next succeeding distribution to be made to the shareholders; except when necessary to comply with applicable
provisions of the federal securities laws. If during this period: (i) the market price plus any brokerage commissions rises so
that it equals or exceeds 98% of the net asset value per common share at the close of trading on the New York Stock Exchange on
the determination date before the DRIP administrator has completed the open market purchases or (ii) the DRIP administrator is
unable to invest the full amount eligible to be reinvested in open market purchases, the DRIP administrator will cease purchasing
common shares in the open market and the Fund will issue the remaining common shares at a price per share equal to the greater
of (a) 98% of the net asset value per share at the close of trading on the New York Stock Exchange on the determination date or
(b) 95% of the then current market price per share.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The DRIP administrator maintains all shareholder
accounts in the dividend reinvestment plan and furnishes written confirmations of all transactions in the account, including information
needed by shareholders for personal and tax records. Our common shares in the account of each DRIP participant are held by the
DRIP administrator in non-certificated form in the name of the participant, and each shareholder&rsquo;s proxy includes shares
purchased pursuant to the DRIP.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">There is no charge to participants for reinvesting
regular distributions and capital gains distributions. The fees of the DRIP administrator for handling the reinvestment of regular
distributions and capital gains distributions are included in the fee to be paid by us to our transfer agent. There are no brokerage
charges with respect to shares issued directly by us as a result of regular distributions or capital gains distributions payable
either in shares or in cash. However, each participant bears a <I>pro rata</I> share of brokerage commissions incurred with respect
to the DRIP administrator&rsquo;s open market purchases in connection with the reinvestment of such distributions. Shareholders
that opt-in to the DRIP will add to their investment through dollar cost averaging. Because all dividends and distributions paid
to such shareholder will be automatically reinvested in additional common shares, the average cost of such shareholder&rsquo;s
common shares will decrease over time. Dollar cost averaging is a technique for lowering the average cost per share over time if
the Fund&rsquo;s net asset value declines. While dollar cost averaging has definite advantages, it cannot assure profit or protect
against loss in declining markets.</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">The automatic reinvestment of such dividends or
distributions does not relieve participants of any income tax that may be payable on such dividends or distributions. See &ldquo;Tax
Matters.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0pt 0; text-indent: 40pt">You may obtain additional information about the
DRIP by contacting the DRIP administrator at the following address: Computershare, Attn: Sales Dept., P.O. Box 358035, Pittsburgh,
PA 15252.</P>



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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund is a statutory trust organized
under the laws of Delaware pursuant to the Agreement and Declaration of Trust dated as of March 4, 2010 as amended and restated
by an Amended and Restated Agreement and Declaration of Trust dated as of April 26, 2010. The Fund is authorized to issue an unlimited
number of common shares of beneficial interest, par value $.001 per share. Each common share has one vote and, when issued and
paid for in accordance with the terms of this offering, will be fully paid and non-assessable. The holders of common shares will
not be entitled to receive any distributions from the Fund unless all accrued dividends and interest and dividend payments with
respect to the Fund&rsquo;s leverage have been paid, unless certain asset coverage tests with respect to the leverage employed
by the Fund are satisfied after giving effect to the distributions and unless certain other requirements imposed by any rating
agencies rating any preferred shares issued by the Fund have been met. See &ldquo;&mdash;Preferred Shares&rdquo; below. All common
shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights.
The Fund will send annual and semi-annual reports, including financial statements, when available, to all holders of its common
shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Except for the Offer, the Fund has no present
intention of offering any additional shares other than the common shares it may issue under the Fund&rsquo;s DRIP and the issuance
of preferred shares. Any additional offerings of shares will require approval by the Fund&rsquo;s board of trustees. Any additional
offering of common shares will be subject to the requirements of the Investment Company Act, which provides that shares may not
be issued at a price below the then current net asset value, exclusive of the sales load, except in connection with an offering
to existing holders of common shares or with the consent of a majority of the Fund&rsquo;s outstanding voting securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s common are listed on the
New York Stock Exchange. The trading or &ldquo;ticker&rdquo; symbol of the common shares is &ldquo;BSL.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s net asset value per
share generally increases when interest rates decline, and decreases when interest rates rise, and these changes are likely
to be greater because the Fund intends to have a leveraged capital structure. However, because the Senior Loans that the Fund
invests in are floating rate in nature, the Fund&rsquo;s net asset value per share will be less affected by interest rate
fluctuations than if it were investing primarily in other forms of securities. The Fund&rsquo;s net asset value will be
reduced immediately following the Offering by the amount of offering expenses paid by the Fund and as a result of dilution to
the extent the Subscription Price is less than the net asset value. See &ldquo;Summary of Fund Expenses.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The average weekly trading volume of the
common shares on the New York Stock Exchange during the period from [inception through March ___, 2018] was ___ common shares.
Shares of closed-end investment companies often trade on an exchange at prices lower than net asset value. The Fund&rsquo;s common
shares have traded in the market at both premiums to and discounts from net asset value. The following table shows, for each fiscal
quarter since the quarter ended June 30, 2010; (i) high and low net asset values per common share, (ii) the high and low sale
prices per common share, as reported in the consolidated transaction reporting system, and (iii) the percentage by which the common
shares traded at a premium over, or discount from, the high and low net asset values per common share. The Fund&rsquo;s net asset
value per common share is determined on a daily basis.&nbsp;</P>

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


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<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Quarter Ended</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Market Price</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Net Asset Value at</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Market Premium</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>(Discount)</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>to Net Asset Value at</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>High</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Low</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Market High</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Market Low</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Market High</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Market Low</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="4" STYLE="border-bottom: Black 1pt solid"><B>2017</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2017</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.04</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.58</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.61</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2.39%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-3.24%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2017</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.25</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.73</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.66</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">1.52%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.32%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2017</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.54</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.54</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.73</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.62</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">4.57%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-0.45%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3/31/2017</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.33</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.56</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.75</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.86</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3.27%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-1.68%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="4" STYLE="border-bottom: Black 1pt solid"><B>2016</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2016</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.22</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.82</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.67</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.29</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3.11%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.72%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2016</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.85</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;15.94</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.25</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.73</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.32%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-4.72%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2016</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.24</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;15.02</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.82</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.03</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-3.45%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-6.30%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3/31/2016</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;15.30</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;13.44</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;15.76</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;15.15</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.92%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.29%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="4" STYLE="border-bottom: Black 1pt solid"><B>2015</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2015</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.18</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;14.45</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.16</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.26</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.71%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-11.13%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2015</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.26</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;15.86</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.27</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.35</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.53%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-8.59%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2015</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.77</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.11</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.48</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.28</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-3.84%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-6.41%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3/31/2015</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.37</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.52</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.36</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.01</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.39%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-8.27%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="4" STYLE="border-bottom: Black 1pt solid"><B>2014</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2014</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.40</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;16.32</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.49</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.93</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.90%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-8.98%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2014</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.09</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.17</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.01</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.61</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-4.84%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-7.74%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2014</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.63</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.81</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.17</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.07</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.82%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-6.61%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3/31/2014</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.42</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.67</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.38</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.30</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">0.21%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-3.26%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="4" STYLE="border-bottom: Black 1pt solid"><B>2013</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2013</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.69</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.32</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.17</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.33</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">2.71%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.23%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2013</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.22</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.84</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.29</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.28</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">4.82%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.28%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2013</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;21.97</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.25</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.54</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.28</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12.44%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-0.16%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3/31/2013</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;21.74</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.16</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.43</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.37</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">11.89%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">4.08%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="4" STYLE="border-bottom: Black 1pt solid"><B>2012</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2012</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.68</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.49</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.47</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6.11%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.41%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2012</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.40</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.05</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.49</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.23</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">4.67%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-0.94%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2012</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.33</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.70</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.40</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.07</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">4.79%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-1.94%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3/31/2012</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.95</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.36</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.36</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.80</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3.05%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.34%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="4" STYLE="border-bottom: Black 1pt solid"><B>2011</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2011</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.63</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.42</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.89</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.40</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3.92%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.33%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2011</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;21.27</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;17.54</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.74</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.50</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">7.75%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-5.19%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2011</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;21.48</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.10</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.85</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.81</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">8.21%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">1.46%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">3/31/2011</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;21.22</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.90</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.84</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.86</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6.96%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">0.20%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD ROWSPAN="3" STYLE="border-bottom: Black 1pt solid"><B>2010</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">12/31/2010</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.97</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.04</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.70</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.46</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">1.37%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-2.16%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">9/30/2010</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.01</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;18.59</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.03</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.19</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">5.15%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">-3.13%</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">6/30/2010</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.04</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;20.00</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.03</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;19.10</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">5.31%</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">4.71%</TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">On ___, 2018, the net asset value per common
share was $___, trading prices ranged between $ ___ and $___ (representing a [premium/discount] to net asset value of (___)% and
(___)%, respectively) and the closing price per common share was $___ (representing a [premium/discount] to net asset value of
(___)%).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Unlike open-end funds, closed-end funds
like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy
additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the New York Stock
Exchange or otherwise. Shares of closed-end investment companies frequently trade on an exchange at prices lower than net asset
value. Shares of closed-end investment companies like the Fund that invest predominantly in Senior Loans have traded during some
periods at prices higher than net asset value and have traded during other periods at prices lower than net asset value. Because
the market value of the common shares may be influenced by such factors as dividend levels (which are in turn affected by expenses),
dividend stability, portfolio credit quality, net asset value, relative demand for and supply of such common shares in the market,
general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure you that its common
shares will trade at a price equal to or higher than net asset value in the future. The common shares are designed primarily for
long-term investors and you should not purchase the common shares if you intend to sell them soon after purchase.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Shares</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s Agreement and Declaration
of Trust provides that the board of trustees of the Fund may authorize and issue preferred shares, with rights as determined by
the board of trustees, without the approval of the holders of the common shares. Holders of common shares have no preemptive right
to purchase any preferred shares that might be issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may utilize leverage in an aggregate
amount of up to 33<SUP>1</SUP>/3% of its Managed Assets at the time the leverage is incurred in order to buy additional securities.
The use of leverage can create risks. The board of trustees reserves the right to change the foregoing percentage limitation and
may issue preferred shares to the extent permitted by the Investment Company Act, which currently limits the aggregate liquidation
preference of all outstanding preferred shares to 50% of the value of the Fund&rsquo;s total assets, less liabilities and indebtedness
of the Fund. We cannot assure you, however, that any preferred shares will be issued. The terms of any preferred shares, including
dividend rate, liquidation preference and redemption provisions restrictions on the declaration of dividends, maintenance of asset
ratios and restrictions while dividends are in arrears will be determined by the board of trustees, subject to applicable law and
the Agreement and Declaration of Trust. The Fund also believes that it is likely that the liquidation preference, voting rights
and redemption provisions of any preferred shares will be similar to those stated below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Fund, the holders of any preferred shares will be entitled to receive a preferential
liquidating distribution. After payment of the full amount of the liquidating distribution to which they are entitled, the holders
of preferred shares will not be entitled to any further participation in any distribution of assets by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Investment Company Act requires that
the holders of any preferred shares, voting separately as a single class, have the right to elect at least two trustees at all
times. The remaining trustees will be elected by holders of common shares and preferred shares, voting together as a single class.
In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding, the holders
of any preferred shares have the right to elect a majority of the trustees of the Fund at any time two years&rsquo; dividends on
any preferred shares are unpaid. The Investment Company Act also requires that, in addition to any approval by shareholders that
might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as
a class, would be required to (1) adopt any plan of reorganization that would adversely affect the preferred shares and (2) take
any action requiring a vote of security holders under Section 13(a) of the Investment Company Act, including, among other things,
changes in the Fund&rsquo;s sub-classification as a closed-end investment company or changes in its fundamental investment restrictions.
See &ldquo;Certain Provisions in the Agreement and Declaration of Trust.&rdquo; As a result of these voting rights, the Fund&rsquo;s
ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. The board of trustees
presently intends that, except as otherwise indicated in this prospectus and except as otherwise required by applicable law, holders
of preferred shares will have equal voting rights with holders of common shares (one vote per share, unless otherwise required
by the Investment Company Act) and will vote together with holders of common shares as a single class.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The affirmative vote of the holders of a
majority of any outstanding preferred shares, voting as a separate class, will be required to amend, alter or repeal any of the
preferences, rights or powers of holders of preferred shares so as to affect materially and adversely such preferences, rights
or powers, or to increase or decrease the authorized number of preferred shares. The class vote of holders of preferred shares
described above will in each case be in addition to any other vote required to authorize the action in question.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The terms of any preferred shares issued
by the Fund are expected to provide that (i) they are redeemable by the Fund in whole or in part at the original purchase price
per share plus accrued dividends per share, (ii) the Fund may tender for or purchase preferred shares and (iii) the Fund may subsequently
resell any preferred shares so tendered for or purchased. Any redemption or purchase of preferred shares by the Fund will reduce
the leverage applicable to the common shares, while any resale of such preferred shares by the Fund will increase that leverage.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The discussion above describes the possible
offering of preferred shares by the Fund, though the Fund currently has no intention to issue preferred shares. If the board of
trustees determines to proceed with such an offering, the terms of the preferred shares may be the same as, or different from,
the terms described above, subject to applicable law and the terms of the Fund&rsquo;s Agreement and Declaration of Trust. The
board of trustees, without the approval of the holders of common shares, may authorize an offering of preferred shares or may determine
not to authorize such an offering, and may fix the terms of the preferred shares to be offered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">As of January 1, 2018, the Fund&rsquo;s common shares were
the only outstanding securities issued by the Fund. As of the same date, the Fund had ____ common shares outstanding:&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; border-top: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>(1)</B></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; text-align: center"><B>(2)</B></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; text-align: center"><B>(3)</B></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"><B>(4)</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>Title of Class</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><B>Amount Authorized</B></TD>
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount Held by Fund or for its
account</B>&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount Outstanding Exclusive
of Amount Shown under (3) as of ___, 2018</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">Common shares of beneficial interest</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">Unlimited</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">___</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">___</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTAIN PROVISIONS IN THE AGREEMENT </B><BR>
<B>AND DECLARATION OF TRUST</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s Agreement and Declaration
of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control
of the Fund or to change the composition of its board of trustees. This could have the effect of depriving shareholders of an opportunity
to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over
the Fund. Such attempts could have the effect of increasing the expenses of the Fund and disrupting the normal operation of the
Fund. At the first annual meeting the trustees will be elected and divided into three classes, with the terms of one class expiring
at each annual meeting of shareholders. At each annual meeting, one class of trustees is elected to a three-year term. This provision
could delay for up to two years the replacement of a majority of the board of trustees. A trustee may be removed from office for
cause only, and not without cause, and only by the action of a majority of the remaining trustees followed by a vote of the holders
of a majority of the shares then entitled to vote for the election of the respective trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Agreement and Declaration of Trust grants
special approval rights with respect to certain matters to members of the board of trustees who qualify as &ldquo;Continuing Trustees,&rdquo;
which term means trustees who either (i) have been members of the board of trustees for a period of at least thirty-six months
(or since the commencement of the Fund&rsquo;s operations, if less than thirty-six months) or (ii) were nominated to serve as members
of the board of trustees by a majority of the Continuing Trustees then members of the board of trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Agreement and Declaration of Trust requires
the affirmative vote or consent of at least seventy-five percent (75%) of the trustees and holders of at least seventy-five percent
(75%) of the Fund&rsquo;s shares (including common and preferred shares of beneficial interest) to authorize certain Fund transactions
not in the ordinary course of business, including a merger or consolidation, certain issuances or transfers by the Fund of the
Fund&rsquo;s shares (except as may be pursuant to a public offering, the Fund&rsquo;s dividend reinvestment plan or upon exercise
of any stock subscription rights), certain sales, transfers or other dispositions of Fund assets, or any shareholder proposal regarding
specific investment decisions, unless the transaction is authorized by both a majority of the trustees and seventy-five percent
(75%) of the Continuing Trustees (in which case no shareholder authorization would be required by the Agreement and Declaration
of Trust, but may be required in certain cases under the Investment Company Act). The Agreement and Declaration of Trust also requires
the affirmative vote or consent of a majority of the trustees and of holders of a majority of the outstanding voting securities
of the Fund (as defined in the Investment Company Act) to authorize a conversion of the Fund from a closed-end to an open-end investment
company. Also, the Agreement and Declaration of Trust provides that the Fund may dissolve prior to the dissolution date upon the
vote of a majority of the trustees. See &ldquo;Risks&mdash;Anti-Takeover Provisions.&rdquo;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The trustees may from time to time grant
other voting rights to shareholders with respect to these and other matters, certain of which are required by the Investment Company
Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The overall effect of these provisions is
to render more difficult the accomplishment of a merger or the assumption of control by a third party. These provisions also provide,
however, the advantage of potentially requiring persons seeking control of the Fund to negotiate with its management regarding
the price to be paid and facilitating the continuity of the Fund&rsquo;s investment objectives and policies. The provisions of
the Agreement and Declaration of Trust and Bylaws described above could have the effect of discouraging a third party from seeking
to obtain control of the Fund in a tender offer or similar transaction. The board of trustees has considered the foregoing anti-takeover
provisions and concluded that they are in the best interests of the Fund and its shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The foregoing is intended only as a summary
and is qualified in its entirety by reference to the full text of the Agreement and Declaration of Trust and the Bylaws, both of
which will be on file with the SEC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Agreement and Declaration of Trust contains
an express disclaimer of shareholder personal liability for debts or obligations or any other form of personal liability in connection
with the property or actions of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">For the purposes of calculating &ldquo;a
majority of the outstanding voting securities&rdquo; under the Agreement and Declaration of Trust, each class and series of the
Fund will vote together as a single class, except to the extent required by the Investment Company Act or the Agreement and Declaration
of Trust, with respect to any class or series of shares. If a separate class vote is required, the applicable proportion of shares
of the class or series, voting as a separate class or series, also will be required.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Agreement and Declaration of Trust requires
the approval of a majority of the board of trustees to dissolve the Fund prior to May 31, 2020, unless the term is extended by
shareholder approval. On November 17, 2017, shareholders approved extending the term of the Fund by two years by changing the Fund&rsquo;s
scheduled dissolution date from May 31, 2020 to May 31, 2022. The Fund&rsquo;s dissolution date can be further extended upon an
amendment to the Agreement and Declaration of Trust approved by a majority of the trustees and a majority of the outstanding voting
securities of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The board of trustees has determined that
provisions with respect to the board of trustees and the shareholder voting requirements described above, which voting requirements
are greater than the minimum requirements under Delaware law or the Investment Company Act, are in the best interest of shareholders
generally. For a more complete explanation, see the full text of these provisions in the Agreement and Declaration of Trust, which
is on file with the SEC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CLOSED-END FUND STRUCTURE</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund is a diversified, closed-end management
investment company (commonly referred to as a closed-end fund). Closed-end funds differ from open-end funds (which are generally
referred to as mutual funds) in that closed-end funds generally list their shares for trading on a stock exchange and do not redeem
their shares at the request of the shareholder. This means that if shareholders wish to sell common shares of a closed-end fund
they must trade them on the market like any other stock at the prevailing market price at that time. In a mutual fund, if the shareholder
wishes to sell shares of the mutual fund, the mutual fund will redeem or buy back the shares at &ldquo;net asset value.&rdquo;
Also, mutual funds generally offer new shares on a continuous basis to new investors, and closed-end funds generally do not. The
continuous inflows and outflows of assets in a mutual fund can make it difficult to manage a mutual fund&rsquo;s investments. By
comparison, closed-end funds are generally able to stay more fully invested in securities that are consistent with their investment
objectives, and also have greater flexibility to make certain types of investments, and to use certain investment strategies, such
as financial leverage.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Shares of closed-end funds frequently trade
at a discount to their net asset value. Because of this possibility and the recognition that any such discount may not be in the
interest of shareholders, the Fund&rsquo;s board of trustees might consider from time to time engaging in open-market repurchases,
tender offers for shares or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Fund&rsquo;s
board of trustees will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if
undertaken, would result in the shares trading at a price equal or close to net asset value per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPURCHASE OF COMMON SHARES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund is a closed-end management investment
company and, as a result, its shareholders will not have the right to cause the Fund to redeem their common shares. Instead, the
Fund&rsquo;s common shares will trade in the open market at a price that will be a function of several factors, including dividend
levels (which are in turn affected by expenses), net asset value, dividend stability, relative demand for and supply of such shares
in the market, general market and economic conditions and other factors. Notice is hereby given in accordance with Section 23(c)
of the Investment Company Act that the Fund may purchase at market prices from time to time its common shares in the open market
but is under no obligation to do so. Because common shares of a closed-end investment company may frequently trade at prices lower
than net asset value, the Fund&rsquo;s board of trustees may consider action that might be taken to reduce or eliminate any material
discount from net asset value in respect of common shares, which may include the repurchase of such shares in the open market or
in private transactions, the making of a tender offer for such shares or the conversion of the Fund to an open-end investment company.
The board of trustees may decide not to take any of these actions. In addition, there can be no assurance that common share repurchases
or tender offers, if undertaken, will reduce market discount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Notwithstanding the foregoing, at any time
if any preferred shares may be outstanding, the Fund may not purchase, redeem or otherwise acquire any of its common
shares unless (1) all accrued preferred shares dividends have been paid and (2) at the time of such purchase, redemption or acquisition,
the net asset value of the Fund&rsquo;s portfolio (determined after deducting the acquisition price of the common shares) is at
least 200% of the liquidation value of the outstanding preferred shares (expected to equal the original purchase price per share
plus any accrued and unpaid dividends thereon). Any service fees incurred in connection with any tender offer made by the Fund
will be borne by the Fund and will not reduce the stated consideration to be paid to tendering shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Subject to its investment restrictions,
the Fund may borrow to finance the repurchase of common shares or to make a tender offer. Interest on any borrowings to finance
share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases or tenders will reduce
the Fund&rsquo;s net income. Any share repurchase, tender offer or borrowing that might be approved by the Fund&rsquo;s board of
trustees would have to comply with the Exchange Act, the Investment Company Act, the New York Stock Exchange and the rules and
regulations thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">There is no assurance that, if action is
undertaken to repurchase or tender for common shares, such action will result in the common shares trading at a price which approximates
their net asset value. Although share repurchases and tenders could have a favorable effect on the market price of the Fund&rsquo;s
common shares, shareholders should be aware that the acquisition of common shares by the Fund will decrease the total net assets
of the Fund and, therefore, may have the effect of increasing the Fund&rsquo;s expense ratio and decreasing the asset coverage
with respect to any preferred shares if any outstanding and to any amounts borrowed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The discussion below and certain disclosure
in the SAI provide general tax information related to an investment in common shares of the Fund. Because tax laws are complex
and often change, shareholders should consult their tax advisors about the tax consequences of an investment in the Fund. Unless
otherwise noted, the following tax discussion applies only to U.S. shareholders that hold the common shares as capital assets.
A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is
subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all
substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of
which is subject to U.S. federal income tax regardless of its source.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund has elected to be treated, and
intends to continue to qualify each taxable year, as a regulated investment company (a &ldquo;RIC&rdquo;) under Subchapter M of
the Code. To qualify under Subchapter M for the favorable tax treatment accorded to RICs, the Fund must, among other things: (1)
distribute to its shareholders in each taxable year at least 90% of the sum of its investment company taxable income (as that term
is defined in the Code, but without regard to the deduction for dividends paid) and its net tax-exempt income; (2) derive in each
taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans,
and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited
to gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities
or foreign currencies; and (b) net income derived from interests in certain publicly traded partnerships that are treated as partnerships
for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above
(each, a &ldquo;Qualified Publicly Traded Partnership&rdquo;); and (3) diversify its holdings so that, at the end of each quarter
of each taxable year of the Fund (a) at least 50% of the value of the Fund&rsquo;s total assets is represented by cash, cash items,
U.S. government securities and securities of other RICs, and other securities, with these other securities limited, with respect
to any one issuer, to an amount not greater in value than 5% of the value of the Fund&rsquo;s total assets, and to not more than
10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund&rsquo;s total assets
is represented by the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II)
any two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or businesses
or related trades or businesses or (III) any one or more Qualified Publicly Traded Partnerships. As a RIC, the Fund generally will
not be subject to U.S. federal income tax on its investment company taxable income and net capital gain (the excess of net long-term
capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders. The Fund
intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net
capital gain.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If the Fund failed to qualify for the favorable
tax treatment accorded to RICs in any taxable year, the Fund would be subject to U.S. federal income tax at regular corporate rates
on its taxable income (including distributions of net capital gain), even if such income were distributed to its shareholders,
and all distributions out of earnings and profits would be taxed to shareholders as ordinary dividend income. Such distributions
generally would be eligible (i) to be treated as &ldquo;qualified dividend income&rdquo; in the case of individual and other non-corporate
shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. In addition, the Fund could be
required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying
for taxation as a RIC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A RIC that fails to distribute, by the close
of each calendar year, an amount at least equal to the sum of 98% of its ordinary taxable income for such calendar year and 98.2%
of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of such calendar
year, plus any shortfalls from any prior year&rsquo;s required distribution, is liable for a 4% excise tax on the portion of the
undistributed amounts of such income that are less than the required distributions. For these purposes, the Fund will be deemed
to have distributed any income or gain on which it paid U.S. federal income tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Distributions to shareholders by the Fund
of ordinary income (including &ldquo;market discount&rdquo; realized by the Fund on the sale of debt securities), and of net short-term
capital gains, if any, realized by the Fund will generally be taxable to shareholders as ordinary income to the extent such distributions
are paid out of the Fund&rsquo;s current or accumulated earnings and profits. Distributions, if any, of net capital gains properly
reported as &ldquo;capital gain dividends&rdquo; will be taxable as long-term capital gains, regardless of the length of time the
shareholder has owned common shares of the Fund. A distribution of an amount in excess of the Fund&rsquo;s current and accumulated
earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital
which will be applied against and reduce the shareholder&rsquo;s basis in his or her common shares. To the extent that the amount
of any such distribution exceeds the shareholder&rsquo;s basis in his or her common shares, the excess will be treated by the shareholder
as gain from a sale or exchange of the common shares. Distributions paid by the Fund generally will not be eligible for the dividends
received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by
non-corporate shareholders.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Distributions will be treated in the manner
described above regardless of whether such distributions are paid in cash or invested in additional common shares of the Fund pursuant
to the DRIP. Shareholders receiving distributions in the form of additional common shares of the Fund will be treated as receiving
a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash, unless
the Fund issues additional common shares with a fair market value equal to or greater than net asset value, in which case, such
shareholders will be treated as receiving a distribution in the amount of the fair market value of the distributed common shares.
The additional common shares received by a shareholder pursuant to the DRIP will have a new holding period commencing on the day
following the day on which the common shares were credited to the shareholder&rsquo;s account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Although dividends generally will be treated
as distributed when paid, dividends declared in October, November or December, payable to shareholders of record on a specified
date in one of those months, and paid during the following January, will be treated as having been distributed by the Fund (and
received by shareholders) on December 31 of the year in which declared.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In general, the sale or other disposition
of common shares (including upon termination of the Fund) will result in capital gain or loss to shareholders. A holder&rsquo;s
gain or loss generally will be a long-term capital gain or loss if the common shares have been held for more than one year. Present
law taxes both long- and short-term capital gains of corporations at the rates applicable to ordinary income. For non-corporate
taxpayers, however, long-term capital gains are currently eligible for reduced rates of taxation. Losses realized by a holder on
the sale or exchange of common shares held for six months or less are treated as long-term capital losses to the extent of any
distribution of long-term capital gain received (or amounts designated as undistributed capital gains, as discussed under &ldquo;Tax
Matters&mdash;Distributions&rdquo; in the SAI) with respect to such common shares. In addition, no loss will be allowed on the
sale or other disposition of common shares if the owner acquires (including pursuant to the DRIP) or enters into a contract or
option to acquire securities that are substantially identical to such common shares within 30 days before or after the disposition.
In such case, the basis of the securities acquired will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may be required to withhold from
all distributions and redemption proceeds payable to U.S. shareholders who fail to provide the Fund with their correct taxpayer
identification numbers or to make required certifications, or who have been notified by the Internal Revenue Service that they
are subject to backup withholding. Certain shareholders specified in the Code generally are exempt from such backup withholding.
This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the shareholder&rsquo;s
U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If a shareholder (other than a partnership)
is not a U.S. shareholder (other than such a shareholder whose ownership of shares is effectively connected with a U.S. trade or
business), certain dividends received by such shareholder from the Fund may be subject to U.S. federal withholding tax. To the
extent that Fund distributions consist of ordinary dividends that are subject to withholding, the applicable withholding agent
will generally be required to withhold U.S. federal income tax at the rate of 30% (or such lower rate as may be determined in accordance
with any applicable treaty). However, dividends paid by the Fund that are &ldquo;interest-related dividends&rdquo; or &ldquo;short-term
capital gain dividends&rdquo; will generally be exempt from such withholding, in each case to the extent the Fund properly reports
such dividends to shareholders. For these purposes, interest-related dividends and short-term capital gain dividends generally
represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax
at the source if they had been received directly by a non-U.S. shareholder, and that satisfy certain other requirements. Net capital
gain dividends (that is, distributions of the excess of net long-term capital gain over net short-term capital loss) distributed
by the Fund to a non-U.S. shareholder will not be subject to U.S. federal withholding tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may be required to withhold from
distributions to a non-U.S. shareholder that are otherwise exempt from U.S. federal withholding tax (or taxable at a reduced treaty
rate) unless the non-U.S. shareholder certifies his or her foreign status under penalties of perjury or otherwise establishes an
exemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Under Sections 1471 through 1474 of the
Code (such Sections commonly referred to as &ldquo;FATCA&rdquo;), a 30% United States federal withholding tax may apply to any
ordinary dividends and other distributions that the Fund pays and, beginning January 1, 2019, the gross proceeds from certain capital
gain dividends or the disposition of common shares, in each case paid to (i) a &ldquo;foreign financial institution&rdquo; (as
specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless
such foreign financial institution agrees to verify, report and disclose its United States &ldquo;account&rdquo; holders (as specifically
defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such non-financial
foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner
of the payment does not have any substantial United States owners or provides the name, address and taxpayer identification number
of each such substantial United States owner and certain other specified requirements are met. In certain cases, the relevant foreign
financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with,
these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with
the United States governing FATCA may be subject to different rules. You should consult your own tax advisor regarding FATCA and
whether it may be relevant to your ownership and disposition of common shares.</P>


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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The foregoing tax discussion is for general
information only. The provisions of the Code and regulations thereunder presently in effect as they directly govern the taxation
of the Fund and its shareholders are subject to change by legislative or administrative action, and any such change may be retroactive
with respect to the Fund&rsquo;s transactions. The foregoing does not represent a detailed description of the U.S. federal income
tax considerations relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies,
investors in pass-through entities, U.S. shareholders whose &ldquo;functional currency&rdquo; is not the U.S. dollar, tax-exempt
organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or
persons that will hold common shares as a position in a &ldquo;straddle,&rdquo; &ldquo;hedge&rdquo; or as part of a &ldquo;constructive
sale&rdquo; for U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare
tax on net investment income or the U.S. federal alternative minimum tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Shareholders are advised to consult with
their own tax advisors for more detailed information concerning federal income tax matters.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUSTODIAN AND TRANSFER AGENT</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The custodian of the assets of the Fund
is The Bank of New York Mellon, N.A., located at 2 Hanson Place, 8th Floor, Brooklyn, NY 11217. The custodian will perform custodial,
fund accounting and portfolio accounting services. Computershare Shareowner Services, LLC, located at 480 Washington Blvd., Jersey
City, NJ 07310 serves as the Fund&rsquo;s transfer agent and dividend paying agent with respect to the common shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Certain legal matters in connection with
the Offer will be passed upon for the Fund by Simpson Thacher &amp; Bartlett LLP, New York, New York. Simpson Thacher &amp; Bartlett
LLP may rely as to certain matters of Delaware law on the opinion of ______________.</P>


<!-- Field: Page; Sequence: 100; Value: 85 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS OF STATEMENT OF ADDITIONAL
INFORMATION</B></P>

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



<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in">Investment Objectives</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Investment Restrictions</TD>
    <TD STYLE="text-align: right; padding-top: 0in">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Investment Policies and Techniques</TD>
    <TD STYLE="text-align: right; padding-top: 0in">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Management of the Fund</TD>
    <TD STYLE="text-align: right; padding-top: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Portfolio Transactions and Brokerage</TD>
    <TD STYLE="text-align: right; padding-top: 0in">27</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Description of Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Repurchase of Common Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Tax Matters</TD>
    <TD STYLE="text-align: right; padding-top: 0in">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Control Persons and Principal Holders of Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Independent Registered Public Accounting Firm</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Custodian and Transfer Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Financial Statements</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Additional Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in"><P STYLE="margin: 0pt 0">Appendix&nbsp;A&mdash;Description of S&amp;P, Moody&rsquo;s
and Fitch Ratings&nbsp;</P>


</TD>
    <TD STYLE="text-align: right; padding-top: 0in">A-1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in"><P STYLE="margin: 0pt 0">Appendix&nbsp;B&mdash;Proxy Voting Policies and Procedures&nbsp;</P>


</TD>
    <TD STYLE="text-align: right; padding-top: 0in">B-1</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 101; Options: NewSection; Value: 94 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Blackstone&nbsp;/ GSO Senior Floating
Rate Term Fund</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>___
Common Shares of Beneficial Interest Issuable Upon Exercise of ___ Rights to Subscribe for Such Shares</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Prospectus</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 40pt"><B>, 2018</B></P>



<!-- Field: Page; Sequence: 102 -->
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>The information in this statement of additional
information is not complete and may be changed. The Fund may not sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt; text-transform: uppercase; color: Red"><B>Subject
to Completion, dated January 19, 2018.</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 18pt"><B>BLACKSTONE&nbsp;/&nbsp;GSO
SENIOR FLOATING RATE TERM FUND</B></FONT></P>

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



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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENT OF ADDITIONAL INFORMATION</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Blackstone&nbsp;/ GSO Senior Floating Rate
Term Fund (the &ldquo;Fund&rdquo;) is a diversified, closed-end management investment company. This Statement of Additional Information
relating to common shares does not constitute a prospectus, but should be read in conjunction with the prospectus relating thereto
dated March __, 2018. This Statement of Additional Information, which is not a prospectus, does not include all information that
a prospective investor should consider before purchasing common shares, and investors should obtain and read the prospectus prior
to purchasing such shares. A copy of the prospectus may be obtained without charge by calling 1-877-876-1121. You may also obtain
a copy of the prospectus on the Securities and Exchange Commission&rsquo;s Web site (http://www.sec.gov). Capitalized terms used
but not defined in this Statement of Additional Information have the meanings ascribed to them in the prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">This Statement of Additional Information is dated March ___, 2018.</P>


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

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



<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in">Investment Objectives</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Investment Restrictions</TD>
    <TD STYLE="text-align: right; padding-top: 0in">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Investment Policies and Techniques</TD>
    <TD STYLE="text-align: right; padding-top: 0in">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Management of the Fund</TD>
    <TD STYLE="text-align: right; padding-top: 0in">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Portfolio Transactions and Brokerage</TD>
    <TD STYLE="text-align: right; padding-top: 0in">27</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Description of Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Repurchase of Common Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Tax Matters</TD>
    <TD STYLE="text-align: right; padding-top: 0in">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Control Persons and Principal Holders of Securities</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Independent Registered Public Accounting Firm</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Custodian and Transfer Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in">Financial Statements</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in">Additional Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in"><P STYLE="margin: 0pt 0">Appendix&nbsp;A&mdash;Description of S&amp;P, Moody&rsquo;s
and Fitch Ratings&nbsp;</P>


</TD>
    <TD STYLE="text-align: right; padding-top: 0in">A-1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-top: 0in"><P STYLE="margin: 0pt 0">Appendix&nbsp;B&mdash;Proxy Voting Policies and Procedures&nbsp;</P>


</TD>
    <TD STYLE="text-align: right; padding-top: 0in">B-1</TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INVESTMENT OBJECTIVES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s primary investment objective
is to seek high current income, with a secondary objective to seek preservation of capital, consistent with its primary goal of
high current income. There can be no assurance that the Fund will achieve its investment objectives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Investment
Restrictions</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Fundamental Restrictions</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Except as described below, the Fund, as
a fundamental policy, may not, without the approval of the holders of a majority of the outstanding common shares and preferred
shares, if any, voting together as a single class, and of the holders of a majority of the outstanding preferred shares, if any,
voting as a separate class:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(1)&nbsp;&nbsp;&nbsp;invest 25%
or more of the value of its total assets in any one industry, provided that securities issued or guaranteed by the U.S. government
or its agencies or instrumentalities and tax-exempt securities of governments or their political subdivisions will not be considered
to represent an industry;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(2)&nbsp;&nbsp;&nbsp;issue senior
securities or borrow money to purchase additional securities other than as permitted by the Investment Company Act of 1940, as
amended (the &ldquo;Investment Company Act&rdquo;);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(3)&nbsp;&nbsp;&nbsp;make loans
to other persons, except as permitted by (i)&nbsp;the Investment Company Act, or interpretations or modifications by the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;), the SEC staff or other authority with appropriate jurisdiction, or (ii)&nbsp;exemptive
or other relief or permission from the SEC, the SEC staff or other authority;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(4)&nbsp;&nbsp;&nbsp;underwrite
the securities of other issuers, except to the extent that, in connection with the disposition of portfolio securities or the sale
of its own securities, the Fund may be deemed to be an underwriter;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(5)&nbsp;&nbsp;&nbsp;purchase
or sell real estate, except that the Fund may invest in securities or other interests of companies that deal in real estate or
are engaged in the real estate business and instruments secured by real estate or interests therein, and the Fund may acquire,
hold and sell real estate acquired through default, liquidation, or other distributions of an interest in real estate as a result
of the Fund&rsquo;s ownership of such other assets; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(6)&nbsp;&nbsp;&nbsp;purchase
or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent
the Fund from purchasing or selling options, futures contracts or derivative instruments or from investing in securities or other
instruments backed by physical commodities).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">For purposes of applying the limitation
set forth in subparagraph&nbsp;(1) above, securities of the U.S. government, its agencies or instrumentalities and securities backed
by the credit of a U.S. governmental entity are not considered to represent industries. If the Fund were to &ldquo;concentrate&rdquo;
its investments in a particular industry, investors would be exposed to greater risks because the Fund&rsquo;s performance would
be largely dependent on that industry&rsquo;s performance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">With respect to the limitation regarding
the issuance of senior securities set forth in subparagraph&nbsp;(2) above, &ldquo;senior securities&rdquo; are defined as any
bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of
a class having priority over any other class as to distribution of assets or payment of dividends.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">The ability of a closed-end fund
to issue senior securities is severely circumscribed by complex regulatory constraints under the Investment Company Act that restrict,
for instance, the amount, timing and form of senior securities that may be issued. Certain portfolio management techniques, such
as credit default swaps, the purchase of securities on margin, short sales or the writing of puts on portfolio securities, may
be considered senior securities unless appropriate steps are taken to segregate the Fund&rsquo;s assets or otherwise cover its
obligations. To the extent the Fund covers its commitment under these transactions, including by the segregation of liquid assets,
equal in value to the amount of the Fund&rsquo;s commitment, such instrument will not be considered a &ldquo;senior security&rdquo;
by the Fund and therefore will not be subject to the 300% asset coverage requirement otherwise applicable to borrowings by the
Fund.</P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Under the Investment Company Act, a &ldquo;senior
security&rdquo; does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only
and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed
to be for temporary purposes if it is repaid within sixty days and is not extended or renewed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Under the Investment Company Act, the Fund
is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund&rsquo;s total assets, less
all liabilities and indebtedness of the Fund other than senior securities, is at least 200% of the liquidation value of the outstanding
preferred shares (i.e.,&nbsp;the liquidation value may not exceed 50% of the Fund&rsquo;s total assets less all liabilities and
indebtedness of the Fund other than senior securities). In addition, the Fund is not permitted to declare any cash dividend or
other distribution on its common shares unless, at the time of such declaration, the value of the Fund&rsquo;s total assets is
at least 200% of the liquidation value of its outstanding preferred shares plus its outstanding liabilities and indebtedness. If
preferred shares are issued, the Fund intends, to the extent possible, to purchase or redeem preferred shares from time to time
to the extent necessary in order to maintain coverage of any preferred shares of at least 200%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Investment Company Act requires the
Fund to maintain at all times an asset coverage of at least 300% of the amount of its borrowings. For the purpose of borrowing
money, &ldquo;asset coverage&rdquo; means the ratio that the value of the Fund&rsquo;s total assets, minus liabilities other than
borrowings, bears to the aggregate amount of all borrowings. Certain trading practices and investments may be considered to be
borrowings and thus subject to the Investment Company Act restrictions. On the other hand, certain practices and investments may
involve leverage but are not considered to be borrowings under the Investment Company Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">With respect to the limitation regarding
making loans to other persons set forth in subparagraph&nbsp;(3) above, the Investment Company Act does not prohibit a fund from
making loans; however, SEC staff interpretations currently prohibit funds from lending more than one third of their total assets,
except through the purchase of debt obligations or the use of repurchase agreements. A repurchase agreement is an agreement to
purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price
that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">With respect to the limitation regarding
underwriting the securities of other issuers set forth in subparagraph&nbsp;(4) above, a technical provision of the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) deems certain persons to be &ldquo;underwriters&rdquo; if they purchase
a security from an issuer and later sell it to the public. Although it is not believed that the application of this Securities
Act provision would cause a fund to be engaged in the business of underwriting, the policy set forth in subparagraph&nbsp;(4) will
be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities,
regardless of whether the Fund may be considered to be an underwriter under the Securities Act. Under the Securities Act, an underwriter
may be liable for material omissions or misstatements in an issuer&rsquo;s registration statement or prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">When used with respect to particular shares
of the Fund, &ldquo;majority of the outstanding&rdquo; means (i)&nbsp;67% or more of the shares present at a meeting of shareholders,
if the holders of more than 50% of the shares are present or represented by proxy, or (ii)&nbsp;more than 50% of the shares, whichever
is less. Except for the fundamental policies disclosed above, all other policies of the Fund disclosed herein and in the Fund&rsquo;s
prospectus are non-fundamental policies which may be changed by the board of trustees of the Fund without shareholder approval.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Non-Fundamental Restrictions</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund is also subject to the following
non-fundamental restrictions and policies, which may be changed by the board of trustees without the approval of the holders of
a majority of the outstanding common shares or preferred shares, if any. The Fund may not:</P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(1)&nbsp;&nbsp;&nbsp;change or
alter the Fund&rsquo;s investment objectives; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(2)&nbsp;&nbsp;&nbsp;under normal
market conditions, invest less than 80% of its total assets of the Fund (including any assets attributable to money borrowed for
investment purposes and including assets attributable to any preferred shares that may be outstanding) minus the sum of the Fund&rsquo;s
accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage) (&ldquo;Managed Assets&rdquo;)
in senior secured, floating rate loans (&ldquo;Senior Loans&rdquo;). The Fund will provide shareholders with notice at least 60&nbsp;days
prior to changing this non-fundamental policy of the Fund unless such change was previously approved by shareholders. See &ldquo;Risks.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In addition, to comply with U.S. federal
income tax requirements for qualification as a regulated investment company, the Fund&rsquo;s investments will be limited in a
manner such that at the close of each quarter of each taxable year, (a)&nbsp;no more than 25% of the value of the Fund&rsquo;s
total assets are invested (i)&nbsp;in the securities (other than U.S. government securities or securities of other regulated investment
companies) of a single issuer or two or more issuers controlled (by owning 20% or more of their voting power) by the Fund and determined
to be engaged in the same, similar or related trades or businesses or (ii)&nbsp;in the securities of one or more &ldquo;qualified
publicly traded partnerships&rdquo; (as defined under Section&nbsp;851(h) of the Internal Revenue Code of 1986, as amended (the
&ldquo;Code&rdquo;)) and (b)&nbsp;with regard to at least 50% of the value of the Fund&rsquo;s total assets, no more than 5% of
the value of its total assets are invested in the securities (other than U.S. government securities or securities of other regulated
investment companies) of a single issuer and no investment (other than U.S. government securities or securities of other regulated
investment companies) represents more than 10% of the outstanding voting securities of the issuer. These tax-related limitations
may be changed by the trustees only to the extent appropriate in light of changes to applicable tax requirements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The percentage limitations applicable to
the Fund&rsquo;s portfolio described in the prospectus and this Statement of Additional Information apply only at the time of investment
and the Fund will not be required to sell securities due to subsequent changes in the value of securities it owns.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Investment
Policies and Techniques</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The following information supplements the
discussion of the Fund&rsquo;s investment policies and techniques in the prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio Contents</P>

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

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Senior Loans</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A Senior Loan is typically originated, negotiated
and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the &ldquo;Agent&rdquo;)
for a group of loan investors (&ldquo;Loan Investors&rdquo;). The Agent typically administers and enforces the Senior Loan on behalf
of the other Loan Investors in the syndicate. In addition, an institution, typically but not always the Agent, holds any collateral
on behalf of the Loan Investors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Senior Loans primarily include senior floating
rate loans to corporations and secondarily institutionally traded senior floating rate debt obligations issued by an asset-backed
pool and interests therein. Loan interests primarily take the form of assignments purchased in the primary or secondary market.
Loan interests may also take the form of participation interests in a Senior Loan. Such loan interests may be acquired from U.S.
or foreign commercial banks, insurance companies, finance companies or other financial institutions who have made loans or are
Loan Investors or from other investors in loan interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may purchase &ldquo;Assignments&rdquo;
from the Agent or other Loan Investors. The purchaser of an Assignment typically succeeds to all the rights and obligations under
the Loan Agreement (as defined herein) of the assigning Loan Investor and becomes a Loan Investor under the Loan Agreement with
the same rights and obligations as the assigning Loan Investor. Assignments may, however, be arranged through private negotiations
between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an Assignment
may differ from, and be more limited than, those held by the assigning Loan Investor.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund also may invest in &ldquo;Participations.&rdquo;
Participations by the Fund in a Loan Investor&rsquo;s portion of a Senior Loan typically will result in the Fund having a contractual
relationship only with such Loan Investor, not with the Borrower. As a result, the Fund may have the right to receive payments
of principal, interest and any fees to which it is entitled only from the Loan Investor selling the Participation and only upon
receipt by such Loan Investor of such payments from the Borrower. In connection with purchasing Participations, the Fund generally
will have no right to enforce compliance by the Borrower with the terms of the loan agreement, nor any rights with respect to any
funds acquired by other Loan Investors through set-off against the Borrower and the Fund may not directly benefit from the collateral
supporting the Senior Loan in which it has purchased the Participation. As a result, the Fund will assume the credit risk of both
the Borrower and the Loan Investor selling the Participation. In the event of the insolvency of the Loan Investor selling a Participation,
the Fund may be treated as a general creditor of such Loan Investor. The selling Loan Investors and other persons interpositioned
between such Loan Investors and the Fund with respect to such Participations will likely conduct their principal business activities
in the banking, finance and financial services industries. Persons engaged in such industries may be more susceptible to, among
other things, fluctuations in interest rates, changes in the Federal Open Market Committee&rsquo;s monetary policy, governmental
regulations concerning such industries and concerning capital raising activities generally and fluctuations in the financial markets
generally.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund will only acquire Participations
if the Loan Investor selling the Participation, and any other persons interpositioned between the Fund and the Loan Investor, at
the time of investment has outstanding debt or deposit obligations rated investment grade (Baa3 or higher by Moody&rsquo;s or BBB-
or higher by S&amp;P or Fitch, or comparably rated by another nationally recognized rating agency) or determined by the Adviser
to be of comparable quality. The effect of industry characteristics and market compositions may be more pronounced. Indebtedness
of companies whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Some companies
may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness
of companies with poor credit, the Fund bears a substantial risk of losing the entire amount invested.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In order to borrow money pursuant to a Senior
Loan, a Borrower will for the term of the Senior Loan, pledge collateral, including but not limited to, (i)&nbsp;working capital
assets, such as accounts receivable and inventory; (ii)&nbsp;tangible fixed assets, such as real property, buildings and equipment;
(iii)&nbsp;intangible assets, such as trademarks and patent rights (but excluding goodwill) and (iv)&nbsp;security interests in
shares of stock of subsidiaries or affiliates. In the case of Senior Loans made to non-public companies, the company&rsquo;s shareholders
or owners may provide collateral in the form of secured guarantees and/or security interests in assets that they own. In many instances,
a Senior Loan may be secured only by stock in the Borrower or its subsidiaries. Collateral may consist of assets that may not be
readily liquidated, and there is no assurance that the liquidation of such assets would satisfy fully a Borrower&rsquo;s obligations
under a Senior Loan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In the process of buying, selling and holding
Senior Loans, the Fund may receive and/or pay certain fees. These fees are in addition to interest payments received and may include
facility fees, commitment fees, amendment fees, commissions and prepayment penalty fees. When the Fund buys a Senior Loan it may
receive a facility fee and when it sells a Senior Loan it may pay a facility fee. On an ongoing basis, the Fund may receive a commitment
fee based on the undrawn portion of the underlying line of credit portion of a Senior Loan. In certain circumstances, the Fund
may receive a prepayment penalty fee upon the prepayment of a Senior Loan by a Borrower. Other fees received by the Fund may include
covenant waiver fees, covenant modification fees or other amendment fees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A Borrower must comply with various restrictive
covenants contained in a loan agreement or note purchase agreement between the Borrower and the holders of the Senior Loan (the
&ldquo;Loan Agreement&rdquo;). Such covenants, in addition to requiring the scheduled payment of interest and principal, may include
restrictions on dividend payments and other distributions to shareholders, provisions requiring the Borrower to maintain specific
minimum financial ratios and limits on total debt. In addition, the Loan Agreement may contain a covenant requiring the Borrower
to prepay the Loan with any free cash flow. Free cash flow is generally defined as net cash flow after scheduled debt service payments
and permitted capital expenditures, and includes the proceeds from asset dispositions or sales of securities. A breach of a covenant
which is not waived by the Agent, or by the Loan Investors directly, as the case may be, is normally an event of acceleration;
i.e.,&nbsp;the Agent, or the Loan Investors directly, as the case may be, has the right to call the outstanding Senior Loan. The
typical practice of an Agent or a Loan Investor in relying exclusively or primarily on reports from the Borrower to monitor the
Borrower&rsquo;s compliance with covenants may involve a risk of fraud by the Borrower. In the case of a Senior Loan in the form
of a Participation, the agreement between the buyer and seller may limit the rights of the holder to vote on certain changes which
may be made to the Loan Agreement, such as waiving a breach of a covenant. However, the holder of the Participation will, in almost
all cases, have the right to vote on certain fundamental issues such as changes in principal amount, payment dates and interest
rate.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In a typical Senior Loan the Agent administers
the terms of the Loan Agreement. In such cases, the Agent is normally responsible for the collection of principal and interest
payments from the Borrower and the apportionment of these payments to the credit of all institutions which are parties to the Loan
Agreement. The Fund will generally rely upon the Agent or an intermediate participant to receive and forward to the Fund its portion
of the principal and interest payments on the Senior Loan. Furthermore, unless under the terms of a Participation Agreement the
Fund has direct recourse against the Borrower, the Fund will rely on the Agent and the other Loan Investors to use appropriate
credit remedies against the Borrower. The Agent is typically responsible for monitoring compliance with covenants contained in
the Loan Agreement based upon reports prepared by the Borrower. The seller of the Senior Loan usually does, but is often not obligated
to, notify holders of Senior Loans of any failures of compliance. The Agent may monitor the value of the collateral and, if the
value of the collateral declines, may accelerate the Senior Loan, may give the Borrower an opportunity to provide additional collateral
or may seek other protection for the benefit of the participants in the Senior Loan. The Agent is compensated by the Borrower for
providing these services under a Loan Agreement, and such compensation may include special fees paid upon structuring and funding
the Senior Loan and other fees paid on a continuing basis. With respect to Senior Loans for which the Agent does not perform such
administrative and enforcement functions, the Fund will perform such tasks on its own behalf, although a collateral bank will typically
hold any collateral on behalf of the Fund and the other Loan Investors pursuant to the applicable Loan Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A financial institution&rsquo;s appointment
as Agent may usually be terminated in the event that it fails to observe the requisite standard of care or becomes insolvent, enters
Federal Deposit Insurance Corporation (&ldquo;FDIC&rdquo;) receivership, or, if not FDIC insured, enters into bankruptcy proceedings.
A successor Agent would generally be appointed to replace the terminated Agent, and assets held by the Agent under the Loan Agreement
should remain available to holders of Senior Loans. However, if assets held by the Agent for the benefit of the Fund were determined
to be subject to the claims of the Agent&rsquo;s general creditors, the Fund might incur certain costs and delays in realizing
payment on a Senior Loan, or suffer a loss of principal and/or interest. In situations involving intermediate participants, similar
risks may arise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Senior Loans will usually require, in addition
to scheduled payments of interest and principal, the prepayment of the Senior Loan from free cash flow, as defined above. The degree
to which Borrowers prepay Senior Loans, whether as a contractual requirement or at their election, may be affected by general business
conditions, the financial condition of the Borrower and competitive conditions among Loan Investors, among others. As such, prepayments
cannot be predicted with accuracy. Upon a prepayment, either in part or in full, the actual outstanding debt on which the Fund
derives interest income will be reduced. However, the Fund may receive both a prepayment penalty fee from the prepaying Borrower
and a facility fee upon the purchase of a new Senior Loan with the proceeds from the prepayment of the former.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">From time to time, Blackstone and its affiliates
may borrow money from various banks in connection with their business activities. Such banks may also sell interests in Senior
Loans to, or acquire them from, the Fund or may be intermediate participants with respect to Senior Loans in which the Fund owns
interests. Such banks may also act as Agents for Senior Loans held by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may acquire interests in Senior
Loans which are designed to provide temporary or &ldquo;bridge&rdquo; financing to a Borrower pending the sale of identified assets
or the arrangement of longer-term loans or the issuance and sale of debt obligations. The Fund may also invest in Senior Loans
of Borrowers that have obtained bridge loans from other parties. A Borrower&rsquo;s use of bridge loans involves a risk that the
Borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the Borrower&rsquo;s perceived
creditworthiness.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund is subject to the risk that collateral
securing a loan will decline in value or have no value. Such a decline, whether as a result of bankruptcy proceedings or otherwise,
could cause the Senior Loan to be undercollateralized or unsecured. In most credit agreements there is no formal requirement to
pledge additional collateral. In addition, the Fund may invest in Senior Loans guaranteed by, or secured by assets of, shareholders
or owners, even if the Senior Loans are not otherwise collateralized by assets of the Borrower; provided, however, that such guarantees
are fully secured. There may be temporary periods when the principal asset held by a Borrower is the stock of a related company,
which may not legally be pledged to secure a Senior Loan. On occasions when such stock cannot be pledged, the Senior Loan will
be temporarily unsecured until the stock can be pledged or is exchanged for or replaced by other assets, which will be pledged
as security for the Senior Loan. However, the Borrower&rsquo;s ability to dispose of such securities, other than in connection
with such pledge or replacement, will be strictly limited for the protection of the holders of Senior Loans and, indirectly, Senior
Loans themselves.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If a Borrower becomes involved in bankruptcy
proceedings, a court may invalidate the Fund&rsquo;s security interest in the loan collateral or subordinate the Fund&rsquo;s rights
under the Senior Loan to the interests of the Borrower&rsquo;s unsecured creditors or cause interest previously paid to be refunded
to the Borrower. If a court required interest to be refunded, it could negatively affect the Fund&rsquo;s performance. Such action
by a court could be based, for example, on a &ldquo;fraudulent conveyance&rdquo; claim to the effect that the Borrower did not
receive fair consideration for granting the security interest in the loan collateral to the Fund. For Senior Loans made in connection
with a highly leveraged transaction, consideration for granting a security interest may be deemed inadequate if the proceeds of
the Loan were not received or retained by the Borrower, but were instead paid to other persons (such as shareholders of the Borrower)
in an amount which left the Borrower insolvent or without sufficient working capital. There are also other events, such as the
failure to perfect a security interest due to faulty documentation or faulty official filings, which could lead to the invalidation
of the Fund&rsquo;s security interest in loan collateral. If the Fund&rsquo;s security interest in loan collateral is invalidated
or the Senior Loan is subordinated to other debt of a Borrower in bankruptcy or other proceedings, the Fund would have substantially
lower recovery, and perhaps no recovery, on the full amount of the principal and interest due on the Senior Loan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may acquire warrants and other
equity securities as part of a unit combining a Senior Loan and equity securities of a Borrower or its affiliates. The acquisition
of such equity securities will only be incidental to the Fund&rsquo;s purchase of a Senior Loan. The Fund may also acquire equity
securities or credit securities (including non-dollar denominated equity or credit securities) issued in exchange for a Senior
Loan or issued in connection with the debt restructuring or reorganization of a Borrower, or if such acquisition, in the judgment
of GSO&nbsp;/&nbsp;Blackstone Debt Funds Management&nbsp;LLC (the &ldquo;Adviser&rdquo;) may enhance the value of a Senior Loan
or would otherwise be consistent with the Fund&rsquo;s investment policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Subordinated Loans</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may invest in Subordinated Loans,
which have the same characteristics as Senior Loans except that such loans are subordinated in payment and/or in lien priority
to first lien holders. Accordingly, the risks associated with Subordinated Loans are higher than the risk of loans with first priority
over the collateral. In the event of default on a Subordinated Loans, the first priority lien holder has first claim to the underlying
collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder and therefore
result in a loss of investment to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Subordinated Loans generally are subject
to similar risks as those associated with investments in Senior Loans. Because Subordinated Loans are subordinated and thus lower
in priority of payment and/or in priority of lien to Senior Loans, they are subject to the additional risk that the cash flow of
the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect
to the senior unsecured or senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured
loans or debt, which are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater
price volatility than Senior Loans and may be less liquid. There is also a possibility that originators will not be able to sell
participations in Subordinated Loans, which would create greater credit risk exposure for the holders of such loans. Subordinated
Loans share the same risks as other below investment grade securities.</P>

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<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Restricted and Illiquid Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may not be able to readily dispose
of illiquid securities at prices that approximate those at which the Fund could sell such securities if they were more widely traded
and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary
to raise cash to meet its obligations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may purchase certain securities
eligible for resale to qualified institutional buyers as contemplated by Rule&nbsp;144A under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;) (&ldquo;Rule&nbsp;144A Securities&rdquo;). Rule&nbsp;144A provides an exemption from the registration
requirements of the Securities Act for the resale of certain restricted securities to certain qualified institutional buyers. One
effect of Rule&nbsp;144A is that certain restricted securities may be considered liquid, though no assurance can be given that
a liquid market for Rule&nbsp;144A Securities will develop or be maintained. However, where a substantial market of qualified institutional
buyers has developed for certain unregistered securities purchased by the Fund pursuant to Rule&nbsp;144A under the Securities
Act, the Fund intends to treat such securities as liquid securities in accordance with procedures approved by the Fund&rsquo;s
board of trustees. Because it is not possible to predict with assurance how the market for Rule&nbsp;144A Securities will develop,
the Fund&rsquo;s board of trustees has directed the Adviser to monitor carefully the Fund&rsquo;s investments in such securities
with particular regard to trading activity, availability of reliable price information and other relevant information. To the extent
that, for a period of time, qualified institutional buyers cease purchasing restricted securities pursuant to Rule&nbsp;144A, the
Fund&rsquo;s investing in such securities may have the effect of increasing the level of illiquidity in its investment portfolio
during such period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Rights Offerings and Warrants to Purchase</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may participate in rights offerings
and may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified
number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a
short life span to expiration. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value
of a right or warrant if the right to subscribe to additional shares is not exercised prior to the rights&rsquo; and warrants&rsquo;
expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant
added to the subscription price of the related security may exceed the value of the subscribed security&rsquo;s market price such
as when there is no movement in the level of the underlying security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Equity Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In addition to common stocks, the Fund may
invest in equity securities, including preferred stocks, convertible securities, warrants and depository receipts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Preferred Stock.</I> Preferred stock
has a preference over common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the
issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element
varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally
also reflects some element of conversion value. Because preferred stock is junior to credit securities and other obligations of
the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than
in a more senior credit security with similar stated yield characteristics. Unlike interest payments on credit securities, preferred
stock dividends are payable only if declared by the issuer&rsquo;s board of trustees. Preferred stock also may be subject to optional
or mandatory redemption provisions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Convertible Securities.</I> A convertible
security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed
amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified
price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on
preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities
have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with
generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible
securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as
interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may
have an effect on the convertible security&rsquo;s investment value. Convertible securities rank senior to common stock in a corporation&rsquo;s
capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to
redemption at the option of the issuer at a price established in the convertible security&rsquo;s governing instrument.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Warrants.</I> Warrants are privileges
issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified
price during a specified period of time. Subscription rights normally have a short life span to expiration. The purchase of warrants
involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares
is not exercised prior to the warrants&rsquo; expiration. Also, the purchase of warrants involves the risk that the effective price
paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security&rsquo;s
market price such as when there is no movement in the level of the underlying security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Depository Receipts.</I> The Fund may
hold investments in sponsored and unsponsored American Depository Receipts (&ldquo;ADRs&rdquo;), European Depository Receipts (&ldquo;EDRs&rdquo;),
Global Depository Receipts (&ldquo;GDRs&rdquo;) and other similar global instruments. ADRs typically are issued by a U.S. bank
or trust company and evidence ownership of underlying securities issued by a non-U.S. corporation. EDRs, which are sometimes referred
to as Continental Depository Receipts, are receipts issued in Europe, typically by non-U.S. banks and trust companies, that evidence
ownership of either non-U.S. or domestic underlying securities. GDRs are depository receipts structured like global debt issues
to facilitate trading on an international basis. Unsponsored ADR, EDR and GDR programs are organized independently and without
the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuer may not be
as current as for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if
such instruments were sponsored by the issuer. Investments in ADRs, EDRs and GDRs present additional investment considerations
of Non-U.S. Securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Cash Equivalents and Short-Term Debt
Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">For temporary defensive purposes, the Fund
may invest up to 100% of its Managed Assets in cash equivalents and short-term debt securities. Short-term debt investments having
a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion
of discounts. Short-term debt securities are defined to include, without limitation, the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(1)&nbsp;&nbsp;&nbsp;U.S. government
securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed
by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities issued
by (a)&nbsp;the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business
Administration and Government National Mortgage Association, whose securities are supported by the full faith and credit of the
United States; (b)&nbsp;the Federal Home Loan Banks, Federal Intermediate Credit Banks and Tennessee Valley Authority, whose securities
are supported by the right of the agency to borrow from the U.S. Treasury; (c)&nbsp;the Federal National Mortgage Association,
whose securities are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency
or instrumentality; and (d)&nbsp;the Student Loan Marketing Association, whose securities are supported only by its credit. While
the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can
be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities
do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate. The recent economic
crisis in the United States has negatively impacted government-sponsored entities, which include Federal Home Loan Banks, the Federal
National Mortgage Association (&ldquo;Fannie Mae&rdquo;) and the Federal Home Loan Mortgage Corporation (&ldquo;Freddie Mac&rdquo;).
As the real estate market has deteriorated through declining home prices and increasing foreclosure, government-sponsored entities,
which back the majority of U.S. mortgages have experienced extreme volatility, and in some cases a lack of liquidity. In September
2008, Fannie Mae and Freddie Mac were placed under a conservatorship of the U.S. federal government. Any Fund investments for temporary
defensive purposes in securities issued by Federal Home Loan Banks and Fannie Mae may ultimately lose value. The Adviser will monitor
developments and seek to manage the Fund&rsquo;s portfolio in a manner consistent with achieving the Fund&rsquo;s investment objectives,
but there can be no assurance that it will be successful in doing so.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(2)&nbsp;&nbsp;&nbsp;Certificates
of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period
of time, earn a specified rate of return and are normally negotiable. The issuer of a certificate of deposit agrees to pay the
amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased
by the Fund may not be fully insured by the FDIC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(3)&nbsp;&nbsp;&nbsp;Repurchase
agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a repurchase agreement,
it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the
securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period, since the resale
price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for
the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect to obligations of
the U.S. government, its agencies or instrumentalities; certificates of deposit; or bankers&rsquo; acceptances in which the Fund
may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk
to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default,
the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines
after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral
is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Adviser monitors the value of
the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Adviser
does so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to
be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate
the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">(4)&nbsp;&nbsp;&nbsp;Commercial
paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations
to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There
is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Adviser will consider the financial
condition of the corporation (e.g.,&nbsp;earning power, cash flow and other liquidity ratios) and will continuously monitor the
corporation&rsquo;s ability to meet all of its financial obligations, because the Fund&rsquo;s liquidity might be impaired if the
corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial
paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry
a variable or floating rate of interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">When-Issued and Forward Commitment Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may purchase securities on a &ldquo;when-issued&rdquo;
basis and may purchase or sell securities on a &ldquo;forward commitment&rdquo; basis in order to acquire the security or to hedge
against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally
expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at
a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter
into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case
may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to
deliver or receive against a forward commitment, it might incur a gain or loss. At the time the Fund enters into a transaction
on a when-issued or forward commitment basis, it will designate on its books and records cash or liquid credit securities equal
to at least the value of the when-issued or forward commitment securities. The value of these assets will be monitored daily to
ensure that their marked to market value will at all times equal or exceed the corresponding obligations of the Fund. There is
always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course,
which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions
and accordingly are not subject to the foregoing restrictions.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Securities purchased on a forward commitment
or when-issued basis are subject to changes in value (generally changing in the same way, i.e.,&nbsp;appreciating when interest
rates decline and depreciating when interest rates rise) based upon the public&rsquo;s perception of the creditworthiness of the
issuer and changes, actual or anticipated, in the level of interest rates. Securities purchased with a forward commitment or when-issued
basis may expose the Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities
on a when-issued basis can involve the additional risks that the yield available in the market when the delivery takes place actually
may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued basis
when the Fund is fully invested may result in greater potential fluctuation in the value of the Fund&rsquo;s net assets and its
net asset value per share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The risks and effect of settlements in the
ordinary course on the Fund&rsquo;s net asset value are not the same as the risks and effect of when-issued and forward commitment
securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The purchase price of when-issued and forward
commitment securities are expressed in yield terms, which reference a floating rate of interest, and is therefore subject to fluctuations
of the security&rsquo;s value in the market from the date of the Fund&rsquo;s commitment (the &ldquo;Commitment Date&rdquo;) to
the date of the actual delivery and payment for such securities (the &ldquo;Settlement Date&rdquo;). There is a risk that, on the
Settlement Date, the Fund&rsquo;s payment of the final purchase price, which is calculated on the yield negotiated on the Commitment
Date, will be higher than the market&rsquo;s valuation of the security on the Settlement Date. This same risk is also borne if
the Fund disposes of its right to acquire a when-issued security, or its right to deliver or receive, a forward commitment security,
and there is a downward market movement in the value of the security from the Commitment Date to the Settlement Date. No income
accrues to the Fund during the period from the Commitment Date to the Settlement Date. On the other hand, the Fund may incur a
gain if the Fund invests in when-issued and forward commitment securities and correctly anticipates the rise in interest rates
and prices in the market.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The settlements of secondary market purchases
of Senior Loans in the ordinary course, on a settlement date beyond the period expected by loan market participants (i.e.&nbsp;T+7
for par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond the trade date, respectively)
are subject to the delayed compensation mechanics prescribed by the Loan Syndications and Trading Association (&ldquo;LSTA&rdquo;).
For par loans, income accrues to the buyer of the Senior Loan (the &ldquo;Buyer&rdquo;) during the period beginning on the last
date by which the Senior Loan purchase should have settled (T+7) to and including the actual settlement date. Should settlement
of a par Senior Loan purchase in the secondary market be delayed beyond the T+7 period prescribed by the LSTA, the Buyer is typically
compensated for such delay through a payment from the seller of the Senior Loan (this payment may be netted from the wire released
on settlement date for the purchase price of the Senior Loan paid by the Buyer). In brief, the adjustment is typically calculated
by multiplying the notional amount of the trade by the applicable margin in the Loan Agreement pro rated for the number of business
days (calculated using a year of 360&nbsp;days) beyond the settlement period prescribed by the LSTA, plus any amendment or consent
fees that the Buyer should have received. Furthermore, the purchase of a Senior Loan in the secondary market is typically negotiated
and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is
reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Repurchase Agreements</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">As temporary investments, the Fund may invest
in repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to repurchase
the same security at a specified price on a future date agreed upon by the parties. The agreed-upon repurchase price determines
the yield during the Fund&rsquo;s holding period. Repurchase agreements are considered to be loans collateralized by the underlying
security that is the subject of the repurchase contract. The Fund will only enter into repurchase agreements with registered securities
dealers or domestic banks that, in the opinion of the Adviser, presents minimal credit risk. The risk to the Fund is limited to
the ability of the issuer to pay the agreed-upon repurchase price on the delivery date; however, although the value of the underlying
collateral at the time the transaction is entered into always equals or exceeds the agreed-upon repurchase price, if the value
of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may
be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience
delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the
seller of the security, realization upon the collateral by the Fund may be delayed or limited. The Adviser will monitor the value
of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement
in an effort to determine that such value always equals or exceeds the agreed-upon repurchase price. In the event the value of
the collateral declines below the repurchase price, the Adviser will demand additional collateral from the issuer to increase the
value of the collateral to at least that of the repurchase price, including interest.</P>

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<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Short Sales</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may make short sales of securities.
A short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that
security will decline. The Fund may make short sales to hedge positions, for risk management, in order to maintain portfolio flexibility
or to enhance income or gain.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">When the Fund makes a short sale, it must
borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation
to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often
obligated to pay over any payments received on such borrowed securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s obligation to replace the
borrowed security will be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other
liquid securities. The Fund will also be required to designate on its books and records similar collateral with its custodian to
the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value
of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding
payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including interest)
on its collateral deposited with such broker-dealer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If the price of the security sold short
increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss;
conversely, if the price declines, the Fund will realize a gain. Any gain will be decreased, and any loss increased, by the transaction
costs described above. Although the Fund&rsquo;s gain is limited to the price at which it sold the security short, its potential
loss is theoretically unlimited.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Management
of the Fund</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Trustees</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The overall management of the business and
affairs of the Fund is vested in the board of trustees. Starting with the first annual meeting of shareholders, the board of trustees
is classified into three classes&mdash;Class&nbsp;I, Class&nbsp;II and Class&nbsp;III&mdash;as nearly equal in number as reasonably
possible, with the trustees in each class to hold office until their successors are elected and qualified. At each succeeding annual
meeting of shareholders, the successors to the class of trustees whose terms expire at that meeting are elected to hold office
for terms expiring at the later of the annual meeting of shareholders held in the third year following the year of their election
or the election and qualification of their successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Below is a list of the trustees and officers
of the Fund and their present positions and principal occupations during the past five years. The business address of the Fund,
the Adviser and their board members and officers is 345 Park Avenue, 31st Floor, New York, NY 10154, unless specified otherwise
below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name
        and<BR>
        Year of Birth</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)
        Held</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With Registrant</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term
        of Office and Length of Time Served<SUP>(1)</SUP></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
        Occupation During the Past Five Years</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number
        of Registered Investment Companies in Fund Complex Overseen<SUP>(2)</SUP></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other
        Directorships Held by the Trustee During the Past Five Years</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">NON-INTERESTED TRUSTEES</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edward H. D&rsquo;Alelio</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Birth Year: 1952</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Lead Independent Trustee and member of Audit and Nominating and Governance Committees</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since April 2010</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Term Expires: 2020</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr. D'Alelio was formerly a Managing Director and CIO for Fixed Income at Putnam Investments, Boston where he retired in 2002. He currently is an Executive in Residence with the School of Management, Univ. of Mass Boston.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Owl Rock Capital Corp.; Owl Rock Capital Corporation II</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name
        and<BR>
        Year of Birth</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)
        Held</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With Registrant</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term
        of Office and Length of Time Served<SUP>(1)</SUP></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
        Occupation During the Past Five Years</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number
        of Registered Investment Companies in Fund Complex Overseen<SUP>(2)</SUP></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other
        Directorships Held by the Trustee During the Past Five Years</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>


<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Michael Holland</FONT></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Birth Year: 1944</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee and member of Audit and Nominating and Governance Committees</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since April 2010</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Term Expires:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">2019</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr. Holland is the Chairman of Holland &amp; Company, a private investment firm he founded in 1995. He is also President and Founder of the Holland Balanced Fund.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The China Fund, Inc.; State Street Master Funds; Reaves Utility Income Fund.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thomas W. Jasper</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Birth Year: 1948</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee, Chairman of Audit Committee and member of Nominating and Governance Committee</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since April 2010</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Term Expires:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">2018</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr. Jasper is the Managing Partner of Manursing Partners LLC, a consulting firm. He was Chief Executive Officer of Primus Guaranty, Ltd. from 2001&ndash;2010.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ciner Resources LP.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Gary S. Schpero</P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Birth Year: 1953</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee, Chairman of Nominating and Governance Committee and member of Audit Committee</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since May 2012</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Term Expires:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">2018</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Retired. Prior to January 2000, Mr. Schpero was a
        partner at the law firm of Simpson Thacher &amp; Bartlett LLP where he served as managing partner of the Investment
        Management and Investment Company Practice Group.</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">EQ Advisors Trust; 1290 Funds; AXA Premier VIP Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>INTERESTED TRUSTEES<SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Daniel H. Smith, Jr.</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Birth Year: 1963</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman of the Board, President, Chief Executive Officer, Trustee</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Since April 2010</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Term Expires:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">2019</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr. Smith is a Senior Managing Director of GSO and is Head of GSO / Blackstone Debt Funds Management LLC. Mr. Smith joined GSO from the Royal Bank of Canada in July 2005 where he was a Managing Partner and Co-head of RBC Capital Market's Alternative Investments Unit.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="text-align: justify">The board of trustees of the Fund is divided into three classes: Class I, Class II and Class III.
At the first annual meeting, trustees of Class I were elected to the board of trustees for a term expiring at the next succeeding
annual meeting of stockholders, trustees of Class II were elected to the board of trustees for a term expiring at the second succeeding
annual meeting of stockholders and trustees of Class III were elected to the board of trustees for a term expiring at the third
succeeding annual meeting of stockholders. At each subsequent annual meeting of stockholders, the trustees chosen to succeed those
whose terms expired are identified as being of the same class as the trustees whom they succeeded and are elected for a term expiring
at the time of the third succeeding annual meeting of stockholders subsequent to their election, or thereafter in each case when
their respective successors are elected and qualified.</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="text-align: justify">The &ldquo;Fund Complex&rdquo; consists of the Fund, Blackstone / GSO Long-Short Credit
                                                           Income Fund, Blackstone / GSO Strategic Credit Fund and Blackstone / GSO Floating Rate Enhanced Income Fund (collectively,
the &ldquo;GSO Funds&rdquo;), as well as the
                                                           Blackstone Real Estate Income Funds (Blackstone Real Estate Income Fund, Blackstone Real Estate Income Fund II and Blackstone
                                                           Real Estate Income Master Fund). The Family of Investment Companies includes the GSO Funds.



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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(3)</TD><TD STYLE="text-align: justify">&quot;Interested person&quot; of the Fund as defined in Section 2(a)(19) of the Investment Company
Act. Mr. Smith is an interested person due to his employment with the Adviser.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The board of trustees is currently comprised
of five trustees. Daniel H. Smith, Jr. serves as Chairman of the Board. Mr.&nbsp;Smith is an &ldquo;interested person&rdquo; of
the Fund. The appointment of Mr.&nbsp;Smith as Chairman reflects the board of trustees&rsquo; belief that his experience, familiarity
with the Fund&rsquo;s day-to-day operations and access to individuals with responsibility for the Fund&rsquo;s management and operations
will provide the board of trustees with insight into the Fund&rsquo;s business and activities and, with his access to appropriate
administrative support, will facilitate the efficient development of meeting agendas that address the Fund&rsquo;s business, legal
and other needs and the orderly conduct of board meetings. The board of trustees has determined that its leadership structure is
appropriate in light of the Fund&rsquo;s circumstances and provides for the informed and independent exercise of its responsibilities.
The board of trustees also has a lead independent trustee to ensure that the independent trustees have adequate control and influence
over the governance of the board of trustees. In addition, a substantial majority of the board of trustees are independent trustees,
all committees are chaired by independent trustees and the board of trustees&rsquo; small size facilitates the orderly and efficient
flow of information among trustees and with Fund management.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Share Ownership</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Set forth in the table below is the dollar
range of equity securities held in the Fund and on an aggregate basis for the entire Family of Investment Companies overseen by
each trustee as of December&nbsp;31, 2017. Investment companies are considered to be in the same family if they share the same
investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment
and investor services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of Trustee </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dollar
        Range<SUP>(1)</SUP> of Equity Securities in the Fund</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate
        Dollar Range of Equity Securities Overseen by trustee in the Family of Investment Companies<SUP>(2)</SUP></B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt"><B>NON-INTERESTED TRUSTEES;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Edward H. D&rsquo;Alelio</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Michael Holland</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Thomas W. Jasper</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Gary S. Schpero</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt"><B>INTERESTED TRUSTEES:</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Daniel H. Smith, Jr.&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="text-align: justify">&ldquo;Beneficial Ownership&rdquo; is determined in accordance with Section 16a-1(a)(2) under the
Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="text-align: justify">The term &ldquo;Family of Investment Companies&rdquo; means any two registered investment companies
that:</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(i)</TD><TD>share the same investment adviser or principal underwriter;
and</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(ii)</TD><TD><P STYLE="margin-top: 0; margin-bottom: 0">hold themselves out to investors as related companies for purposes of investment and investor services.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: 0in">The Family of Investment Companies includes the GSO Funds.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Trustee Transactions with Fund Affiliates</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">[As of December 31, 2017, none of the non-interested
trustees, nor members of their immediate families owned securities, beneficially or of record, in the Adviser, or an affiliate
or person directly or indirectly controlling, controlled by, or under common control with the Adviser, other than investments in
the Funds and investments in affiliated investment vehicles that, pursuant to guidance from the SEC Staff, do not affect such trustee&rsquo;s
independence. Furthermore, over the past [five] years, neither the non-interested trustees nor members of their immediate families
have had any direct or indirect interest, the value of which exceeds $120,000, in the Adviser or any of its affiliates. In addition,
since the beginning of the last two calendar years, neither the non-interested trustees nor members of their immediate families
have conducted any transactions (or series of transactions) or maintained any direct or indirect relationship in which the amount
involved exceeds $120,000 and to which the Adviser or any affiliate of the Adviser was a party.]</P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Experience of Trustees</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The trustees were selected to join the board
of trustees based upon the following as to each trustee: his character and integrity; his service as a member of other boards of
directors; his willingness to serve and willingness and ability to commit the time necessary to perform the duties of a trustee;
as to each trustee other than Mr.&nbsp;Smith, his status as not being an &ldquo;interested person&rdquo; as defined in the Investment
Company Act; and, as to Mr.&nbsp;Smith, his role with GSO Capital Partners LP (collectively with its affiliates in the credit-focused
business of The Blackstone Group, L.P., &ldquo;GSO&rdquo;) and The Blackstone Group&nbsp;L.P. (collectively with its affiliates
as the context requires, &ldquo;Blackstone&rdquo;). No factor, by itself, was controlling. In addition to the information provided
in the table included above, each trustee possesses the following attributes: Mr.&nbsp;D&rsquo;Alelio, experience as an investment
professional; Mr.&nbsp;Holland, experience as an investment professional and service as a board member of other registered management
investment companies; Mr.&nbsp;Jasper, experience as an investment professional in the structured products market and experience
concerning risk management; Mr.&nbsp;Schpero, experience as a legal professional specializing in asset management and services
as a board member of other registered management investment companies; and Mr.&nbsp;Smith, experience as an executive and portfolio
manager and leadership roles with GSO and Blackstone. References to the qualifications, attributes and skills of the trustees are
pursuant to requirements of the SEC, do not constitute holding out of the board of trustees or any trustee as having any special
expertise or experience, and shall not impose any greater responsibility or liability on any such person or on the board of trustees
by reason thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation of Trustees</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The fees and expenses of the trustees of
the Fund are paid by the Fund. The trustee who is a member of the Blackstone organization receives no compensation from the Fund.
The following table sets forth certain information for the fiscal year ended December 31, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 68%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of Trustee </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate
        Compensation Paid from the Fund</b></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid">
<DIV STYLE="padding: 0in 0in 1pt">

        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate Compensation from
        the Fund and Fund Complex Paid to Directors</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
</DIV></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt"><B>NON-INTERESTED TRUSTEES</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Edward H. D&rsquo;Alelio</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Michael Holland</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt">Thomas W. Jasper</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Gary S. Schpero</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-size: 11pt"><B>INTERESTED TRUSTEES:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Daniel H. Smith, Jr.&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-weight: normal">[Effective
January 1, 2018, the GSO Funds will pay every trustee who is not a director, officer, employee, or affiliate of GSO or ALPS
Fund Services, Inc., a retainer fee of $120,000 per annum. The Chairman of the Audit Committee and the Chairman of the
Nominating and Governance Committee also will receive a retainer fee of $10,000 per annum from the GSO Funds. The Lead
Independent Trustee will receive a retainer fee of $14,000 per annum from the GSO Funds. </FONT>The trustees that serve on
the Blackstone Real Estate Income Funds receive a retainer of $60,000 per annum.]</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Board Committees</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The board of trustees of the Fund
currently has two  committees: an Audit Committee and a Nominating and Governance Committee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Audit Committee consists of Edward H.
D&rsquo;Alelio, Michael Holland, Thomas W. Jasper and Gary S. Schpero, all of whom have been determined not to be &ldquo;interested
persons&rdquo; of the Fund under the Investment Company Act and who are &ldquo;independent&rdquo; as defined in the New York Stock
Exchange listing standards. The Audit Committee acts according to the Audit Committee charter. Thomas W. Jasper has been appointed
as Chair of the Audit Committee. The Audit Committee is responsible for assisting the board of trustees of the Fund in fulfilling
its oversight responsibilities relating to accounting and financial reporting policies and practices of the Fund, including, but
not limited to, the adequacy of the Fund&rsquo;s accounting and financial reporting processes, policies and practices; the integrity
of the Fund&rsquo;s financial statements; the adequacy of the Fund&rsquo;s overall system of internal controls; the Fund&rsquo;s
compliance with legal and regulatory requirements; the qualification and independence of the Fund&rsquo;s independent registered
public accounting firm; the performance of the Fund&rsquo;s internal audit function provided by the Adviser and the Fund&rsquo;s
other service providers; and the review of the report required to be included in the Fund&rsquo;s annual proxy statement by the
rules of the SEC. The board of trustees has determined that Mr. Jasper is an audit committee financial expert and that each is
independent for the purpose of the definition of audit committee financial expert as applicable to the Fund. The Audit Committee
met ___ times during the fiscal year ended December 31, 2017.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Nominating and Governance Committee
is responsible for selecting and nominating candidates for election as trustees to the board of trustees of the Fund. The members
of the Nominating and Governance Committee are Edward H. D&rsquo;Alelio, Michael Holland, Thomas W. Jasper and Gary S. Schpero,
all of whom have been determined not to be &ldquo;interested persons&rdquo; of the Fund under the Investment Company Act and who
are &ldquo;independent&rdquo; as defined in the New York Stock Exchange listing standards. Gary S. Schpero has been appointed as
Chair of the Nominating and Governance Committee. The Nominating and Governance Committee may accept nominees recommended by a
stockholder as it deems appropriate. Stockholders who wish to recommend a nominee for the Fund&rsquo;s board of trustees should
send recommendations to the Fund&rsquo;s Secretary that include all information relating to such person that is required to be
disclosed in solicitations of proxies for the election of trustees. A recommendation must be accompanied by a written consent of
the individual to stand for election if nominated by the board of trustees and to serve if elected by the stockholders. The Nominating
and Governance Committee met ___ times during the fiscal year ended December 31, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Risk Oversight</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The board of trustees&rsquo; role in risk
oversight of the Fund reflects its responsibility under applicable state law to oversee generally, rather than to manage, the operations
of the Fund. In line with this oversight responsibility, the board of trustees receives reports and makes inquiry at its regular
meetings and as needed regarding the nature and extent of significant Fund risks (including investment, compliance and valuation
risks) that potentially could have a materially adverse impact on the business operations, investment performance or reputation
of the Fund, but relies upon the Fund&rsquo;s management (including the Fund&rsquo;s portfolio managers) and Chief Compliance Officer,
who reports directly to the board of trustees, and the Adviser to assist it in identifying and understanding the nature and extent
of such risks and determining whether, and to what extent, such risks may be eliminated or mitigated. In addition to reports and
other information received from Fund management and the Adviser regarding the Fund&rsquo;s investment program and activities, the
board of trustees as part of its risk oversight efforts expects to meet at its regular meetings and as needed with the Fund&rsquo;s
Chief Compliance Officer to discuss, among other things, risk issues and issues regarding the policies, procedures and controls
of the Fund. The board of trustees may be assisted in performing aspects of its role in risk oversight by the Audit Committee and
such other standing or special committees as may be established from time to time by the board of trustees. For example, the Audit
Committee of the board of trustees will meet regularly with the Fund&rsquo;s independent public accounting firm to review, among
other things, reports on the Fund&rsquo;s internal controls for financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The board of trustees believes that not
all risks that may affect the Fund can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain
risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund&rsquo;s goals, and
that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover,
reports received by the trustees as to risk management matters may be summaries of relevant information and may be inaccurate or
incomplete. As a result of the foregoing and other factors, the board of trustees risk management oversight is expected to be subject
to substantial limitations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Prior to the initial public offering, all
of the outstanding shares of the Fund were owned by the Adviser.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Officers of the Fund</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s executive officers will
be chosen each year at a regular meeting of the board of trustees to hold office until their respective successors are duly elected
and qualified. The executive officers of the Fund currently are:</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name
        and Year of Birth</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)
        Held<BR>
        with Registrant</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term
        of Office and Length of Time Served</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
        Occupation During<BR>
        the Past Five Years</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Daniel H. Smith, Jr.</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Birth Year: 1963</FONT>
</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Trustee, Chairman of the Board, President, Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Officer Since:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">April 2010</FONT><BR>
<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Term of Office:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Indefinite</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Mr. Smith is a Senior Managing Director of GSO and is Head of GSO / Blackstone Debt Funds Management LLC. Mr. Smith joined GSO from the Royal Bank of Canada in July 2005 where he was a Managing Partner and Co-head of RBC Capital Market&rsquo;s Alternative Investments Unit.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Dohyun (Doris) Lee-Silvestri</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Birth Year: 1977</FONT>
</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Chief Financial Officer and Treasurer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Officer
Since:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">March 2016</FONT><BR>
<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Term of Office:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Indefinite</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Doris Lee-Silvestri is a Managing Director and Chief Financial Officer of GSO. At GSO, Ms. Lee-Silvestri was most recently the head of the fund accounting and financial reporting group. Before joining GSO in 2006, Ms. Lee-Silvestri held a variety of positions at Merrill Lynch Investment Advisors and JP Morgan Partners within the respective finance and accounting teams. In addition, Ms. Lee-Silvestri worked at McGladrey LLP, a global public accounting firm.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Robert Zable</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Birth Year: 1972</FONT>
</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Executive Vice President and Assistant Secretary</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Officer Since:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">September 2015</FONT><BR>
<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Term of Office:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Indefinite</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Mr. Zable is a Senior Managing Director of GSO. Before joining GSO, Mr. Zable was a Vice President at FriedbergMilstein LLC, where he was responsible for credit opportunity investments and junior capital origination and execution. Prior to that, Mr. Zable was a Principal with Abacus Advisors Group, a restructuring and distressed investment firm. Mr. Zable began his career at JP Morgan Securities Inc., where he focused on leveraged finance in New York and London. Mr. Zable received a BS from Cornell University, and an MBA in Finance from The Wharton School at the University of Pennsylvania.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Marisa Beeney</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Birth Year: 1970</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Chief Compliance Officer, Chief Legal Counsel and Secretary</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Officer Since:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">April 2010</FONT><BR>
<BR>
<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Term of Office:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Indefinite</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Ms. Beeney is a Managing Director, Chief Legal Officer and Chief Compliance Officer of GSO. From March 2007 to December 2008, she served as Counsel and Director of GSO. Prior to that time she was with the finance group of DLA Piper since 2005.</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name
        and Year of Birth</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Position(s)
        Held<BR>
        with Registrant</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term
        of Office and Length of Time Served</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal
        Occupation During<BR>
        the Past Five Years</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>


<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Jane Lee</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Birth Year: 1972</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Public Relations Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Officer Since:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">November 2010</FONT><BR>
<BR>
<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Term of Office:</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-weight: normal; font-style: normal">Indefinite</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal">Ms. Lee
        is a Managing Director of GSO and Head of GSO / Blackstone&rsquo;s capital formation efforts. Ms. Lee joined GSO from Royal Bank
        of Canada in July 2005, where she was most recently a partner in the Debt Investments Group and was responsible for origination
        of new CLO transactions and investor relations.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s officers do not receive
compensation from the Fund, but are reimbursed for all out-of-pocket expenses relating to attendance at meetings of the board of
trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Adviser</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">GSO&nbsp;/&nbsp;Blackstone Debt Funds Management&nbsp;LLC
acts as the Fund&rsquo;s investment adviser. The Adviser, a wholly-owned subsidiary of GSO, is a registered investment adviser.
GSO is the credit platform of Blackstone, which is a leading global manager of private capital. The alternative asset management
business includes the management of private equity funds, real estate funds, real estate investment trusts, funds of hedge funds,
hedge funds, credit-focused funds, collateralized loan obligation vehicles, separately managed accounts and registered investment
companies. Blackstone&rsquo;s business is organized into four segments: private equity, real estate, hedge fund solutions and credit.
Through its different investment businesses, as of December 31, 2017, Blackstone had total assets under management of over $___
billion. As of December 31, 2017, GSO&rsquo;s asset management operation had aggregate assets under management of over $___ billion
across multiple strategies within the leveraged finance marketplace, including loans, high yield bonds, distressed and mezzanine
debt and private equity, including hedge funds. The Adviser is part of the Customized Credit Strategies business unit of GSO and is responsible for managing
long-only credit strategies, including investments in U.S. and European senior secured loans, high yield bonds, and structured
credit investments, in vehicles, including CLOs, separately managed accounts, commingled funds, three other closed-end funds and
a sub-advised exchange-traded fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Pursuant to the investment advisory agreement,
the Adviser manages the Fund&rsquo;s investment portfolio, directs purchases and sales of portfolio securities and reports thereon
to the Fund&rsquo;s officers and trustees regularly. The Adviser or its parent also provides the office space, facilities, equipment
and personnel necessary to perform the following services for the Fund: SEC compliance, including record keeping, reporting requirements
and registration statements and proxies; supervision of Fund operations, including coordination of functions of the transfer agent,
custodian, accountants, counsel and other parties performing services or operational functions for the Fund; and certain administrative
and clerical services, including certain accounting services and maintenance of certain books and records.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The investment advisory agreement between
the Fund and the Adviser was approved by the Fund&rsquo;s board of trustees, including a majority of the trustees who are not parties
to the agreement or &ldquo;interested persons&rdquo; (as such term is defined in the Investment Company Act) of any such party
(in such capacity, the &ldquo;independent trustees&rdquo;), in principle at an &ldquo;in person&rdquo; meeting held on April&nbsp;26,
2010. The agreement was approved by the sole common shareholder of the Fund on May&nbsp;24, 2010. </P>

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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The investment advisory agreement provides
for the Fund to pay a management fee at an annual rate equal to 0.90% of the average daily value of the Fund&rsquo;s Managed Assets.
&ldquo;Managed Assets&rdquo; are the total assets of the Fund (including any assets attributable to money borrowed for investment
purposes and including assets attributable to any preferred stock that may be outstanding) minus the sum of the Fund&rsquo;s accrued
liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). This means that during periods
in which the Fund is using leverage, the fees paid to the Adviser will be higher than if the Fund did not use leverage because
the fees are calculated as a percentage of the Fund&rsquo;s Managed Assets, which include those assets purchased with leverage.
As such, the Adviser may have a financial incentive to increase the Fund&rsquo;s use of leverage, which constitutes an inherent
conflict of interest. In connection with the term extension, the Adviser reduced its fee from 1.00% to 0.90% of the average daily
value of the Fund&rsquo;s Managed Assets, effective from the date the term extension was approved by shareholders until the Fund&rsquo;s
dissolution date. For the fiscal years ended December 31, 2017, December 31, 2016 and December 31, 2015, the Fund paid the Adviser management
fees of $3,965,472, $3,755,885 and $4,045,056, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The investment advisory agreement will
continue in effect, unless otherwise terminated, until June 1, 2018, and then from year to year thereafter, provided such
continuance is specifically approved at least annually by both (1)&nbsp;the vote of a majority of the Fund&rsquo;s board of
trustees or the vote of a majority of the outstanding securities entitled to vote (as such term is defined in the Investment
Company Act) and (2)&nbsp;by the vote of a majority of the independent trustees, cast in person at a meeting called for the
purpose of voting on such approval. The agreement may be terminated at any time, without the payment of any penalty, by the
Fund (upon the vote of a majority of the Fund&rsquo;s board of trustees or a majority of the outstanding securities entitled
to vote) or by the Adviser, upon not more than 60&nbsp;nor less than 30&nbsp;days&rsquo; written notice by either party to
the other which can be waived by the non-terminating party. The agreement will terminate automatically in the event of its
assignment (as such term is defined in the Investment Company Act and the rules thereunder).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The investment advisory agreement provides
that in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations thereunder, the
Adviser is not liable to the Fund or any of the Fund&rsquo;s shareholders for any act or omission by the Adviser in the supervision
or management of its respective investment activities or for any loss sustained by the Fund or the Fund&rsquo;s shareholders and
provides for indemnification by the Fund of the Adviser, its trustees, officers, employees, agents and control persons for liabilities
incurred by them in connection with their services to the Fund, subject to certain limitations and conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Although the professional staff of the Adviser
will devote as much time to the management of the Fund as the Adviser deems appropriate to perform its duties in accordance with
the investment advisory agreement and in accordance with reasonable commercial standards, the professional staff of the Adviser
may have conflicts in allocating its time and services among the Fund and the Adviser&rsquo;s other investment vehicles and accounts.
The Adviser has informed the board of trustees that the services of the Adviser are not exclusive, and the Adviser provides similar
services to other investment companies and other clients and may engage in other activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A discussion regarding the basis for the
most recent approval of the continuation of the investment advisory agreement by the board of trustees is available in the Fund&rsquo;s
semiannual report to shareholders for the six-months ended June 30, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">ALPS Fund Services,&nbsp;Inc., located at
1290 Broadway, 11th Floor, Denver, Colorado 80203, serves as administrator to the Fund. Under the Administration Agreement, ALPS
maintains the Fund&rsquo;s general ledger and is responsible for calculating the net asset value of the common shares, and generally
managing the administrative affairs of the Fund. ALPS is entitled to receive a monthly fee at the annual rate of 0.09% of the Fund&rsquo;s
average daily Managed Assets, subject to a minimum annual fee of the lesser of $225,000 or (if below $225,000) 0.14% of the average
daily value of the Fund&rsquo;s Managed Assets. During periods when the Fund is using leverage, the fees paid to ALPS will be higher
than if the Fund did not use leverage because the fees paid are calculated on the basis of the Fund&rsquo;s Managed Assets, which
includes assets purchased through leverage.</P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio Managers</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Unless otherwise indicated, the information
below is provided as of the date of this Statement of Additional Information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The table below identifies the number of
accounts for which the Fund&rsquo;s portfolio managers have day-to-day management responsibilities and the total assets in such
accounts, within each of the following categories: registered investment companies, other pooled investment vehicles and other
accounts. For each category, the number of accounts and total assets in the accounts where fees are based on performance is also
indicated as of December 31, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">As of December 31, 2017, Robert Zable managed
or was a member of the management team for the following client accounts:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number of Accounts</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Assets
of Accounts</B></P></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number of Accounts Subject to a Performance Fee</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Assets Subject to a Performance Fee</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 52%; text-align: left">Registered Investment Companies</TD>
    <TD STYLE="width: 12%; text-align: center">[3*</TD>
    <TD STYLE="width: 12%; text-align: center">$1.9 billion*</TD>
    <TD STYLE="width: 12%; text-align: center">0</TD>
    <TD STYLE="width: 12%; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pooled Investment Vehicles Other Than Registered Investment Companies</TD>
    <TD STYLE="text-align: center">21</TD>
    <TD STYLE="text-align: center">$11.7 billion</TD>
    <TD STYLE="text-align: center">21</TD>
    <TD STYLE="text-align: center">$11.7 billion</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Other Accounts</TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="text-align: center">$0.5 billion</TD>
    <TD STYLE="text-align: center">0</TD>
    <TD STYLE="text-align: center">0]</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">As of December 31, 2017, Gordon McKenie
managed or was a member of the management team for the following client accounts:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLPADDING="2" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; width: 52%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number
        of Accounts</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Assets
        of Accounts</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number
        of Accounts Subject to a Performance Fee</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Assets
        Subject to a Performance Fee</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[4*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$3.0 billion*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Pooled Investment Vehicles Other Than Registered Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Other Accounts</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD>Including the Fund.</TD>
</TR></TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio Manager Compensation</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Adviser&rsquo;s financial arrangements
with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management
places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors.
The principal components of compensation include a base salary and a discretionary bonus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Base Compensation.</I> Generally, portfolio
managers receive base compensation and employee benefits based on their individual seniority and/or their position with the firm.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Discretionary Compensation.</I> In addition
to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation is based on individual
seniority, contributions to the Adviser and performance of the client assets that the portfolio manager has primary responsibility
for. These compensation guidelines are structured to closely align the interests of employees with those of the Adviser and its
clients.</P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Securities Ownership of Portfolio Managers</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The following table shows the dollar range
of equity securities owned by the portfolio managers in the Fund as of December 31, 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of Portfolio Manager
        </B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>
                           Securities in the Fund</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    </TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 11pt">Robert Zable</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 11pt">Gordon McKenie</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;]</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Potential Conflicts of
Interest</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-weight: normal">The purchase
of common shares in the Fund involves a number of significant risks that should be considered before making any investment. The
Fund and common shareholders will be subject to a number of actual and potential conflicts of interest involving the Firm. In addition,
as a consequence of Blackstone holding a controlling interest in GSO and Blackstone&rsquo;s status as a public company, the officers,
directors, members, managers and employees of GSO will take into account certain additional considerations and other factors in
connection with the management of the business and affairs of the Fund that would not necessarily be taken into account if Blackstone
were not a public company. The following discussion enumerates certain, but not all, potential conflicts of interest that should
be carefully evaluated before making an investment in the Fund, but is not intended to be an exclusive list of all such conflicts.
The Firm and its personnel may in the future engage in further activities that may result in additional conflicts of interest not
addressed below. Any references to the Firm, GSO, Blackstone or the Adviser in this section will be deemed to include their respective
affiliates, partners, members, shareholders, officers, directors and employees, except that portfolio companies of managed clients
shall only be included to the extent the context shall require and references to GSO affiliates shall only be to affiliates operating
as a part of Blackstone&rsquo;s credit focused business group.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Broad and Wide-Ranging Activities</I>.
The Firm engages in a broad spectrum of activities. In the ordinary course of its business activities, the Firm will engage in
activities where the interests of certain divisions of the Firm or the interests of its clients will conflict with the interests
of the common shareholders in the Fund. Other present and future activities of the Firm will give rise to additional conflicts
of interest. In the event that a conflict of interest arises, the Adviser will attempt to resolve such conflict in a fair and equitable
manner, subject to the limitations of the Investment Company Act. common shareholders should be aware that conflicts will not necessarily
be resolved in favor of the Fund&rsquo;s interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>The Firm&rsquo;s Policies and Procedures</I>.
Certain policies and procedures implemented by the Firm to mitigate potential conflicts of interest and address certain regulatory
requirements and contractual restrictions will from time to time reduce the synergies across the Firm&rsquo;s various businesses
that the Fund expects to draw on for purposes of pursuing attractive investment opportunities. Because the Firm has many different
asset management and advisory businesses, it is subject to a number of actual and potential conflicts of interest, greater regulatory
oversight and more legal and contractual restrictions than that to which it would otherwise be subject if it had just one line
of business. In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, the
Firm has implemented certain policies and procedures (e.g., information walls) that reduce the positive synergies that GSO may
utilize for purposes of managing the Fund. For example, the Firm will from time to time come into possession of material non-public
information with respect to companies in which the Fund may be considering making an investment or companies that are the Firm&rsquo;s
advisory clients. As a consequence, that information, which could be of benefit to the Fund, is likely to be restricted to those
other businesses of the Firm and otherwise be unavailable to the Fund, and will also restrict the Fund&rsquo;s investment opportunities.
Additionally, the operations of the Firm&rsquo;s policies may restrict or otherwise limit the Fund from entering into agreements
with, or related to, companies that either are advisory clients of the Firm or in which any Other Clients (as defined below) have
invested or has considered making an investment. Furthermore, there will be circumstances in which affiliates of the Firm (including
Other Clients) may refrain from taking certain confidential information in order to avoid trading restrictions. Finally, the Firm
has and will enter into one or more strategic relationships in certain regions or with respect to certain types of investments
that, although possibly intended to provide greater opportunities for the Fund, may require the Fund to share such opportunities
or otherwise limit the amount of an opportunity the Fund can otherwise take.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Other Firm Businesses, Activities and
Relationships</I>. As part of its regular business, Blackstone provides a broad range of investment banking, advisory and other
services. In addition, Blackstone and its affiliates may provide services in the future beyond those currently provided. common
shareholders will not receive any benefit from any fees received by Blackstone. In the regular course of its capital markets, investment
banking, real estate, advisory and other businesses, Blackstone represents potential purchasers, sellers and other involved parties,
including corporations, financial buyers, management, shareholders and institutions, with respect to transactions that could give
rise to investments that are suitable for the Fund. In such a case, a Blackstone client would typically require Blackstone to act
exclusively on its behalf. This advisory client request may preclude all Blackstone-affiliated clients, including the Fund, from
participating in related transactions that would otherwise be suitable. Blackstone will be under no obligation to decline any such
engagements in order to make an investment opportunity available to the Fund. In connection with its capital markets, investment
banking, real estate, advisory and other businesses, Blackstone comes into possession of information that limits its ability to
engage in potential transactions. The Fund&rsquo;s activities are expected to be constrained as a result of the inability of Blackstone
personnel to use such information. For example, employees of Blackstone from time to time are prohibited by law or contract from
sharing information with members of the Fund&rsquo;s investment team. Additionally, there are expected to be circumstances in which
one or more individuals associated with Blackstone affiliates (including clients) will be precluded from providing services related
to the Fund&rsquo;s activities because of certain confidential information available to those individuals or to other parts of
Blackstone (e.g., trading may be restricted). Where Blackstone affiliates are engaged to find buyers or financing sources for potential
sellers of assets, the seller may permit the Fund to act as a participant in such transactions (as a financing partner), which
would raise certain conflicts of interest inherent in such a situation (including as to the negotiation of the purchase price).
The Firm has long-term relationships with a significant number of corporations and their senior management. In determining whether
to invest in a particular transaction on behalf of the Fund, the Adviser will consider those relationships and may decline to participate
in a transaction as a result of one or more of such relationships. The Firm is under no obligation to decline any engagements or
investments in order to make an investment opportunity available to the Fund. The Fund may be forced to sell or hold existing investments
as a result of investment banking relationships or other relationships that the Firm may have or transactions or investments the
Firm may make or have made. Subject to the Investment Company Act, the Fund may also co-invest with clients of the Firm in particular
investment opportunities, and the relationship with such clients could influence the decisions made by the Adviser with respect
to such investments. There can be no assurance that all potentially suitable investment opportunities that come to the attention
of the Firm will be made available to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Blackstone will from time to time participate
in underwriting or lending syndicates with respect to current or potential portfolio companies, or may otherwise be involved in
the public offering and/or private placement of debt or equity securities issued by, or loan proceeds borrowed by, such portfolio
companies, or otherwise in arranging financing (including loans) for such portfolio companies or advise on such transactions. Such
underwritings or engagements may be on a firm commitment basis or may be on an uncommitted &ldquo;best efforts&rdquo; basis. There
may also be circumstances in which the Fund commits to purchase a portion of an issuance by such a portfolio company for which
a Blackstone broker-dealer intends to syndicate to third parties and, in connection therewith and as a result thereof, subject
to the limitations of the Investment Company Act, Blackstone may receive commissions or other compensation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Blackstone will also from time to time,
on behalf of the Fund or other parties to a transaction involving the Fund, effect transactions, including transactions in the
secondary markets where it will from time to time have a potential conflict of interest regarding the Fund and the other parties
to those transactions to the extent it receives commissions or other compensation from such other parties. Subject to applicable
law, Blackstone will from time to time receive underwriting fees, discounts, placement commissions, lending arrangement and syndication
fees (or, in each case, rebates of any such fees, whether in the form of purchase price discounts or otherwise, even in cases where
Blackstone or an Other Client is purchasing debt) or other compensation with respect to the foregoing activities, none of which
are required to be shared with the Fund or its common shareholders. In addition, the advisory fee generally will not be reduced
by such amounts. Therefore, Blackstone will from time to time have a potential conflict of interest regarding the Fund and the
other parties to those transactions to the extent it receives commissions, discounts or such other compensation from such other
parties. Subject to applicable law, the Fund may approve any transactions in which a Blackstone broker-dealer acts as an underwriter,
as broker for the Fund, or as dealer, broker or advisor, on the other side of a transaction with the Fund. Firm employees, including
employees of GSO, are generally permitted to invest in alternative investment funds, real estate funds, hedge funds or other investment
vehicles, including potential competitors of the Fund. Common shareholders will not receive any benefit from any such investments.
Additionally, it can be expected that GSO and/or Blackstone will, from time to time, enter into arrangements or strategic relationships
with third parties, including other asset managers, financial firms or other businesses or companies, which, among other things,
provide for referral or sharing of investment opportunities. It is possible that the Fund will, along with GSO and/or Blackstone
itself, benefit from the existence of those arrangements and/or relationships. It is also possible that investment opportunities
that otherwise would be presented to or made by the Fund would instead be referred (in whole or in part) to such third party. For
example, a firm with which GSO and/or Blackstone has entered into a strategic relationship may be afforded with &ldquo;first-call&rdquo;
rights on a particular category of investment opportunities.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">On October 1, 2015 Blackstone spun-off its
financial and strategic advisory services, restructuring and reorganization advisory services, and its Park Hill fund placement
businesses and combined these businesses with PJT Partners, an independent financial advisory firm founded by Paul J. Taubman.
While the new combined business will operate independently from Blackstone and will not be an affiliate thereof, nevertheless conflicts
may arise in connection with transactions between or involving the Fund and the entities in which it invests on the one hand and
the spun-off firm on the other. Specifically, given that the spun-off firm will not be an affiliate of Blackstone, there may be
fewer or no restrictions or limitations placed on transactions or relationships engaged in by the new advisory business as compared
to the limitations or restrictions that might apply to transactions engaged in by an affiliate of Blackstone. It is expected that
there will be substantial overlapping ownership between Blackstone and the spun-off firm for a considerable period of time going
forward. Therefore, conflicts of interest in doing transactions involving the spun-off firm will still arise. The preexisting relationship
between Blackstone and its former personnel involved in such financial and strategic advisory services, the overlapping ownership,
co-investment and other continuing arrangements, may influence GSO in deciding to select or recommend such new company to perform
such services for the Fund (the cost of which will generally be borne directly or indirectly by the Fund). Nonetheless, the Adviser
and GSO will be free to cause the Fund to transact with PJT Partners notwithstanding such overlapping interests in, and relationships
with, PJT Partners. See &ldquo;Service Providers and Counterparties&rdquo; below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In addition, other present and future activities
of the Firm and its affiliates (including GSO and the Adviser) will from time to time give rise to additional conflicts of interest
relating to the Firm and its investment activities. In the event that any such conflict of interest arises, the Adviser will attempt
to resolve such conflict in a fair and equitable manner. Common shareholders should be aware that conflicts will not necessarily
be resolved in favor of the their interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Other Affiliate Transactions and Investments
in Different Levels of Capital Structure</I>. From time to time, the Fund and the Other Clients may make investments at different
levels of an issuer&rsquo;s capital structure or otherwise in different classes of an issuer&rsquo;s securities, subject to the
limitations of the Investment Company Act. Such investments may inherently give rise to conflicts of interest or perceived conflicts
of interest between or among the various classes of securities that may be held by such entities. To the extent the Fund holds
securities that are different (including with respect to their relative seniority) than those held by an Other Client, the Adviser
and its affiliates may be presented with decisions when the interests of the Fund and Other Clients are in conflict. For example,
conflicts could arise where the Fund lends funds to a portfolio company while an Other Client invests in equity securities of such
portfolio company. In this circumstance, for example, if such portfolio company goes into bankruptcy, becomes insolvent or is otherwise
unable to meet its payment obligations or comply with its debt covenants, conflicts of interest could arise between the holders
of different types of securities as to what actions the portfolio company should take. In addition, purchases or sales of securities
for the account of the Fund (particularly marketable securities) will be bunched or aggregated with orders for Other Clients. It
is frequently not possible to receive the same price or execution on the entire volume of securities sold, and the various prices
may be averaged, which may be disadvantageous to the Fund. Further conflicts could arise after the Fund and other affiliates have
made their respective initial investments. For example, if additional financing is necessary as a result of financial or other
difficulties, it may not be in the best interests of the Fund to provide such additional financing. If the other affiliates were
to lose their respective investments as a result of such difficulties, the ability of the Adviser to recommend actions in the best
interests of the Fund might be impaired. GSO may in its discretion take steps to reduce the potential for adversity between the
Fund and the Other Clients, including causing the Fund and/or such Other Clients to take certain actions that, in the absence of
such conflict, it would not take, including selling Fund assets (possibly at disadvantageous times or disadvantageous conditions)
or taking other actions in order to comply with the Investment Company Act. In addition, there may be circumstances where GSO agrees
to implement certain procedures to ameliorate conflicts of interest that may involve a forbearance of rights relating to the Fund
or Other Clients, such as where GSO may cause Other Clients to decline to exercise certain control- and/or foreclosure-related
rights with respect to a portfolio company. In addition, conflicts may arise in determining the amount of an investment, if any,
to be allocated among potential investors and the respective terms thereof. There can be no assurance that any conflict will be
resolved in favor of the Fund. There can be no assurance that the return on the Fund&rsquo;s investment will be equivalent to or
better than the returns obtained by the Other Clients participating in the transaction. The common shareholders will not receive
any benefit from fees paid to any affiliate of the Adviser from a portfolio company in which an Other Client also has an interest
to the extent permitted by the Investment Company Act.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Other Blackstone and GSO Clients; Allocation
of Investment Opportunities</I>. Certain inherent conflicts of interest arise from the fact that GSO and Blackstone provide investment
management and sub-advisory services to other registered investment companies, investment funds, client accounts and proprietary
accounts that GSO or Blackstone may establish (other than the Fund) (collectively, the &ldquo;Other Clients&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The respective investment programs of the
Fund and the Other Clients may or may not be substantially similar. GSO and/or Blackstone may give advice to, and recommend securities
for, Other Clients that may differ from advice given to, or securities recommended or bought for, the Fund, even though their investment
objectives may be the same as or similar to those of the Fund. While GSO will seek to manage potential conflicts of interest in
a fair and equitable manner, the portfolio strategies employed by GSO and Blackstone in managing their respective Other Clients
could conflict with the transactions and strategies employed by GSO in managing the Fund and may affect the prices and availability
of the securities and instruments in which the Fund invests. Conversely, participation in specific investment opportunities may
be appropriate, at times, for both the Fund and Other Clients. In any event, it is the policy of GSO to allocate investment opportunities
and sale opportunities on a basis deemed by GSO, in its sole discretion, to be fair and equitable over time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>Allocation Methodology Considerations</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">GSO will share any investment and sale opportunities
with such Other Clients and the Fund in accordance with the Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;),
and Firm-wide allocation policies, which generally provide for sharing pro rata based on targeted acquisition size or targeted
sale size.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Notwithstanding the foregoing, GSO may also
consider the following factors in making any allocation determinations, and such factors may result in a different allocation of
investment and/or sale opportunities:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(a) the risk-return and target return profile
of the proposed investment relative to the Fund&rsquo;s and the Other Clients&rsquo; current risk profiles;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(b) the Fund&rsquo;s and/or the Other Clients&rsquo;
investment objectives, policies, guidelines, restrictions and terms, including whether such objectives are considered solely in
light of the specific investment under consideration or in the context of the respective portfolios&rsquo; overall holdings;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(c) the need to re-size risk in the Fund&rsquo;s
or the Other Clients&rsquo; portfolios (including the potential for the proposed investment to create an industry, sector or issuer
imbalance in the Fund&rsquo;s and Other Clients&rsquo; portfolios, as applicable) and taking into account any existing non-pro
rata investment positions in the portfolio of the Fund and Other Clients;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(d) liquidity considerations of the Fund
and the Other Clients, including during a ramp-up of the Fund or such Other Clients or wind-down of Other Clients, proximity to
the end of the Other Clients&rsquo; specified term or investment period, any redemption/withdrawal/repurchase requests, anticipated
future contributions and available cash;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(e) tax consequences;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(f) regulatory or contractual restrictions
or consequences;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(g) avoiding a de minimis or odd lot allocation;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(h) availability and degree of leverage
and any requirements or other terms of any existing leverage facilities;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(i) the Fund&rsquo;s or Other Clients&rsquo;
investment focus on a classification attributable to an investment or issuer of an investment, including, without limitation, investment
strategy, geography, industry or business sector;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(j) the nature and extent of involvement
in the transaction on the part of the respective teams of investment professionals dedicated to the Fund or such Other Clients;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(k) the management of any actual or potential
conflict of interest;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(l) with respect to investments that are
made available to GSO by counterparties pursuant to negotiated trading platforms (e.g., ISDA contracts), the absence of such relationships
that may not be available for the Fund and all Other Clients; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">(m) any other considerations deemed relevant
by GSO in good faith.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">GSO shall not have any obligation to present
any investment opportunity to the Fund if GSO determines in good faith that such opportunity should not be presented to the Fund
for any one or a combination of the reasons specified above, or if GSO is otherwise restricted from presenting such investment
opportunity to the Fund. Subject to the Advisers Act, and as further set forth in this prospectus, certain Other Clients may receive
certain priority or other allocation rights with respect to certain investments, subject to various conditions set forth in such
Other Clients&rsquo; respective governing agreements. Moreover, with respect to GSO&rsquo;s ability to allocate investment opportunities,
including where such opportunities are within the common objectives and guidelines of the Fund and an Other Client (which allocations
are to be made on a basis that GSO believes in good faith to be fair and reasonable), GSO and Blackstone have established general
guidelines for determining how such allocations are to be made, which, among other things, set forth priorities and presumptions
regarding what constitutes &ldquo;debt&rdquo; investments, ranges of rates of returns for defining &ldquo;core&rdquo; investments,
presumptions regarding allocation for certain types of investments (e.g., distressed investments) and other matters. The application
of those guidelines may result in the Fund not participating (and/or not participating to the same extent) in certain investment
opportunities in which it would have otherwise participated had the related allocations been determined without regard to such
guidelines and/or based only on the circumstances of those particular investment. Orders may be combined for the Fund and all other
participating Other Clients, and if any order is not filled at the same price, they may be allocated on an average price basis.
Similarly, if an order on behalf of more than one account cannot be fully executed under prevailing market conditions, securities
may be allocated among the different accounts on a basis that GSO or its affiliates consider equitable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Co-Investment Opportunities</I>. As a
registered investment company under the Investment Company Act, the Fund is subject to certain limitations relating to co-investments
and joint transactions with affiliates, which likely will in certain circumstances limit the Fund&rsquo;s ability to make investments
or enter into other transactions alongside the Other Clients. There can be no assurance that such regulatory restrictions will
not adversely affect the Fund&rsquo;s ability to capitalize on attractive investment opportunities. However, subject to the Investment
Company Act, the Fund may co-invest with Other Clients (including co-investment or other vehicles in which the Firm or its personnel
invest and that co-invest with such Other Clients) in investments that are suitable for the Fund one or more of such Other Clients.
Even if the Fund and any such Other Clients and/or co-investment or other vehicles invest in the same securities, conflicts of
interest may still arise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Debt Financings in connection with Acquisitions
and Dispositions</I>. To the extent permitted by the Investment Company Act, the Fund may from time to time provide financing as
part of a third party purchaser&rsquo;s bid for, or acquisition of, a portfolio entity or the underlying assets thereof owned by
one or more Other Clients. This generally would include the circumstance where the Fund is making commitments to provide financing
at or prior to the time such third-party purchaser commits to purchase such investments or assets from one or more Other Clients.
While the terms and conditions of any such arrangements will generally be at arms&rsquo; length terms negotiated on a case by case
basis, the involvement of the Fund and/or such Other Clients or affiliates may affect the terms of such transactions or arrangements
and/or may otherwise influence the Adviser&rsquo;s decisions with respect to the management of the Fund and/or such Other Clients
or the relevant portfolio company, which may give rise to potential or actual conflicts of interest and which could adversely impact
the Fund.</P>

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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may from time to time dispose of
all or a portion of an investment where the Firm or one or more Other Clients is providing financing to repay debt issued to the
Fund. Such involvement may give rise to potential or actual conflicts of interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Service Providers and Counterparties</I>.
Certain advisors and other service providers, or their affiliates (including accountants, administrators, lenders, bankers, brokers,
attorneys, consultants, and investment or commercial banking firms) to the Fund, the Firm and/or portfolio companies also provide
goods or services to, or have business, personal, financial or other relationships with, the Firm and portfolio companies. Such
advisors and service providers (or their affiliates) may be investors in the Fund, sources of investment opportunities, co-investors,
commercial counterparties and/or portfolio companies in which the Firm and/or the Fund has an investment. Accordingly, payments
by the Fund and/or such entities may indirectly benefit the Fund and/or its affiliates. In addition, the retention of such entities
as advisors or service providers may give rise to actual or potential conflicts of interest. Additionally, certain employees of
the Firm may have family members or relatives employed by such advisors and service providers (or their affiliates). These relationships
may influence GSO and/or the Adviser in deciding whether to select or recommend such advisors or service providers to perform services
for the Fund or portfolio companies (the cost of which will generally be borne directly or indirectly by the Fund or such portfolio
companies, as applicable). Notwithstanding the foregoing, investment transactions relating to the Fund that require the use of
a service provider will generally be allocated to service providers on the basis of best execution, the evaluation of which includes,
among other considerations, such service provider&rsquo;s provision of certain investment-related services and research that the
Adviser believes to be of benefit to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Advisers and service providers, or their
affiliates, often charge different rates or have different arrangements for different types of services. With respect to service
providers, for example, the fee for a given type of work may vary depending on the complexity of the matter as well as the expertise
required and demands placed on the service provider. Therefore, to the extent the types of services used by the Fund and/or portfolio
companies are different from those used by the Firm and its affiliates (including personnel), GSO or its affiliates (including
personnel) may pay different amounts or rates than those paid by the Fund and/or portfolio companies. However, GSO and its affiliates
have a longstanding practice of not entering into any arrangements with advisors or service providers that could provide for lower
rates or discounts than those available to the Fund, Other Clients and/or portfolio companies for the same services. In addition,
the Firm and its affiliates, including without limitation, the Fund, the Other Clients and/or their portfolio companies, may enter
into agreements or other arrangements with vendors and other similar counterparties (whether such counterparties are affiliated
or unaffiliated with the Firm) from time to time whereby such counterparty may charge lower rates and/or provide discounts or rebates
for such counterparty&rsquo;s products and/or services depending on certain factors, including without limitation, volume of transactions
entered into with such counterparty by the Firm, its affiliates, the Fund, the Other Clients and their portfolio companies in the
aggregate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Allocation of Personnel</I>. The Adviser
will devote as much of its time to the activities of the Fund as they deem necessary and appropriate. By the terms of the Investment
Advisory Agreement, the Adviser is not restricted from forming additional investment funds, from entering into other investment
advisory relationships or from engaging in other business activities, even though such activities may be in competition with the
Fund and/or may involve substantial time and resources of the Adviser. These activities could be viewed as creating a conflict
of interest in that the time and effort of the members of the Adviser and GSO, and their officers and employees will not be devoted
exclusively to the business of the Fund, but will be allocated between the business of the Fund and the management of the monies
of such other advisees of the Adviser and GSO.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Portfolio Company Data</I>. The Firm
receives various kinds of portfolio company/entity data and information (including from portfolio companies and/or entities of
the Fund), such as data and information relating to business operations, trends, budgets, customers and other metrics (this data
is sometimes referred to as &ldquo;big data&rdquo;). In furtherance of the foregoing, the Firm may seek to enter into information
sharing and use arrangements with portfolio companies and/or entities.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Firm believes that access to this information
furthers the interests of the common shareholders by providing opportunities for operational improvements across portfolio companies
and/or entities and in connection with the Fund&rsquo;s investment management activities. Subject to appropriate contractual arrangements,
the Firm may also utilize such information outside of the Fund&rsquo;s activities in a manner that provides a material benefit
to the Firm and/or its affiliates, but not the Fund. The sharing and use of such information presents potential conflicts of interest,
and investors acknowledge and agree that any corresponding/resulting benefits received by the Firm and/or its affiliates will not
be subject to a management fee offset. As a result, the Adviser may have an incentive to pursue investments in companies and/or
entities based on their data and information and/or to utilize such information in a manner that benefits the Firm and/or its affiliates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Material, Non-Public Information</I>.
GSO may come into possession of material non-public information with respect to an issuer. Should this occur, GSO would likely
be restricted from buying, originating or selling securities, loans of, or derivatives with respect to, the issuer on behalf of
the Fund until such time as the information becomes public or is no longer deemed material such that it would preclude the Fund
from participating in an investment. Disclosure of such information to the Adviser&rsquo;s personnel responsible for the affairs
of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the
Fund may not have access to material non-public information in the possession of GSO that might be relevant to an investment decision
to be made by the Fund. In addition, GSO, in an effort to avoid buying or selling restrictions on behalf of the Fund or Other Clients,
may choose to forgo an opportunity to receive (or elect not to receive) information that other market participants or counterparties,
including those with the same positions in the issuer as the Fund, are eligible to receive or have received, even if possession
of such information would be advantageous to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In addition, affiliates of GSO within Blackstone
may come into possession of material non-public information with respect to an issuer. Should this occur, GSO may be restricted
from buying, originating or selling securities, loans of, or derivatives with respect to, the issuer on behalf of the Fund if the
Firm deemed such restriction appropriate. Disclosure of such information to the Adviser&rsquo;s personnel responsible for the affairs
of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the
Fund may not have access to material non-public information in the possession of the Firm that might be relevant to an investment
decision to be made by the Fund. Accordingly, the Fund may not be able to initiate a transaction that it otherwise might have initiated
and may not be able to sell an investment that it otherwise might have sold.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Other Trading and Investing Activities</I>.
Certain Other Clients may invest in securities of publicly traded companies that are actual or potential issuers. The trading activities
of those vehicles may differ from or be inconsistent with activities that are undertaken for the account of the Fund in such securities
or related securities. In addition, the Fund might not pursue an investment in an issuer as a result of such trading activities
by Other Clients.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Possible Future Activities</I>. The Firm
and its affiliates may expand the range of services that it provides over time. Except as provided herein, the Firm and its affiliates
will not be restricted in the scope of its business or in the performance of any such services (whether now offered or undertaken
in the future) even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described
herein. The Firm and its affiliates have, and will continue to develop, relationships with a significant number of companies, financial
sponsors and their senior managers, including relationships with clients who may hold or may have held investments similar to those
intended to be made by the Fund. These clients may themselves represent appropriate investment opportunities for the Fund or may
compete with the Fund for investment opportunities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Restrictions Arising under the Securities
Laws</I>. The Firm&rsquo;s activities (including, without limitation, the holding of securities positions or having one of its
employees on the board of directors of a portfolio company) could result in securities law restrictions (including under the Investment
Company Act) on transactions in securities held by the Fund, affect the prices of such securities or the ability of such entities
to purchase, retain or dispose of such investments, or otherwise create conflicts of interest, any of which could have an adverse
impact on the performance of the Fund and thus the return to the common shareholders.</P>

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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In addition, the Investment Company Act
limits the Fund&rsquo;s ability to enter into certain transactions with certain of the Fund&rsquo;s affiliates. As a result of
these restrictions, the Fund may be prohibited from buying or selling any security directly from or to any portfolio company of
a fund or account managed by the Firm. However, the Fund may under certain circumstances purchase any such portfolio company&rsquo;s
securities in the secondary market, which could create a conflict for the Adviser between its interests in the Fund and the portfolio
company, in that the ability of the Adviser to act in the Fund&rsquo;s best interest might be restricted by applicable law. The
Investment Company Act also prohibits certain &ldquo;joint&rdquo; transactions with certain of the Fund&rsquo;s affiliates, which
could include investments in the same portfolio company (whether at the same or different times). These limitations may limit
the scope of investment opportunities that would otherwise be available to the Fund.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><I>Additional Potential Conflicts</I>.
The officers, directors, members, managers, and employees of the Adviser and GSO may trade in securities for their own accounts,
subject to restrictions and reporting requirements as may be required by law or the Firm&rsquo;s policies, or otherwise determined
from time to time by the Adviser or GSO, as applicable.<FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Proxy Voting Policies</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The board of trustees of the Fund has delegated
the voting of proxies for Fund securities to the Adviser pursuant to the Adviser&rsquo;s proxy voting guidelines. Under these guidelines,
the Adviser will vote proxies related to Fund securities in the best interests of the Fund and its shareholders. A copy of the
Adviser&rsquo;s proxy voting policy is attached as Appendix B to this Statement of Additional Information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Information on how the Fund voted proxies
(if any) relating to portfolio securities during the most recent 12 month period ended June 30 is available without charge by calling
(877) 876-1121, or on the Securities and Exchange Commission&rsquo;s website at http://www.sec.gov.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Codes of Ethics</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund and the Adviser have adopted codes
of ethics pursuant to Rule 17j-1 under the Investment Company Act. These codes govern personal trading by Fund and Adviser personnel.
Among other requirements, the codes require certain persons to report certain of their personal securities transactions and holdings
(in reportable securities) to the Adviser or Fund, and the Adviser and Fund are required to review such reports. The Fund&rsquo;s
code permits the Fund&rsquo;s personnel to trade in securities, but prohibits insider trading and trades knowingly made within
certain time frames of trades made by the Fund in the same securities. The Adviser&rsquo;s code permits the Adviser&rsquo;s personnel
to trade in securities, but not to trade in securities in which the Fund invests. These codes can be reviewed and copied at the
SEC&rsquo;s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained
by calling the SEC at (202) 551-8090. These codes of ethics are available on the EDGAR Database on the SEC&rsquo;s Web site (http://www.sec.gov),
and copies of these codes may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address:
publicinfo@sec.gov, or by writing the SEC&rsquo;s Public Reference Section, Washington, D.C. 20549-0102.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Portfolio
Transactions and Brokerage</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Adviser is responsible for decisions
to buy and sell securities for the Fund, the selection of brokers and dealers to effect the transactions and the negotiation of
prices and any brokerage commissions. With respect to Senior Loans and Subordinated Loans, the Fund generally will engage in privately
negotiated transactions for purchase or sale in which the Adviser will negotiate on behalf of the Fund, although a more developed
market may exist or develop for certain Senior Loans and Subordinated Loans. Most of these transactions will be principal transactions
at net prices for which the Fund will generally incur little or no brokerage costs. The Fund may be required to pay fees, or forgo
a portion of interest and any fees payable to the Fund, to a lender selling Assignment or Participations to the Fund. The Adviser
will determine the lenders from whom the Fund will purchase Assignments and Participations by considering their professional ability,
level of service, relationship with the Borrower, financial condition, credit standards and quality of management. Affiliates of
the Adviser may participate in the primary and secondary market for Senior Loans and Subordinated Loans. Because of certain limitations
imposed by the Investment Company Act, this may restrict the Fund&rsquo;s ability to acquire some Senior Loans and Subordinated
Loans. The Adviser does not believe that this will have a material effect on the Fund&rsquo;s ability to acquire Senior Loans and
Subordinated Loans consistent with its investment policies. Sales to dealers are effected at bid prices. The illiquidity of many
Senior Loans and Subordinated Loans may restrict the ability of the Adviser to locate in a timely manner persons willing to purchase
the Fund&rsquo;s interests in Senior Loans or Subordinated Loans at a fair price should the Fund desire to sell such interests.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">With respect to other types of securities,
the Fund may purchase certain money market instruments directly from an issuer, in which case no commissions or discounts are paid,
may purchase securities in the over-the-counter market from an underwriter or dealer serving as market maker for the securities,
in which case the price includes a fixed amount of compensation to the underwriter or dealer, and may purchase and sell listed
securities on an exchange, which are effected through brokers who charge a commission for their services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Payments of commissions to brokers who are
affiliated persons of the Fund (or affiliated persons of such persons) will be made in accordance with Rule 17e-1 under the Investment
Company Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Commissions paid on such
transactions would be commensurate with the rate of commissions paid on similar transactions to brokers that are not so
affiliated. The Fund  did not pay any brokerage commissions during fiscal years ended
December 31, 2017, 2016, and 2015.</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Adviser is responsible for placing portfolio
transactions and will do so in a manner deemed fair and reasonable to the Fund and not according to any formula. The primary consideration
in all portfolio transactions is prompt execution of orders in an effective manner at the most favorable price. In selecting broker-dealers
and in negotiating prices and any brokerage commissions on such transactions, the Adviser considers the firm&rsquo;s reliability,
integrity and financial condition and the firm&rsquo;s execution capability, the size and breadth of the market for the security,
the size of and difficulty in executing the order, and the best net price. There may be instances when, in the judgment of the
Adviser, more than one firm can offer comparable execution services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A commission paid to such brokers may be
higher than that which another qualified broker would have charged for effecting the same transaction, provided that the Adviser
determine in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of
the Adviser to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in relation to
the benefits to the Fund over the long-term. The advisory fees that the Fund pays to the Adviser will not be reduced as a consequence
of the Adviser&rsquo;s receipt of brokerage and research services. To the extent that portfolio transactions are used to obtain
such services, the brokerage commissions paid by the Fund will exceed those that might otherwise be paid by an amount that cannot
be presently determined. Such services generally would be useful and of value to the Adviser in serving one or more of their other
clients and, conversely, such services obtained by the placement of brokerage business of other clients generally would be useful
to the Adviser in carrying out their obligations to the Fund. While such services are not expected to reduce the expenses of the
Adviser, the Adviser would, through use of the services, avoid the additional expenses that would be incurred if they should attempt
to develop comparable information through their own staffs. Commission rates for brokerage transactions on foreign stock exchanges
are generally fixed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">One or more of the other accounts that the
Adviser manages may own from time to time some of the same investments as the Fund. Investment decisions for the Fund are made
independently from those of such other investment companies or accounts; however, from time to time, the same investment decision
may be made for more than one company or account. When two or more companies or accounts seek to purchase or sell the same securities,
the securities actually purchased or sold will be allocated among the companies and accounts on a good faith equitable basis, usually
on a pro rata basis, by the Adviser in its discretion in accordance with the accounts&rsquo; various investment objectives. Such
allocations are based upon the written procedures of the Adviser, which have been reviewed and approved by the board of trustees.
In some cases, this system may adversely affect the price or size of the position obtainable for the Fund. In other cases, however,
the ability of the Fund to participate in volume transactions may produce better execution for the Fund. It is the opinion of the
Fund&rsquo;s board of trustees that this advantage, when combined with the other benefits available due to the Adviser&rsquo;s
organization, outweighs any disadvantages that may be said to exist from exposure to simultaneous transactions.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">It is not the Fund&rsquo;s policy to engage
in transactions with the objective of seeking profits from short-term trading. However, the annual portfolio turnover rate of the
Fund may be greater than 100%. Because it is difficult to predict accurately portfolio turnover rates, actual turnover may be higher
or lower. Higher portfolio turnover results in increased Fund costs, including brokerage commissions, dealer mark-ups and other
transaction costs on the sale of securities and on the reinvestment in other securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description
of Shares</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Common Shares</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund intends to hold annual meetings
of shareholders so long as the common shares are listed on a national securities exchange and such meetings are required as a condition
to such listing. All common shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or
other subscription rights. The Fund will send annual and semi-annual reports, including financial statements, to all holders of
its shares. The prospectus contains a detailed discussion of the common shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred Shares</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Agreement and Declaration of Trust
provides that the Fund&rsquo;s board of trustees may authorize and issue preferred shares with rights as determined by the board
of trustees, by action of the board of trustees without the approval of the holders of the common shares. Holders of common shares
have no preemptive right to purchase any preferred shares that might be issued. Whenever preferred shares are outstanding, the
holders of common shares will not be entitled to receive any distributions from the Fund unless all accrued dividends on preferred
shares have been paid, unless asset coverage (as defined in the Investment Company Act) with respect to preferred shares would
be at least 200% after giving effect to the distributions and unless certain other requirements imposed by any rating agencies
rating the preferred shares have been met. The prospectus contains a discussion of the preferred shares it is currently anticipated
the Fund may issue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Other Shares</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The board of trustees (subject to applicable
law and the terms of the Fund&rsquo;s Agreement and Declaration of Trust) may authorize an offering, without the approval of the
holders of either common shares or preferred shares, of other classes of shares, or other classes or series of shares, as they
determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions
as the board of trustees see fit. The Fund currently does not expect to issue any other classes of shares, or series of shares,
except for the common shares and preferred shares, if any.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Repurchase
of Common Shares</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund is a closed-end management investment
company and as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, the Fund&rsquo;s
common shares will trade in the open market at a price that will be a function of several factors, including dividend levels (which
are in turn affected by expenses), net asset value, dividend stability, relative demand for and supply of such shares in the market,
general market and economic conditions and other factors. Because shares of a closed-end investment company may frequently trade
at prices lower than net asset value, the Fund&rsquo;s board of trustees may consider action that might be taken to reduce or eliminate
any material discount from net asset value in respect of common shares, which may include the repurchase of such shares in the
open market or in private transactions, the making of a tender offer for such shares, or the conversion of the Fund to an open-end
investment company. The board of trustees may decide not to take any of these actions. In addition, there can be no assurance that
share repurchases or tender offers, if undertaken, will reduce market discount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Notwithstanding the foregoing, at any time
when the Fund&rsquo;s preferred shares are outstanding, the Fund may not purchase, redeem or otherwise acquire any of its common
shares unless (1) all accrued preferred shares dividends have been paid and (2) at the time of such purchase, redemption or acquisition,
the net asset value of the Fund&rsquo;s portfolio (determined after deducting the acquisition price of the common shares) is at
least 200% of the liquidation value of the outstanding preferred shares (expected to equal the original purchase price per share
plus any accrued and unpaid dividends thereon). Any service fees incurred in connection with any tender offer made by the Fund
will be borne by the Fund and will not reduce the stated consideration to be paid to tendering shareholders.</P>

<!-- Field: Page; Sequence: 133; Value: 27 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Subject to its investment restrictions,
the Fund may borrow to finance the repurchase of shares or to make a tender offer. Interest on any borrowings to finance share
repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases or tenders will reduce the
Fund&rsquo;s net income. Any share repurchase, tender offer or borrowing that might be approved by the Fund&rsquo;s board of trustees
would have to comply with the Exchange Act, the Investment Company Act and the rules and regulations thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Although the decision to take action in
response to a discount from net asset value will be made by the board of trustees at the time it considers such issue, it is the
board&rsquo;s present policy, which may be changed by the board of trustees, not to authorize repurchases of common shares or a
tender offer for such shares if: (1) such transactions, if consummated, would (a) result in the delisting of the common shares
from the New York Stock Exchange, or (b) impair the Fund&rsquo;s status as a regulated investment company under the Code (which
would make the Fund a taxable entity, causing the Fund&rsquo;s income to be taxed at the corporate level in addition to the taxation
of shareholders who receive dividends from the Fund), or as a registered closed-end investment company under the Investment Company
Act; (2) the Fund would not be able to liquidate portfolio securities in an orderly manner and consistent with the Fund&rsquo;s
investment objectives and policies in order to repurchase shares; or (3) there is, in the board&rsquo;s judgment, any (a) material
legal action or proceeding instituted or threatened challenging such transactions or otherwise materially adversely affecting the
Fund, (b) general suspension of or limitation on prices for trading securities on the New York Stock Exchange, (c) declaration
of a banking moratorium by Federal or state authorities or any suspension of payment by United States or New York banks, (d) material
limitation affecting the Fund or the issuers of its portfolio securities by Federal or state authorities on the extension of credit
by lending institutions or on the exchange of foreign currency, (e) commencement of war, armed hostilities or other international
or national calamity directly or indirectly involving the United States, excluding the current hostilities in Iraq, Afghanistan
and Pakistan, to the extent these hostilities do not materially escalate, or (f) other event or condition which would have a material
adverse effect (including any adverse tax effect) on the Fund or its shareholders if shares were repurchased. The board of trustees
may in the future modify these conditions in light of experience.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The repurchase by the Fund of its shares
at prices below net asset value will result in an increase in the net asset value of those shares that remain outstanding. However,
there can be no assurance that share repurchases or tender offers at or below net asset value will result in the Fund&rsquo;s shares
trading at a price equal to their net asset value. Nevertheless, the fact that the Fund&rsquo;s shares may be the subject of repurchase
or tender offers from time to time, or that the Fund may be converted to an open-end investment company, may reduce any spread
between market price and net asset value that might otherwise exist.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In addition, a purchase by the Fund of its
common shares will decrease the Fund&rsquo;s total assets which would likely have the effect of increasing the Fund&rsquo;s expense
ratio. Any purchase by the Fund of its common shares at a time when preferred shares are outstanding will increase the leverage
applicable to the outstanding common shares then remaining.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Before deciding whether to take any action
if the common shares trade below net asset value, the Fund&rsquo;s board of trustees will consider all relevant factors, including
the extent and duration of the discount, the liquidity of the Fund&rsquo;s portfolio, the impact of any action that might be taken
on the Fund or its shareholders and market considerations. Based on these considerations, even if the Fund&rsquo;s shares should
trade at a discount, the board of trustees may determine that, in the interest of the Fund and its shareholders, no action should
be taken.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Tax Matters</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Set forth below is a discussion of the
material U.S. federal income tax aspects concerning the Fund and the purchase, ownership and disposition of common shares of the
Fund. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be
relevant to shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S.
shareholders that hold common shares of the Fund as capital assets. A U.S. shareholder is an individual who is a citizen or resident
of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States
and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election
to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source.
This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative
ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This
discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of
taxpayers including, without limitation, financial institutions, insurance companies, investors in pass-through entities, U.S.
shareholders whose &ldquo;functional currency&rdquo; is not the U.S. dollar, tax-exempt organizations, dealers in securities or
currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold common shares
of the Fund as a position in a &ldquo;straddle,&rdquo; &ldquo;hedge&rdquo; or as part of a &ldquo;constructive sale&rdquo; for
U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare tax on net investment
income or the U.S. federal alternative minimum tax. Prospective investors should consult their tax advisors with regard to the
U.S. federal tax consequences of the purchase, ownership, or disposition of common shares, as well as the tax consequences arising
under the laws of any state, foreign country or other taxing jurisdiction.&nbsp;</P>

<!-- Field: Page; Sequence: 134; Value: 27 -->
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation of the Fund</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund has elected to be treated, and
intends to continue to qualify annually, as a regulated investment company (a &ldquo;RIC&rdquo;) under Subchapter M of the Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">To qualify for the favorable U.S. federal
income tax treatment generally accorded to RICs, the Fund must, among other things: (i) derive in each taxable year at least 90%
of its gross income from (a) dividends, interest, payments with respect to securities loans and gains from the sale or other disposition
of stock, securities or foreign currencies or other income (including but not limited to gains from options, futures or forward
contracts) derived with respect to its business of investing in such stock, securities or currencies; and (b) net income derived
from interests in certain publicly traded partnerships that are treated as partnerships for U.S. federal income tax purposes and
that derive less than 90% of their gross income from the items described in (a) above (each a &ldquo;Qualified Publicly Traded
Partnership&rdquo;); and (ii) diversify its holdings so that, at the end of each quarter of the taxable year, (a) at least 50%
of the value of the Fund&rsquo;s assets is represented by cash and cash items (including receivables), U.S. government securities,
the securities of other RICs and other securities, with such other securities limited, with respect to any one issuer, to an amount
not greater than 5% of the value of the Fund&rsquo;s total assets and not greater than 10% of the outstanding voting securities
of such issuer, and (b) not more than 25% of the value of its total assets is represented by the securities (other than U.S. government
securities or the securities of other RICs) of (I) any one issuer, (II) any two or more issuers that the Fund controls and that
are engaged in the same, similar or related trades or businesses, or (III) any one or more Qualified Publicly Traded Partnerships.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">As a RIC, the Fund generally will not be
subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but determined
without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term
capital loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least 90%
of the sum of its investment company taxable income and its net tax-exempt income for such taxable year. The Fund intends to distribute
to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gain.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Amounts not distributed on a timely basis
in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent
imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98%
of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (ii) 98.2% of its capital gains
in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar
year, and (iii) any ordinary income and capital gains for previous years that were not distributed during those years. For these
purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A distribution will be treated as paid on
December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month
and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar
year in which the distributions are declared, rather than the calendar year in which the distributions are received.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If the Fund failed to qualify as a RIC or
failed to satisfy the 90% distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at
regular corporate rates on its taxable income (including distributions of net capital gain), even if such income were distributed
to its shareholders, and all distributions out of earnings and profits would be taxed to shareholders as ordinary dividend income.
Such distributions generally would be eligible (i) to be treated as &ldquo;qualified dividend income&rdquo; in the case of individual
and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. In addition,
the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest
charges) before requalifying for taxation as a RIC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Distributions to shareholders by the Fund
of ordinary income (including &ldquo;market discount&rdquo; realized by the Fund on the sale of debt securities), and of net short-term
capital gains, if any, realized by the Fund will generally be taxable to shareholders as ordinary income to the extent that such
distributions are paid out of the Fund&rsquo;s current or accumulated earnings and profits. Distributions, if any, of net capital
gains properly reported as &ldquo;capital gain dividends&rdquo; will be taxable as long-term capital gains, regardless of the length
of time the shareholder has owned common shares. A distribution of an amount in excess of the Fund&rsquo;s current and accumulated
earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital
which will be applied against and reduce the shareholder&rsquo;s basis in his or her common shares. To the extent that the amount
of any such distribution exceeds the shareholder&rsquo;s basis in his or her common shares, the excess will be treated by the shareholder
as gain from a sale or exchange of the common shares. Distributions paid by the Fund generally will not be eligible for the dividends
received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by
non-corporate shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Distributions will be treated in the manner
described above regardless of whether such distributions are paid in cash or invested in additional common shares of the Fund pursuant
to the DRIP. Shareholders receiving distributions in the form of additional common shares of the Fund will be treated as receiving
a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash, unless
the Fund issues additional common shares with a fair market value equal to or greater than net asset value, in which case, shareholders
will be treated as receiving a distribution in the amount of the fair market value of the distributed common shares of the Fund.
The additional common shares received by a shareholder pursuant to the DRIP will have a new holding period commencing on the day
following the day on which such common shares were credited to the shareholder&rsquo;s account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may elect to retain its net capital
gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate
the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution
of his pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of
such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid
by the Fund on the gain and (iii) increase the tax basis for its common shares by an amount equal to the deemed distribution less
the tax credit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Internal Revenue Service currently requires
that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such
as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly,
if the Fund issues preferred shares, the Fund intends to allocate capital gain dividends, if any, between its common shares and
preferred shares in proportion to the total dividends paid to each class with respect to such tax year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Shareholders will be notified annually as
to the U.S. federal tax status of distributions, and shareholders receiving distributions in the form of additional common shares
will receive a report as to the net asset value of those common shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Sale or Exchange of Common Shares</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Upon the sale or other disposition of common
shares of the Fund (including upon termination of the Fund), a shareholder will generally realize a capital gain or loss in an
amount equal to the difference between the amount realized and the shareholder&rsquo;s adjusted tax basis in the common shares
sold. Such gain or loss will be long-term or short-term, depending upon the shareholder&rsquo;s holding period for the common shares.
Generally, a shareholder&rsquo;s gain or loss will be a long-term gain or loss if the common shares have been held for more than
one year. For non-corporate taxpayers, long-term capital gains are currently eligible for reduced rates of taxation.</P>

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   <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">No loss will be allowed on the sale or other
disposition of common shares of the Fund if the owner acquires (including pursuant to the DRIP) or enters into a contract or option
to acquire securities that are substantially identical to such common shares within 30 days before or after the disposition. In
such a case, the basis of the securities acquired will be adjusted to reflect the disallowed loss. Losses realized by a shareholder
on the sale or exchange of common shares held for six months or less are treated as long-term capital losses to the extent of any
distribution of long-term capital gain received (or amounts designated as undistributed capital gains) with respect to such common
shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Under U.S. Treasury regulations, if a shareholder
recognizes a loss with respect to common shares of $2 million or more for an individual shareholder or $10 million or more for
a corporate shareholder, the shareholder must file with the Internal Revenue Service a disclosure statement on Internal Revenue
Service Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but
under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting
requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the
legal determination of whether the taxpayer&rsquo;s treatment of the loss is proper. Shareholders should consult their tax advisors
to determine the applicability of these regulations in light of their individual circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Nature of Fund&rsquo;s Investments</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Certain of the Fund&rsquo;s hedging and
derivatives transactions are subject to special and complex U.S. federal income tax provisions that may, among other things, (i)
disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital
gain into higher-taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital
loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt
of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely
alter the intended characterization of certain complex financial transactions and (vii) produce income that will not be treated
as qualifying income for purposes of the 90% gross income test described above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">These rules could therefore affect the character,
amount and timing of distributions to shareholders and the Fund&rsquo;s status as a RIC. The Fund will monitor its transactions
and may make certain tax elections in order to mitigate the effect of these provisions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Below Investment Grade Instruments</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund expects to invest a substantial
portion of its Managed Assets in below investment grade (high yield) instruments, commonly known as &ldquo;high yield&rdquo; or
&ldquo;junk&rdquo; instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal
income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount
or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received
on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy
or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, to preserve its
status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Original Issue Discount Securities</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Investments by the Fund in zero coupon
or other discount securities will result in income to the Fund equal to a portion of the excess of the face value of the securities
over their issue price (the &ldquo;original issue discount&rdquo;) each year during which the Fund holds the securities, even
if the Fund receives no cash interest payments. If the Fund purchases debt instruments as part of a package of investments where
the Fund also invests in common stock, other equity securities or warrants, the Fund might be required to accrue original issue
discount in an amount equal to the value of such common stock, other equity securities or warrants (even if the face amount of
such debt instruments does not exceed the Fund&rsquo;s purchase price for such package of investments). Original issue discount
is included in determining the amount of income which the Fund must distribute to maintain its qualification for the favorable
U.S. federal income tax treatment generally accorded to RICs and to avoid the payment of U.S. federal income tax and the nondeductible
4% U.S. federal excise tax. Because such income may not be matched by a corresponding cash distribution to the Fund, the Fund
may be required to borrow money or dispose of other securities to be able to make distributions to its shareholders.&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Market Discount Securities</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">In general, the Fund will be treated as
having acquired a security with market discount if its stated redemption price at maturity (or, in the case of a security issued
with original issue discount, its revised issue price) exceeds the Fund&rsquo;s initial tax basis in the security by more than
a statutory de minimis amount. The Fund will be required to treat any principal payments on, or any gain derived from the disposition
of, any securities acquired with market discount as ordinary income to the extent of the accrued market discount, unless the Fund
makes an election to accrue market discount on a current basis. If this election is not made, all or a portion of any deduction
for interest expense incurred to purchase or carry a market discount security may be deferred until the Fund sells or otherwise
disposes of such security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Currency Fluctuations</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Under Section 988 of the Code, gains or
losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other
liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities
are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency, foreign currency forward contracts,
certain foreign currency options or futures contracts and the disposition of debt securities denominated in foreign currency, to
the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary
income or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign Taxes</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund&rsquo;s investment in Non-U.S.
Securities may be subject to non-U.S. withholding taxes. In that case, the Fund&rsquo;s yield on those securities would be decreased.
Shareholders will generally not be entitled to claim a credit or deduction with respect to foreign taxes paid by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred Shares or Borrowings</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If the Fund utilizes leverage through the
issuance of preferred shares or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment
of, dividends on common shares in certain circumstances. Limits on the Fund&rsquo;s payments of dividends on common shares may
prevent the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund&rsquo;s qualification
for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability
to make dividend payments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Backup Withholding</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may be required to withhold from
all distributions and redemption proceeds payable to U.S. shareholders who fail to provide the Fund with their correct taxpayer
identification numbers or to make required certifications, or who have been notified by the Internal Revenue Service that they
are subject to backup withholding. Certain shareholders specified in the Code generally are exempt from such backup withholding.
This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the shareholder&rsquo;s
U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service.&nbsp;</P>

<!-- Field: Page; Sequence: 138; Value: 27 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign Shareholders</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">U.S. taxation of a shareholder who is a
nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes
(a &ldquo;foreign shareholder&rdquo;), depends on whether the income from the Fund is &ldquo;effectively connected&rdquo; with
a U.S. trade or business carried on by the shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If the income from the Fund is not &ldquo;effectively
connected&rdquo; with a U.S. trade or business carried on by the foreign shareholder, distributions of investment company taxable
income will be subject to a U.S. tax of 30% (or lower treaty rate), which tax is generally withheld from such distributions. However,
dividends paid by the Fund that are &ldquo;interest-related dividends&rdquo; or &ldquo;short-term capital gain dividends&rdquo;
will generally be exempt from such withholding, in each case to the extent the Fund properly reports such dividends to shareholders.
For these purposes, interest-related dividends and short-term capital gain dividends generally represent distributions of interest
or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly
by a foreign shareholder, and that satisfy certain other requirements. A foreign shareholder whose income from the Fund is not
&ldquo;effectively connected&rdquo; with a U.S. trade or business would generally be exempt from U.S. federal income tax on capital
gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon
the sale or exchange of common shares. However, a foreign shareholder who is a nonresident alien individual and is physically present
in the United States for more than 182 days during the taxable year and meets certain other requirements will nevertheless be subject
to a U.S. tax of 30% on such capital gain dividends, undistributed capital gains and sale or exchange gains.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">If the income from the Fund is &ldquo;effectively
connected&rdquo; with a U.S. trade or business carried on by a foreign shareholder, then distributions of investment company taxable
income, any capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any
gains realized upon the sale or exchange of common shares will be subject to U.S. federal income tax at the graduated rates applicable
to U.S. citizens, residents or domestic corporations. Foreign corporate shareholders may also be subject to the branch profits
tax imposed by the Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may be required to withhold from
distributions that are otherwise exempt from U.S. federal withholding tax (or taxable at a reduced treaty rate) unless the foreign
shareholder certifies his or her foreign status under penalties of perjury or otherwise establishes an exemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The tax consequences to a foreign shareholder
entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Foreign shareholders are advised
to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Additional Withholding Requirements</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Under Sections 1471 through 1474 of the
Code (such Sections commonly referred to as &ldquo;FATCA&rdquo;), a 30% United States federal withholding tax may apply to any
ordinary dividends and other distributions that the Fund pays and, beginning January 1, 2019, the gross proceeds from certain capital
gain dividends or the disposition of common shares, in each case paid to (i) a &ldquo;foreign financial institution&rdquo; (as
specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless
such foreign financial institution agrees to verify, report and disclose its United States &ldquo;account&rdquo; holders (as specifically
defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such non-financial
foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner
of the payment does not have any substantial United States owners or provides the name, address and taxpayer identification number
of each such substantial United States owner and certain other specified requirements are met. In certain cases, the relevant foreign
financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with,
these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with
the United States governing FATCA may be subject to different rules. You should consult your own tax advisor regarding FATCA and
whether it may be relevant to your ownership and disposition of common shares of the Fund.</P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Other Taxation</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Fund shareholders may be subject to state,
local and foreign taxes on their Fund distributions. Shareholders are advised to consult their own tax advisers with respect to
the particular tax consequences to them of an investment in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Control
Persons and Principal Holders of Securities</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 40pt"><FONT STYLE="font-weight: normal; text-transform: none">[As
of ______, 2018, ____beneficially owned five percent or more of the Fund&rsquo;s outstanding common shares.]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 40pt"><FONT STYLE="font-weight: normal; text-transform: none">[As
of ______, 2018, the officers and Trustees of the Fund, as a group, own less than 1% of the Fund&rsquo;s outstanding voting securities.]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Independent
Registered Public Accounting Firm</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The financial statement included in this
Statement of Additional Information has been audited by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, an independent registered public accounting firm located at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, as
stated in their report appearing herein. Such financial statement is included in reliance upon the report of such firm given upon
their authority as experts in accounting and auditing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Custodian
and Transfer Agent</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The custodian of the assets of the Fund
will be The Bank of New York Mellon located at 2 Hanson Place, 8th Floor, Brooklyn, NY 11217. The custodian performs custodial,
fund accounting and portfolio accounting services. Computershare Shareowner Services, LLC, [an affiliate of The Bank of New York
Mellon], located at 480 Washington Blvd., Jersey City, NJ 07310, will serve as the Fund&rsquo;s transfer agent and dividend paying
agent with respect to the common shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Financial
Statements</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">[To be filed by amendment]&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Additional
Information</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">A Registration Statement on Form N-2, including
amendments thereto, relating to the shares offered hereby, has been filed by the Fund with the SEC, Washington, D.C. The prospectus
and this Statement of Additional Information do not contain all of the information set forth in the Registration Statement, such
as the exhibits and schedules thereto. For further information with respect to the Fund and the shares offered hereby, reference
is made to the Registration Statement. Statements contained in the prospectus and this Statement of Additional Information as to
the contents of any contract or other document referred to are not necessarily complete and in each instance reference is made
to the copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified
in all respects by such reference. A copy of the Registration Statement may be inspected without charge at the SEC&rsquo;s principal
office in Washington, D.C., and copies of all or any part thereof may be obtained from the SEC upon the payment of certain fees
prescribed by the SEC.</P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 40pt">APPENDIX A</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Description of S&amp;P Global, Moody&rsquo;s
and Fitch Ratings<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><SUP>1</SUP></B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>S&amp;P Global Ratings</B>&mdash;A brief description of the
applicable S&amp;P Global Ratings and its affiliates (collectively, &ldquo;S&amp;P Global Ratings&rdquo;) rating symbols and their
meanings (as published by S&amp;P Global Ratings) follows:</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Issue Credit Rating Definitions</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">An S&amp;P Global Ratings issue credit rating is a forward-looking
opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial
obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It
takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and
takes into account the currency in which the obligation is denominated. The opinion reflects S&amp;P Global Ratings&rsquo; view
of the obligor&rsquo;s capacity and willingness to meet its financial commitments as they come due, and may assess terms, such
as collateral security and subordination, which could affect ultimate payment in the event of default.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Issue credit ratings can be either long-term or short-term.
Short-term ratings are generally assigned to those obligations considered short-term in the relevant market. In the U.S., for example,
that means obligations with an original maturity of no more than 365 days&mdash;including commercial paper. Short-term ratings
are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. Medium-term
notes are assigned long-term ratings.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Long-Term Issue Credit Ratings*</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Issue credit ratings are based, in varying degrees, on S&amp;P
Global Ratings&rsquo; analysis of the following considerations:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The likelihood of payment&mdash;the capacity and willingness of the obligor to meet its financial commitment on a financial
obligation in accordance with the terms of the obligation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The nature and provisions of the financial obligation, and the promise we impute; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization,
or other arrangement under the laws of bankruptcy and other laws affecting creditors&rsquo; rights.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Issue ratings are an assessment of default risk, but may incorporate
an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower
than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity
has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&ldquo;AAA&rdquo;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%">An obligation rated &ldquo;AAA&rdquo; has the highest rating assigned by S&amp;P Global Ratings. The obligor&rsquo;s capacity to meet its financial commitment on the obligation is extremely strong.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;AA&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;AA&rdquo; differs from the highest-rated obligations only to a small degree. The obligor&rsquo;s capacity to meet its financial commitment on the obligation is very strong.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></TD><TD>The ratings indicated herein are believed to be the most recent ratings available at the date of this Statement of Additional
Information for the securities listed. Ratings are generally given to securities at the time of issuance. While the rating agencies
may from time to time revise such ratings, they undertake no obligation to do so, and the ratings indicated do not necessarily
represent ratings which would be given to these securities on the date of the Fund&rsquo;s fiscal year end.</TD></TR></TABLE>
<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;A&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;A&rdquo; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor&rsquo;s capacity to meet its financial commitment on the obligation is still strong.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;BBB&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;BBB&rdquo; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;BB,&rdquo; &ldquo;B,&rdquo; &ldquo;CCC,&rdquo; &ldquo;CC,&rdquo; and &ldquo;C&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>Obligations rated &ldquo;BB,&rdquo; &ldquo;B,&rdquo; &ldquo;CCC,&rdquo; &ldquo;CC,&rdquo; and &ldquo;C&rdquo; are regarded as having significant speculative characteristics. &ldquo;BB&rdquo; indicates the least degree of speculation and &ldquo;C&rdquo; the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;BB&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;BB&rdquo; is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor&rsquo;s inadequate capacity to meet its financial commitment on the obligation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;B&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;B&rdquo; is more vulnerable to nonpayment than obligations rated &ldquo;BB&rdquo;, but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor&rsquo;s capacity or willingness to meet its financial commitment on the obligation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;CCC&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;CCC&rdquo; is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;CC&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;CC&rdquo; is currently highly vulnerable to nonpayment. The &ldquo;CC&rdquo; rating is used when a default has not yet occurred, but S&amp;P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;C&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;C&rdquo; is currently highly vulnerable to nonpayment and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;D&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>An obligation rated &ldquo;D&rdquo; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &ldquo;D&rdquo; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The &ldquo;D&rdquo; rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&rsquo;s rating is lowered to &ldquo;D&rdquo; if it is subject to a distressed exchange offer.</TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">PLUS (+) OR MINUS (-) . . .</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%">The ratings from &ldquo;AA&rdquo; to &ldquo;CCC&rdquo; may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;N.R.&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that S&amp;P Global Ratings does not rate a particular obligation as a matter of policy.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>Short-Term Issue Credit Ratings</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                           <P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&ldquo;A-1&rdquo;</P></TD>
    <TD>&nbsp;</TD>
    <TD>A short-term obligation rated &ldquo;A-1&rdquo; is rated in the highest category by S&amp;P Global Ratings. The obligor&rsquo;s capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor&rsquo;s capacity to meet its financial commitment on these obligations is extremely strong.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;A-2&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>A short-term obligation rated &ldquo;A-2&rdquo; is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor&rsquo;s capacity to meet its financial commitment on the obligation is satisfactory.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;A-3&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>A short-term obligation rated &ldquo;A-3&rdquo; exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;B&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>A short-term obligation rated &ldquo;B&rdquo; is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor&rsquo;s inadequate capacity to meet its financial commitments.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;C&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD>A short-term obligation rated &ldquo;C&rdquo; is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.</TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;D&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">A short-term obligation rated &ldquo;D&rdquo; is in default or in breach of an imputed promise. For non-hybrid capital instruments, the &ldquo;D&rdquo; rating category is used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The &ldquo;D&rdquo; rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation&rsquo;s rating is lowered to &ldquo;D&rdquo; if it is subject to a distressed exchange offer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4"><B>Active Qualifiers (Currently applied and/or outstanding)</B></TD></TR>
<TR>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4">S&amp;P Global Ratings uses the following qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a &ldquo;p&rdquo; qualifier, which indicates the rating addressed the principal portion of the obligation only. A qualifier appears as a suffix and is part of the rating.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Federal deposit insurance limit: &ldquo;L&rdquo; qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Ratings qualified with &ldquo;L&rdquo; apply only to amounts invested up to federal deposit insurance limits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Principal: &ldquo;p&rdquo; qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">This suffix is used for issues in which the credit factors, the terms, or both, that determine the likelihood of receipt of payment of principal are different from the credit factors, terms or both that determine the likelihood of receipt of interest on the obligation. The &ldquo;p&rdquo; suffix indicates that the rating addresses the principal portion of the obligation only and that the interest is not rated.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Preliminary Ratings: &ldquo;prelim&rdquo; qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Preliminary ratings, with the &ldquo;prelim&rdquo; suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by S&amp;P Global Ratings of appropriate documentation. S&amp;P Global Ratings reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</font></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT></FONT>Preliminary
    ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation
    and legal opinions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</font></TD>
    <TD STYLE="text-align: left">Preliminary ratings may be assigned to obligations that will likely be issued
upon the obligor&rsquo;s emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation
and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated
general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</font></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>Preliminary ratings
may be assigned to entities that are being formed or that are in the process of being independently established when, in S&amp;P
Global Ratings&rsquo; opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of
these entities.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</font></TD>
    <TD STYLE="width: 55%">Preliminary ratings may be assigned
when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing or other
transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned
to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of
the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event.
Should the transformative event not occur, S&amp;P Global Ratings would likely withdraw these preliminary ratings.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</font></TD>
    <TD>A preliminary recovery rating may be assigned to an obligation that has
a preliminary issue credit rating.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Termination Structures: &ldquo;t&rdquo; qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before their final maturity date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Counterparty Instrument Rating: &ldquo;cir&rdquo; qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">This symbol indicates a Counterparty Instrument Rating (CIR), which is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities). The CIR is determined on an ultimate payment basis; these opinions do not take into account timeliness of payment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><B>Inactive Qualifiers (No longer applied or outstanding)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Contingent upon final documentation: &ldquo;*&rdquo; inactive qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">This symbol that indicated that the rating was contingent upon S&amp;P Global Ratings&rsquo; receipt of an executed copy of the escrow agreement or closing documentation confirming investments and cash flows. Discontinued use in August 1998.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Termination of obligation to tender: &ldquo;c&rdquo; inactive qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">This qualifier was used to provide additional information to investors that the bank may terminate its obligation to purchase tendered bonds if the long-term credit rating of the issuer was lowered to below an investment-grade level and/or the issuer&rsquo;s bonds were deemed taxable. Discontinued use in January 2001.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">U.S. direct government securities: &ldquo;G&rdquo; inactive qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">The letter &ldquo;G&rdquo; followed the rating symbol when a fund&rsquo;s portfolio consisted primarily of direct U.S. government securities.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Public Information Ratings: &ldquo;pi&rdquo; inactive <BR>
qualifier</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">This qualifier was used to indicate ratings that were based on an analysis of an issuer&rsquo;s published financial information, as well as additional information in the public domain. Such ratings did not, however, reflect in-depth meetings with an issuer&rsquo;s management and therefore, could have been based on less comprehensive information than ratings without a &ldquo;pi&rdquo; suffix. Discontinued use as of December 2014 and as of August 2015 for Lloyd&rsquo;s Syndicate Assessments.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt; width: 59%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Provisional Ratings: &ldquo;pr&rdquo; inactive qualifier</TD>
    <TD>&nbsp;</TD>
    <TD>The letters &ldquo;pr&rdquo; indicate that the rating was provisional. A provisional rating assumed the successful completion of a project financed by the debt being rated and indicates that payment of debt service requirements was largely or entirely dependent upon the successful, timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, made no comment on the likelihood of or the risk of default upon failure of such completion.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Quantitative Analysis of public information &ldquo;q&rdquo; inactive qualifier</TD>
    <TD>&nbsp;</TD>
    <TD>A &ldquo;q&rdquo; subscript indicates that the rating is based solely on quantitative analysis of publicly available information. Discontinued use in April 2001.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">Extraordinary risks &ldquo;r&rdquo; inactive qualifier</TD>
    <TD>&nbsp;</TD>
    <TD>The &ldquo;r&rdquo; modifier was assigned to securities containing extraordinary risks, particularly market risks, that are not covered in the credit rating. The absence of an &ldquo;r&rdquo; modifier should not be taken as an indication that an obligation will not exhibit extraordinary non-credit related risks. S&amp;P Global Ratings discontinued the use of the &ldquo;r&rdquo; modifier for most obligations in June 2000 and for the balance of obligations (mainly structured finance transactions) in November 2002.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Moody&rsquo;s Investors Service, Inc.</B>&mdash;A brief description
of the applicable Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;) rating symbols and their meanings (as published
by Moody&rsquo;s) follows:</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 40pt">Long-Term Obligations
Ratings</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Ratings assigned on Moody&rsquo;s global long-term and short-term
rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates,
financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are
assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default
on contractually promised payments and the expected financial loss suffered in the event of default.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2
3</SUP></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Moody&rsquo;s differentiates structured finance ratings from
fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global
long-term scale by adding (sf) to all structured finance ratings.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>4</SUP></FONT>
The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at
the same letter grade level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise
similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies,
however, Moody&rsquo;s aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when
measured over a long period of time.</P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD>For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined
or do not match investors&rsquo; expectations for timely payment, the ratings reflect the likelihood of impairment (as defined
below in this publication) and the expected financial loss in the event of impairment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD>Supranational institutions and central banks that hold sovereign debt or extend sovereign loans, such as the IMF or the European
Central Bank, may not always be treated similarly to other investors and lenders with similar credit exposures. Long-term and short-term
ratings assigned to obligations held by both supranational institutions and central banks, as well as other investors, reflect
only the credit risks faced by other investors unless specifically noted otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD>Like other global scale ratings, (sf) ratings reflect both the likelihood of a default and the expected loss suffered in the
event of default. Ratings are assigned based on a rating committee&rsquo;s assessment of a security&rsquo;s expected loss rate
(default probability multiplied by expected loss severity), and may be subject to the constraint that the final expected loss rating
assigned would not be more than a certain number of notches, typically three to five notches, above the rating that would be assigned
based on an assessment of default probability alone. The magnitude of this constraint may vary with the level of the rating, the
seasoning of the transaction, and the uncertainty around the assessments of expected loss and probability of default.</TD></TR></TABLE>
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    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Long-Term Rating Definitions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;Aaa&rdquo;</TD>
    <TD STYLE="width: 60%">Obligations rated &ldquo;Aaa&rdquo; are judged to be of the highest quality, subject to the lowest level of credit risk.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;Aa&rdquo;</TD>
    <TD>Obligations rated &ldquo;Aa&rdquo; are judged to be of high quality and are subject to very low credit risk.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;A&rdquo;</TD>
    <TD>Obligations rated &ldquo;A&rdquo; are judged to be upper-medium grade and are subject to low credit risk.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;Baa&rdquo;</TD>
    <TD>Obligations rated &ldquo;Baa&rdquo; are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;Ba&rdquo;</TD>
    <TD>Obligations rated &ldquo;Ba&rdquo; are judged to be speculative and are subject to substantial credit risk.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;B&rdquo;</TD>
    <TD>Obligations rated &ldquo;B&rdquo; are considered speculative and are subject to high credit risk.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;Caa&rdquo;</TD>
    <TD>Obligations rated &ldquo;Caa&rdquo; are judged to be speculative of poor standing and are subject to very high credit risk.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;Ca&rdquo;</TD>
    <TD>Obligations rated &ldquo;Ca&rdquo; are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;C&rdquo;</TD>
    <TD>Obligations rated &ldquo;C&rdquo; are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><B><I>Note:
</I></B>Moody&rsquo;s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier
1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking;
and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a &ldquo;(hyb)&rdquo; indicator
is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.<SUP>*</SUP></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="text-align: left; width: 20pt">*</TD><TD STYLE="text-align: left">By their terms, hybrid securities allow for the omission
of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs.
Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together
with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit
risk associated with that security.</TD>
</TR>
</TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Medium-Term Note Program Ratings</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Moody&rsquo;s assigns provisional ratings to medium-term note
(MTN) programs and definitive ratings to the individual debt securities issued from them (referred to as drawdowns or notes).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MTN program ratings are intended to reflect the ratings likely
to be assigned to drawdowns issued from the program with the specified priority of claim (<I>e.g.</I> senior or subordinated).
To capture the contingent nature of a program rating, Moody&rsquo;s assigns provisional ratings to MTN programs. A provisional
rating is denoted by a (P) in front of the rating and is defined elsewhere in this document.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The rating assigned to a drawdown from a rated MTN or bank/deposit
note program is definitive in nature, and may differ from the program rating if the drawdown is exposed to additional credit risks
besides the issuer&rsquo;s default, such as links to the defaults of other issuers, or has other structural features that warrant
a different rating. In some circumstances, no rating may be assigned to a drawdown.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Moody&rsquo;s encourages market participants to contact Moody&rsquo;s
Ratings Desks or visit www.moodys.com directly if they have questions regarding ratings for specific notes issued under a medium-term
note program. Unrated notes issued under an MTN program may be assigned an NR (not rated) symbol.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Short-Term Rating Definitions:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Short-term ratings are assigned to obligations with an original
maturity of thirteen months or less and reflect both on the likelihood of a default on contractually promised payments and the
expected financial loss suffered in the event of default.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>5
6</SUP></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Moody&rsquo;s employs the following designations to indicate
the relative repayment ability of rated issuers:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;P-1&rdquo;</TD>
    <TD STYLE="width: 62%; padding-left: 6.3pt">Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;P-2&rdquo;</TD>
    <TD STYLE="padding-left: 6.3pt">Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;P-3&rdquo;</TD>
    <TD STYLE="padding-left: 6.3pt">Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;NP&rdquo;</TD>
    <TD STYLE="padding-left: 6.3pt">Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.</TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fitch IBCA, Inc.</B>&mdash;A brief description of the applicable
Fitch IBCA, Inc. (&ldquo;Fitch&rdquo;) ratings symbols and meanings (as published by Fitch) follows:</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">International Issuer and Credit Rating
Scales</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Primary Credit Rating Scales (those featuring the symbols
&ldquo;AAA&rdquo;-&rdquo;D&rdquo; and &ldquo;Fi&rdquo;-&rdquo;D&rdquo;) are used for debt and financial strength ratings. The below
section describes their use for issuers and obligations in corporate, public and structured finance debt markets.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Long-Term Ratings Scales&mdash;Issuer
Credit Ratings Scales</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Rated entities in a number of sectors, including financial and
non-financial corporations, sovereigns and insurance companies, are generally assigned Issuer Default Ratings (IDRs). IDRs opine
on an entity&rsquo;s relative vulnerability to default on financial obligations. The &ldquo;threshold&rdquo; default risk addressed
by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity.
As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts, although the
agency recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms.</P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><SUP>5</SUP></FONT></TD><TD>For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined
or do not match investors&rsquo; expectations for timely payment, the ratings reflect the likelihood of impairment (as defined
below in this publication).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><SUP>6</SUP></FONT></TD><TD>Supranational institutions and central banks that hold sovereign debt or extend sovereign loans, such as the IMF or the European
Central Bank, may not always be treated similarly to other investors and lenders with similar credit exposures. Long-term and short-term
ratings assigned to obligations held by both supranational institutions and central banks, as well as other investors, reflect
only the credit risks faced by other investors unless specifically noted otherwise.</TD></TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In aggregate, IDRs provide an ordinal ranking of issuers based
on the agency&rsquo;s view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood
of default. For historical information on the default experience of Fitch-rated issuers, please consult the transition and default
performance studies available from the Fitch Ratings website.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;AAA&rdquo;</TD>
    <TD STYLE="width: 63%"><B>Highest credit quality.</B> &ldquo;AAA&rdquo; ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;AA&rdquo;</TD>
    <TD><B>Very high credit quality.</B> &ldquo;AA&rdquo; ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;A&rdquo;</TD>
    <TD><B>High credit quality.</B> &ldquo;A&rdquo; ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;BBB&rdquo;</TD>
    <TD><B>Good credit quality.</B> &ldquo;BBB&rdquo; ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;BB&rdquo;</TD>
    <TD><B>Speculative.</B> &ldquo;BB&rdquo; ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;B&rdquo;</TD>
    <TD><B>Highly speculative.</B> &ldquo;B&rdquo; ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;CCC&rdquo;</TD>
    <TD><B>Substantial credit risk.</B> Default is a real possibility.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;CC&rdquo;</TD>
    <TD><B>Very high levels of credit risk.</B> Default of some kind appears probable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;C&rdquo;</TD>
    <TD><B>Exceptionally high levels of credit risk.</B> Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a &lsquo;C&rsquo; category rating for an issuer include:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">a.&nbsp;&nbsp;&nbsp;the issuer has entered into a grace or cure period following non-payment of a material financial obligation;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">b.&nbsp;&nbsp;&nbsp;the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">c.&nbsp;&nbsp;&nbsp;Fitch Ratings otherwise believes a condition of &ldquo;RD&rdquo; or &ldquo;D&rdquo; to be imminent or inevitable, including through the formal announcement of a distressed debt exchange.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt; width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;RD&rdquo;</TD>
    <TD><B>Restricted default.</B> &ldquo;RD&rdquo; ratings indicate an issuer that in Fitch Ratings&rsquo; opinion has experienced an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased operating. This would include:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">a.&nbsp;&nbsp;&nbsp;the selective payment default on a specific class or currency of debt;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">b.&nbsp;&nbsp;&nbsp;the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">c.&nbsp;&nbsp;&nbsp;the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">d.&nbsp;&nbsp;&nbsp;execution of a distressed debt exchange on one or more material financial obligations.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 16.75pt; text-indent: -16.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&ldquo;D&rdquo;</TD>
    <TD><B>Default.</B> &ldquo;D&rdquo; ratings indicate an issuer that in Fitch Ratings&rsquo; opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.75pt; text-indent: -7.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;Imminent&rdquo; default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>In all cases, the assignment of a default rating reflects the agency&rsquo;s opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer&rsquo;s financial obligations or local commercial practice.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Note:</I></B> The modifiers &ldquo;+&rdquo; or &ldquo;-&rdquo;
may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the &lsquo;AAA&rsquo;
Long-Term IDR category, or to Long-Term IDR categories below &ldquo;B&rdquo;.</P>

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    <!-- Field: /Page -->

<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0pt 0">Limitations of the Issuer Credit Rating Scale:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Specific limitations relevant to the issuer credit rating scale
include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not predict a specific percentage of default likelihood over any given time period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on the market value of any issuer&rsquo;s securities or stock, or the likelihood that this value may
change.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on the liquidity of the issuer&rsquo;s securities or stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on the possible loss severity on an obligation should an issuer default.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on the suitability of an issuer as a counterparty to trade credit.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on any quality related to an issuer&rsquo;s business, operational or financial profile other than
the agency&rsquo;s opinion on its relative vulnerability to default.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Ratings assigned by Fitch Ratings articulate an opinion on discrete
and specific areas of risk. The above list is not exhaustive, and is provided for the reader&rsquo;s convenience.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Short-Term Ratings&mdash;Short-Term
Ratings Assigned to<BR>
Obligations in Corporate, Public and Structured Finance</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A short-term issuer or obligation rating is based in all cases
on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations
whose initial maturity is viewed as &ldquo;short term&rdquo; based on market convention. Typically, this means up to 13 months
for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;F1&rdquo;</TD>
    <TD STYLE="width: 95%; padding-left: 8.55pt"><B>Highest short-term credit quality.</B> Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added &ldquo;+&rdquo; to denote any exceptionally strong credit feature.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;F2&rdquo;</TD>
    <TD STYLE="padding-left: 8.55pt"><B>Good short-term credit quality.</B> Good intrinsic capacity for timely payment of financial commitments.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;F3&rdquo;</TD>
    <TD STYLE="width: 95%; padding-left: 8.55pt"><B>Fair short-term credit quality.</B> The intrinsic capacity for timely payment of financial commitments is adequate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;B&rdquo;</TD>
    <TD STYLE="padding-left: 8.55pt"><B>Speculative short-term credit quality.</B> Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;C&rdquo;</TD>
    <TD STYLE="padding-left: 8.55pt"><B>High short-term default risk.</B> Default is a real possibility.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;RD&rdquo;</TD>
    <TD STYLE="padding-left: 8.55pt"><B>Restricted default.</B> Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 8.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 12.2pt; text-indent: -12.2pt">&ldquo;D&rdquo;</TD>
    <TD STYLE="padding-left: 8.55pt"><B>Default.</B> Indicates a broad-based default event for an entity, or the default of a specific short-term obligation.</TD></TR>
</TABLE>

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<P STYLE="font: italic 11pt Times New Roman, Times, Serif; margin: 0pt 0">Limitations of the Short-Term Ratings Scale:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Specific limitations relevant to the Short-Term Ratings scale
include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not predict a specific percentage of default likelihood over any given time period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on the market value of any issuer&rsquo;s securities or stock, or the likelihood that this value may
change.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on the liquidity of the issuer&rsquo;s securities or stock.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on the possible loss severity on an obligation should an obligation default.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD>The ratings do not opine on any quality related to an issuer or transaction&rsquo;s profile other than the agency&rsquo;s opinion
on the relative vulnerability to default of the rated issuer or obligation.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Ratings assigned by Fitch Ratings articulate an opinion on discrete
and specific areas of risk. The above list is not exhaustive, and is provided for the reader&rsquo;s convenience.</P>

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    <!-- Field: /Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>APPENDIX B</B></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY VOTING POLICIES AND PROCEDURES
OF THE ADVISER &nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">Each Fund has delegated
the voting of proxies for Fund securities to the Adviser pursuant to the Adviser&rsquo;s proxy voting guidelines. Under these guidelines,
the Adviser will vote proxies related to Fund securities in the best interests of the Fund and its shareholders. Set forth below
is a copy of the Adviser&rsquo;s proxy voting policy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Information on how
the Funds voted proxies (if any) relating to portfolio securities during the most recent 12-month period ended June 30 will be
reported on Form N-PX.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Adviser Proxy Voting Policies and Procedures&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">By virtue of the Adviser&rsquo;s
relationship as general partner or investment manager of the clients of the Adviser, the Adviser has proxy voting authority with
respect to client securities. When voting proxies on behalf of clients, the Adviser&rsquo;s overall objective is to vote proxies
in the best interest of the clients and, in so doing, to maximize the value of the investments made by the clients taking into
consideration the clients&rsquo; investment horizons and other relevant factors.&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">This document sets
forth the Adviser&rsquo;s policies and procedures that are designed to meet these overall objectives. As described below, these
policies and procedures address the following areas:&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left">The personnel responsible for monitoring corporate actions, deciding how to vote proxies and ensuring
that proxies are submitted in a timely manner;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left">The basis on which decisions are made regarding whether and how to vote proxies depending on the
nature of the matter at issue;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left">The approach to addressing material conflicts of interest that may arise between us and our clients
when voting proxies and how we resolve those conflicts in the best interest of our clients;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">The means by which the clients and their investors may obtain information about proxy voting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">The books and records that we retain in connection with our proxy voting.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">While the Adviser endeavors
to follow these policies and procedures in all situations, special circumstances may arise from time to time that warrant a deviation.
In addition, the Adviser will apply our proxy voting policies and procedures to votes cast with respect to publicly traded companies
and, to the extent applicable, to analogous actions taken with respect to investments made in private companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><B>A.</B></TD><TD><B>General Procedures</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">1.</TD><TD><U>Monitoring Corporate Actions</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">The clients of the
Adviser generally make a limited number of investments in equity securities. When the Adviser receives proxy voting materials
(or similar voting/solicitation notices), they are initially transmitted by the company&rsquo;s corporate secretary or transfer
agent to the GSO employee who is designated to receive notices in the definitive documentation governing the client&rsquo;s investment
(the &ldquo;<B>Proxy Recipient</B>&rdquo;). The Proxy Recipient must inform the Head Trader and the Head of Middle Office and
Operations of such receipt and review the materials, determine which client(s) hold the securities and confirm the number of securities
with Head Trader and the Head of Middle Office and Operations. The Proxy Recipient will consult with the Portfolio Managers and
portfolio managers of other clients (if applicable). The Proxy Recipient will monitor the voting deadline, together with the IC
Designee (defined below), to ensure that the deadline for the response is met.</P>



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">2.</TD><TD><U>Determination of Voting Decisions</U></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">Decisions on how to
vote a proxy generally are made by the Portfolio Managers in consultation with other members of the applicable investment committee.
The investment committee and the members of the investment team covering the applicable security often have the most intimate knowledge
of both a company&rsquo;s operations and the potential impact of a proxy vote&rsquo;s outcome. A member of the investment committee
may designate a member of the investment team (the &ldquo;<B>IC Designee</B>&rdquo;) to consult with the CCO, the members of the
investment committee and other members of the investment team covering the applicable security regarding decisions and completion
of the proxy material. Decisions are based on a number of factors which may vary depending on a proxy&rsquo;s subject matter, but
are guided by the general policies described in this document. In addition, GSO may determine not to vote a proxy after consideration
of the vote&rsquo;s expected benefit to clients and the cost of voting the proxy.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>7</SUP></FONT>
The IC Designee will report the outcome and the basis of such outcome to the Portfolio Managers and other members of the applicable
investment committee for approval.</P>

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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">3.</TD><TD><U>Communication of Decision</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">After making a decision
to vote a proxy and determining how to vote the proxy, the investment committee or their designee will then submit the vote. The
IC Designee will send completed copies of the proxy materials to the Proxy Recipient, the Head of Middle Office and Operations
and the CCO. The physical procedures for voting proxies may vary, and can include electronic voting, forwarding voting instructions
to the custodian or voting proxies forwarded by the custodian.<B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><B>B.</B></TD><TD><B>Subject Matter Considerations</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">Determinations on
how to vote proxies will depend largely on the subject matter at issue. When determining how to vote proxies, the Portfolio Managers
and other members of the applicable investment committee will be guided by the general policies set forth below. These general
policies are intended to promote a consistent approach to proxy voting. We will, however, periodically review these policies and
procedures and they may be updated as a result.&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Adviser views
proxy subject matters as falling within the general categories described below.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">1.</TD><TD><U>Company Management and Auditors</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">Proxy votes on company
management include matters relating to the election of a company&rsquo;s board of directors and the appointment of its independent
auditors. GSO generally will vote in support of management&rsquo;s slated board of directors. The Adviser may choose not to support
such directors, however, when special circumstances necessitate otherwise, including for example when management compensation
appears inconsistent with a company&rsquo;s performance or when the board has failed to take corrective action to address persistent
problems that impact the company&rsquo;s performance. When asked to vote on the appointment of a company&rsquo;s auditors, GSO
will support the recommendation of a company&rsquo;s board, unless auditors have changed frequently or there is reasonable concern
as to the independence of the auditors.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">2.</TD><TD><U>Executive and Director Compensation</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">GSO believes that executive
compensation plans should be in line with the interests of company shareholders. The Adviser&rsquo;s general policy is to consider,
on a case-by-case basis, new and amended executive compensation plans and to support those executive compensation plans that provide
management with the ability to administer fair, competitive compensation packages to executives, so long as those plans do not
provide for unmerited preferential treatment or result in excessive dilution of existing shareholders&rsquo; ownership interests.
The Adviser also has observed that shareholder proposals on executive compensation typically call for specific limits. The Adviser
believes that executive compensation generally should be determined by a company&rsquo;s compensation committee composed primarily
of independent directors and thus the Adviser usually will not support compensation-related shareholder proposals. With respect
to director compensation, GSO believes that it is important to consider each director&rsquo;s total compensation package, including
any annual retainer, meeting fees, stock options or grants and the level of pension benefits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: left">In determining whether the cost of voting a proxy outweighs
its expected benefit to clients, the investment committee may consider factors such as (1) the subject matter of the vote; (2)
the additional length of time that GSO anticipates holding the investment; and (3) logistical issues associated with voting proxies
for foreign companies.</TD>
</TR></TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">3.</TD><TD><U>Corporate Structure and Shareholder Rights</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Adviser views
proxy votes on matters relating to changes in a company&rsquo;s bylaws as falling within the category of &ldquo;corporate structure
and shareholders rights.&rdquo; These matters may be proposed by either management or shareholders and typically address issues
such as cumulative voting, preemptive rights, confidential voting, supermajority voting and similar matters. GSO will review these
matters on a case-by-cases basis and will generally vote in favor of those measures that provide management with the most operational
flexibility without compromising the ownership rights of shareholders as such rights are set forth in the company&rsquo;s organizational
documents and any agreements to which Funds we manage.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">4.</TD><TD><U>Corporate and Social Policy Issues</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Adviser views
corporate and social policy issues primarily as &ldquo;ordinary business matters.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>8
</SUP></FONT>In addition, we view those ordinary business matters that have a direct or indirect impact on a company&rsquo;s profitability
as primarily the responsibility of management which should be approved solely by the company&rsquo;s board of directors. Accordingly,
the Adviser generally abstains or votes against proposed proxy votes on corporate and social policy issues. Exceptions may be
made when an issue may have significant economic consequences.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">5.</TD><TD><U>Deviations from the General Policies</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In the course of determining
how to vote a particular proxy, the Adviser may encounter situations where strict adherence to the general policies described
above could result in a decision that is not in a client&rsquo;s best interest. In those situations, the Portfolio Managers and
other members of the applicable investment committee may decide to vote in another manner, but will generally consult with the
CCO before doing so.<B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><B>C.</B></TD><TD><B>Conflicts of Interest</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A conflict of interest
may occur where GSO or any of its employees or affiliates has a direct or indirect economic stake in the outcome of a proxy vote.
Potential conflicts could arise in a number of situations. The following non-exclusive examples illustrate conflicts of interest
that could arise:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A failure to vote in favor of management may harm the relationship of the Adviser, of another client
has, or an affiliate, with the company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A failure to vote in favor of a particular proposal may harm the relationship of the Adviser, of
another client, or an affiliate, with the proponent of the proposal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A failure to vote for or against a particular proposal may adversely affect a business or personal
relationship, such as where an officer of GSO has a spouse or other relative who serves as a director of the company, is employed
by the company or otherwise has an economic interest therein.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Due to the close monitoring
of company activities by GSO, the Adviser expects to be aware of any potential conflicts of interest that may arise. The Adviser
also requires the Portfolio Managers and other members of the applicable investment committee to disclose any personal conflicts
of interest they may have with respect to overseeing a fund&rsquo;s investment in a particular company.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">When a potential conflict
arises between GSO, on the one hand, and one or more of clients of GSO, on the other, the CCO, in consultation with the Portfolio
Managers and other members of the applicable investment committee, will evaluate the matter to determine whether an actual conflict
exists. Where an actual conflict exists, GSO will <FONT STYLE="background-color: white">take necessary and appropriate steps to
eliminate the conflict, which may include removing a particular member of the investment committee from the voting process or
taking similar actions. In addition, the Adviser may consider</FONT> the following as potential methods for resolving conflicts:
<FONT STYLE="background-color: white">(i) </FONT>disclosing the matter to the board of directors, if any, of the client and obtaining
such board&rsquo;s consent or direction, or (ii) suggesting to the board of directors, if any, that such board hire a third party
to make a determination on how to vote a particular proxy.&nbsp;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Social policy issues may
relate to a wide range of matters, including for example environmental issues, bank lending practices, corporate political contributions
and activities, alcohol and tobacco advertising, conducting business in specified countries, involvement in nuclear defense systems
and similar matters.</FONT></TD>
</TR></TABLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Finally, situations
may arise in which more than one client invests in the same company or another entity of GSO invests in the same company. In these
situations, two or more clients may have different investment objectives, client-specific voting policies or ultimate economic
interests. In these situations, clients may cast opposing votes, although the investment committee will generally consult with
the CCO before doing so.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><B>D.</B></TD><TD><B>Providing Proxy Voting Information to Clients</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 80pt">We acknowledge that
our limited partners have a right to information about how we vote client proxies and we will make information available on request.
We also will make a copy of these policies and procedures available on request. When a limited partner makes a request about a
particular vote, we usually will provide the following information: (1) the date of the vote; (2) a brief description of the matter
voted on; (3) how (or whether) we cast the vote on the matter and (4) any other reasonable information a limited partner might
request. Proxy voting information and the procedure for obtaining such information will be included in GSO&rsquo;s Form ADV which
is available to each limited partner.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><B>E.</B></TD><TD><B>Books and Records</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">GSO must maintain
the following additional records relating to proxy voting, which must be maintained by the CCO in an easily accessible place for
five years, the first two years in GSO&rsquo;s offices.<B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A copy of these proxy voting policies and procedures;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A copy of each proxy statement received by GSO regarding client securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A record of each vote cast by GSO on behalf of a client;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A copy of all memoranda or similar documents created by GSO that were material to making a decision
on the voting of client securities or that memorialize the basis for that decision; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify">A copy of each written request by a limited partner for information on how GSO voted proxies on
behalf of a client, and a copy of any written response by GSO to any request (written or oral) by a limited partner for information
on how GSO voted proxies on behalf of the client.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">GSO may satisfy the requirements to maintain copies of proxy
statements received and a record of votes cast on behalf of the clients by relying on third parties to make and retain, on behalf
of GSO, a copy of such proxy statements and voting records (provided that if GSO is relying on this method, it has obtained an
undertaking from the third party to provide a copy of the proxy statements and voting records promptly upon request). GSO also
may satisfy the requirement to maintain copies of proxy statements by relying on obtaining a copy of a proxy statement from the
SEC&rsquo;s EDGAR system (to the extent that such proxy statements are available through the EDGAR system).</P>

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    <!-- Field: /Page -->
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">Blackstone
/ GSO Senior Floating Rate Term Fund</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>___
Common Shares of Beneficial Interest Issuable Upon Exercise of ___ Rights to Subscribe for Such Shares</B></FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENT OF ADDITIONAL INFORMATION</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March ___, 2018<BR STYLE="clear: both">
</P>
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    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PART
C</B>
<B></B></FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits </B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 11pt Times New Roman, Times, Serif; width: 80pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Financial</B><BR>
    <B>Statements </B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Part
    A</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
    applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Part
    B</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financial
    Statements<SUP>*</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Exhibits
    </B></FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)(1)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Declaration
    of Trust, dated March&nbsp;4, 2010<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)(2)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amended
    and Restated Agreement and Declaration of Trust, dated May 25, 2010<SUP>(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By-Laws<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">(d)(1) </TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Articles&nbsp;V
    and VIII of Registrant&rsquo;s Amended and Restated Agreement and Declaration of Trust (exhibit (a)(2) is  incorporated
    herein by reference)</FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)(2)    &nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Form
    of Subscription Certificate for Rights Offering<SUP>*</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)(3)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Form
    of Notice of Guaranteed Delivery for Rights Offering<SUP>*</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(e)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dividend Reinvestment Plan<SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(f)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(g)(1)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Advisory Agreement between the Registrant and the Adviser<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(g)(2)</FONT><BR></P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amendment
to Investment Advisory Agreement<SUP>(1)</SUP></FONT>
</TD></TR>

</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">(h)</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 80pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(j)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Custody Agreement<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (k)(1)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Services Agreement for Transfer Agent Services<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (k)(2)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Marketing, Administration, Bookkeeping and Pricing Services Agreement<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (k)(3)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">First <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Amendment to Marketing, Administration, Bookkeeping and Pricing Services Agreement<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">(k)(4)</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Second Amendment to Marketing Administration, Bookkeeping and Pricing
    Services Agreement<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (k)(5)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Form of Information Agent Agreement<SUP>*</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT>(k)(6)&nbsp;</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Form
of Subscription Agent Agreement<SUP>*</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(l)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Opinion and Consent of ___________________.<SUP>*</SUP></FONT></TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 80pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(m)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(n)(1)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Consent of Independent Registered Public Accounting Firm<SUP>*</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(o)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (p)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Initial Subscription Agreement<SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (q)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (r)(1)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Code of Ethics of the Registrant<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (r)(2)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Code of Ethics of the Adviser<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    (s)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">
    Power of Attorney<SUP>(1)</SUP></FONT></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
be filed by subsequent amendment.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filed
herewith.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filed
                                         on March&nbsp;8, 2010 with Registrant's Registration Statement on Form&nbsp;N-2 (File
                                         Nos.&nbsp;333-165353 and 811-22393) and incorporated by reference herein.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filed
                                         on April&nbsp;26, 2010 with Registrant's Pre-Effective Amendment No.&nbsp;1 to the Registration
                                         Statement on Form&nbsp;N-2 (File Nos.&nbsp;333-165353 and 811-22393) and incorporated
                                         by reference herein.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filed
                                         on April&nbsp;27, 2010 with Registrant's Pre-Effective Amendment No.&nbsp;2 to the Registration
                                         Statement on Form&nbsp;N-2 (File Nos.&nbsp;333-165353 and 811-22393) and incorporated
                                         by reference herein.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filed
                                         on May&nbsp;21, 2010 with Registrant's Pre-Effective Amendment No.&nbsp;5 to the Registration
                                         Statement on Form&nbsp;N-2 (File Nos.&nbsp;333-165353 and 811-22393) and incorporated
                                         by reference herein.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(6)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filed
                                         on May 28, 2010 with Registrant&rsquo;s Post-Effective Amendment No. 1 to the Registration
                                         Statement on Form N-2 (File No. 333-165353) and incorporated by reference herein.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;26.&nbsp;&nbsp;&nbsp;&nbsp;Marketing
Arrangements </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;27.&nbsp;&nbsp;&nbsp;&nbsp;Other
Expenses of Issuance and Distribution </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following table shows the fees and expenses, other than underwriting discount, to be paid by us in connection with the sale and
distribution of the securities being registered hereby.</FONT></P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 85%; text-align: left; text-indent: -10pt; padding-left: 10pt">Securities and Exchange Commission registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 12%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">New York Stock Exchange listing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Financial Industry Regulatory Authority fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Blue Sky filing fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Trustees' fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Transfer agent's fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Miscellaneous</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;28.&nbsp;&nbsp;&nbsp;&nbsp;Persons
Controlled by or Under Common Control </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;29.&nbsp;&nbsp;&nbsp;&nbsp;Number
of Holders of Securities </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following table shows the number of holders of securities of the Registrant as of ____, 2018.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title
    of Class </B></FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number
    of</B><BR>
    <B>Record Holders </B></FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 11pt Times New Roman, Times, Serif; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common
    Shares of Beneficial Interest, par value $.001 per share</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;30.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Article&nbsp;V
of the Registrant's Amended and Restated Agreement and Declaration of Trust provides that:</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION&nbsp;5.1<I>&nbsp;&nbsp;&nbsp;&nbsp;No
Personal Liability of Shareholders, Trustees, etc.</I>&nbsp;&nbsp;&nbsp;&nbsp;No Shareholder of the Trust shall be subject in
such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or
affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private
corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject
in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising
from bad faith, willful misconduct, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing
exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection
with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding
to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability.
Any repeal or modification of this Section&nbsp;5.1 shall not adversely affect any right or protection of a Trustee or officer
of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal
or modification.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION&nbsp;5.2<I>&nbsp;&nbsp;&nbsp;&nbsp;Mandatory
Indemnification.</I>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust hereby agrees to indemnify each person who at any time serves as
a Trustee, officer or employee of the Trust (each such person being an &quot;indemnitee&quot;) against any liabilities and expenses,
including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably
incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil
or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party
or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article&nbsp;V
by reason of his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good
faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding,
as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee
shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i)&nbsp;willful
misconduct, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence, or (iv)&nbsp;reckless disregard of the duties involved in the conduct
of his position (the conduct referred to in such clauses&nbsp;(i) through (iv)&nbsp;being sometimes referred to herein as &quot;<I>disabling
conduct</I>&quot;). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted
by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding
by such indemnitee (1)&nbsp;was authorized by a majority of the Trustees or (2)&nbsp;was instituted by the indemnitee to enforce
his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification.
The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer
of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment
or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to
any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect
of any act or omission that occurred prior to such amendment, restatement or repeal.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, no indemnification shall be made hereunder unless there has been a determination (i)&nbsp;by a final decision on
the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder
was brought that such indemnitee is entitled to indemnification hereunder or, (ii)&nbsp;in the absence of such a decision, by
(1)&nbsp;a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust (as defined in Section&nbsp;2(a)(19)
of the 1940 Act) nor parties to the proceeding (&quot;<I>Disinterested Non-Party Trustees</I>&quot;), that the indemnitee is entitled
to indemnification hereunder, or (2)&nbsp;if such quorum is not obtainable or even if obtainable, if such majority so directs,
independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder.
All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and
made in accordance with the immediately succeeding paragraph&nbsp;(c) below.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)&nbsp;&nbsp;&nbsp;The
Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification
might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief
that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless
it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine
that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the
following conditions must be met: (i)&nbsp;the indemnitee shall provide adequate security for his undertaking, (ii)&nbsp;the Trust
shall be insured against losses arising by reason of any lawful advances, or (iii)&nbsp;a majority of a quorum of the Disinterested
Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude,
based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe
that the indemnitee ultimately will be found entitled to indemnification.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)&nbsp;&nbsp;&nbsp;The
rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter
acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not
Interested Persons or any other right to which he or she may be lawfully entitled.&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(e)&nbsp;&nbsp;&nbsp;Subject
to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and
provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving
in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such
indemnification has been approved by a majority of the Trustees.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION&nbsp;5.3<I>&nbsp;&nbsp;&nbsp;&nbsp;No
Bond Required of Trustees.</I>&nbsp;&nbsp;&nbsp;&nbsp;No Trustee shall, as such, be obligated to give any bond or other security
for the performance of any of his duties hereunder.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION&nbsp;5.4<I>&nbsp;&nbsp;&nbsp;&nbsp;No
Duty of Investigation; No Notice in Trust Instruments, etc.</I>&nbsp;&nbsp;&nbsp;&nbsp;No purchaser, lender, transfer agent or
other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry
concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable
for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee
or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other
act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the
executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents
of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers,
employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance
as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SECTION&nbsp;5.5<I>&nbsp;&nbsp;&nbsp;&nbsp;Reliance
on Experts, etc.</I>&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee and officer or employee of the Trust shall, in the performance of its
duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in
good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust
by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant,
appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless
of whether such counsel or expert may also be a Trustee.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section&nbsp;8
of the Form of Underwriting Agreement filed as Exhibit&nbsp;(h)(1) to this Registration Statement provides for each of the parties
thereto, including the Registrant and the underwriters, to indemnify the others, their directors, officers, agents, affiliates
and persons who control them against certain liabilities in connection with the offering described herein, including liabilities
under the federal securities laws.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Insofar
as indemnification for liability arising under the Securities Act of 1933, as amended (the &quot;Securities Act&quot;), may be
permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;31.&nbsp;&nbsp;&nbsp;&nbsp;Business
and Other Connections of Adviser </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
descriptions of the Adviser under the caption &quot;Management of the Fund&quot; in the prospectus and Statement of Additional
Information of this registration statement are incorporated by reference herein. Information as to the directors and officers
of the Adviser together with information as to any other business, profession, vocation or employment of a substantial nature
engaged in by the directors and officers of the Adviser in the last two years, is included in Form ADV (File No.&nbsp;801-68243)
filed under the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference. The Adviser's principal
business address is 345&nbsp;Park Avenue, 31st floor, New York, NY 10154.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;32.&nbsp;&nbsp;&nbsp;&nbsp;Locations
of Accounts and Records </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
accounts and records of the Registrant are maintained at the office of the Registrant at ALPS&nbsp;Fund Services,&nbsp;Inc., 1290&nbsp;Broadway,
11th Floor, Denver, Colorado, 80203.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;33.&nbsp;&nbsp;&nbsp;&nbsp;Management
Services </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
applicable.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item&nbsp;34.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings
</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Registrant undertakes to suspend the offering of its Common Shares of Beneficial Interest
                                         until the prospectus is amended if (1) subsequent to the effective date of this registration
                                         statement, the net asset value declines more than 10 percent from its net asset value
                                         as of the effective date of this registration statement or (2) the net asset value increases
                                         to an amount greater than its net proceeds as stated in the prospectus.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
                                         applicable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
                                         applicable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Not
                                         applicable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Registrant undertakes that:</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">for
    the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed
    as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant
    pursuant to 497(h) under the Securities Act shall be deemed to be part of the registration statement as of the time it was
    declared effective; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">for
    the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
    shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(6)</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Registrant undertakes to send by first class mail or other means designed to ensure equally
                                         prompt delivery, within two business days of receipt of an oral or written request, its
                                         Statement of Additional Information.</FONT></TD></TR></TABLE>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>SIGNATURES
</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
to the requirements of the Securities Act of 1933, as amended (the &quot;Securities Act&quot;) and the Investment Company Act
of 1940, as amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York, State of New York on the 19th&nbsp;day of January, 2018.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">BLACKSTONE&nbsp;/ GSO SENIOR</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">FLOATING RATE TERM FUND</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">/s/
    Daniel H. Smith, Jr.</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Name:
    Daniel H. Smith, Jr.</FONT> </TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: <I>Chairman, President, Chief Executive Officer and Trustee</I></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following person in the capacity
and on the date indicated.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Daniel H. Smith, Jr.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman, President, Chief Executive</FONT></P>
                                                         <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January
19, 2018&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Daniel
    H. Smith, Jr.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer
and Trustee</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Doris Lee-Silvestri</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer
and Chief Financial Officer (Principal </FONT></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT>January
19, 2018&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Doris
    Lee-Silvestri</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">Financial and Accounting Officer)</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
Edward H. D&rsquo;Alelio&nbsp;</FONT></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT>January
19, 2018&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edward
    H. D&rsquo;Alelio*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Michael Holland</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><BR>
    Trustee</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January
19, 2018&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Michael
    Holland*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
Thomas W. Jasper&nbsp;</FONT></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><BR>
    Trustee</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January
19, 2018&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thomas
    W. Jasper*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><BR>
    /s/ Gary S. Schpero</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><BR>
    Trustee</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January
19, 2018&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gary
    S. Schpero*</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">*By:</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"> /s/ Daniel H. Smith, Jr.</FONT></TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Daniel
H. Smith, Jr.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
Agent or Attorney-in-Fact&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">January
19, 2018&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
original power of attorney authorizing Daniel H. Smith, Jr., Doris Lee-Silvestri, Robert Zable, Marisa J. Beeney and Jane Lee
to execute the Registration Statement, and any amendments thereto,  for the trustees of the Registrant on whose behalf
this Registration Statement is filed has been executed and is filed as an exhibit to this Registration Statement.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>SCHEDULE
OF EXHIBITS TO FORM N-2 </B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Exhibit No. </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Exhibit </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment Advisory Agreement between the Registrant and the Adviser</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendment to the Investment Advisory Agreement </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Custody Agreement </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Services Agreement for Transfer Agent Services </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Marketing, Administration, Bookkeeping and Pricing Services Agreement </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">First Amendment to Marketing, Administration, Bookkeeping and Pricing Services Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Second Amendment to Marketing, Administration, Bookkeeping and Pricing Services Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Code of Ethics of the Registrant</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Code of Ethics of the Adviser </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(s)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Power of Attorney </FONT></TD></TR>
</TABLE>


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<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-99.25.G.1
<SEQUENCE>2
<FILENAME>fp0030426_ex9925g1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">This Investment Advisory Agreement, dated and
effective as of May 25, 2010, is made by and between Blackstone / GSO Senior Floating Rate Term Fund, a Delaware statutory trust
(herein referred to as the &ldquo;Fund&rdquo;) and GSO / Blackstone Debt Funds Management LLC, a Delaware limited liability company
(herein referred to as the &ldquo;Adviser&rdquo;) (this &ldquo;Agreement&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">1. <U>Appointment of Adviser</U>. The Adviser
hereby undertakes and agrees, upon the terms and conditions herein set forth, to provide overall investment management services
for the Fund and in connection therewith to: (i) supervise the Fund&rsquo;s investment program, including advising and consulting
with the Fund&rsquo;s board of trustees (the &ldquo;Board of Trustees&rdquo;) regarding the Fund&rsquo;s overall investment strategy;
(ii) make, in consultation with the Fund&rsquo;s Board of Trustees, investment strategy decisions for the Fund; (iii) manage the
investing and reinvesting of the Fund&rsquo;s assets; (iv) place purchase and sale orders on behalf of the Fund; (v) advise the
Fund with respect to all matters relating to the Fund&rsquo;s use of leveraging techniques; (vi) provide or procure the provision
of research and statistical data to the Fund in relation to investing and other matters within the scope of the investment objective
and limitations of the Fund; (vii) monitor the performance of the Fund&rsquo;s outside service providers, including the Fund&rsquo;s
administrator, transfer agent and custodian; (viii) be responsible for compliance by the Fund with U.S. federal, state and other
applicable laws and regulations; and (ix) pay the salaries, fees and expenses of such of the Fund&rsquo;s trustees, officers or
employees who are trustees, officers or employees of the Adviser or any of its affiliates, except that the Fund will bear travel
expenses or an appropriate portion thereof of trustees and officers of the Fund who are trustees, officers or employees of the
Adviser to the extent that such expenses relate to attendance at meetings of the Board of Trustees or any committees thereof. The
Adviser may delegate any of the foregoing responsibilities to a third party with the consent of the Fund. The Fund acknowledges
that the Adviser makes no warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time
not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets
or the success of any investment strategy recommended or used by the Adviser.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">2. <U>Expenses</U>. In connection herewith, the
Adviser agrees to maintain a staff within its organization to furnish the above services to the Fund. The Adviser shall bear all
expenses arising out of its duties hereunder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Except as provided in Section 1 hereof, the Fund
shall be responsible for all of the Fund&rsquo;s expenses and liabilities, including organizational and offering expenses (which
include out-of-pocket expenses, but not overhead or employee costs of the Adviser); expenses for legal, accounting and auditing
services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations;
fees and expenses incurred in connection with listing the Fund&rsquo;s shares on any stock exchange; costs of printing and distributing
shareholder reports, proxy materials, prospectuses, stock certificates, if any, and distribution of dividends; charges of the Fund&rsquo;s
custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and
dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees
of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;); expenses of registering or qualifying securities of the
Fund for sale in the various states; freight and other charges in connection with the shipment of the Fund&rsquo;s portfolio securities;
fees and expenses of non-interested trustees or non-interested members of any advisory or investment board, committee or panel
of the Fund; travel expenses or an appropriate portion thereof of trustees and officers of the Fund, or members of any advisory
or investment board, committee or panel of the Fund, to the extent that such expenses relate to attendance at meetings of the Board
of Trustees or any committee thereof, or of any such advisory or investment board, committee or panel; salaries of shareholder
relations personnel; costs of shareholders meetings; insurance; interest; brokerage costs; and litigation and other extraordinary
or non-recurring expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">3. <U>Transactions with Affiliates</U>. The Adviser
is authorized on behalf of the Fund, from time to time when deemed to be in the best interests of the Fund and to the extent permitted
by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or
makes a market and/or may perform or seek to perform investment banking services for issuers of such securities. The Adviser is
further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser)
for the execution of trades for the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">4. <U>Best Execution; Research Services</U>. The
Adviser is authorized, for the purchase and sale of the Fund&rsquo;s portfolio securities, to employ such dealers and brokers as
may, in the judgment of the Adviser, implement the policy of the Fund to obtain the best results, taking into account such factors
as price, including dealer spread, the size, type and difficulty of the transaction involved, the firm&rsquo;s general execution
and operational facilities and the firm&rsquo;s risk in positioning the securities involved. Consistent with this policy, the Adviser
is authorized to direct the execution of the Fund&rsquo;s portfolio transactions to dealers and brokers furnishing statistical
information or research deemed by the Adviser to be useful or valuable to the performance of its investment advisory functions
for the Fund. It is understood that in these circumstances, as contemplated by Section 28(e) of the Securities Exchange Act of
1934, as amended, the commissions paid may be higher than those which the Fund might otherwise have paid to another broker if those
services had not been provided. Information so received will be in addition to and not in lieu of the services required to be performed
by the Adviser. It is understood that the expenses of the Adviser will not necessarily be reduced as a result of the receipt of
such information or research. Research services furnished to the Adviser by brokers who effect securities transactions for the
Fund may be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly,
research services furnished to the Adviser by brokers who effect securities transactions for other investment companies, entities
or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Fund. It is understood that not all
of these research services are used by the Adviser in managing any particular account, including the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">The Adviser and its affiliates may aggregate purchase
or sale orders for the assets with purchase or sale orders for the same security for other clients&rsquo; accounts of the Adviser
or of its affiliates, the Adviser&rsquo;s own accounts and hold proprietary positions in accordance with its current aggregation
and allocation policy (collectively, the &ldquo;Advisory Clients&rdquo;), but only if (x) in the Adviser&rsquo;s reasonable judgment
such aggregation results in an overall economic or other benefit to the assets taking into consideration the advantageous selling
or purchase price, brokerage commission and other expenses and factors and (y) the Adviser&rsquo;s actions with respect to aggregating
orders for multiple Advisory Clients, as well as the Fund, are consistent with applicable law. However, the Adviser is under no
obligation to aggregate any such orders under any circumstances.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">5. <U>Remuneration</U>. In consideration of the
services to be rendered by the Adviser under this Agreement, the Fund shall pay the Adviser a monthly fee in United States dollars
on the fifth business day of each month for the previous month at an annual rate of 1.00% of the Fund&rsquo;s Managed Assets. &ldquo;Managed
Assets&rdquo; means the total assets of the Fund (including assets attributable to money borrowed for investment purposes, including
assets attributable to any preferred stock that may be outstanding) minus the sum of the Fund&rsquo;s accrued liabilities (other
than Fund liabilities incurred for the express purpose of creating leverage). If the fee payable to the Adviser pursuant to this
Section 5 begins to accrue before the end of any month or if this Agreement terminates before the end of any month, the fee for
the period from such date to the end of such month or from the beginning of such month to the date of termination, as the case
may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or
termination occurs. For purposes of calculating each such monthly fee, the value of the Fund&rsquo;s net assets shall be computed
at the time and in the manner specified in the Registration Statement on Form N-2, as in effect from time to time, filed with the
Commission under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), and the Securities Act of 1933, as
amended.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">6. <U>Representations and Warranties</U>. The
Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Investment Advisers
Act of 1940, as amended, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and
licenses, as the case may be, until the termination of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">7. <U>Services Not Deemed Exclusive</U>. The Fund
acknowledges and agrees that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(a) the services provided hereunder by the Adviser
are not to be deemed exclusive, and the Adviser and any of its affiliates or related persons are free to render similar services
to others and to use the research developed in connection with this Agreement for other Advisory Clients or affiliates. The Fund
agrees that the Adviser may give advice and take action with respect to any of its other Advisory Clients which may differ from
advice given or the timing or nature of action taken with respect to any client or account so long as it is the Adviser&rsquo;s
policy, to the extent practicable, to allocate investment opportunities to the client or account on a fair and equitable basis
relative to its other Advisory Clients. It is understood that the Adviser shall not have any obligation to recommend for purchase
or sale any loans which its principals, affiliates or employees may purchase or sell for its or their own accounts or for any other
client or account if, in the opinion of the Investment Adviser, such transaction or investment appears unsuitable, impractical
or undesirable for the Fund. Nothing herein shall be construed as constituting the Adviser an agent of the Fund;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 67.5pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 67.5pt">(b) circumstances may arise under
which the Adviser determines there is a limited supply or demand for a particular security. Under such circumstances, the Adviser
shall allocate such security to the Fund and other Advisory Clients in accordance with its then-current aggregation and allocation
policy and in a fair and equitable manner consistent with its fiduciary duties owed to the Fund and such other Advisory Clients.
In circumstances where the Adviser has determined to purchase or sell any security or make or dispose of any other investment of
an Advisory Client&rsquo;s funds and believes, in its reasonable judgment, that such investment would be appropriate for the assets,
then, consistent with its fiduciary duties and applicable law, the Adviser may, but is not obligated, to cross the relevant transactions
between the other Advisory Client&rsquo;s account and the assets;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-indent: 67.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(c) as a regular part of the restructuring and
advisory practice of an affiliate of the Investment Adviser (the &ldquo;Restructuring Affiliate&rdquo;), the Restructuring Affiliate
advises debtors and creditors in connection with out-of-court debt restructurings and workouts and with bankruptcy proceedings.
The Restructuring Affiliate also serves as advisor to official creditor committees established pursuant to such proceedings. In
situations in which an issuer of an Investment (or a creditor or group of creditors of such issuer) is a client or potential client
of the restructuring and reorganization advisory practice (any such investment, a &ldquo;Conflicted Investment&rdquo;), the Adviser
sell the Conflicted Investment to the extent deemed advisable by the Restructuring Affiliate, in consultation with the Adviser&rsquo;s
compliance officer, in order to avoid actual or perceived conflicts of interest with the restructuring and reorganization advisory
practice, whether or not such disposition would otherwise be in the best interests of the Fund. Further, there may also be instances
in which the work of the restructuring and reorganization advisory practice prevents the Adviser from purchasing an investment.
Notwithstanding anything to the contrary contained elsewhere herein, due to certain confidentiality obligations which the Restructuring
Affiliate may be subject to, the Adviser shall not be obligated to inform the Fund at the time of any sale of Conflicted Investments;
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">(d) the Adviser and its members, partners, officers,
directors and employees shall devote as much of their time to the activities of the Fund as they deem necessary and appropriate.
The services of the Adviser and its affiliates are not exclusive and the Adviser and its affiliates are not restricted from forming
additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities,
even though such activities may be in competition with the Fund or may involve substantial time and resources of the Adviser.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">8. <U>Limit of Liability</U>. The Adviser shall
exercise its best judgment in rendering the services in accordance with the terms of this Agreement. The Adviser shall not be liable
for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the
matters to which this Agreement relates, provided that nothing herein shall be deemed to protect or purport to protect the Adviser
against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance,
bad faith or gross negligence on its part in the performance of its duties (&ldquo;disabling conduct&rdquo;). . The Adviser may
consult with counsel and accountants in respect of the Fund&rsquo;s affairs and shall be fully protected and justified in any action
or inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel
or accountants were selected with reasonable care. The Fund will indemnify the Adviser against, and hold it harmless from, any
and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses), including any amounts
paid in satisfaction of judgments, in compromise or as fines or penalties, not resulting from disabling conduct by the Adviser.
Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before which the proceeding
was brought that the Adviser was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable
determination, based upon a review of the facts, that the Adviser was not liable by reason of disabling conduct by (a) the vote
of a majority of a quorum of trustees of the Fund who are neither &ldquo;interested persons&rdquo; of the Fund nor parties to the
proceeding (&ldquo;disinterested non-party trustees&rdquo;) or (b) an independent legal counsel in a written opinion. The Adviser
shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable counsel fees and expenses)
incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent
permissible under law. Prior to any such advance, the Adviser shall provide to the Fund a written affirmation of its good faith
belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any
such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of
the following additional conditions shall be met: (a) the Adviser shall provide a security in form and amount acceptable to the
Fund for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of a quorum
of disinterested non-party trustees or independent legal counsel, in a written opinion, shall have determined, based on a review
of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the
Adviser will ultimately be found to be entitled to indemnification. The Adviser shall not be liable hereunder or otherwise for
any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided,
that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser with in good faith,
unless such action or inaction was made by reason of willful misfeasance, bad faith or gross negligence of its obligations and
duties hereunder, or in the case of a criminal action or proceeding, where the Adviser had reasonable cause to believe its conduct
was unlawful.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">9. <U>Duration and Termination</U>. This Agreement
shall remain in effect until May 24, 2012, and shall continue in effect thereafter for successive annual periods, but only so long
as such continuance is specifically approved at least annually by the affirmative vote of (i) a majority of the members of the
Fund&rsquo;s Board of Trustees who are not parties to this Agreement or &ldquo;interested persons&rdquo; (as defined in the 1940
Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) the Fund&rsquo;s
Board of Trustees or the holders of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Notwithstanding the above, this Agreement is terminable
with respect to the Fund without penalty by the Board of Trustees of the Fund or by vote of a majority of the outstanding voting
securities of the Fund, in each case on not more than 60 days' nor less than 30 days' written notice to the Adviser, or by the
Adviser upon not less than 90 days' written notice to the Fund, and will be terminated upon the mutual written consent of the Investment
Adviser and the Fund. This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">10. <U>Governing Law</U>. This Agreement shall
be governed, construed and interpreted in accordance with the laws of the State of New York, <U>provided</U>, <U>however</U>, that
nothing herein shall be construed as being inconsistent with the 1940 Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">11. <U>Notices</U>. Any notice hereunder shall
be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in person) to the parties at the
addresses set forth below.</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-indent: 1in">If to the Fund:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">Blackstone / GSO Senior Floating Rate Term Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">280 Park Avenue, 11<SUP>th</SUP> Floor<BR>
New York, New York 10017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">Attn: Daniel H. Smith, Jr., Trustee, Chief Executive Officer
and President</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">If to the Adviser:</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 0 0 1.5in">GSO / Blackstone Debt Funds Management LLC<BR>
280 Park Avenue, 11<SUP>th</SUP> Floor<BR>
New York, New York 10017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">Attn: Marisa Beeney, General Counsel</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">or to such other address as to which the recipient shall have informed
the other party in writing.</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-indent: 1in">Unless specifically provided elsewhere, notice
given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile
and mail, on the date on which such facsimile or mail is sent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">12. <U>Miscellaneous</U>. The Fund acknowledges
receipt of Part II of the Adviser&rsquo;s Form ADV filed with the Securities and Exchange Commission pursuant to Section 203(c)
of the Advisers Act, which states information relative to the Adviser&rsquo;s investment and brokerage policies and other important
matters, and which the Investment Adviser warrants is the current filing of such form, at least 48 hours prior to the execution
of this Agreement, as required by Rule 204-3 under the Advisers Act..</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">13. <U>Counterparts</U>. This Agreement may be
executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>[Remainder of Page Intentionally
Left Blank.]</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto caused
their duly authorized signatories to execute this Agreement as of the day and year first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Marisa J. Beeney</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Marisa J. Beeney</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Secretary and Chief Legal Officer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Marisa J. Beeney</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Marisa J. Beeney</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>GSO
/ Blackstone Debt Funds Management LLC </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>345
Park Avenue, 31st Floor</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>New
York, NY 10154</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Blackstone
/ GSO Senior Floating Rate Term Fund</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">345
Park Avenue, 31st Floor</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">New
York, NY 10154</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Re:&nbsp;<U>Fee
Waiver</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GSO
/ Blackstone Debt Funds Management LLC (the &ldquo;<U>Adviser</U>&rdquo;) and Blackstone / GSO Senior Floating Rate Term Fund
(the &ldquo;<U>Fund</U>&rdquo;) are parties to that certain Investment Advisory Agreement, dated as of May 24, 2010 (the &ldquo;<U>Investment
Advisory Agreement</U>&rdquo;), pursuant to which the Fund is obligated to pay to the Adviser, among other things, a management
fee calculated at the annualized rate of 1.00% of the Fund&rsquo;s Managed Assets. The Adviser previously agreed to waive a portion
of its management fee as set forth in this Agreement (as defined below) in connection with seeking approval from the Fund&rsquo;s
shareholders and board of trustees to extend the Fund&rsquo;s term from May 31, 2020 to May 31, 2022. Capitalized terms used but
not defined herein have the meanings ascribed to them in the Investment Advisory Agreement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
letter agreement (this &ldquo;<U>Agreement</U>&rdquo;) confirms the waiver by the Adviser of a portion of the management fees
payable by the Fund, as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Adviser hereby agrees to reduce its management fee to an annualized rate of 0.90% of the Fund&rsquo;s Managed Assets effective
from November 17, 2017 until May 31, 2022. If this Agreement is terminated before the end of any month, the management fee waiver
for the part of the month before such termination shall be prorated. This Agreement will terminate automatically in the event
of the termination of the Investment Advisory Agreement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Agreement shall be governed by and construed in accordance with the substantive laws of the State of New York which are applicable
to contracts made and entirely to be performed therein, without regard to the place of performance hereunder.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Adviser understands and intends that the Fund will rely on this undertaking in preparing and filing a prospectus and other documents
for the Fund with the Securities and Exchange Commission, in accruing the Fund&rsquo;s expenses for purposes of calculating its
net asset value per share, and for other purposes as expressly permitted by the Adviser.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>GSO / Blackstone Debt Funds Management
    LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Marisa Beeney</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name: </FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Marisa Beeney</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title: </FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Authorized Signatory</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Agreed and
    Accepted:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Blackstone
    / GSO Senior Floating Rate Term Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By: </FONT></TD>
    <TD STYLE="font-size: 11pt; width: 30%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Marisa
    Beeney</FONT></TD>
    <TD STYLE="font-size: 11pt; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name: </FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Marisa Beeney</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title: </FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance Officer, Chief Legal Officer &amp;
Secretary</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.25.J
<SEQUENCE>4
<FILENAME>fp0030426_ex9925j.htm
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><IMG SRC="fp0030426_03.jpg" ALT=""><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>CUSTODY AGREEMENT</B></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">AGREEMENT, dated as of
May 25, 2010 between Blackstone / GSO Senior Floating Rate Term Fund, a statutory trust organized under the laws of the State of
Delaware organized and existing under the laws of the State of Delaware having its principal office and place of business at 280
Park Avenue, 11<SUP>th</SUP> Floor, New York, New York 10017 (the &ldquo;Fund&rdquo;) and The Bank of New York Mellon, a New York
corporation authorized to do a banking business having its principal office and place of business at One Wall Street, New York,
New York 10286 (&ldquo;Custodian&rdquo;).</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"><B>W I T N E S S E T H:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">that for and in consideration of the mutual
promises hereinafter set forth the Fund and Custodian agree as follows:</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Whenever used in this Agreement,
the following words shall have the meanings set forth below:</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">1. <B>&ldquo;Authorized
Person&rdquo;</B> shall be any person, whether or not an officer or employee of the Fund, duly authorized by the Fund&rsquo;s board
to execute any Certificate or to give any Oral Instruction with respect to one or more Accounts, such persons to be designated
in a Certificate annexed hereto as Schedule I hereto or such other Certificate as may be received by Custodian from time to time.</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">2. <B>&ldquo;BNY Affiliate&rdquo;</B>
shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation.</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">3. <B>&ldquo;Book-Entry
System&rdquo;</B> shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering securities, its successors
and nominees.</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">4. <B>&ldquo;Business Day&rdquo;</B>
shall mean any day on which Custodian and relevant Depositories are open for business.</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">5. <B>&ldquo;Certificate&rdquo;</B>
shall mean any notice, instruction, or other instrument in writing, authorized or required by this Agreement to be given to Custodian,
which is actually received by Custodian by letter or facsimile transmission and signed on behalf of the Fund by an Authorized Person
or a person reasonably believed by Custodian to be an Authorized Person.</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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6. <B>&ldquo;Composite
Currency Unit&rdquo;</B> shall mean the Euro or any other composite currency unit consisting of the aggregate of specified amounts
of specified currencies, as such unit may be constituted from time to time.</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">7. <B>&ldquo;Depository&rdquo;</B>
shall include (a) the Book-Entry System, (b) the Depository Trust Company, (c) any other clearing agency or securities depository
registered with the Securities and Exchange Commission identified to the Fund from time to time, and (d) the respective successors
and nominees of the foregoing.</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">8. <B>&ldquo;Foreign Depository&rdquo;</B>
shall mean (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each Eligible Securities Depository as defined in Rule
17f-7 under the Investment Company Act of 1940, as amended, identified to the Fund from time to time, and (d) the respective successors
and nominees of the foregoing.</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">9. <B>&ldquo;Instructions&rdquo;</B>
shall mean communications actually received by Custodian by S.W.I.F.T., tested telex, or other method or system specified by Custodian
as available for use in connection with the services hereunder.</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">10. <B>&ldquo;Oral Instructions&rdquo;</B>
shall mean verbal instructions received by Custodian from an Authorized Person or from a person reasonably believed by Custodian
to be an Authorized Person.</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">11. <B>&ldquo;Series&rdquo;</B>
shall mean the various portfolios, if any, of the Fund listed on Schedule II hereto, and if none are listed references to Series
shall be references to 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">12. <B>&ldquo;Securities&rdquo;</B>
shall include, without limitation, any commercial loans (including proceeds thereof), common stock and other equity securities,
bonds, debentures and other debt securities, notes, mortgages or other obligations, and any instruments representing rights to
receive, purchase, or subscribe for the same, or representing any other rights or interests therein (whether represented by a certificate
or held in a Depository or by a Subcustodian).</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">13. <B>&ldquo;Subcustodian&rdquo;</B>
shall mean a bank (including any branch thereof) or other financial institution (other than a Foreign Depository) located outside
the U.S. which is utilized by Custodian in connection with the purchase, sale or custody of Securities hereunder and identified
to the Fund from time to time, and their respective successors and nominees.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE II<BR>
APPOINTMENT OF CUSTODIAN; ACCOUNTS;<BR>
REPRESENTATIONS, WARRANTIES, AND COVENANTS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. (a) The Fund hereby
appoints Custodian as custodian of all Securities and cash at any time delivered to Custodian during the term of this Agreement,
and authorizes Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian hereby accepts
such appointment and agrees to establish and maintain one or more securities accounts and cash accounts for each Series in which
Custodian will hold Securities and cash as provided herein. Custodian shall maintain books and records segregating the assets of
each Series from the assets of any other Series. Such accounts (each, an &ldquo;Account&rdquo;; collectively, the &ldquo;Accounts&rdquo;)
shall be in the name of 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: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) Custodian may from time
to time establish on its books and records such sub-accounts within each Account as the Fund and Custodian may agree upon (each
a &ldquo;Special Account&rdquo;), and Custodian shall reflect therein such assets as the Fund may specify in a Certificate or Instructions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) Custodian may from time
to time establish pursuant to a written agreement with and for the benefit of a broker, dealer, future commission merchant or other
third party identified in a Certificate or Instructions such accounts on such terms and conditions as the Fund and Custodian shall
agree, and Custodian shall transfer to such account such Securities and money as the Fund may specify in a Certificate or Instructions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. The Fund hereby represents
and warrants, which representations and warranties shall be continuing and shall be deemed to be reaffirmed upon each delivery
of a Certificate or each giving of Oral Instructions or Instructions by the Fund, that:</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: 1in">(a) It is duly organized
and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted,
to enter into this Agreement, and to perform its obligations hereunder;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) This Agreement has been
duly authorized, executed and delivered by the Fund, approved by a resolution of its board, constitutes a valid and legally binding
obligation of the Fund, enforceable in accordance with its terms, and there is no statute, regulation, rule, order or judgment
binding on it, and no provision of its charter or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding
on it or affecting its property, which would prohibit its execution or performance of this Agreement;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) It is conducting its
business in substantial compliance with all applicable laws and requirements, both state and federal, and has obtained all regulatory
licenses, approvals and consents necessary to carry on its business as now conducted;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d) It will not use the services
provided by Custodian hereunder in any manner that is, or will result in, a violation of any law, rule or regulation applicable
to the Fund;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e) Except to the extent
that Custodian is the foreign custody manager for the Fund, as defined in Rule 17f-5 under the Investment Company Act of 1940,
as amended (the &ldquo;&lsquo;40 Act&rdquo;), the Fund&rsquo;s board has determined that use of each Subcustodian (including any
Replacement Custodian) which Custodian is authorized to utilize in accordance with Section 1(a) of Article III hereof satisfies
the applicable requirements of the &lsquo;40 Act and Rule 17f-5 thereunder;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f) In reliance on the analysis
of custody risks provided by Custodian pursuant to paragraph 1(d) of Article III hereof, the Fund or its investment adviser has
determined that the custody arrangements of each Foreign Depository provide reasonable safeguards against the custody risks associated
with maintaining assets with such Foreign Depository within the meaning of Rule 17f-7 under the &lsquo;40 Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g) It is fully informed
of the protections and risks associated with various methods of transmitting Instructions and Oral Instructions and delivering
Certificates to Custodian, shall, and shall cause each Authorized Person, to safeguard and treat with extreme care any user and
authorization codes, passwords and/or authentication keys, understands that there may be more secure methods of transmitting or
delivering the same than the methods selected by the Fund, agrees that the security procedures (if any) to be followed in connection
therewith provide a commercially reasonable degree of protection in light of its particular needs and circumstances, and acknowledges
and agrees that Instructions need not be reviewed by Custodian, may conclusively be presumed by Custodian to have been given by
person(s) duly authorized, and may be acted upon as given;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h) It shall manage its borrowings,
including, without limitation, any advance or overdraft (including any day-light overdraft) in the Accounts, so that the aggregate
of its total borrowings for each Series does not exceed the amount such Series is permitted to borrow under the &lsquo;40 Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) Its transmission or giving
of, and Custodian acting upon and in reliance on, Certificates, Instructions, or Oral Instructions pursuant to this Agreement shall
at all times comply with the &lsquo;40 Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(j) It shall impose and maintain
restrictions on the destinations to which cash may be disbursed by Instructions to ensure that each disbursement is for a proper
purpose; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(k) It has the right to make
the pledge and grant the security interest and security entitlement to Custodian contained in Section 1 of Article V hereof, free
of any right of redemption or prior claim of any other person or entity, such pledge and such grants shall have a first priority
subject to no setoffs, counterclaims, or other liens or grants prior to or on a parity therewith, and it shall take such additional
steps as Custodian may reasonably require to assure such priority.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3. The Fund hereby covenants
that it shall from time to time complete and execute and deliver to Custodian upon Custodian&rsquo;s request a Form FR U-1 (or
successor form) whenever the Fund borrows from Custodian any money to be used for the purchase or carrying of margin stock as defined
in Federal Reserve Regulation U.</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">4. Custodian represents
and warrants that it has full authority to enter into this Agreement upon the terms and conditions hereof and that the individual
executing this Agreement on its behalf has the requisite authority to bind Custodian to this Agreement, and that this Agreement
constitutes a binding obligation of Custodian.</P>

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

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

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE III<BR>
CUSTODY AND RELATED SERVICES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. (a) Subject to the terms
hereof, the Fund hereby authorizes Custodian, and Custodian agrees, to hold any Securities received by it from time to time for
the Fund&rsquo;s account. Custodian shall be entitled to utilize, subject to subsection (c) of this Section 1, Depositories, Subcustodians,
and, subject to subsection (d) of this Section 1, Foreign Depositories, to the extent possible in connection with its performance
hereunder. Securities and cash held in a Depository or Foreign Depository will be held subject to the rules, terms and conditions
of such entity. Securities and cash held through Subcustodians shall be held subject to the terms and conditions of Custodian&rsquo;s
agreements with such Subcustodians. Subcustodians may be authorized to hold Securities in Foreign Depositories in which such Subcustodians
participate. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities deposited with
a Subcustodian, a Depository or a Foreign Depository will be held in a commingled account, in the name of Custodian, holding only
Securities held by Custodian as custodian for its customers. Custodian shall identify on its books and records the Securities and
cash belonging to the Fund, whether held directly or indirectly through Depositories, Foreign Depositories, or Subcustodians. Custodian
shall, directly or indirectly through Subcustodians, Depositories, or Foreign Depositories, endeavor, to the extent feasible, to
hold Securities in the country or other jurisdiction in which the principal trading market for such Securities is located, where
such Securities are to be presented for cancellation and/or payment and/or registration, or where such Securities are acquired.
Custodian at any time may cease utilizing any Subcustodian and/or may replace a Subcustodian with a different Subcustodian (the
&ldquo;Replacement Subcustodian&rdquo;). In the event Custodian selects a Subcustodian or Replacement Subcustodian, Custodian shall
not utilize such Subcustodian or Replacement Subcustodian until after the Fund&rsquo;s board or foreign custody manager has determined
that utilization of such Subcustodian or Replacement Subcustodian satisfies the requirements of the &lsquo;40 Act and Rule 17f-5
thereunder.</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: 1in">(b) Unless Custodian has
received a Certificate or Instructions to the contrary, Custodian shall hold Securities indirectly through a Subcustodian only
if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian
or its creditors or operators, including a receiver or trustee in bankruptcy or similar authority, except for a claim of payment
for the safe custody or administration of Securities on behalf of the Fund by such Subcustodian, and (ii) beneficial ownership
of the Securities is freely transferable without the payment of money or value other than for safe custody or administration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) With respect to each
Depository, Custodian (i) shall exercise due care in accordance with reasonable commercial standards in discharging its duties
as a securities intermediary to obtain and thereafter maintain Securities or financial assets deposited or held in such Depository,
and (ii) will provide, promptly upon request by the Fund, such reports as are available concerning the internal accounting controls
and financial strength of Custodian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d) With respect to each
Foreign Depository, Custodian shall exercise reasonable care, prudence, and diligence (i) to provide the Fund with an analysis
of the custody risks associated with maintaining assets with the Foreign Depository, and (ii) to monitor such custody risks on
a continuing basis and promptly notify the Fund of any material change in such risks. The Fund acknowledges and agrees that such
analysis and monitoring shall be made on the basis of, and limited by, information gathered from Subcustodians or through publicly
available information otherwise obtained by Custodian, and shall not include any evaluation of Country Risks. As used herein the
term &ldquo;Country Risks&rdquo; shall mean with respect to any Foreign Depository: (a) the financial infrastructure of the country
in which it is organized, (b) such country&rsquo;s prevailing custody and settlement practices, (c) nationalization, expropriation
or other governmental actions, (d) such country&rsquo;s regulation of the banking or securities industry, (e) currency controls,
restrictions, devaluations or fluctuations, and (f) market conditions which affect the order execution of securities transactions
or affect the value of securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e) From time to time, the
Fund may invest in Securities that do not have ownership interests as may be represented by certificate (whether registered or
bearer), by entry in a securities depository or by book entry agent, registrar or similar agent for recoding ownership interests
in the relevant Security. If the Fund shall at any time acquire such Securities, including without limitation deposit obligations,
loan participations, repurchase agreements and derivative arrangements, the Custodian shall receive and retain, to the extent the
same are provided to the Custodian, confirmations or other documents evidencing the arrangement. The Custodian shall have no responsibility
for agreements running to the Fund as to which it is not a party other than to retain, to the extent the same are provided to the
Custodian, documents or copies of documents evidencing the arrangement and, in accordance with a Certificate or Instruction, to
include such arrangements in reports made to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. Custodian shall furnish
the Fund with an advice of daily transactions (including a confirmation of each transfer of Securities) and a monthly summary of
all transfers to or from the Accounts.</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">3. With respect to all
Securities held hereunder, Custodian shall, unless otherwise instructed to the contrary:</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: 1in">(a) Receive all income and
other payments and advise the Fund as promptly as practicable of any such amounts due but not paid;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) Present for payment and
receive the amount paid upon all Securities which may mature and advise the Fund as promptly as practicable of any such amounts
due but not paid;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) Forward to the Fund copies
of all information or documents that it may actually receive from an issuer of Securities which, in the opinion of Custodian, are
intended for the beneficial owner of Securities;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d) Forward to the Fund or
its designee information or summaries of information that Custodian receives from Depositories or Subcustodians concerning Securities
in the Account (excluding bankruptcy matters);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e) Execute, as custodian,
any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or hereafter in effect in
connection with the collection of bond and note coupons;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f) Forward to the Fund or
its designee any initial notice of bankruptcy cases relating to Securities held in the Account and any other related notices, provided
the same are actually received by an officer of Custodian administering this Agreement;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g) Carry out any exchanges
of Securities or other corporate actions not requiring any discretionary or elective decisions;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h) Facilitate access by
the Fund or its designee to ballots or online systems to assist in the voting of proxies received for Securities held in the Account;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) Hold directly or through
a Depository, a Foreign Depository, or a Subcustodian all rights and similar Securities issued with respect to any Securities credited
to an Account hereunder;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(j) Endorse for collection
checks, drafts or other negotiable instruments; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(k) Execute, as custodian,
any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or hereafter in effect in
connection with the collection of bond and note coupons.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4. (a) Custodian shall
promptly notify the Fund of rights or discretionary actions with respect to Securities held hereunder, and of the date or dates
by when such rights must be exercised or such action must be taken, provided that Custodian has actually received, from the issuer
or the relevant Depository (with respect to Securities issued in the United States) or from the relevant Subcustodian, Foreign
Depository, or a nationally or internationally recognized bond or corporate action service to which Custodian subscribes, timely
notice of such rights or discretionary corporate action or of the date or dates such rights must be exercised or such action must
be taken. Absent actual receipt of such notice, Custodian shall have no liability for failing to so notify 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: 1in">(b) Whenever Securities (including,
but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls) confer discretionary rights on
the Fund or provide for discretionary action or alternative courses of action by the Fund, the Fund shall be responsible for making
any decisions relating thereto and for directing Custodian to act. In order for Custodian to act, it must receive the Fund&rsquo;s
Certificate or Instructions at Custodian&rsquo;s offices, addressed as Custodian may from time to time request, not later than
noon (New York time) at least two (2) Business Days prior to the last scheduled date to act with respect to such Securities (or
such earlier date or time as Custodian may specify to the Fund). Absent Custodian&rsquo;s timely receipt of such Certificate or
Instructions, Custodian shall not be liable for failure to take any action relating to or to exercise any rights conferred by such
Securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5. All voting rights with
respect to Securities, however registered, shall be exercised by the Fund or its designee. Custodian will make available to the
Fund proxy voting services upon the request of, and for the jurisdictions selected by, the Fund in accordance with terms and conditions
to be mutually agreed upon by Custodian and 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">6. Custodian shall promptly
advise the Fund upon Custodian&rsquo;s actual receipt of notification of the partial redemption, partial payment or other action
affecting less than all Securities of a relevant class of Securities held in the Account. If Custodian, any Subcustodian, any Depository,
or any Foreign Depository holds any Securities in which the Fund has an interest as part of a fungible mass, Custodian, such Subcustodian,
Depository, or Foreign Depository may select the Securities to participate in such partial redemption, partial payment or other
action in any non-discriminatory manner that it customarily uses to make such selection.</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">7. Custodian shall not
under any circumstances accept bearer interest coupons which have been stripped from United States federal, state or local government
or agency securities unless explicitly agreed to by Custodian in writing.</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">8. The Fund shall be liable
for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto (&ldquo;Taxes&rdquo;),
with respect to any cash or Securities held on behalf of the Fund or any transaction related thereto. The Fund shall indemnify
Custodian and each Subcustodian for the amount of any Tax that Custodian, any such Subcustodian or any other withholding agent
is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or
payments or distributions made to or for the account of the Fund (including any payment of Tax required by reason of an earlier
failure to withhold). Custodian shall, or shall instruct the applicable Subcustodian or other withholding agent to, withhold the
amount of any Tax which is required to be withheld under applicable law upon collection of any dividend, interest or other distribution
made with respect to any Security and any proceeds or income from the sale, loan or other transfer of any Security. In the event
that Custodian or any Subcustodian is required under applicable law to pay any Tax on behalf of the Fund, Custodian is hereby authorized
without the giving of prior notice to the Fund to withdraw cash from any cash account in the amount required to pay such Tax and
to use such cash, or to remit such cash to the appropriate Subcustodian or other withholding agent, for the timely payment of such
Tax in the manner required by applicable law, and shall promptly advise the Fund of any such withdrawal. If the aggregate amount
of cash in all cash accounts is not sufficient to pay such Tax, Custodian shall promptly notify the Fund of the additional amount
of cash (in the appropriate currency) required, and the Fund shall directly deposit such additional amount in the appropriate cash
account promptly after receipt of such notice, for use by Custodian as specified herein. In the event that Custodian reasonably
believes that Fund is eligible, pursuant to applicable law or to the provisions of any tax treaty, for a reduced rate of, or exemption
from, any Tax which is otherwise required to be withheld or paid on behalf of the Fund under any applicable law, Custodian shall,
or shall instruct the applicable Subcustodian or withholding agent to, either withhold or pay such Tax at such reduced rate or
refrain from withholding or paying such Tax, as appropriate; <U>provided</U> that Custodian shall have received from the Fund all
documentary evidence of residence or other qualification for such reduced rate or exemption required to be received under such
applicable law or treaty. In the event that Custodian reasonably believes that a reduced rate of, or exemption from, any Tax is
obtainable only by means of an application for refund, Custodian and the applicable Subcustodian shall make such application, but
shall have no responsibility for the accuracy or validity of any forms or documentation provided by the Fund to Custodian hereunder.
The Fund hereby agrees to indemnify and hold harmless Custodian and each Subcustodian in respect of any liability arising from
any underwithholding or underpayment of any Tax which results from the inaccuracy or invalidity of any such forms or other documentation,
and such obligation to indemnify shall be a continuing obligation of the Fund, its successors and assigns notwithstanding the 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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9. (a) For the purpose
of settling Securities and foreign exchange transactions, the Fund shall provide Custodian with sufficient immediately available
funds for all transactions by such time and date as conditions in the relevant market dictate. As used herein, &ldquo;sufficient
immediately available funds&rdquo; shall mean either (i) sufficient cash denominated in U.S. dollars to purchase the necessary
foreign currency, or (ii) sufficient applicable foreign currency, to settle the transaction. Custodian shall provide the Fund with
immediately available funds each day which result from the actual settlement of all sale transactions, based upon advices received
by Custodian from Subcustodians, Depositories, and Foreign Depositories. Such funds shall be in U.S. dollars or such other currency
as the Fund may specify to Custodian.</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: 1in">(b) Any foreign exchange
transaction effected by Custodian in connection with this Agreement may be entered with Custodian or a BNY Affiliate acting as
principal or otherwise through customary banking channels. The Fund may issue a standing Certificate or Instructions with respect
to foreign exchange transactions, but Custodian may establish rules or limitations concerning any foreign exchange facility made
available to the Fund. The Fund shall bear all risks of investing in Securities or holding cash denominated in a foreign currency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">10. Until such time as
Custodian receives a certificate to the contrary with respect to a particular Security, Custodian may release the identity of the
Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose
of direct communications between such issuer and shareholder.</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">11. Custodian shall make
available to the Fund a monthly report (or a report for such other time period to which the Fund and Custodian may agree to) of
all transfers to and from the Account and a statement of all Securities and cash in the Accounts as of the last Business Day of
each month (or such other time period to which the Fund and Custodian may agree). The Fund may elect to receive reports electronically
by accessing a website maintained by Custodian subject to the terms and conditions applicable to such website access, and the Fund
acknowledges that such website and any transmissions by the Fund thereto are not encrypted and therefore are not secure.</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">12. Custodian shall provide
a daily cash activity report indicating the following information with respect to the Securities:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a) transaction description
(including name of security);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) dollar amount;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 9 -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) date of transaction;
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d) cash and/or cash investment
balances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">13. In addition to the
foregoing, Custodian shall perform the functions with respect to the Securities consisting of commercial loans, including the proceeds
thereof (the &ldquo;Loans&rdquo;), set forth in Schedule III to 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">14. In addition to the
foregoing, Custodian shall provide the Fund with reports as described in Schedule IV to 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: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE IV<BR>
PURCHASE AND SALE OF SECURITIES;<BR>
CREDITS TO ACCOUNT</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. Promptly after each
purchase or sale of Securities by the Fund, the Fund shall deliver to Custodian a Certificate or Instructions, or with respect
to a purchase or sale of a Security generally required to be settled on the same day the purchase or sale is made, Oral Instructions
specifying all information Custodian may reasonably request to settle such purchase or sale. Custodian shall account for all purchases
and sales of Securities on the actual settlement date unless otherwise agreed by Custodian and 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">2. The Fund understands
that when Custodian is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment therefor
may not be completed simultaneously. Notwithstanding any provision in this Agreement to the contrary, settlements, payments and
deliveries of Securities may be effected by Custodian or any Subcustodian in accordance with the customary or established securities
trading or securities processing practices and procedures in the jurisdiction in which the transaction occurs, including, without
limitation, delivery to a purchaser or dealer therefor (or agent) against receipt with the expectation of receiving later payment
for such Securities. The Fund assumes full responsibility for all risks, including, without limitation, credit risks, involved
in connection with such deliveries of Securities, unless Custodian has not acted in accordance with industry practice and has been
negligent or engaged in willful misconduct.</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">3. Custodian may, as a
matter of bookkeeping convenience or by separate agreement with the Fund, credit the Account with the proceeds from the sale, redemption
or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt
of final payment therefor. All such credits shall be conditional until Custodian&rsquo;s actual receipt of final payment and may
be reversed by Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be &ldquo;final&rdquo;
until Custodian shall have received immediately available funds which under applicable local law, rule and/or practice are irreversible
and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction.</P>

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

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

<!-- Field: Page; Sequence: 10 -->
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                                    10<!-- Field: /Sequence -->                                     -&nbsp;</P></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE V<BR>
OVERDRAFTS OR INDEBTEDNESS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. If Custodian should
in its sole discretion advance funds on behalf of any Series to make a payment permitted by this Agreement upon receipt of Instructions
or other proper authorization which results in an overdraft (including, without limitation, any day-light overdraft) because the
money held by Custodian in an Account for such Series shall be insufficient to pay the total amount payable upon a purchase of
Securities specifically allocated to such Series, as set forth in a Certificate, Instructions or Oral Instructions, or if an overdraft
arises in the separate account of a Series for some other reason, including, without limitation, because of a reversal of a conditional
credit or the purchase of any currency, or if the Fund is for any other reason indebted to Custodian with respect to a Series,
including any indebtedness to The Bank of New York under any cash management of similar agreement between the Fund and Custodian
(except a borrowing for investment or for temporary or emergency purposes using Securities as collateral pursuant to a separate
agreement and subject to the provisions of Section 2 of this Article), such overdraft or indebtedness shall be deemed to be a loan
made by Custodian to the Fund for such Series payable on demand and shall bear interest from the date incurred at a rate per annum
ordinarily charged by Custodian to its institutional customers, as such rate may be adjusted from time to time. In addition, the
Fund hereby agrees that Custodian shall to the maximum extent permitted by law have a continuing lien, security interest, and security
entitlement in and to any property, including, without limitation, any investment property or any financial asset, of such Series
at any time held by Custodian for the benefit of such Series or in which such Series may have an interest which is then in Custodian&rsquo;s
possession or control or in possession or control of any third party acting in Custodian&rsquo;s behalf. The Fund authorizes Custodian,
in its sole discretion, at any time to charge any such overdraft or indebtedness together with interest due thereon against any
balance of account standing to such Series&rsquo; credit on Custodian&rsquo;s books.</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">2. If the Fund borrows
money from any bank (including Custodian if the borrowing is pursuant to a separate agreement) for investment or for temporary
or emergency purposes using Securities held by Custodian hereunder as collateral for such borrowings, the Fund shall deliver to
Custodian a Certificate specifying with respect to each such borrowing: (a) the Series to which such borrowing relates; (b) the
name of the bank, (c) the amount of the borrowing, (d) the time and date, if known, on which the loan is to be entered into, (e)
the total amount payable to the Fund on the borrowing date, (f) the Securities to be delivered as collateral for such loan, including
the name of the issuer, the title and the number of shares or the principal amount of any particular Securities, and (g) a statement
specifying whether such loan is for investment purposes or for temporary or emergency purposes and that such loan is in conformance
with the &lsquo;40 Act and the Fund&rsquo;s prospectus. Custodian shall deliver on the borrowing date specified in a Certificate
the specified collateral against payment by the lending bank of the total amount of the loan payable, provided that the same conforms
to the total amount payable as set forth in the Certificate. Custodian may, at the option of the lending bank, keep such collateral
in its possession, but such collateral shall be subject to all rights therein given the lending bank by virtue of any promissory
note or loan agreement. Custodian shall deliver such Securities as additional collateral as may be specified in a Certificate to
collateralize further any transaction described in this Section. The Fund shall cause all Securities released from collateral status
to be returned directly to Custodian, and Custodian shall receive from time to time such return of collateral as may be tendered
to it. In the event that the Fund fails to specify in a Certificate the Series, the name of the issuer, the title and number of
shares or the principal amount of any particular Securities to be delivered as collateral by Custodian, Custodian shall not be
under any obligation to deliver any Securities.</P>

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

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

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE VI<BR>
SALE AND REDEMPTION OF SHARES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. Whenever the Fund shall
sell any shares issued by the Fund (&ldquo;Shares&rdquo;) it shall deliver to Custodian a Certificate or Instructions specifying
the amount of money and/or Securities to be received by Custodian for the sale of such Shares and specifically allocated to an
Account for such Series.</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">2. Upon receipt of such
money, Custodian shall credit such money to an Account in the name of the Series for which such money was received.</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">3. Except as provided hereinafter,
whenever the Fund desires Custodian to make payment out of the money held by Custodian hereunder in connection with a redemption
of any Shares, it shall furnish to Custodian (a) a resolution of the Fund&rsquo;s board directing the Fund&rsquo;s transfer agent
to redeem the Shares, and (b) a Certificate or Instructions specifying the total amount to be paid for such Shares. Custodian shall
make payment of such total amount to the transfer agent specified in such Certificate or Instructions out of the money held in
an Account of the appropriate Series.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE VII<BR>
PAYMENT OF DIVIDENDS OR DISTRIBUTIONS</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. Whenever the Fund shall
determine to pay a dividend or distribution on Shares it shall furnish to Custodian Instructions or a Certificate setting forth
with respect to the Series specified therein the date of the declaration of such dividend or distribution, the total amount payable,
and the payment date.</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">2. Upon the payment date
specified in such Instructions or Certificate, Custodian shall pay out of the money held for the account of such Series the total
amount payable to the dividend agent of the Fund specified therein and shall reflect such payment in the daily statement delivered
to the Fund or otherwise give confirmation of such payment to the Fund.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></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: 1in"></P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE VIII<BR>
CONCERNING CUSTODIAN</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. (a) In performing its
duties under this Agreement Custodian shall exercise the reasonable care and diligence of a professional custodian for hire and
shall act in good faith in the performance of its duties hereunder. Except as otherwise expressly provided herein, Custodian shall
not be liable for any costs, expenses, damages, liabilities or claims, including attorneys&rsquo; and accountants&rsquo; fees (collectively,
&ldquo;Losses&rdquo;), incurred by or asserted against the Fund, except those Losses arising out of Custodian&rsquo;s own negligence
or willful misconduct. Custodian shall have no liability whatsoever for the action or inaction of any Depositories or of any Foreign
Depositories, except in each case to the extent such action or inaction is a direct result of the Custodian&rsquo;s failure to
fulfill its duties hereunder. With respect to any Losses incurred by the Fund as a result of the acts or any failures to act by
any Subcustodian (other than a BNY Affiliate), Custodian shall take appropriate action to recover such Losses from such Subcustodian;
and Custodian&rsquo;s sole responsibility and liability to the Fund shall be limited to amounts so received from such Subcustodian
(exclusive of costs and expenses incurred by Custodian). In no event shall Custodian be liable to the Fund or any third party for
special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement, nor
shall BNY or any Subcustodian be liable: (<U>i</U>) for acting in accordance with any Certificate or Oral Instructions actually
received by Custodian and reasonably believed by Custodian to be given by an Authorized Person; (<U>ii</U>) for acting in accordance
with Instructions without reviewing the same; (<U>iii</U>) for conclusively presuming that all Instructions are given only by person(s)
duly authorized; (<U>iv</U>) for conclusively presuming that all disbursements of cash directed by the Fund, whether by a Certificate,
an Oral Instruction, or an Instruction, are in accordance with Section 2(i) of Article II hereof; (<U>v</U>) for holding property
in any particular country, including, but not limited to, Losses resulting from nationalization, expropriation or other governmental
actions; regulation of the banking or securities industry; exchange or currency controls or restrictions, devaluations or fluctuations;
availability of cash or Securities or market conditions which prevent the transfer of property or execution of Securities transactions
or affect the value of property; (<U>vi</U>) for any Losses due to forces beyond the control of Custodian, including without limitation
strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, or
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; (<U>vii</U>) for
the insolvency of any Subcustodian (other than a BNY Affiliate), any Depository, or, except to the extent such action or inaction
is a direct result of the Custodian&rsquo;s failure to fulfill its duties hereunder, any Foreign Depository; or (<U>viii</U>) for
any Losses arising from the applicability of any law or regulation now or hereafter in effect, or from the occurrence of any event,
including, without limitation, implementation or adoption of any rules or procedures of a Foreign Depository, which may affect,
limit, prevent or impose costs or burdens on, the transferability, convertibility, or availability of any currency or Composite
Currency Unit in any country or on the transfer of any Securities, and in no event shall Custodian be obligated to substitute another
currency for a currency (including a currency that is a component of a Composite Currency Unit) whose transferability, convertibility
or availability has been affected, limited, or prevented by such law, regulation or event, and to the extent that any such law,
regulation or event imposes a cost or charge upon Custodian in relation to the transferability, convertibility, or availability
of any cash currency or Composite Currency Unit, such cost or charge shall be for the account of the Fund, and Custodian may treat
any account denominated in an affected currency as a group of separate accounts denominated in the relevant component currencies.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) Custodian may enter into
subcontracts, agreements and understandings with any BNY Affiliate, whenever and on such terms and conditions as it deems necessary
or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Custodian from
its obligations hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) The Fund agrees to indemnify
Custodian and hold Custodian harmless from and against any and all Losses sustained or incurred by or asserted against Custodian
by reason of or as a result of any action or inaction arising out of or related to Custodian&rsquo;s performance hereunder, including
reasonable fees and expenses of counsel incurred by Custodian in a successful defense of claims by the Fund; provided however,
that the Fund shall not indemnify Custodian for those Losses arising out of Custodian&rsquo;s own negligence or willful misconduct.
This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this
Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. Without limiting the
generality of the foregoing, Custodian shall be under no obligation to inquire into, and shall not be liable for:</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: 1in">(a) Any Losses incurred by
the Fund or any other person as a result of the receipt or acceptance of fraudulent, forged or invalid Securities, or Securities
which are otherwise not freely transferable or deliverable without encumbrance in any relevant market;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) The validity of the issue
of any Securities purchased, sold, or written by or for the Fund, the legality of the purchase, sale or writing thereof, or the
propriety of the amount paid or received therefor;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) The legality of the sale
or redemption of any Shares, or the propriety of the amount to be received or paid therefor;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d) The legality of the declaration
or payment of any dividend or distribution by the Fund;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e) The legality of any borrowing
by the Fund;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f) The legality of any loan
of portfolio Securities, nor shall Custodian be under any duty or obligation to see to it that any cash or collateral delivered
to it by a broker, dealer or financial institution or held by it at any time as a result of such loan of portfolio Securities is
adequate security for the Fund against any loss it might sustain as a result of such loan, which duty or obligation shall be the
sole responsibility of the Fund. In addition, Custodian shall be under no duty or obligation to see that any broker, dealer or
financial institution to which portfolio Securities of the Fund are lent makes payment to it of any dividends or interest which
are payable to or for the account of the Fund during the period of such loan or at the termination of such loan, provided, however
that Custodian shall promptly notify the Fund in the event that such dividends or interest are not paid and received when due;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g) The sufficiency or value
of any amounts of money and/or Securities held in any Special Account in connection with transactions by the Fund; whether any
broker, dealer, futures commission merchant or clearing member makes payment to the Fund of any variation margin payment or similar
payment which the Fund may be entitled to receive from such broker, dealer, futures commission merchant or clearing member, or
whether any payment received by Custodian from any broker, dealer, futures commission merchant or clearing member is the amount
the Fund is entitled to receive, or to notify the Fund of Custodian&rsquo;s receipt or non-receipt of any such payment; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(h) Whether any Securities
at any time delivered to, or held by it or by any Subcustodian, for the account of the Fund and specifically allocated to a Series
are such as properly may be held by the Fund or such Series under the provisions of its then current prospectus and statement of
additional information, or to ascertain whether any transactions by the Fund, whether or not involving Custodian, are such transactions
as may properly be engaged in by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3. Custodian may, with
respect to questions of law specifically regarding an Account, obtain the advice of counsel and shall be fully protected with respect
to anything done or omitted by it in good faith in conformity with such advice.</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">4. Custodian shall be under
no obligation to take action to collect any amount payable on Securities in default, or if payment is refused after due demand
and presentment.</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">5. Custodian shall have
no duty or responsibility to inquire into, make recommendations, supervise, or determine the suitability of any transactions affecting
any Account.</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">6. The Fund shall pay to
Custodian the fees and charges as may be specifically agreed upon from time to time, with reasonable notice to and approval from
the Fund, and such other fees and charges at Custodian&rsquo;s standard rates for such services as may be applicable. The Fund
shall reimburse Custodian for all costs associated with the conversion of the Fund&rsquo;s Securities hereunder and the transfer
of Securities and the transfer of records kept in connection with this Agreement. The Fund shall also reimburse Custodian for out-of-pocket
expenses which are a normal incident of the services provided hereunder.</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">7. Custodian has the right
to debit any cash account for any amount payable by the Fund in connection with any and all obligations of the Fund to Custodian.
In addition to the rights of Custodian under applicable law and other agreements, at any time when the Fund shall not have honored
any of its obligations to Custodian, Custodian shall have the right without giving prior notice to the Fund to retain or set-off,
against such obligations of the Fund, any Securities or cash Custodian or a BNY Affiliate may directly or indirectly hold for the
account of the Fund, and any obligations (whether matured or unmatured) that Custodian or a BNY Affiliate may have to the Fund
in any currency or Composite Currency Unit, provided that promptly after exercising such right Custodian shall give notice of such
exercise to the Fund. Any such asset of, or obligation to, the Fund may be transferred to Custodian and any BNY Affiliate in order
to effect the above rights.</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">8. The Fund agrees to forward
to Custodian a Certificate or Instructions confirming Oral Instructions by the close of business of the same day that such Oral
Instructions are given to Custodian. The Fund agrees that the fact that such confirming Certificate or Instructions are not received
or that a contrary Certificate or contrary Instructions are received by Custodian shall in no way affect the validity or enforceability
of transactions authorized by such Oral Instructions and effected by Custodian. If the Fund elects to transmit Instructions through
an on-line communications system offered by Custodian, the Fund&rsquo;s use thereof shall be subject to the Terms and Conditions
attached as Appendix I hereto. If Custodian receives Instructions which appear on their face to have been transmitted by an Authorized
Person via (i) computer facsimile, email, the Internet or other insecure electronic method, or (ii) secure electronic transmission
containing applicable authorization codes, passwords and/or authentication keys, the Fund understands and agrees that Custodian
cannot determine the identity of the actual sender of such Instructions and that Custodian shall conclusively presume that such
Written Instructions have been sent by an Authorized Person, and the Fund shall be responsible for ensuring that only Authorized
Persons transmit such Instructions to Custodian. If the Fund elects (with Custodian&rsquo;s prior consent) to transmit Instructions
through an on-line communications service owned or operated by a third party, the Fund agrees that Custodian shall not be responsible
or liable for the reliability or availability of any such service.</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"></P>

<!-- Field: Page; Sequence: 15 -->
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                                    15 <!-- Field: /Sequence -->-&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">9. The books and records
pertaining to the Fund which are in possession of Custodian shall be the property of the Fund. Such books and records shall be
prepared and maintained by Custodian as required by the &lsquo;40 Act and the rules thereunder. The Fund, or its authorized representatives,
shall have access to such books and records during Custodian&rsquo;s normal business hours. Upon the reasonable request of the
Fund, copies of any such books and records shall be provided by Custodian to the Fund or its authorized representative. Upon the
reasonable request of the Fund, Custodian shall provide in hard copy or on computer disc any records included in any such delivery
which are maintained by Custodian on a computer disc, or are similarly maintained.</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">10. It is understood that
Custodian is authorized to supply any information regarding the Accounts which is required by any law, regulation or rule now or
hereafter in effect. The Custodian shall promptly provide the Fund with any report obtained by the Custodian on the system of internal
accounting control of a Depository, and with such reports on its own system of internal accounting control as the Fund may reasonably
request from time to time.</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">11. Custodian shall have
no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement,
and no covenant or obligation shall be implied against Custodian in connection with 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: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE IX<BR>
TERMINATION</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. Either of the parties
hereto may terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination, which
shall be not less than ninety (90) days after the date of giving of such notice. In the event such notice is given by the Fund,
it shall be accompanied by a copy of a resolution of the board of the Fund, certified by the Secretary or any Assistant Secretary,
electing to terminate this Agreement and designating a successor custodian or custodians, each of which shall be a bank or trust
company eligible to serve as a custodian of a unit investment trust under the &rsquo;40 Act. In the event such notice is given
by Custodian, the Fund shall, on or before the termination date, deliver to Custodian a copy of a resolution of the board of the
Fund, certified by the Secretary or any Assistant Secretary, designating a successor custodian or custodians. In the absence of
such designation by the Fund, Custodian may designate a successor custodian which shall be a bank or trust company eligible to
serve as custodian for a unit investment trust under the &rsquo;40 Act and having not less than $2 million aggregate capital and
surplus. Upon the date set forth in such notice this Agreement shall terminate, and Custodian shall upon receipt of a notice of
acceptance by the successor custodian on that date deliver directly to the successor custodian all Securities and money then owned
by the Fund and held by it as Custodian, after deducting all fees, expenses and other amounts for the payment or reimbursement
of which it shall then be entitled.</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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. If a successor custodian
is not designated by the Fund or Custodian in accordance with the preceding Section, the Fund shall upon the date specified in
the notice of termination of this Agreement and upon the delivery by Custodian of all Securities (other than Securities which cannot
be delivered to the Fund) and money then owned by the Fund be deemed to be its own custodian and Custodian shall thereby be relieved
of all duties and responsibilities pursuant to this Agreement, other than the duty with respect to Securities which cannot be delivered
to the Fund to hold such Securities hereunder in accordance with this Agreement.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. The Fund agrees to furnish
to Custodian a new Certificate of Authorized Persons in the event of any change in the then present Authorized Persons. Until such
new Certificate is received, Custodian shall be fully protected in acting upon Certificates or Oral Instructions of such present
Authorized Persons.</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">2. Any notice or other
instrument in writing, authorized or required by this Agreement to be given to Custodian, shall be sufficiently given if addressed
to Custodian and received by it at its offices at One Wall Street, New York, New York 10286, or at such other place as Custodian
may from time to time designate in writing.</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">3. Any notice or other
instrument in writing, authorized or required by this Agreement to be given to the Fund shall be sufficiently given if addressed
to the Fund and received by it at its offices at 280 Park Avenue, 11<SUP>th</SUP> Floor, New York, New York, or at such other place
as the Fund may from time to time designate in writing.</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">4. Each and every right
granted to either party hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law
or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise, and
no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by either party of
any right preclude any other or future exercise thereof or the exercise of any other right.</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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5. In case any provision
in or obligation under this Agreement shall be invalid, illegal or unenforceable in any exclusive jurisdiction, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement may not be amended or modified
in any manner except by a written agreement executed by both parties, except that any amendment to the Schedule I hereto need be
signed only by the Fund and any amendment to Appendix I hereto need be signed only by Custodian. This Agreement shall extend to
and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement
shall not be assignable by either party without the written consent of the other.</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">6. This Agreement shall
be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof.
The Fund and Custodian hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder. The Fund and Custodian each hereby irrevocably waives, to the fullest extent permitted by applicable
law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and
any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Fund and Custodian each hereby
irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to 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">7. Custodian shall at all
times maintain such back-up facilities and such disaster recovery capabilities as are required by its regulators.</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">8. Custodian agrees to
maintain all records of the Fund and information relating to the Fund, subject to its reasonably designed and implemented procedures
intended to maintain the confidentiality of customer information. Notwithstanding the foregoing, disclosure of such records may
be made (i) in connection with the services provided under this Agreement, (ii) at the written direction of the Fund, (iii) pursuant
to law, regulatory authority or other legal process (including by oral question, interrogatories, request for information or documents,
subpoena, civil investigative demand or similar process), (iv) as required by local market practice, (v) is otherwise consented
to, in writing, by the Fund; or (vi) on a blind or aggregated basis. The Fund agrees that such consent shall not be unreasonably
withheld. The foregoing shall not be applicable to any information (i) that is publicly available when provided or thereafter becomes
publicly available, other than through a breach of this Agreement, (ii) has been obtained rightfully by Custodian from third parties
or (iii) that is independently derived by custodian without the use of any information derived in connection with the services
provided under 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">Custodian acknowledges
that any breach of this paragraph 8 may cause not only financial damage, but irreparable harm to the Fund, for which money damages
may not provide an adequate remedy. Accordingly, in the event of a breach or threatened breach of this paragraph 8, the Fund may
(in addition to all other rights and remedies they may have pursuant to this Agreement, including without limitation at law and
in equity) be entitled to seek an injunction, without the necessity of posting any bond or surety, to restrain disclosure or misuse,
in whole or in part, of any confidential information.</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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The provisions of this
paragraph 8 shall survive the 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">9. <FONT STYLE="font-family: Times New Roman, Times, Serif">The
Fund </FONT>hereby acknowledges that Custodian is subject to federal laws, including its Customer Identification Program (CIP)
requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Custodian must obtain, verify and record
information that allows Custodian to identify the Fund. Accordingly, prior to opening an Account hereunder Custodian will ask the
Fund to provide certain information including, but not limited to, the Fund&rsquo;s name, physical address, tax identification
number and other information that will help Custodian to identify and verify the Fund&rsquo;s identity such as organizational documents,
certificate of good standing, license to do business, or other pertinent identifying information. The Fund agrees that Custodian
cannot open an Account hereunder unless and until Custodian verifies the Fund&rsquo;s identity in accordance with its CIP.</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">10. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together,
constitute only one instrument.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the Fund and Custodian have caused this Agreement to be executed by their respective officers, thereunto duly authorized, as of
the day and year first above written.</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: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in">BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Marisa Beeney</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Marisa Beeney, Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in">Tax Identification No:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify; text-indent: 0in">THE BANK OF NEW YORK MELLON</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Peter M. Keaveney</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Peter M. Keaveney,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

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

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                                  20 <!-- Field: /Sequence -->-&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>SCHEDULE I</B><BR>
<B>CERTIFICATE OF AUTHORIZED PERSONS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>(The Fund - Oral and Written
Instructions)</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby
certifies that he/she is the duly elected and acting ________________________ of Blackstone / GSO Senior Floating Rate Term Fund
(the &ldquo;Fund&rdquo;), and further certifies that the following officers or employees of the Fund have been duly authorized
in conformity with the Fund&rsquo;s Declaration of Trust and By-Laws to deliver Instructions, Certificates and Oral Instructions
to The Bank of New York (&ldquo;Custodian&rdquo;) pursuant to the Custody Agreement between the Fund and Custodian dated _______________,
and that the signatures appearing opposite their names are true and correct:</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-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Signature</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Signature</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Signature</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Signature</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Signature</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Signature</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">Signature</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"></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 certificate supersedes
any certificate of Authorized Persons you may currently have on file.</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: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; width: 50%">[seal]</TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 5%">By:</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"></TD>
    <TD STYLE="text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"></TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Date:</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"></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a) Enter into Custodian&rsquo;s
loan tracking system, and maintain a loan database containing, information provided to Custodian from time to time by the Fund
or the agent banks for the Loans with respect to (i) the obligor name for each Loan, (ii) the principal and interest payments made
or to be made on the Loans, (iii) the applicable interest rates, interest rate resets and interest accrual periods of each Loan,
(iv) the principal balance and amortization schedule of each Loan and (v) the funded and commitment balances of, and the commitment
fees for, each Loan;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) Forward to the Fund all
notices received by Custodian with respect to the Loans;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) Reconcile the expected
payments on the Loans to the cash payments actually received on the Loans; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d) Retain copies of the
credit agreements for the Loans, and any amendments thereto, as such documentation is provided to Custodian from time to time by
or on behalf of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE IV</B></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">Custodian shall, in reliance
on the fair market values of Securities and the Fund&rsquo;s net asset value which ALPS Fund Services, Inc. or its successor (the
&ldquo;Fund Administrator&rdquo;) shall provide, and the characterization, liquidation values, illiquidity, and industry classification
which GSO / Blackstone Debt Funds Management LLC (the &ldquo;Investment Advisor&rdquo;) or the Fund shall provide, and in manner
and form acceptable to the Fund or the Investment Advisor:</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: 0in">I. Calculate and provide
daily reports on the Fund&rsquo;s investments (determined as of the trade date of such investments) reflecting:</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: 1in">11. the fair market value
of senior secured floating rate loans (&ldquo;Senior Loans&rdquo;) as a percentage of the Fund&rsquo;s net asset value (&ldquo;NAV&rdquo;)
as compared to a minimum fair market value of 80%;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">12. the fair market value
of non-Senior Loans as a percentage of the Fund&rsquo;s NAV as compared to a maximum fair market value of 20%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">13. (i) the fair market value
as a percentage of the Fund&rsquo;s NAV invested in a single industry, using Moody&rsquo;s industry classifications, as compared
to a maximum fair market value of 25% and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">14. the fair market value
as a percentage of the Fund&rsquo;s NAV invested in a single issuer and/or borrower, as compared to a maximum fair market value
of 5%;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">15. the fair market value
of &ldquo;illiquid securities&rdquo; (as defined by the Investment Company Act of 1940) as a percentage of the of the Fund&rsquo;s
NAV as compared to a maximum fair market value of 50%;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">16. (i) the principal amount
of the indebtedness of the Fund and the liquidation value of senior securities (such as preferred shares) of the Fund as a percentage
of (ii) the Fund&rsquo;s NAV (not including liabilities in the foregoing clause (i));</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">17. whether the Fund is invested
in (i) any Securities that mature after May 31, 2020, (ii) any real estate or (iii) any physical commodities; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">18. such other information
as mutually agreed between Custodian and 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: 0in">II. Calculate and provide
monthly reports on the Fund&rsquo;s investments (determined as of the trade date of such investments) reflecting:</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: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a) the fair market value
as a percentage of the Fund&rsquo;s NAV invested in each of: (1) Senior Loans, (2) second lien secured loans, (3) senior secured
bonds, (4) senior unsecured loans and bonds and subordinated loans and bonds and (5) cash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) the fair market value
as a percentage of the Fund&rsquo;s NAV invested in each of the five industries that the Fund has the largest amount invested in,
using Moody&rsquo;s industry classifications;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) (i) the fair market value
as a percentage of the Fund&rsquo;s NAV invested in assets of each Moody&rsquo;s Facility rating category and (ii) the weighted
average Moody&rsquo;s Facility rating category of the Fund&rsquo;s total portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(d) the weighted average
spread of the Fund&rsquo;s total portfolio;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(e) the weighted average
time to maturity, for each loan, and to the next coupon date, for each bond, of the Fund&rsquo;s total portfolio;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(f) the average individual
position size as a percentage of the Fund&rsquo;s NAV; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(g) such other information
as mutually agreed between Custodian and the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">For avoidance of doubt, a
Security shall be deemed to be purchased or disposed by the Fund at the time such Security is traded (and not at the time the transaction
to purchase or dispose of such Security is settled). The Fund may provide to Custodian, and Custodian shall comply with, appropriate
additional details and guidelines that shall be used in calculating the amounts and other information for reports given under this
Schedule IV. Subject to Article III of this Agreement, Custodian is entitled to rely conclusively and will not be liable for information
provided to it by the Fund, the Fund Administrator or the Investment Advisor for use in reports to be given under this Schedule
IV.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></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"><B>ON-LINE COMMUNICATIONS SYSTEM (THE &ldquo;SYSTEM&rdquo;)</B></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"><B>TERMS AND CONDITIONS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. <U>License; Use</U>.
Upon delivery to an Authorized Person or a person reasonably believed by Custodian to be an Authorized Person, Fund of software
enabling the Fund to obtain access to the System (the &ldquo;Software&rdquo;), Custodian grants to the Fund a personal, nontransferable
and nonexclusive license to use the Software solely for the purpose of transmitting Written Instructions, receiving reports, making
inquiries or otherwise communicating with Custodian in connection with the Account(s). The Fund shall use the Software solely for
its own internal and proper business purposes and not in the operation of a service bureau. Except as set forth herein, no license
or right of any kind is granted to the Fund with respect to the Software. The Fund acknowledges that Custodian and its suppliers
retain and have title and exclusive proprietary rights to the Software, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to any copyrights, trademarks and patents (including
registrations and applications for registration of either), or other statutory or legal protections available in respect thereof.
The Fund further acknowledges that all or a part of the Software may be copyrighted or trademarked (or a registration or claim
made therefor) by Custodian or its suppliers. The Fund shall not take any action with respect to the Software inconsistent with
the foregoing acknowledgments, nor shall the Fund attempt to decompile, reverse engineer or modify the Software. The Fund may not
copy, sell, lease or provide, directly or indirectly, any of the Software or any portion thereof to any other person or entity
without Custodian&rsquo;s prior written consent. The Fund may not remove any statutory copyright notice or other notice included
in the Software or on any media containing the Software. The Fund shall reproduce any such notice on any reproduction of the Software
and shall add any statutory copyright notice or other notice to the Software or media upon Custodian&rsquo;s request.</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">2. <U>Equipment</U>. The
Fund shall obtain and maintain at its own cost and expense all equipment and services, including but not limited to communications
services, necessary for it to utilize the Software and obtain access to the System, and Custodian shall not be responsible for
the reliability or availability of any such equipment or services.</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">3. <U>Proprietary Information</U>.
The Software, any data base and any proprietary data, processes, information and documentation made available to the Fund (other
than which are or become part of the public domain or are legally required to be made available to the public) (collectively, the
&ldquo;Information&rdquo;), are the exclusive and confidential property of Custodian or its suppliers. The Fund shall keep the
Information confidential by using the same care and discretion that the Fund uses with respect to its own confidential property
and trade secrets, but not less than reasonable care. Upon termination of the Agreement or the Software license granted herein
for any reason, the Fund shall return to Custodian any and all copies of the Information which are in its possession or under its
control.</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"></P>

<!-- Field: Page; Sequence: 26 -->
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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4. <U>Modifications</U>.
Custodian reserves the right to modify the Software from time to time and the Fund shall install new releases of the Software as
Custodian may direct. The Fund agrees not to modify or attempt to modify the Software without Custodian&rsquo;s prior written consent.
The Fund acknowledges that any modifications to the Software, whether by the Fund or Custodian and whether with or without Custodian&rsquo;s
consent, shall become the property of Custodian.</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">5. <U>NO REPRESENTATIONS
OR WARRANTIES</U>. CUSTODIAN AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE SOFTWARE,
SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND
FITNESS FOR A PARTICULAR PURPOSE. THE FUND ACKNOWLEDGES THAT THE SOFTWARE, SERVICES AND ANY DATABASE ARE PROVIDED &ldquo;AS IS.&rdquo;
IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH
THE FUND MAY INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IF CUSTODIAN OR SUCH SUPPLIER HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER
BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR
CAUSE BEYOND THEIR REASONABLE CONTROL.</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">6. <U>Security; Reliance;
Unauthorized Use</U>. The Fund will cause all persons utilizing the Software and System to treat all applicable user and authorization
codes, passwords and authentication keys with extreme care, and it will establish internal control and safekeeping procedures to
restrict the availability of the same to persons duly authorized to give Instructions. Custodian is hereby irrevocably authorized
to act in accordance with and rely on Instructions received by it through the System. The Fund acknowledges that it is its sole
responsibility to assure that only persons duly authorized use the System and that Custodian shall not be responsible nor liable
for any unauthorized use thereof.</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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7. <U>System Acknowledgments</U>.
Custodian shall acknowledge through the System its receipt of each transmission communicated through the System, and in the absence
of such acknowledgment Custodian shall not be liable for any failure to act in accordance with such transmission and the Fund may
not claim that such transmission was received by Custodian.</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">8. <U>EXPORT RESTRICTIONS</U>.
EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW. THE FUND MAY NOT UNDER ANY CIRCUMSTANCES RESELL, DIVERT, TRANSFER, TRANSSHIP
OR OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF CUSTODIAN DELIVERED THE SOFTWARE TO THE FUND
OUTSIDE OF THE UNITED STATES, THE SOFTWARE WAS EXPORTED FROM THE UNITED STATES IN ACCORDANCE WITH THE EXPORTER ADMINISTRATION REGULATIONS.
DIVERSION CONTRARY TO U.S. LAW IS PROHIBITED. The Fund hereby authorizes Custodian to report its name and address to government
agencies to which Custodian is required to provide such information by law.</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">9. <U>ENCRYPTION</U>.
The Fund acknowledges and agrees that encryption may not be available for every communication through the System, or for all data.
The Fund agrees that Custodian may deactivate any encryption features at any time, without notice or liability to the Fund, for
the purpose of maintaining, repairing or troubleshooting the System or the Software.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

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

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

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">TRANSFER AGENT SERVICES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>BLACKSTONE / GSO SENIOR FLOATING RATE
TERM FUND</I></B></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>THIS SERVICE AGREEMENT FOR TRANSFER AGENT
SERVICES </B>(this &ldquo;Agreement&rdquo;) between Blackstone / GSO Senior Floating Rate Term Fund, a Delaware statutory trust
(&ldquo;Client&rdquo;) and Mellon Investor Services LLC (operating with the service name BNY Mellon Shareowner Services), a New
Jersey limited liability company (&ldquo;Agent&rdquo;), is dated as of May 25, 2010.</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">1. <B><I>Appointment</I>. </B>Client appoints Agent as its transfer
agent, registrar and dividend disbursing agent and Agent accepts such appointment in accordance with and subject to the following
terms and conditions for all authorized shares of each class of stock listed in <B><I>Exhibit A</I></B> hereto (the &ldquo;Shares&rdquo;).</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">2. <B><I>Term of Agreement. </I></B>Agent&rsquo;s appointment hereunder
shall commence on the next business day after the later of (i) the date hereof, or (ii) the date Agent has confirmed that Client&rsquo;s
records have been converted to Agent&rsquo;s system (the &ldquo;Effective Date&rdquo;), and shall continue for three years thereafter
(the &ldquo;Initial Term&rdquo;). Unless either party gives written notice of termination of this Agreement at least 60 days prior
to the end of the Initial Term, or any successive three-year term, this Agreement shall automatically renew for successive additional
three-year terms; provided, however, that this Agreement shall automatically terminate upon the dissolution of the client.</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">3. <B><I>Duties of Agent.</I></B> Commencing on the Effective Date,
Agent shall provide the services listed in <B><I>Exhibit B</I></B> hereto, in the performance of its duties hereunder.</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">4. <B><I>Representations, Warranties and Covenants of Client.</I></B>
Client represents, warrants and covenants to Agent that:</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-indent: 0.5in">(a) it is a statutory trust duly organized and
validly existing under the laws of its state of incorporation;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;the Shares issued and outstanding on
the date hereof have been duly authorized, validly issued and are fully paid and are non-assessable; and any Shares to be issued
hereafter, when issued, shall have been duly authorized, validly issued and fully paid and will be non-assessable;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) the Shares issued and outstanding will be
duly registered under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and such registration will have
become effective, or are exempt from such registration; and will be duly registered under the Securities Exchange Act of 1934,
as amended (the &ldquo;Exchange Act&rdquo;), or are exempt from such registration;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) any Shares to be issued hereafter, when
issued, shall have been duly registered under the Securities Act, and such registration shall have become effective, or shall be
exempt from such registration; and shall have been duly registered under the Exchange Act, or shall be exempt from such registration;</P>

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

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

<!-- Field: Page; Sequence: 2 -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e) Client has paid or caused to be paid all
taxes, if any, that were payable upon or in respect of the original issuance of the Shares issued and outstanding on the date hereof;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f) the use of facsimile signatures by Agent
in connection with the countersigning and registering of Share certificates of Client has been duly authorized by Client and is
valid and effective;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g) the execution and delivery of this Agreement,
and the issuance and any subsequent transfer of the Shares in accordance with this Agreement, do not and will not conflict with,
violate, or result in a breach of, the terms, conditions or provisions of, or constitute a default under, the Amended and Restated
Agreement Declaration of Trust or the by-laws of Client, any law or regulation, any order or decree of any court or public authority
having jurisdiction, or any mortgage, indenture, contract, agreement or undertaking to which Client is a party or by which it is
bound, except where such contravention does or would not have a material adverse effect on the Fund&rsquo;s ability to carry out
its obligations hereunder. This Agreement has been duly authorized, executed and delivered by Client and is enforceable against
Client in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar
laws affecting the enforcement of creditors' rights generally; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h) Client agrees to provide to Agent the documentation
and notifications listed in <B><I>Exhibit C</I></B> hereto according to the requirements set forth therein.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">5. <B><I>Representations, Warranties and Covenants of Agent.</I></B>
Agent represents, warrants and covenants to Client that:</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-indent: 0.5in">(a) Agent is a limited liability company duly
organized and validly existing under the laws of its state of organization;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Agent is, and for the term of this Agreement
shall remain, duly registered as a transfer agent under the Exchange Act;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) subject to Section 7 hereof, during the
term of this Agreement, Agent shall comply with its obligations as a transfer agent under the Exchange Act and the rules and regulations
thereunder; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) assuming the accuracy of Client&rsquo;s
representations and warranties and compliance by Client with its covenants hereunder, the execution and delivery of this Agreement,
and the performance by Agent of its obligations in accordance with this Agreement, do not and will not conflict with, violate,
or result in a breach of, the terms, conditions or provisions of, or constitute a default under, the organizational documents of
Agent, any law or regulation, any order or decree of any court or public authority having jurisdiction, or any mortgage, indenture,
contract, agreement or undertaking to which Agent is a party or by which it is bound. This Agreement has been duly authorized,
executed and delivered by Agent and is enforceable against Agent in accordance with its terms, except as may be limited by bankruptcy,
insolvency, moratorium, reorganization and other similar laws affecting the enforcement of creditors' rights generally.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">6. <B><I>Scope of Agency.</I></B></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-indent: 0.5in">(a) Agent shall act solely as agent for Client
under this Agreement and owes no duties hereunder to any other person. Agent undertakes to perform the duties and only the duties
that are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against
Agent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Agent may rely upon, and shall be protected
in acting or refraining from acting in reliance upon, (i) any communication from Client, any predecessor Transfer Agent or co-Transfer
Agent or any Registrar (other than Agent), predecessor Registrar or co-Registrar; (ii) any instruction, notice, request, direction,
consent, report, certificate, opinion or other instrument, paper, document or electronic transmission believed by Agent to be genuine
and to have been signed or given by the proper party or parties; (iii) any guaranty of signature by an &ldquo;eligible guarantor
institution&rdquo; that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable &ldquo;signature
guarantee program&rdquo; or insurance program in addition to, or in substitution for, the foregoing; (iv) any instructions received
through Direct Registration System/Profile; or (v) any law, act, regulation or any interpretation of the same even though such
law, act, or regulation may thereafter have been altered, changed, amended or repealed. In addition, Agent is authorized to refuse
to make any transfer that it determines in good faith not to be in good order.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) In connection with any question of law arising
in the course of Agent performing its duties hereunder, Agent may consult with legal counsel (including internal counsel) whose
advice shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by Agent hereunder
in good faith and in reasonable reliance thereon.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) Any instructions given by Client to Agent
orally shall be confirmed in writing by Client as soon as practicable. Agent shall not be liable or responsible and shall be fully
authorized and protected for acting, or failing to act, in good faith reliance upon any oral instructions that do not conform with
the written confirmation received in accordance with this Section 6(d).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">7. <B><I>Indemnification. </I></B>Client shall indemnify Agent for,
and hold it harmless from and against, any loss, liability, claim (whether with or without basis in fact or law), demand, cost
or expense (collectively, &ldquo;Loss&rdquo;) arising out of or in connection with Agent&rsquo;s duties under this Agreement or
this appointment, including the reasonable costs and expenses of defending itself against any Loss or enforcing this Agreement,
except to the extent that such Loss shall have been determined by a court of competent jurisdiction to be a result of Agent&rsquo;s
gross negligence, bad faith or willful misconduct.</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">8. <B><I>Limitation of Liability.</I></B></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-indent: 0.5in">(a) In the absence of gross negligence, bad
faith or willful misconduct on its part, Agent shall not be liable for any action taken, suffered or omitted by it or for any error
of judgment made by it in the performance of its duties under this Agreement. In no event will Agent be liable for special, indirect,
incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even
if Agent has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of Agent
will be limited in the aggregate to an amount equal to twenty four (24) times the monthly administrative fee to be paid by Client
as set forth in Exhibit B hereto.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) If any question or dispute arises with respect
to the proper interpretation of this Agreement or Agent&rsquo;s duties hereunder, Agent shall not be required to act or be held
liable or responsible for its failure or refusal to act until the question or dispute has been (i) judicially settled (and Agent
may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader or for a declaratory judgment for such
purpose) by a final judgment of a court of competent jurisdiction that is binding on all parties interested in the matter and is
no longer subject to review or appeal, or (ii) settled by a written document in form and substance satisfactory to Agent and executed
by Client. For such purpose, Agent may, but shall not be obligated to, require the execution of such a document.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">9. <B><I>Force Majeure.</I></B> Agent shall not be liable for any
failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control, including, but not
limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, civil disobedience,
riots, rebellions, electrical or mechanical failure, computer hardware or software failure, communications facilities failures
including telephone failure, war, terrorism, insurrection, fires, earthquakes, storms, floods, acts of God or similar occurrences.</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">10. <B><I>Market Data.</I></B> Client acknowledges that Agent may
provide real-time or delayed quotations and other market information and messages (&ldquo;Market Data&rdquo;), which Market Data
is provided to Agent by certain national securities exchanges and associations who assert a proprietary interest in Market Data
disseminated by them but do not guarantee the timeliness, sequence, accuracy or completeness thereof. Client agrees and acknowledges
that Agent shall not be liable in any way for any loss or damage arising from or occasioned by any inaccuracy, error, delay in,
omission of, or interruption in any Market Data or the transmission thereof.</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">11. <B><I>Termination.</I></B></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-indent: 0.5in">(a) Client may terminate this Agreement if (i)
Agent defaults on any of its material obligations hereunder and such default remains uncured thirty (30) days after Agent&rsquo;s
receipt of notice of such default from Client; or (ii) any proceeding in bankruptcy, reorganization, receivership or insolvency
is commenced by or against Agent, Agent shall become insolvent or shall cease paying its obligations as they become due or makes
any assignment for the benefit of its creditors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Agent may suspend providing services hereunder
or terminate this Agreement if (i) Client fails to pay amounts due hereunder or defaults on any of its material obligations hereunder
and such failure or default remains uncured thirty (30) days after Client&rsquo;s receipt of notice of such failure or default
from Agent; (ii) any proceeding in bankruptcy, reorganization, receivership or insolvency is commenced by or against Client, Client
shall become insolvent, or shall cease paying its obligations as they become due or makes any assignment for the benefit of its
creditors; or (iii) Client is acquired by or is merged with or into another entity where Client is not the surviving company.</P>

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

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

<!-- Field: Page; Sequence: 5 -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) Upon termination of this Agreement, all
fees earned and expenses incurred by Agent up to and including the date of such termination shall be immediately due and payable
to Agent on or before the effective date of such termination. In addition to the payments required in this section, if this Agreement
is terminated by Client for any reason other than pursuant to Section 2 or Section 11(a) above or by Agent pursuant to Section
11(b) above, then Client shall pay a termination fee, due and payable to Agent on or before the effective date of such termination,
calculated as follows: (i) if the termination occurs prior to the first anniversary of the commencement date of the current term
(the &ldquo;Commencement Date&rdquo;), then the termination fee shall equal twelve (12) times the average monthly invoice charged
to Client by Agent hereunder, (ii) if the termination occurs on or after the first anniversary of the Commencement Date but prior
to the second anniversary of the Commencement Date, then the termination fee shall equal nine (9) times the average monthly invoice
charged to Client by Agent hereunder, and (iii) if the termination occurs on or after the second anniversary of the Commencement
Date, then the termination fee shall equal six (6) times the average monthly invoice charged to Client by Agent hereunder. For
purposes of this paragraph, fees for non-recurring events shall be excluded when calculating the average monthly invoice charged
to Client by Agent</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) Prior to termination of this Agreement,
Client shall provide Agent with written instructions as to the disposition of records, as well as any additional documentation
reasonably requested by Agent. Except as otherwise expressly provided in this Agreement, the respective rights and duties of Client
and Agent under this Agreement shall cease upon termination of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">12. <B><I>Lost Certificates.</I></B> Agent shall not be obligated
to issue a replacement share certificate for any share certificate reported to have been lost, destroyed or stolen unless Agent
shall have received: (a) an affidavit of such loss, destruction or theft; (b) a bond of indemnity in form and substance satisfactory
to Agent; and (c) payment of all applicable fees. Shareholders may obtain such a bond of indemnity from a surety company of the
shareholder&rsquo;s choice, provided the surety company satisfies Agent&rsquo;s minimum requirements.</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">13. <B><I>Confidentiality.</I></B></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-indent: 0.5in">(a) In connection with Agent&rsquo;s appointment
hereunder, each party shall obtain confidential information related to the other party or its stockholders that is not available
to the general public (&ldquo;Confidential Information&rdquo;), which Confidential Information shall include the terms and conditions
of this Agreement and the exhibits attached hereto. Each party agrees that the Confidential Information shall be held and treated
by it, its directors, officers, employees, affiliates, agents, investment advisors, accountants and subcontractors (collectively,
&ldquo;Representatives&rdquo;) in confidence and, except as hereinafter provided, shall not be disclosed in any manner whatsoever
except as otherwise required by law, regulation, subpoena or governmental authority. Confidential Information shall be used by
each party and its Representatives only for the purposes for which provided and shall be disclosed by such party only to those
Representatives who have a need to know in order to accomplish the business purpose in connection with which the Confidential Information
has been provided. Confidential Information does not include information that (i) is now or subsequently becomes generally available
to the public through no fault or breach on the part of the receiving party; (ii) the receiving party had rightfully in its possession
prior to disclosure to it by the disclosing party; (iii) is independently developed by the receiving party without the use of or
reference to any Confidential Information; (iv) the receiving party rightfully obtains on a non-confidential basis from a source
other than the disclosing party who the receiving party has the reasonable belief has the right to transfer or disclose it or (v)
required in any legal or regulatory proceeding, investigation, audit examination, subpoena, civil investigative demand or other
similar process or required by operation of law or regulation.</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) In connection with the provision of services
under this Agreement, Client may direct Agent to release information, including non-public personal information (&ldquo;NPPI&rdquo;),
as defined in Title V of the Gramm Leach Bliley Act and the regulations issued thereunder (including but not limited to Regulation
P of the Board of Governors of the Federal Reserve) to Client&rsquo;s agents or other third party service providers, including,
without limitation, broker/dealers, custodians and depositories. In addition, Client consents to the release of information, including
NPPI, (i) to any of Agent&rsquo;s Representatives in connection with the services provided hereunder and (ii) as required by law,
regulation, subpoena or governmental authority. Agent shall not be liable for the release of information in accordance with the
foregoing provisions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">14. <B><I>Publicity.</I></B> Neither party will issue a news release,
public announcement, advertisement, or other form of publicity concerning the existence of this Agreement or the Services to be
provided hereunder without obtaining the prior written approval of the other party, which may be withheld in the other party&rsquo;s
sole discretion; provided that Agent may use Client&rsquo;s name in its customer lists with the prior written approval of Client.</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">15. <B><I>Lost Stockholders; In-Depth Stockholder Search.</I></B></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-indent: 0.5in">(a) Agent shall conduct such database searches
to locate lost stockholders as are required by Rule 17Ad-17 under the Exchange Act, without charge to the stockholder. If a new
address is so obtained in a database search for a lost stockholder, Agent shall conduct a verification mailing and update its records
for such stockholder accordingly.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Agent may conduct a more in-depth search
for the purpose of (i) locating lost stockholders for whom a new address is not obtained in accordance with clause (a) above, (ii)
identifying stockholders who are deceased (or locating their next of kin) and (iii) locating stockholders whose accounts contain
two or more consecutive uncashed checks, in each case using the services of a locating service provider selected by Agent. Such
provider may compensate Agent for processing and other services that Agent provides in connection with such in-depth search.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) Upon locating any stockholder (or next of
kin) pursuant to clause (b) above, the locating service provider shall clearly identify to such stockholder (or next of kin) all
assets held in such stockholder&rsquo;s account. Such provider shall inform any such located stockholders (or next of kin) that
they may choose either (i) to contact Agent directly to obtain the assets in such account, at no charge other than any applicable
fees to replace lost certificates, or (ii) to use the services of such provider for a fee, which may not exceed (A) 10% of the
asset value of such stockholder&rsquo;s property where the registered stockholder is a living person or (B) 20% of the asset value
of such stockholder&rsquo;s property where the registered stockholder is deceased or is not a natural person; provided that in
no case shall such fee exceed the maximum statutory fee permitted by the applicable state jurisdiction. If Client selects a locating
service provider other than one selected by Agent, then Agent shall not be responsible for the terms of any agreement with such
provider and additional fees may apply.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">16. <B><I>Compensation and Expenses.</I></B></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-indent: 0.5in">(a) Commencing on the Effective Date, Client
shall compensate Agent for its services hereunder in accordance with the fee schedules listed in <B><I>Exhibit B</I></B> hereto.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) All amounts owed to Agent hereunder are
due within thirty (30) days of the invoice date. Delinquent payments are subject to a late payment charge of one and one half percent
(1.5%) per month commencing sixty (60) days from the invoice date. Client agrees to reimburse Agent for any attorney&rsquo;s fees
and any other costs associated with collecting delinquent payments.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) Client shall be charged for certain reasonable
expenses advanced or incurred by Agent in connection with Agent&rsquo;s performance of its duties hereunder. Such charges include,
but are not limited to, stationery and supplies, such as transfer sheets, dividend checks, envelopes, and paper stock, as well
as any disbursements for telephone, mail insurance, electronic document creation and delivery, travel expenses for annual meetings,
link-up charges from Automatic Data Processing Inc. and tape charges from The Depository Trust Company. While Agent endeavors to
maintain such charges (both internal and external) at competitive rates, these charges will not, in all instances, reflect actual
out-of-pocket costs, and in some instances may include handling charges to cover internal processing and use of Agent&rsquo;s billing
systems.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) With respect to any shareholder mailings
processed by Agent, Client shall be charged postage as an out-of-pocket expense at postage rates that may not reflect all available
or utilized postal discounts, such as presort or NCOA discounts. Client shall, at least one business day prior to mail date, provide
immediately available funds sufficient to cover all postage due on such mailing. Any material shareholder mailing schedule changes,
including, but not limited to, delays in delivering materials to Agent or changes in a mailing commencement date, may result in
additional fees and/or expenses.</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">17. <B><I>Notices. </I></B>All notices, demands and other communications
given pursuant to this Agreement shall be in writing, shall be deemed effective on the date of receipt, and may be sent by overnight
delivery service, or by certified or registered mail, return receipt requested to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">If to Client:</FONT></TD>
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">with an additional copy to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Blackstone/ GSO Senior Floating Rate Term Fund</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">280 Park Avenue, 11<SUP>th</SUP> Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New York, New York 10017</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Attn: Marisa Beeney&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">GSO/ Blackstone Debt Funds Management LLC</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">280 Park Avenue, 11<SUP>th</SUP> Floor</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New York, New York 1001</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">If to Agent:</FONT></TD>
    <TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 11pt">with an additional copy to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mellon Investor Services LLC</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">480 Washington Blvd</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Jersey City, NJ 07310</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Attn: Kevin Shinkunas</P></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mellon Investor Services LLC</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Newport Office Center VII</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">480 Washington Blvd.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Jersey City, NJ 07310</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Attn: Legal Department</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">18. <B><I>Submission to Jurisdiction; Foreign Law.</I></B></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-indent: 0.5in">(a) The parties irrevocably (i) submit to the
non-exclusive jurisdiction of any New York State court sitting in New York City or the United States District Court for the Southern
District of New York in any action or proceeding arising out of or relating to this Agreement, (ii) waive, to the fullest extent
they may effectively do so, any defense based on inconvenient forum, improper venue or lack of jurisdiction to the maintenance
of any such action or proceeding, and (iii) waive all right to trial by jury in any action, proceeding or counterclaim arising
out of this Agreement or the transactions contemplated hereby.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Agent shall not be required hereunder to
comply with the laws or regulations of any country other than the United States of America or any political subdivision thereof.
Agent may consult with foreign counsel, at Client&rsquo;s expense, to resolve any foreign law issues that may arise as a result
of Client or any other party being subject to the laws or regulations of any foreign jurisdiction.</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">19. <B><I>Miscellaneous. </I></B></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-indent: 0.5in">(a) <B><I>Amendments.</I></B> This Agreement
may not be amended or modified in any manner except by a written agreement signed by both Client and Agent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) <B><I>Governing Law.</I></B> This Agreement
shall be governed by, construed and interpreted in accordance with the laws of the State of New York, without regard to principles
of conflicts of law.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) <B><I>Survival of Terms.</I></B> Sections
7, 8, 13 and 16 hereof shall survive termination of this Agreement and Agent&rsquo;s appointment hereunder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) <B><I>Assignment.</I></B> This Agreement
shall be binding upon the parties hereto and their respective successors and assigns; provided that this Agreement may not be assigned,
or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the
other party will not unreasonably withhold, condition or delay; and provided further that (i) consent is not required for an assignment
to an affiliate of Agent and (ii) any reorganization, merger, consolidation, sale of assets or other form of business combination
by Agent shall not be deemed to constitute an assignment of this Agreement. Any attempted assignment in violation of the foregoing
will be void. The Agent agrees to provide notices of such successor Agent to the other party.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e) <B><I>Headings.</I></B> The headings contained
in this Agreement are for the purposes of convenience only and are not intended to define or limit the contents of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f) <B><I>Severability.</I></B> Whenever possible,
each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable law, but if
any provision of this Agreement is found to violate a law, it will be severed from the rest of the Agreement and ignored.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g) <B><I>Counterparts.</I></B> This Agreement
may be executed manually in any number of counterparts, each of which such counterparts, when so executed and delivered, shall
be deemed an original, and all such counterparts when taken together shall constitute one and the same original instrument.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h) <B><I>Entire Agreement.</I></B> This Agreement
constitutes the entire understanding of the parties with respect to the subject matter hereof and supercedes all prior written
or oral communications, understandings, and agreements with respect to the subject matter of this Agreement. The parties acknowledge
that the Exhibits hereto are an integral part of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(i) <B><I>Benefits of this Agreement</I></B><I>.</I>
Nothing in this Agreement shall be construed to give any person or entity other than Agent and Client any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of Agent and Client.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(j) <B><I>Customer Identification Program.</I></B>
Client acknowledges that Agent is subject to the customer identification program (&ldquo;Customer Identification Program&rdquo;)
requirements under the USA PATRIOT Act and its implementing regulations, and that Agent must obtain, verify and record information
that allows Agent to identify Client. Accordingly, prior to accepting an appointment hereunder, Agent may request information from
Client that will help Agent to identify Client, including without limitation Client&rsquo;s physical address, tax identification
number, organizational documents, certificate of good standing, license to do business, or any other information that Agent deems
necessary. Client agrees that Agent cannot accept an appointment hereunder unless and until Agent verifies Client&rsquo;s identity
in accordance with the Customer Identification Program requirements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(k) <U>Contingency Facilities</U>. In order
to minimize the disruption of the services provided under this Agreement or any exhibit, schedule, appendix or annex hereto, theAgent
shall implement and maintain directly or through third parties contingency facilities and procedures reasonably designed to provide
for periodic back-up of the computer files and data with respect to the Client and emergency use of electronic data processing
equipment to provide services under this Agreement. In the event of equipment failure, work stoppage, governmental action, communication
disruption or other impossibility of performance beyond the Agent&rsquo;s control, the Agent shall, at no additional expense to
the Client, take commercially reasonable steps to minimize service interruptions.</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">[The remainder of this page has been intentionally
left blank. Signature page follows.]</P>

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

<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B> the parties hereto
have executed this Agreement by their duly authorized officers as of the day and year above written.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>Blackstone/ GSO Senior Floating Rate Term Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-size: 11pt">/s/ Marisa J. Beeney</FONT></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Marisa J. Beeney</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Secretary and Chief Legal Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt"><B>MELLON INVESTOR SERVICES LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Luis Ortiz</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Luis Ortiz</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Vice President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MARKETING, ADMINISTRATION, BOOKKEEPING AND
</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PRICING SERVICES AGREEMENT</B></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: justify; text-indent: 0.5in">THIS AGREEMENT is made
as of May 25, 2010, between Blackstone/GSO Senior Floating Rate Term Fund (the &ldquo;Fund&rdquo;), GSO Capital Advisors, LLC (&ldquo;Advisor&rdquo;)
and ALPS Fund Services, Inc., a Colorado corporation (&ldquo;ALPS&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Fund is registered
under the Investment Company Act of 1940, as amended (&ldquo;1940 Act&rdquo;) as a closed-end, non-diversified management investment
company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, Advisor is the
Fund&rsquo;s investment adviser and is responsible for managing the Fund&rsquo;s business affairs and providing certain clerical,
bookkeeping and other administrative and management services.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, ALPS provides
certain marketing, administrative, bookkeeping and pricing services to investment companies; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Fund and Advisor
desire to appoint ALPS to perform certain marketing, administrative, bookkeeping and pricing services for the Fund, and ALPS has
indicated its willingness to so act, subject to the terms and conditions of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and mutual covenants hereinafter contained, the parties hereto agree as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><U>ALPS Appointment and Duties.</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Fund and Advisor hereby appoint ALPS to provide administrative, bookkeeping and pricing services
as are set forth in <U>Appendix A</U>, as amended from time to time, upon the terms and conditions hereinafter set forth. ALPS
hereby accepts such appointment and agrees to furnish such specified services. ALPS shall for all purposes be deemed to be an independent
contractor and shall, except as otherwise expressly authorized in this Agreement, have no authority to act for or represent the
Fund in any way or otherwise be deemed an agent of the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">ALPS may employ or associate itself with a person or persons or organizations as ALPS believes
to be desirable in the performance of its duties hereunder; provided that, in such event, the compensation of such person or persons
or organizations shall be paid by and be the sole responsibility of ALPS and the Fund shall bear no cost or obligation with respect
thereto; and provided further that ALPS shall not be relieved of any of its obligations under this Agreement in such event and
shall be responsible for all acts of any such person or persons or organizations taken in furtherance of this Agreement to the
same extent it would be for its own acts.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify"><U>ALPS Compensation; Expenses</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">In consideration for the services to be performed hereunder by ALPS, the Fund or Advisor shall
pay ALPS the fees listed in <U>Appendix B</U> hereto. Notwithstanding anything to the contrary in this Agreement, fees billed for
the services to be performed by ALPS under this Agreement are based on information provided by the Fund or Advisor and such fees
are subject to renegotiation between the parties to the extent such information is determined to be materially different from what
the Fund or Advisor originally provided to ALPS. During each year of the Term, unless the parties shall otherwise agree and provided
that the service mix and volumes remain consistent with those provided in the previous year of this Agreement, the total fee that
would be charged for the same services would be the base fee rate (as reflected in Appendix B) increased by 5% per annum</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">ALPS will bear all expenses in connection with the performance of its services under this Agreement,
except as otherwise provided herein. ALPS will NOT bear any of the costs of Fund personnel. Other Fund expenses incurred shall
be borne by the Fund or the Fund&rsquo;s investment adviser, including, but not limited to, initial organization and offering expenses;
litigation expenses; taxes; costs of preferred shares; expenses of conducting repurchase offers for the purpose of repurchasing
Fund shares; transfer agency and custodial expenses; taxes; interest; Fund trustees&rsquo; fees; brokerage fees and commissions;
state and federal registration fees; advisory fees; insurance premiums; fidelity bond premiums; Fund and investment advisory related
legal expenses; costs of maintenance of Fund existence; printing and delivery of materials in connection with meetings of the Fund
trustees; printing and mailing shareholder reports, offering documents, and proxy materials and other communications to shareholders;
securities pricing data services; and expenses in connection with electronic filings with the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">3.</TD><TD STYLE="text-align: justify"><U>Right to Receive Advice</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Advice of the Fund</U>. If ALPS is in doubt as to any action it should or should not take, ALPS
shall request directions, advice or instructions from the Fund, Advisor or, as applicable, the Fund&rsquo;scustodian or other service
providers.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Advice of Counsel</U>. If ALPS is in doubt as to any question of law pertaining to any action
it should or should not take, ALPS may request advice from counsel of its own choosing (who may be counsel for the Fund, the Fund&rsquo;s
investment adviser or ALPS, at the option of ALPS).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Conflicting Advice</U>. In the event of a conflict between directions, advice or instructions
ALPS receives from the Fund or any service provider and the advice ALPS receives from counsel, ALPS may in its sole discretion
rely upon and follow the advice of counsel. ALPS will provide the Fund with prior written notice of its intent to follow advice
of counsel that is materially inconsistent with directions, advice or instructions from the Fund. Upon request, ALPS will provide
the Fund with a copy of such advice of counsel.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">4.</TD><TD STYLE="text-align: justify"><U>Standard of Care; Limitation of Liability; Indemnification</U>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">ALPS shall be obligated to act in good faith and to exercise commercially reasonable care and diligence
in the performance of its duties under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">In the absence of willful misfeasance, bad faith, negligence or reckless disregard by ALPS in the
performance of its duties, obligations or responsibilities set forth in this Agreement, ALPS and its affiliates, including their
respective officers, directors, agents and employees, shall not be liable for, and the Fund and/or Advsior agrees to indemnify,
defend and hold harmless such persons from, all taxes, charges, expenses, disbursements, assessments, claims, losses, damages,
penalties, actions, suits, judgments and liabilities (including, without limitation, attorneys&rsquo; fees and disbursements and
liabilities arising under applicable federal and state laws) arising directly or indirectly from the following:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.15pt"></TD><TD STYLE="width: 35.85pt">(i)</TD><TD STYLE="text-align: justify">the inaccuracy of factual information furnished to ALPS by the Fund, Advsior or the Fund&rsquo;s
custodian or other service providers;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -35.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.15pt"></TD><TD STYLE="width: 35.85pt">(ii)</TD><TD STYLE="text-align: justify">any error of judgment or mistake of law or for any loss suffered by the Fund in connection with
the matters to which this Agreement relates;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -35.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.15pt"></TD><TD STYLE="width: 35.85pt">(iii)</TD><TD STYLE="text-align: justify">losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly
by reason of circumstances beyond its reasonable control, including without limitation, acts of God, action or inaction of civil
or military authority, war, terrorism, riot, fire, flood, sabotage, labor disputes, elements of nature or non-performance by a
third party;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -35.85pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.15pt"></TD><TD STYLE="width: 35.85pt">(iv)</TD><TD STYLE="text-align: justify">ALPS&rsquo; reliance on any instruction, direction, notice, instrument or other information that
ALPS reasonably believes to be genuine;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -35.85pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.15pt"></TD><TD STYLE="width: 35.85pt">(v)</TD><TD STYLE="text-align: justify">loss of data or service interruptions caused by equipment failure; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -35.85pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.15pt"></TD><TD STYLE="width: 35.85pt">(vi)</TD><TD STYLE="text-align: justify">any other action or omission to act which ALPS takes in connection with the provision of services
to the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">ALPS shall indemnify and hold harmless the Fund and Advsior and their respective officers, directors,
agents, and employees from and against any and all taxes, charges, expenses, disbursements, assessments, claims, losses, damages,
penalties, actions, suits, judgments and liabilities (including, without limitation, attorneys&rsquo; fees and disbursements and
liabilities arising under applicable federal and state laws) arising directly or indirectly from ALPS&rsquo; willful misfeasance,
bad faith, negligence or reckless disregard in the performance of its duties, obligations or responsibilities set forth in this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Notwithstanding anything in this Agreement to the contrary, neither party shall be liable under
this Agreement to the other party hereto for any punitive, consequential, special or indirect losses or damages. Any indemnification
payable by a party to this Agreement shall be net of insurance maintained by the indemnified party as of the time the claim giving
rise to indemnity hereunder is alleged to have arisen to the extent it covers such claim.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">5.</TD><TD STYLE="text-align: justify"><U>Activities of ALPS</U>. The services of ALPS under this Agreement are not to be deemed exclusive,
and ALPS shall be free to render similar services to others. The Fund recognizes that from time to time directors, officers and
employees of ALPS may serve as directors, officers and employees of other corporations or businesses (including other investment
companies) and that such other corporations and funds may include ALPS as part of their name and that ALPS or its affiliates may
enter into administrative, bookkeeping, pricing agreements or other agreements with such other corporations and funds.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">6.</TD><TD STYLE="text-align: justify"><U>Accounts and Records</U>. The accounts and records maintained by ALPS shall be the property
of the Fund. Such accounts and records shall be prepared, maintained and preserved as required by the 1940 Act and other applicable
securities laws, rules and regulations. Such accounts and records shall be surrendered to the Fund promptly upon receipt of instructions
from the Fund in the form in which such accounts and records have been maintained or preserved. The Fund shall have access to such
accounts and records at all times during ALPS&rsquo; normal business hours. Upon the reasonable request of the Fund, copies of
any such books and records shall be provided by ALPS to the Fund at the Fund&rsquo;s expense. ALPS shall assist the Fund, the Fund&rsquo;s
independent auditors, or, upon approval of the Fund, any regulatory body, in any requested review of the Fund&rsquo;s accounts
and records, and reports by ALPS or its independent accountants concerning its accounting system and internal auditing controls
will be open to such entities for audit or inspection upon reasonable request.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">7.</TD><TD STYLE="text-align: justify"><U>Confidential and Proprietary Information</U>. ALPS agrees that it will, on behalf of itself
and its officers and employees, treat all transactions contemplated by this Agreement, and all records and information relative
to the Fund and its shareholders (past, present and future) and other information germane thereto, as confidential and as proprietary
information of the Fund and not to use, sell, transfer or divulge such information or records to any person for any purpose other
than performance of its duties hereunder, except after prior notification to and approval in writing from the Fund, which approval
shall not be unreasonably withheld. It may not be withheld where ALPS may be exposed to civil, regulatory or criminal proceedings
for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the
Fund. ALPS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of records and information relating to the Fund
and its past, present and future shareholders, consumers and customers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">8.</TD><TD STYLE="text-align: justify"><U>Compliance with Rules and Regulations</U>. ALPS shall comply -- and to the extent ALPS takes
or is required to take action on behalf of the Fund hereunder shall cause the Fund to comply -- with all applicable requirements
of the 1940 Act and other applicable laws, rules, regulations, orders and code of ethics, as well as all investment restrictions,
policies and procedures adopted by the Fund of which ALPS has knowledge. Except as specifically set forth herein, ALPS assumes
no responsibility for such compliance by the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">9.</TD><TD STYLE="text-align: justify"><U>Representations and Warranties of ALPS</U>. ALPS represents and warrants to the Fund that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">It is duly organized and existing as a corporation and in good standing under the laws of the State
of Colorado.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">It is empowered under applicable laws and by its Articles of Incorporation and By-laws to enter
into and perform this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">All requisite corporate proceedings have been taken to authorize it to enter into and perform this
Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">It has and will continue to have access to the necessary facilities, equipment and personnel to
perform its duties and obligations under this Agreement in accordance with industry standards.&#9;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">10.</TD><TD STYLE="text-align: justify"><U>Representations and Warranties of the Fund.</U> The Fund represents and warrants to ALPS that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">It is a Delaware statutory Trust duly organized and existing and in good standing under the laws
of Delaware and is registered with the SEC as a closed-end investment company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">It is empowered under applicable laws and by its Agreement, Declaration of Trust and By-laws to
enter into and perform this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The Board of Trustees has duly authorized it to enter into and perform this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Fund further represents and warrants to ALPS that the [Officer Positions filled by ALPS] shall
be covered by the Fund&rsquo;s Directors &amp; Officers/Errors &amp; Omissions Policy (the &ldquo;Policy&rdquo;), and the Fund
shall use reasonable efforts to ensure that such coverage be (i) reinstated should the Policy be cancelled; (ii) continued after
such officers ceases to serve as the Fund on substantially the same terms as such coverage is provided for the Fund offices after
such persons are no longer officers of the Fund; or (iii) continued in the event the Fund merges or terminates, on substantially
the same terms as such coverage is provided for the Fund officers (but for a period of no less than six years). The Fund shall
provide ALPS with proof of current coverage, including a copy of the Policy, and shall notify ALPS immediately should the Policy
be cancelled or terminated. The [Officer Positions filled by ALPS] is named officer in the Trust&rsquo;s corporate resolutions
and subject to the provisions of the Trust&rsquo;s Organizational Documents regarding indemnification of its officers.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">11.</TD><TD STYLE="text-align: justify"><U>Documents</U>. The Fund has furnished or will furnish, upon request, ALPS with copies of the
Fund&rsquo;s Articles of Incorporation, advisory agreement, custodian agreement, transfer agency agreement, administration agreement,
current prospectus, statement of additional information, periodic Fund reports and all forms relating to any plan, program or service
offered by the Fund. The Fund shall furnish, within a reasonable time period, to ALPS a copy of any amendment or supplement to
any of the above-mentioned documents. Upon request, the Fund shall furnish promptly to ALPS any additional documents necessary
or advisable to perform its functions hereunder. As used in this Agreement the terms &ldquo;registration statement,&rdquo; &ldquo;prospectus&rdquo;
and &ldquo;statement of additional information&rdquo; shall mean any registration statement, prospectus and statement of additional
information filed by the Fund with the SEC and any amendments and supplements thereto that are filed with the SEC.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 35.1pt; text-align: justify; text-indent: -36.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">12.</TD><TD STYLE="text-align: justify"><U>Consultation Between the Parties</U>. ALPS and the Fund shall regularly consult with each other
regarding ALPS&rsquo; performance of its obligations under this Agreement. In connection therewith, the Fund shall submit to ALPS
at a reasonable time in advance of filing with the SEC reasonably final copies of any amended or supplemented registration statement
(including exhibits) under the Securities Act of 1933, as amended, and the 1940 Act; provided, however, that nothing contained
in this Agreement shall in any way limit the Fund&rsquo;s right to file at any time such amendments to any registration statement
and/or supplements to any prospectus or statement of additional information, of whatever character, as the Fund may deem advisable,
such right being in all respects absolute and unconditional.<BR>
</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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                                    5                                     -<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">13.</TD><TD STYLE="text-align: justify"><U>Liaison with Accountants</U>. ALPS shall act as liaison with the Fund&rsquo;s independent public
accountants and shall provide account analysis, fiscal year summaries, and other audit-related schedules with respect to the services
provided to the Fund. ALPS shall take all reasonable action in the performance of its duties under this Agreement to assure that
the necessary information in ALPS&rsquo; control is made available to such accountants for the expression of their opinion, as
required by the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">14.</TD><TD STYLE="text-align: justify"><U>Business Interruption Plan</U>. ALPS shall maintain in effect a business interruption plan,
and enter into any agreements necessary with appropriate parties making reasonable provisions for emergency use of electronic data
processing equipment customary in the industry. In the event of equipment failures, ALPS shall, at no additional expense to the
Fund, take commercially reasonable steps to minimize service interruptions. ALPS shall have no liability with respect to the loss
of data or service interruptions caused by equipment failure provided such loss or interruption is not caused by ALPS&rsquo; own
willful misfeasance, bad faith, negligence or reckless disregard of its duties or obligations under this Agreement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">15.</TD><TD STYLE="text-align: justify"><U>Duration and Termination of this Agreement</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><U>Initial Term</U>. This Agreement shall become effective as of the date first written above (the
&ldquo;Start Date&rdquo;) and shall continue thereafter throughout the period which ends five (5) years after the Start Date (the
&ldquo;Initial Term&rdquo;). Until the end of the Initial Term, this Agreement may be terminated without penalty only by agreement
of the parties upon not less than sixty (60) days&rsquo; written notice or for cause pursuant to Section 13(c) hereof.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><U>Renewal Term</U>. If not sooner terminated, this Agreement shall renew at the end of the Initial
Term and shall thereafter continue for successive annual periods until terminated by the Fund or by ALPS, without penalty, upon
not less than 90 days&rsquo; written notice to the other party.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><U>Cause</U>. Notwithstanding anything to the contrary elsewhere in this Agreement, the Fund may
terminate this Agreement for cause immediately at any time, without penalty, without default and without the payment of any Default
Payment or other liquidated damages. Termination for &quot;cause&quot; hereunder shall mean:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">willful misfeasance, bad faith, negligence or reckless disregard on the part of ALPS in the performance
of or with respect to its obligations and duties hereunder;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">regulatory, administrative, or judicial proceedings against ALPS which result in a determination
that, in rendering its services hereunder, ALPS has violated &ndash; or has caused the Fund to violate &ndash; any applicable law,
rule, regulation, order or code of ethics, or any investment restriction, policy or procedure adopted by the Fund of which ALPS
had knowledge; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -27pt"></P>

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                                    6 -<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify">financial difficulties on the part of ALPS which are evidenced by the authorization or commencement
of, or involvement by way of pleading, answer, consent, or acquiescence in, a voluntary or involuntary case under Title 11 of the
United States Code, as from time to time in effect, or any applicable law other than said Title 11, of any jurisdiction relating
to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors.&#9;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><U>Deliveries Upon Termination</U>. Upon termination of this Agreement, ALPS shall deliver to the
Fund or as otherwise directed by the Fund (at the expense of the Fund, unless such termination is for &ldquo;cause&rdquo;) all
records and other documents made or accumulated in the performance of its duties for the Fund hereunder.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><U>Fees and Expenses Upon Termination</U><I>. S</I>hould either party exercise its right to terminate,
all reasonable out-of-pocket expenses or costs associated with the movement of records and material will be borne by the Fund.
Additionally, ALPS reserves the right to charge a reasonable fee for its de-conversion services.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">16.</TD><TD STYLE="text-align: justify"><U>Assignment</U>. This Agreement shall extend to and shall be binding upon the parties hereto
and their respective successors and permitted assigns; provided, however, that this Agreement shall not be assignable by the Fund
or Advisor without the prior written consent of ALPS, or by ALPS without the prior written consent of the Fund.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">17.</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. The provisions of this Agreement shall be construed and interpreted in accordance
with the laws of the State of Colorado, and the 1940 Act and the rules thereunder. To the extent that the laws of the State of
Colorado conflict with the 1940 Act or such rules, the latter shall control.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">18.</TD><TD STYLE="text-align: justify"><U>Names</U>. The obligations of the &ldquo;Fund&rdquo; entered into in the name or on behalf thereof
by any director, representative or agent thereof are made not individually, but in such capacities, and are not binding upon any
of the directors, shareholders, representatives or agents of the Fund personally, but bind only the property of the Fund, and all
persons dealing with the Fund must look solely to the property of the Fund for the enforcement of any claims against the Fund.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">19.</TD><TD STYLE="text-align: justify"><U>Amendments to this Agreement</U>. This Agreement may only be amended by the parties in writing.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">20.</TD><TD STYLE="text-align: justify"><U>Notices</U>. All notices and other communications hereunder shall be in writing, shall be deemed
to have been given when received or when sent by telex or facsimile, and shall be given to the following addresses (or such other
addresses as to which notice is given):</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 7 -->
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                                    7 -<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">To ALPS:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">ALPS Fund Services, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">1290 Broadway, Suite 1100</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Denver, Colorado 80203</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Attn: General Counsel</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Fax: (303) 623-7850</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">To the Fund:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Blackstone/GSO Senior Floating Rate
Term Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">c/o GSO / Blackstone Debt Funds Management
LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">280 Park Avenue, 11<SUP>th</SUP>
Floor</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">New York, NY 10017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Attn: Daniel Smith and Marisa Beeney</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Fax: 212.503.6924</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">With copies of any notice to the
Fund or Advisor to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Sarah E. Cogan</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Simpson Thatcher &amp; Bartlett LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">425 Lexington Avenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">New York, NY 10017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">Fax: 212.455.2502</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 171pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">21.</TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Agreement may be executed by the parties hereto on any number of counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">22.</TD><TD STYLE="text-align: justify"><U>Entire Agreement</U>. This Agreement embodies the entire agreement and understanding among the
parties and supersedes all prior agreements and understandings relating to the subject matter hereof; provided, however, that ALPS
may embody in one or more separate documents its agreement, if any, with respect to delegated duties and oral instructions.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Remainder of Page Intentionally Left Blank]</P>

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

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                                    8 -<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above written.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Blackstone/GSO Senior Floating Rate Term Fund</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Marisa Beeney</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Name:</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">Marisa Beeney</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">Secretary and Chief Legal Officer</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">ALPS FUND SERVICES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jeremy O. May</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Name:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">Jeremy O. May</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">Title:</TD>
    <TD STYLE="text-align: left; text-indent: 0in">President</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<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"><B></B></P>

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                                    9 -<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>APPENDIX A</B></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: center"><B><U>SERVICES</U></B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 8pt; text-align: justify; text-indent: -8pt">F<FONT STYLE="font-family: Times New Roman, Times, Serif">und
Administration</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare
                                         annual and semi-annual financial statements</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Coordinate
                                         layout and printing of annual and semi-annual reports</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare
                                         and file Forms N-SAR, N-CSR and N-Q</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Host
                                         annual audits and SEC exams</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Perform
                                         monthly prospectus compliance and SEC diversification tests</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate
                                         monthly SEC standardized total return performance figures</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare
                                         required reports for quarterly Board meetings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Monitor
                                         expense ratios</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Maintain
                                         budget vs. actual expenses</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Manage
                                         fund invoice approval and bill payment process</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assist
                                         with placement of Fidelity Bond and E&amp;O insurance</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Coordinate
                                         reporting to outside agencies including Morningstar, etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 9pt 0 0 8pt; text-align: justify; text-indent: -8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fund
Accounting</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate
                                         daily NAVs</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Transmit
                                         daily NAVs to NASDAQ, Transfer Agent and other third parties</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Compute
                                         yields, expense ratios, portfolio turnover rates, etc.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate
                                         income dividend rates</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reconcile
                                         cash and investment balances with the custodian</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Support
                                         preparation of financial statements</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare
                                         required Fund Accounting records in accordance with the 1940 Act</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Provide
                                         legal review of SEC financial filings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Coordinate
                                         EDGARization and filing of documents</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare,
                                         compile and mail board materials</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Attend
                                         board meetings and prepare minutes</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Review
                                         legal contracts</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Oversee
                                         Trust&rsquo;s Code of Ethics reporting</FONT></TD></TR></TABLE>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate
                                         dividend and capital gain distribution rates, including distributions necessary to avoid
                                         excise tax*</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate
                                         tax disclosure information (ROCSOP) for the audited financial statements</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepare
                                         and file federal and state income and excise tax returns (and appropriate extensions)*</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Monitor
                                         on a quarterly basis each Fund's status as a regulated investment company under Subchapter
                                         M of the Internal Revenue Code of 1986, as amended</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate
                                         and monitor applicable book-to-tax differences and assist in identifying securities that
                                         give rise to book-to-tax differences**</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculate
                                         year-end tax characterization for distributions paid during the calendar year</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Fund&rsquo;s independent auditors provide review &amp;
sign-off on excise distributions and income and excise tax returns. ALPS shall not analyze or investigate information or returns
for foreign tax filings. State income or franchise tax return preparation is limited to the initial state of nexus and does not
include additional state filing requirements that may be triggered by underlying investments of the Fund.</TD>
</TR></TABLE>

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

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                                    10 -<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>Security classifications to be identified include but are not limited to passive foreign investment company, real estate investment
trust, master limited partnership, contingent debt obligations, trust preferred, grantor trust, and stapled security. The ultimate
determination of the classification of securities will be the responsibility of Fund management.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 14pt">Creative Services</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial
                                         regulatory reports</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Proxy
                                         statements</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Marketing
                                         pieces (including fact sheets, slicks and brochures)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Collateral</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Presentations</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Print
                                         Vendor Management: bids, vendor communications and report mailings</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Creation
                                         of web architecture, design, layout and maintenance</FONT></TD></TR></TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Marketing</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Execute
                                         roadshow with 20-person sales team </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
10 regional wholesalers</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
6 internal wholesalers</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">-
4 members of senior management team</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9632;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Assist
                                         in writing and developing all sales and marketing materials</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Help
                                         execute top-down marketing campaign at Wirehouses</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Roadshow
                                         and syndicate coordination </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Secondary
                                         market support with wholesaling team </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 27pt">&#9632;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">800
                                         phone line with registered reps</FONT></TD></TR></TABLE>

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

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                                    11                                     -<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>FEES</U></B></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">Fees paid to ALPS shall be calculated and accrued
daily and payable monthly by the Fund or Advisor at a rate equal to the greater of 15 basis points annually on total assets of
the Fund or, a minimum annual fee of $350,000, plus out-of-pocket expenses. Out-of-pocket expenses include, but are not limited
to, third party security pricing and data fees, Bloomberg fees, Gainskeeper fees, SAS 70 control review report, travel expenses
to board meetings and on-sight reviews, proxy service fees, printing and mailing fees, fulfillment costs, customized programming/enhancements,
calls, webinars, roadshow expenses, and other out-of-pocket expenses incurred by ALPS in connection with the performance of its
duties under this Agreement. ALPS agrees to pay up to $20,000 per year for out- of- pocket expenses associated with Marketing services,
such as calls, webinars, and other communication services and fees in excess of $20,000 per year will be billed to the Fund or
Advisor as out-of-pocket expenses.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>LATE CHARGES:</B> All invoices are due and
payable upon receipt. Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent (1%) per motnh
financing charge on any unpaid balance but only to the extent permitted by law.</P>

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



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 9pt">- 12 -</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.K.3
<SEQUENCE>7
<FILENAME>fp0030426_ex9925k3.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMENDMENT TO THE MARKETING, ADMINISTRATION,
BOOKKEEPING</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AND PRICING SERVICES AGREEMENT</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Amendment (&ldquo;Amendment&rdquo;) is
made as of October 1, 2015, by and between Blackstone / GSO Senior Floating Rate Term Fund, a Delaware statutory trust (the &ldquo;Fund&rdquo;),
and ALPS Fund Services, Inc. (&ldquo;ALPS&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, the Fund and ALPS previously entered
into a Marketing, Administration, Bookkeeping and Pricing Services Agreement, dated May 25, 2010 (as amended, restated or supplemented
from time to time, the &ldquo;Agreement&rdquo;);</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, the Fund and ALPS wish to amend Section
15 of the Agreement and <U>Appendix B</U> to the Agreement; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, all capitalized terms used in the
Amendment and not defined herein shall have the meaning ascribed to them in the Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOW, THEREFORE, in consideration of the foregoing
and the mutual promises set forth below, the parties hereto, intending to be legally bound, agree that the Agreement shall be amended
as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Initial Term of the Agreement as set forth in Section 15(a) shall be extended to end (i) at
the earlier of five (5) years after October 1, 2015 or (ii) upon dissolution of the Fund, on or about May 31, 2020.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Appendix B is deleted and replaced in its entirety with the following:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Fees paid to ALPS shall be calculated
and accrued daily and payable monthly by the Fund at a rate equal to the greater of (i) 10 basis points annually on Managed Assets
of the Fund (as that term is defined in the Investment Advisory Agreement between Fund and Adviser), and (ii) a minimum annual
fee of the lesser of $$225,000 or 14 basis points on Managed Assets of the Fund, in each case plus out-of-pocket expenses. Out-of-pocket
expenses include, but are not limited to: third-party security pricing and data fees, Bloomberg fees, Gainskeeper fees, SSAE 16
control review reports, travel expenses to Board meetings and on-site supervisory reviews, proxy service fees, fulfillment costs,
printing and mailing fees, customized programming/enhancements, calls, webinars, roadshow expenses, and other out-of-pocket expenses
incurred by ALPS in connection with the performance of its duties under this Agreement. ALPS agrees to pay up to $20,000 per year
for out-of-pocket expenses associated with public relations support services associated with Marketing services, such as calls,
webinars, and other communication services and fees in excess of $20,000 per year will be billed to the Fund as out-of-pocket expenses.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>LATE CHARGES:</B> All invoices
are due and payable upon receipt. Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent
(1%) per month financing charge on any unpaid balance but only to the extent permitted by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; 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: 0in">Other than as amended hereby,
all other provisions of the Agreement shall remain unchanged and remain in full force and effect. This Amendment shall be deemed
to be an amendment to the Agreement and shall be governed, construed and interpreted in accordance with the laws of the State of
New York, and the 1940 Act and the rules thereunder. To the extent that the laws of the State of New York conflict with the 1940
Act or such rules, the latter shall control.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the parties have
executed this Amendment as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt"><B>Blackstone / GSO Senior Floating Rate Term Fund</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt"><B>ALPS Fund Services, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Marisa J. Beeney</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Jeremy O. May</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Marisa J. Beeney</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Jeremy O. May</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Chief Legal Officer, Chief Compliance Officer and Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.K.4
<SEQUENCE>8
<FILENAME>fp0030426_ex9925k4.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMENDMENT TO THE MARKETING, ADMINISTRATION,
BOOKKEEPING</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AND PRICING SERVICES AGREEMENT</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Amendment (&ldquo;Amendment&rdquo;) is
made as of November 17, 2017, by and between Blackstone / GSO Senior Floating Rate Term Fund, a Delaware statutory trust (the &ldquo;Fund&rdquo;),
and ALPS Fund Services, Inc. (&ldquo;ALPS&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, the Fund and ALPS previously entered
into a Marketing, Administration, Bookkeeping and Pricing Services Agreement, dated May 25, 2010 (as amended, restated or supplemented
from time to time, the &ldquo;Agreement&rdquo;);</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, the Fund and ALPS wish to amend Section
15 of the Agreement and <U>Appendix B</U> to the Agreement; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WHEREAS, all capitalized terms used in the
Amendment and not defined herein shall have the meaning ascribed to them in the Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">NOW, THEREFORE, in consideration of the foregoing
and the mutual promises set forth below, the parties hereto, intending to be legally bound, agree that the Agreement shall be amended
as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The Initial Term of the Agreement as set forth in Section 15(a) shall be extended to end upon dissolution of the Fund, on or
about May 31, 2022.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Appendix B is deleted and replaced in its entirety with the following:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Fees paid to ALPS shall be calculated
and accrued daily and payable monthly by the Fund at a rate equal to the greater of (i) 9 basis points annually on Managed Assets
of the Fund (as that term is defined in the Investment Advisory Agreement between Fund and Adviser), and (ii) a minimum annual
fee of the lesser of $225,000 or 14 basis points on Managed Assets of the Fund, in each case plus out-of-pocket expenses. Out-of-pocket
expenses include, but are not limited to: third-party security pricing and data fees, Bloomberg fees, Gainskeeper fees, SSAE 16
control review reports, travel expenses to Board meetings and on-site supervisory reviews, proxy service fees, fulfillment costs,
printing and mailing fees, customized programming/enhancements, calls, webinars, roadshow expenses, and other out-of-pocket expenses
incurred by ALPS in connection with the performance of its duties under this Agreement. ALPS agrees to pay up to $20,000 per year
for out-of-pocket expenses associated with public relations support services associated with Marketing services, such as calls,
webinars, and other communication services and fees in excess of $20,000 per year will be billed to the Fund as out-of-pocket expenses.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>LATE CHARGES:</B> All invoices
are due and payable upon receipt. Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent
(1%) per month financing charge on any unpaid balance but only to the extent permitted by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; 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: 0in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Other than as amended hereby,
all other provisions of the Agreement shall remain unchanged and remain in full force and effect. This Amendment shall be deemed
to be an amendment to the Agreement and shall be governed, construed and interpreted in accordance with the laws of the State of
New York, and the 1940 Act and the rules thereunder. To the extent that the laws of the State of New York conflict with the 1940
Act or such rules, the latter shall control.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the parties have
executed this Amendment as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt"><B>Blackstone / GSO Senior Floating Rate Term Fund</B></FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt"><B>ALPS Fund Services, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Marisa Beeney</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Jeremy O. May</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Marisa Beeney</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Jeremy O. May</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.R.1
<SEQUENCE>9
<FILENAME>fp0030426_ex9925r1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps"><B>Blackstone
/ GSO Senior Floating Rate Term Fund</B></FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">Blackstone
/ GSO Long-Short Credit Income Fund</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">Blackstone
/ GSO Strategic Credit Fund</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">Blackstone
/ GSO Floating Rate Enhanced Income Fund</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">(</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">each
referred to as the &ldquo;Fund&rdquo;)</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">Code
of Ethics </FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-variant: small-caps">(Employees
of GSO or Blackstone and Independent Fund Trustees)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>General
                                         Provisions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Individuals
                                         Covered</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
is the policy of the Fund that all Access Persons, including Independent Fund Trustees, shall be subject to a written code of
ethics meeting the requirements of Rule 17j-1 under the Investment Company Act. All employees of GSO or Blackstone are subject
to the provisions of other codes of ethics that have been adopted by the Fund Adviser and approved by the Fund Board in accordance
with the requirements of Rule 17j-1 under the Investment Company Act. For the avoidance of doubt, employees of GSO and Blackstone
remain subject to all GSO and Blackstone compliance manuals, codes of ethics and policies and procedures. Independent Fund Trustees
are further subject to the provisions attached to this Code of Ethics as Attachment 1, which Attachment 1 constitutes a part of
this Code of Ethics.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Securities
                                         Transactions Restrictions </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Pre-clearance
                                         Requirements for Employees and Access Persons (other than Independent Fund Trustees)</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
purchases and sales of Securities issued by the Fund by employees of GSO or Blackstone, including Access Persons (other than Independent
Fund Trustees), must be cleared through GSO&rsquo;s personal trading request system by submitting a request to the CCO or her
designee to GSOCentralCompliance@gsocap.com by the opening of the market on the trading day (i.e. any day on which the NYSE is
open) on which it is desired that the trade be effected, and providing the amount of Securities of the Fund to be purchased or
sold. Pre-clearance may be denied following the consideration of a number of factors including, for example, whether the trade
creates the appearance of potential conflict with the ongoing activities of the Fund or the Fund Adviser. Pre-clearance will be
evidenced by an email from the CCO or her designee (with a copy to Merrill Lynch) and is applicable to an order for the specific
transaction placed in a specified period not to exceed one trading day. While actual execution time may exceed such specified
period, such employees, including Access Persons, will generally have at least one full trading day in which to effect the trade
following the receipt of pre-clearance shortly after the opening of the market. For example, if a request is approved shortly
after the opening of the market on Friday, New York time, such employee or Access Person will have through the close of the market
that Friday, New York time, to make the requested trade. Following receipt of the pre-clearance email (of which Merrill Lynch
will receive a carbon copy), such employees or Access Persons are to execute the trade over the telephone or via e-mail with Merrill
Lynch during the specified time period. Purchases and sales of Securities issued by the Fund will be subject to holding periods
and blackout periods where no trading will be permitted. No shorting, options or hedging or derivatives on Securities issued by
the Fund will be approved for any reason.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
trading of Securities issued by the Fund purchased or sold by an employee of GSO or Blackstone, including Access Persons (other
than Independent Fund Trustees) must be transacted through an account opened with Merrill Lynch. For new accounts, new account
forms must be returned to the addresses and facsimile number set forth below. For existing brokerage accounts at Merrill Lynch
unrelated to Blackstone shares, please open new accounts using the forms attached hereto in order to trade Fund shares. For existing
brokerage accounts at Merrill Lynch related to Blackstone shares, please trade Fund shares from such existing brokerage account
related to Blackstone equity. Contact details for the Merrill Lynch Corporate Services Advisory Team are as follows:</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Merrill
Lynch</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Corporate
Services Advisory Team</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2
World Financial Center, 35th Floor</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">New
York, NY 10281</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Facsimile:
(212) 236-2222 &nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Email:
Corporate_Services@ml.com</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Attention:
Nicole Saucier or Joseph Long</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">With
a copy to: GSOCentralCompliance@gsocap.com</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Pre-clearance
                                         Requirements for Independent Fund Trustees</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
purchases and sales of Securities issued by the Fund by Independent Fund Trustees must be cleared through GSO&rsquo;s personal
trading request system by submitting a request to the CCO or her designee to GSOCentralCompliance@gsocap.com, by the opening of
the market on the trading day (i.e. any day on which the NYSE is open) on which it is desired that the trade be effected, and
providing the amount of Securities of the Fund to be purchased or sold. Pre-clearance may be denied following the consideration
of a number of factors including, for example, whether the trade creates the appearance of potential conflict with the ongoing
activities of the Fund or the Fund Adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Independent
Fund Trustees shall not purchase Securities issued by Blackstone.</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Reports
                                         of Purchases and Holding and Blackout Periods</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Reports
of the purchases and sales of Securities issued by the Fund will be used to file any required reports of beneficial ownership
in accordance with Section 16 of the Exchange Act of 1934, as amended, and Section 30(h) of the Investment Company Act.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchases
of Securities issued by the Fund by Access Persons will be subject to holding periods of (i) six (6) months from the date of purchase
or (ii) such shorter or longer periods as the CCO may deem appropriate.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
addition, purchases and sales of Securities issued by the Fund by any Access Person will be subject to a blackout period beginning
on the fourteenth (14<SUP>th</SUP>) business day preceding, and ending on the third (3<SUP>rd</SUP>) business day following, a
quarterly meeting of the Fund Board, unless such blackout period is shortened or lengthened as the CCO may deem appropriate.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">II.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compliance
                                         with the Code</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investigating
                                         Violations of the Code</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
CCO is responsible for investigating any suspected violation of the Code by an Access Person and shall report the results of each
investigation to the Fund Board, provided that the Fund Board may determine to appoint counsel to investigate any matter at the
Fund&rsquo;s expense and report to it, the CCO regarding such matter. The Fund Board is responsible for reviewing the results
of any investigation of any reported or suspected violation of the Code by an Access Person. Any violation of the Code by an Access
Person of a Fund will be reported to the Fund Board by the CCO not later than the next quarterly meeting after the violation occurs.
Employees of GSO and Blackstone are expected to read and comply with the Code as part of their employment.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Remedies</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Sanctions</B>:
                                         If the Fund Board determines that an Access Person has committed a violation of the Code,
                                         the Fund Board may impose such sanctions and take such other actions as it deems appropriate,
                                         including, among other things, a verbal warning, a letter of caution or warning, fine,
                                         termination of employment, suspension, civil referral to the Securities and Exchange
                                         Commission or criminal referral. The Fund Board may also require the Access Person to
                                         reverse the transaction in question and forfeit any profit or absorb any loss associated
                                         or derived as a result of such reversal. The amount of profit shall be calculated by
                                         the Fund Board. The Access Person shall not participate in the Fund Board&rsquo;s determination
                                         of any remedies to be imposed in connection with his or her violation of the Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Sole
                                         Authority</B>: The Fund Board has sole authority to determine the remedy for any violation
                                         of the Code by an Access Person, including appropriate disposition of any monies forfeited
                                         pursuant to this provision, but may request a recommendation on such matters from the
                                         CCO or Chief Legal Officer of the Funds and is entitled to reasonably rely on such recommendation.</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Amendments</B></FONT><BR></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Any
material amendment of the Code (including of Attachment 1) shall be submitted to the Fund Board for approval in accordance with
Rule 17j-1 of the Investment Company Act. Any material amendment of the Code shall become effective only when the Fund Board has
approved the amendment in accordance with Rule 17j-1 or at such earlier date as may be required to comply with applicable law
or regulation.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">III.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Definitions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">When
used in the Code, the following terms have the meanings set forth below:</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Access
Person</B>&rdquo; means any individual that should be treated as an &ldquo;access person&rdquo; to the Fund, as such term is defined
in Rule 17j-1 under the Investment Company Act, and includes, without limitation, trustees (including Independent Fund Trustees),
officers or general partners of the Fund, the Adviser or any company controlling, controlled by or under common control with the
Fund or the Adviser, who in connection with his/her regular functions or duties, makes, participates in, or obtains information
regarding the purchase or sale of securities by the Fund, or whose functions relate to the making of any recommendations with
respect to such purchases or sales.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Blackstone</B>&rdquo;
means The Blackstone Group L.P. and any other company controlling, controlled by or under common control with GSO.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>CCO</B>&rdquo;
means the Chief Compliance Officer of the Fund.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Code</B>&rdquo;
means this Code of Ethics, as amended.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Fund
Adviser</B>&rdquo; means GSO / Blackstone Debt Funds Management LLC.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Fund
Board</B>&rdquo; means the Board of Trustees of the Fund.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>GSO</B>&rdquo;
means GSO Capital Partners LP or any of its affiliates within the credit-focused business unit of The Blackstone Group L.P.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Independent
Fund Trustee</B>&rdquo; means a trustee of the Fund who is not an &ldquo;interested person&rdquo; of the Fund, the Fund Adviser
or the principal underwriter of the Fund as defined in Section 2(a)(19) of the Investment Company Act.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Investment
Company Act</B>&rdquo; means the Investment Company Act of 1940, as amended.</FONT></P>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Personal
                                         Securities Transactions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
connection with the purchase or sale, directly or indirectly, by an Independent Fund Trustee of a Security Held or to be Acquired
by the Fund, Independent Fund Trustees are prohibited from:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">employing
                                         any device, scheme or artifice to defraud the Fund;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">making
                                         any untrue statement of a material fact to the Fund or omitting to state a material fact
                                         necessary to make the statements made to the Fund, in light of the circumstances under
                                         which they were made, not misleading;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">engaging
                                         in any act, practice or course of business that operates or would operate as a fraud
                                         or deceit on the Fund; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">engaging
                                         in any manipulative practice with respect to the Fund.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">II.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Reporting
                                         Requirements</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Initial
                                         and Annual Acknowledgement</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Within
ten (10) days of being designated an Independent Fund Trustee, and thereafter on an annual basis, each Independent Fund Trustee
must execute the Acknowledgement of Receipt of the Fund&rsquo;s Code of Ethics attached hereto as Appendix A, including the acknowledgement
that he or she has read the Code of Ethics and understands that it applies to him or her.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
to Rule 17j-1(d)(2)(ii) under the Investment Company Act, Independent Fund Trustees are not required to provide an initial holdings
report or a quarterly transaction report required by Rule 17j-1 under the Investment Company Act.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Transactions
                                         in Reportable Securities</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Transaction
                                         Reporting Requirements</U>. No later than 30 days after the end of each calendar quarter,
                                         each Independent Fund Trustee must report to the CCO any Securities Transaction executed
                                         during such calendar quarter in a Reportable Security (or Equivalent Security) in which
                                         such Independent Fund Trustee had a Beneficial Interest if the Independent Fund Trustee
                                         knew, or in the ordinary course of fulfilling his or her duty as an Independent Fund
                                         Trustee of the Fund should have known, that during the 15-day period immediately before
                                         or after the date of such Securities Transaction, (i) the Fund purchased or sold such
                                         Reportable Security, or (ii) the Fund or the Fund Adviser considered purchasing or selling
                                         such Reportable Security.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Note:
For purposes of these reporting requirements, Securities Transaction includes transactions in futures and options on futures.</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Disclaimers</U>.
                                         Any report of a Securities Transaction pursuant to this Section II.B for the benefit
                                         of a person other than the Independent Fund Trustee may contain a statement that the
                                         report should not be construed as an admission by the Independent Fund Trustee that he
                                         or she has any direct or indirect Beneficial Interest in the Security to which the report
                                         relates.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Confidentiality</U>.
                                         All information supplied by an Independent Fund Trustee pursuant to the Code shall be
                                         kept in strict confidence, except that such information may be made available to the
                                         Fund Board and the CCO. Such information may also be made available to the Securities
                                         and Exchange Commission or such other regulatory authority, to the extent required by
                                         law, regulation or this Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">III.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Definitions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">When
used in this Attachment 1, the following terms have the meanings set forth below:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Terms
                                         Defining the Scope of a Beneficial Interest</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Beneficial
Interest</B>&rdquo; means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
Independent Fund Trustee is deemed to have a Beneficial Interest in the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         Security owned individually by the Independent Fund Trustee;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         Security owned jointly by the Independent Fund Trustee with others (for example, joint
                                         accounts, spousal accounts, partnerships, trusts and controlling interests in corporations);
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         Security in which a member of the Independent Fund Trustee&rsquo;s Immediate Family has
                                         a Beneficial Interest if:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Security is held in an account over which the Independent Fund Trustee has decision making
                                         authority (for example, the Independent Fund Trustee acts as trustee, executor, or guardian);
                                         or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Security is held in an account for which the Independent Fund Trustee acts as a broker
                                         or investment adviser representative.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
Independent Fund Trustee is presumed to have a Beneficial Interest in the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         Security in which a member of the Independent Fund Trustee&rsquo;s Immediate Family has
                                         a Beneficial Interest if the Immediate Family member resides in the same household as
                                         the Independent Fund Trustee. This presumption may be rebutted if the Independent Fund
                                         Trustee provides the CCO with satisfactory assurances that the Independent Fund Trustee
                                         does not have an ownership interest, individual or joint, in the Security and exercises
                                         no influence or control over investment decisions made regarding the Security. The presumption
                                         will not be deemed rebutted unless and until the CCO approves the petition in writing.</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
uncertainty as to whether an Independent Fund Trustee has a Beneficial Interest in a Security should be brought to the attention
of the CCO for resolution. An Independent Fund Trustee may appeal any such resolution to the full Board, the decision of which
shall be final. Such questions will be resolved in accordance with, and this definition shall be interpreted in accordance with,
the definition of &ldquo;beneficial owner&rdquo; found in Rules 16a-1(a) (2) and (5) promulgated under the Securities Exchange
Act of 1934, as amended.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Immediate
Family</B>&rdquo; of an Independent Fund Trustee means any of the following persons:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 33%; text-align: justify">child</TD>
    <TD STYLE="width: 34%; text-align: justify">grandparent</TD>
    <TD STYLE="width: 33%; padding-left: 0.2pt; text-align: justify">son-in-law</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">stepchild</TD>
    <TD STYLE="text-align: justify">spouse</TD>
    <TD STYLE="text-align: justify">daughter-in-law</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: justify">grandchild</TD>
    <TD STYLE="text-align: justify">sibling</TD>
    <TD STYLE="text-align: justify">brother-in-law</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">parent</TD>
    <TD STYLE="text-align: justify">mother-in-law</TD>
    <TD STYLE="text-align: justify">sister-in-law</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: justify">stepparent</TD>
    <TD STYLE="text-align: justify">father-in-law</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Immediate
Family includes adoptive relationships and other relationships (whether or not recognized by law) that the CCO determines could
lead to the possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety which this Code
is intended to prevent.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Terms
                                         Defining the Scope of a Reportable Securities Transaction</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Reportable
Security</B>&rdquo; means any Security other than (1) direct obligations of the Government of the United States; (2) bankers acceptances,
bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;
and (3) shares issued by open-end funds (other than exchange-traded funds).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Securities
Transaction</B>&rdquo; means a purchase or sale of a Reportable Security in which an Independent Fund Trustee acquires or has
a Beneficial Interest.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Security</B>&rdquo;
includes stock, notes, bonds, debentures, and other evidences of indebtedness (including loan participations and assignments),
limited partnership interests, investment contracts, closed-end investment companies, and all derivative instruments of the foregoing,
such as options and warrants. &ldquo;Security&rdquo; does not include futures or options on futures, but the purchase and sale
of such instruments are nevertheless subject to the reporting requirements of the Code.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;<B>Security
Held or to be Acquired by the Fund</B>&rdquo; means (A) any Reportable Security which, within the most recent 15 days, (i) is
or has been held by the Fund, or (ii) is being or has been considered by the Fund or the Fund Adviser for purchase by the Fund,
or (B) any option to purchase or sell, and any Security convertible into or exchangeable for, a Reportable Security described
above in clause (A) of this definition.</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Appendix
A</B></FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Acknowledgement
of Receipt of the Fund Code of Ethics</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge that I have received the ________ Code of Ethics, dated ________ (the &ldquo;<B>Code</B>&rdquo;), and represent that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
                                         have read the Code and I understand that it applies to me and to all Securities in which
                                         I have or acquire any Beneficial Interest. I have read the definition of &ldquo;Beneficial
                                         Interest&rdquo; and understand that I may be deemed to have a Beneficial Interest in
                                         Securities owned by members of my Immediate Family and that Securities Transactions affected
                                         by members of my Immediate Family may therefore be subject to the Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
                                         will report all Securities Transactions required to be reported under Section II of Attachment
                                         1 of the Code in which I have or acquire a Beneficial Interest.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
                                         will comply with applicable provisions of the Code in all respects.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><BR> </FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Trustee&rsquo;s Signature</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; font-size: 11pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Name (Print)</FONT></TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt">The
Blackstone Group L.P.</FONT></P>

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

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 24pt">Code of Business
Conduct and Ethics&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">January 2017</P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">The Blackstone Group L.P.</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>Table of Contents</B></FONT></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A Message from Stephen
    A. Schwarzman</B></FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Business Ethics and Compliance Standards
    and Procedures</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Employee and Reporting Hotline</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Waivers of the Code</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Respect at Blackstone</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Confidential Information</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Conflicts of Interest</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Family Members and Close Personal Relationships</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Outside Employment / Directorships</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Consultants and Agents</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Other Situations</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Corporate Opportunities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>7</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Protection and Proper Use of Firm Assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fair Dealing</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Relationships with Suppliers</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compliance with Laws</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Governmental Filings and Responding to Governmental
    and Regulatory Requests</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Insider Trading</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Document Retention</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Taxes</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Disparaging Remarks</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Doing Business Internationally</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Foreign Corrupt Practices Act / U.K. Bribery
    Act</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Disclaimer</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>12</B></FONT></TD></TR>
</TABLE>



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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

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

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



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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">A Message from Stephen A. Schwarzman</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of us have every reason to be proud
of Blackstone&rsquo;s high standards. The Firm is committed to preserving its reputation for excellence and integrity in everything
we do. Our reputation today is a tribute to all of you and the manner in which you conduct the Firm&rsquo;s business, and for that
we want to thank you wholeheartedly.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It has taken the Firm since 1985 to build
that reputation, but we should be fully aware that reputations can be destroyed in a fraction of that time by one brief shortcoming.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of you can be unaware of the trials
and tribulations that have beset Wall Street. More than a few of these problems have arisen because of poor ethical judgments or
simply a lack of appropriate standards.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To ensure that everyone fully understands
the Firm&rsquo;s approach and the standards by which we measure ourselves, the enclosed comprehensive Code of Business Conduct
and Ethics has been prepared to help guide you in your decision-making.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is imperative that you read and abide
by these standards so that we can continue to be a successful and admired organization in the years ahead.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you again for your diligence and
cooperation in helping Blackstone maintain its stellar reputation.&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><IMG SRC="fp0030426_02.jpg" ALT="-s- Stephen A. Schwarzman"></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 14pt">Stephen A. Schwarzman</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; width: 49%"><I>Chairman and</I></TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><I>Chief Executive Officer</I></TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Integrity, honesty and sound judgment are
fundamental to the reputation and success of The Blackstone Group L.P. and its respective subsidiaries and affiliates (collectively,
&ldquo;Blackstone&rdquo;, &ldquo;TBG&rdquo;, the &ldquo;Company&rdquo; or the &ldquo;Firm&rdquo;). The policies outlined in this
Code of Ethics (the &ldquo;Code&rdquo;) are designed to ensure that all Blackstone directors, officers and employees not only conduct
themselves lawfully at all times, but also maintain the highest ethical standards in every aspect of their dealings with other
employees, the business community, clients, suppliers and government authorities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm is committed to providing equal
employment opportunities to all employees and applicants for employment without regard to race, color, religion, creed, gender,
sex, pregnancy, sexual orientation, gender identity or expression, national origin or ancestry, ethnicity, alienage or citizenship
status, age, disability, marital or partnership status, military status, predisposing genetic characteristics, status as a victim
of domestic violence, sex offense or stalking or any other class or status protected by law in accordance with applicable federal,
state and local laws. All persons must be treated with dignity and respect.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No employee should be misguided by any
sense of false loyalty to the Firm or a desire for profitability that might cause him or her to disobey any applicable law or Firm
policy. Violation of Firm policy will constitute grounds for disciplinary action, including, when appropriate, termination of service.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm believes our people are our most
important resource. We seek to hire the brightest and most talented and empower them to be better. We continually strive for professional
excellence.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management seeks to (1) foster a stimulating
culture where there is a commitment to excellence; (2) promote and reward our personnel for their contributions and achievements;
and (3) promote an ethical environment and a sense of mutual trust and shared responsibility.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The material contained in this Code and
in the Firm&rsquo;s Global Compliance Policies Manual, Investment Adviser Compliance Policies, in addition to policies and terms
of employment, included within the Employee Handbook and employee&rsquo;s Contracting Employee Agreements, serve as a guide for
employees when faced with legal or ethical questions. The Code and such other material are not all-inclusive, and the Firm expects
employees to use their own judgment at all times to follow the high ethical standards to which the Firm is committed.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm takes this Code very seriously.
All employees must follow the ethical and compliance standards set forth in this Code and are obligated to report, in a timely
fashion, any possible violations of law or of our ethical standards that they may witness or have a reasonable basis to believe
exists. Reporting in good faith possible violations of law or of our ethical standards by others will not subject you to reprisal.
In fact, an employee retaliating or punishing another employee for reporting suspected violations of law or of our ethical standards
or any questionable situation may be acting in violation of the law. As discussed below, all reports and inquiries will be handled
confidentially to the greatest extent possible under the circumstances.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is the responsibility of employees to
read carefully and understand this Code, but we do not expect this Code to answer every possible question an employee may have
in the course of conducting business. To this end, employees should keep in mind the following steps as they consider a particular
problem or concern:</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

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

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify"><U>Always ask first, act later</U>: If you are unsure of what to do in any situation, seek guidance
before you act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify"><U>Make sure you have all the facts</U>. In order to reach the right solutions, we must be as fully
informed as possible.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify"><U>Ask yourself: What specifically am I being asked to do?</U> Does it seem unethical or improper?
This will enable you to focus on the specific question you are faced with, and the alternatives you have. Use your judgment and
common sense; if something seems unethical or improper, it probably is.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify"><U>Clarify your responsibility and role</U>. In most situations, there is shared responsibility.
Are your colleagues informed? It may help to get others involved and discuss the problem.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify"><U>Discuss the problem with your supervisor</U>. This is the basic guidance for all situations.
In many cases, your supervisor will be more knowledgeable about the question, and will appreciate being brought into the decision-making
process. Remember that it is your supervisor&rsquo;s responsibility to help solve problems.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify"><U>Seek help from individuals other than your supervisor</U>. In situations where it may not be
appropriate to discuss an issue with your supervisor, or where you do not feel comfortable approaching your supervisor with your
question, consider discussing the issue with someone from the Human Resources department. If the issue relates to a specific Financial
Industry Regulatory Authority (&ldquo;FINRA&rdquo;) or Investment Advisers Act of 1940 (as amended) matter, consider discussing
the issue with the Legal and Compliance Department (&ldquo;LCD&rdquo;). In the case of accounting, internal accounting controls
or auditing matters, consider discussing the issue with the Chief Financial Officer or the audit committee of the board of directors.
Interested parties may also communicate directly with the Firm&rsquo;s non-management directors through contact information located
in the Firm&rsquo;s annual proxy statement.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If employees are concerned about an ethical
situation or are not sure whether specific conduct meets the Firm&rsquo;s standards of conduct, employees are responsible for asking
their supervisors or managers, the Chief Legal Officer (&ldquo;CLO&rdquo;) or any other representative of the LCD, or the Human
Resources Department any questions that they may feel are necessary to understand the Firm&rsquo;s expectations of them.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you believe you or another employee
may have violated the law or our ethical standards, it is your responsibility to immediately report the violation to your supervisor
or manager, a representative of the LCD or the Human Resources Department, or, to the extent permitted by applicable law, the Employee
and Reporting Hotline or website described below. Similarly, if you are a supervisor or manager and you have received information
from an employee concerning activity that he or she believes may violate the Code or that you believe may violate the Code, you
should report the matter to a representative of the LCD or the Human Resources Department, the Audit Committee or the Employee
and Reporting Hotline or website described below.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees who fail to comply (either in
letter or spirit) with these policies, including supervisors or managers who fail to detect or report wrongdoing, may be subject
to disciplinary action, up to and including termination of employment. The following are examples of conduct that may result in
discipline:</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

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

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



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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify">Actions that violate a Firm policy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify">Requesting others to violate a Firm policy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify">Failure to promptly disclose a known or suspected violation of a Firm policy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify">Failure to cooperate in Firm investigations of possible violations of a Firm policy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify">Retaliation against another employee for reporting a good faith integrity concern; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt">&#9632;</TD><TD STYLE="text-align: justify">Failure to demonstrate the leadership and diligence needed to ensure compliance with Firm policies
and applicable law.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is important to understand that a violation
of certain of these policies may subject the Firm and the individual employee to civil liability and damages, regulatory sanction
and/or criminal prosecution.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Employee and Reporting Hotline</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees interested in communicating a
concern anonymously may call the Employee and Reporting Hotline toll-free, 24 hours a day from any country in which Blackstone
has an office. The hotline is hosted by a third party provider, EthicsPoint (also known as NAVEX Global). In the U.S., the hotline
can be reached by dialing 1-855-657-8027. Callers from outside the U.S. can find country-specific dialing instructions at www.blackstone.ethicspoint.com
by choosing the relevant location from the drop-down menu. Employees may also submit a report online at www.blackstone.ethicspoint.com.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At no time will the Employee Hotline utilize
&ldquo;Caller ID&rdquo; technologies to identify an employee who wishes to remain anonymous. In order to facilitate positive action
in response to employees&rsquo; concerns, callers may give their names and work locations. Callers from the European Economic Area
are encouraged to give their names and work locations.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All reports and inquiries will be handled
confidentially to the maximum extent practicable under the circumstances. As mentioned above, no employee will be subject to retaliation
or punishment for good faith reporting of suspected violations of law or of our ethical standards by another employee or for coming
forward to alert the Firm of any questionable situation. Furthermore, any person who participates in retaliation against such employee
will be subject to disciplinary action, up to and including termination of employment.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Waivers of the Code</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any waiver of any provision of this Code
for executive officers or directors of Blackstone Group Management L.L.C., the general partner of The Blackstone Group L.P., must
be approved by the board of directors or a committee of the board of directors of Blackstone Group Management L.L.C. and will be
promptly disclosed as required by applicable securities law and/or stock exchange rules.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

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

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



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


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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Respect at Blackstone</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When Steve Schwarzman and Pete Peterson
formed the Firm in 1985, their aim was to build a group of related businesses, to attract the very best people and to provide an
environment in which we could grow to become among the leaders in our respective business areas. That has meant fostering an environment
in which there was and is freedom of expression, constant interaction, attentive listening and consideration to personal and business
issues at all levels.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All personnel should treat everyone, including
fellow employees, clients, vendors and guests, with respect and dignity. We are all individually responsible for creating and maintaining
a work environment that is built on these values.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Confidential Information</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm regularly comes into possession
of Confidential Information (as that term is defined below) in the course of the Firm&rsquo;s business. The Firm is strongly committed
to protecting Confidential Information, whether entrusted to the Firm by an actual or prospective client, investor or portfolio
company, generated within the Firm or obtained from some other source. The Firm is also strongly committed to avoiding the misuse,
or the appearance of misuse, of such information, whether in connection with the trading of securities or otherwise.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the course of his or her participation
in the work of the Firm, an employee or member of the Firm may obtain or have access to information concerning the business, affairs,
operations, strategies, policies, procedures, organizational and personnel matters related to any present or former employee or
member of the Firm, including compensation and investment arrangements, terms of agreements, financial structure, financial position,
financial results or other financial affairs, actual or proposed transactions or investments, investment results, existing or prospective
clients or investors, computer programs or other confidential information related to the business of the Firm or to its members,
actual or prospective clients or investors, its affiliates (including funds managed by affiliates of the Firm), their respective
portfolio companies or other third parties. Such information may have been or may be provided in written or electronic form or
orally. All such information, from whatever source obtained and regardless of the Firm&rsquo;s connection to the information, is
referred to herein as &ldquo;Confidential Information.&rdquo; Confidential Information excludes information that has been made
generally available to the public. However, information that when viewed in isolation may be publicly known or can be accessed
by a member of the public will constitute Confidential Information for these purposes if such information has become proprietary
to the Firm through the Firm&rsquo;s aggregation or interpretation of such information.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without limiting the foregoing, Confidential
Information includes any information, whether public or not, which (1) represents, or is aggregated in such a way as to represent,
or purport to represent, all or any portion of the investment results of, or any other information about the investment &ldquo;track
record&rdquo; of, (a) the Firm, (b) a business group of the Firm, (c) one or more funds managed by affiliates of the Firm or (d)
any individual or group of individuals during their time at the Firm, or (2) describes an individual&rsquo;s role in achieving
or contributing to any such investment results.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

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

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



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


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because all of its Confidential Information
constitutes a valuable asset of the Firm, and/or the Firm&rsquo;s clients, without the prior written consent of the Firm (which
may be given or withheld in the Firm&rsquo;s sole discretion), no employee or member of the Firm may, while he or she is employed
by or associated with the Firm or at any time thereafter, (a) disclose any Confidential Information to any person except at the
direction of the Firm or its clients, (b) make any other use of any Confidential Information except in the business of the Firm
and in a manner which at all times is intended to serve the interests of the Firm or its clients, or (c) disclose any information
(whether or not Confidential Information) concerning the Firm or its present or former employees, members, clients or investors
to any reporter, author or similar person or entity or take any other action likely to result in such information being made available
to the public in any form, including books, articles or writings of any other kind, film, videotape, electronic means of communication
or any other medium, except in compliance with the Firm&rsquo;s policy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any Firm personnel who fail to comply,
either in letter or spirit, with these important policies may be subject to disciplinary action, up to and including termination
of employment. The Firm may pursue appropriate legal action against present or former employees or members to enforce these policies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to complying with the important
policies set forth above, employees and members are required to execute a confidentiality agreement prior to the commencement of
employment and familiarize themselves with and acknowledge that agreement by their signature, as well as adhere to the policies
and procedures set forth in the Firm&rsquo;s Global Compliance Policies Manual and Investment Adviser Compliance Policies and Procedures.
The latter documents contain important additional policies and procedures concerning Confidential Information and related matters.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any confidentiality or
non-disclosure agreement (whether in writing or otherwise, including without limitation as part of an employment agreement, separation
agreement or similar employment or compensation arrangement) applicable to current or former employees, the Firm does not prohibit
or impede any current or former employee from communicating, cooperating or filing a complaint on possible violations of federal,
state or local law or regulation to or with any governmental agency or regulatory authority (collectively, a &ldquo;Governmental
Entity&rdquo;), including, but not limited to, the SEC, FINRA, EEOC or NLRB, or from making disclosures to any Governmental Entity
that are protected under the whistleblower provisions of federal, state or local law or regulation, provided that in each case
such communications and disclosures are consistent with applicable law. Current or former employees do not need to give prior notice
to (or get prior authorization from) Blackstone regarding any such communication or disclosure. Any agreement in conflict with
the foregoing is hereby deemed amended by the Firm to be consistent with the foregoing.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conflicts of Interest</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A conflict of interest occurs when an
individual&rsquo;s private interest interferes, or even appears to interfere, with the interests of the Firm as a whole. A conflict
of interest may arise when an employee takes actions or has interests that may make it difficult to perform his or her work objectively
and effectively. Conflicts of interest also arise when an employee, officer or director, or a member of his or her family, receives
improper personal benefits as a result of his or her position in the Firm. Loans to, or guarantees of obligations of, such persons
are of special concern.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

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

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



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business decisions and actions must be
based on the best interests of the Firm and its clients. Employees may not have outside interests that conflict or appear to conflict
with their ability to make business decisions in the best interests of the Firm or its clients. Employees are expected to act solely
for the benefit of the Firm and its clients and must not be influenced by a personal interest that may result from other individual
or business concerns. Conflicts of interest are to be scrupulously avoided and, if unavoidable, must be disclosed to the LCD at
the earliest opportunity. If you have any uncertainty about whether your actions or relationships present a conflict of interest,
contact the LCD for guidance.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Family Members and Close Personal Relationships</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conflicts of interest may arise when doing
business with organizations in which employees&rsquo; family members have an ownership or employment interest. Family members include
spouses, parents, children, siblings and in-laws. Employees may not conduct business on behalf of the Firm and may not use their
influence to get the Firm to do business with family members or an organization with which an employee or an employee&rsquo;s family
member is associated unless specific written approval has been granted in advance by the Chairman and Chief Executive Officer or
the CLO.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Outside Employment / Directorships</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All employees are expected to devote their
best efforts to their job at all times. Employees may not maintain outside employment activities that compromise job performance
or that may present a conflict of interest. All outside business activities are subject to the prior approval of the Firm&rsquo;s
LCD.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever it becomes necessary to engage
the services of an individual or firm to consult for or represent the Firm, special care must be taken to ensure that no conflicts
of interest exist between the Firm and the person or firm to be retained. Employees must also ensure that outside consultants and
agents of the Firm are reputable and qualified. Agreements with consultants or agents should be in writing and should be approved
by the CLO.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Other Situations</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because other conflicts of interest may
arise, it would be impractical to attempt to list all possible situations. Any employee, officer or director who becomes aware
of a conflict of interest or a potential conflict of interest should bring it to the attention of a supervisor, manager or other
appropriate personnel, the LCD or the CLO.</P>


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Code of Business Conduct and
Ethics</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Opportunities</B></P>

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

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






<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is the Firm&rsquo;s policy that employees,
officers and directors may not take opportunities for themselves that are discovered through the use of Firm property, information
or position, or use Firm property, information or position for personal gain. Furthermore, employees may not compete with the Firm
directly or indirectly. Employees, officers and directors have a duty to the Firm to advance its legitimate interests when the
opportunity to do so arises.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Protection and Proper Use of Firm Assets</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Theft, carelessness and waste have a direct
impact on the Firm&rsquo;s profitability. Employees, officers and directors have a duty to safeguard Firm assets and ensure their
efficient use. Firm assets should be used only for legitimate business purposes and employees and directors should take measures
to ensure against their theft, damage, or misuse.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Firm assets include intellectual property
such as trademarks, business and marketing plans, salary information and any unpublished financial data and reports. Unauthorized
use or distribution of this information is a violation of Firm policy.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Fair Dealing</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each employee, officer and director shall
endeavor to deal fairly with the Firm&rsquo;s equity holders, competitors, suppliers and employees. No employee or director shall
take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material
facts, or any other unfair practice.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No bribes, kickbacks or other similar payments
in any form shall be made directly or indirectly to or for anyone for the purpose of obtaining or retaining business or obtaining
any other favorable action. The Firm and the employee, officer or director involved may be subject to disciplinary action as well
as potential civil or criminal liability for violation of this policy.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Relationships with Suppliers</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm encourages good supplier relations.
However, employees may not benefit personally, whether directly or indirectly, from any purchase of goods or services for the Firm.
Employees whose responsibilities include purchasing (be it merchandise, fixtures, services or other), or who have contact with
suppliers, must not exploit their position at the Firm for personal gain. Generally, employees may not receive cash or other items
of value from any supplier, whether directly or indirectly unless it is not pursuant to a quid pro quo and is not related to hiring
or other business decisions (e.g. random chance raffle). Ordinary and customary periodic holiday gifts of a de-minimis amount are
also permitted, subject to compliance with any requirements of TBG as well as the business group in question</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Compliance with Laws</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm operates strictly within the bounds
of the laws, rules and regulations that affect the conduct of our business. All employees are expected to know and to follow the
law. Supervisors, managers or other appropriate personnel must ensure that employees understand and are informed of the requirements
relating to their jobs. They must also be available to answer employee questions or concerns and, when necessary, to guide them
to other subject-matter experts, including the Firm&rsquo;s outside counsel. There are serious consequences for failing to follow
any applicable laws, rules and regulations, up to and including termination of employment and potential criminal and civil penalties.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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



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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Governmental Filings and Responding to Governmental and
Regulatory Requests</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is Firm policy to cooperate with all
reasonable requests concerning Firm business from U.S. federal, state, municipal and foreign government agencies, such as the Federal
Trade Commission, the Securities and Exchange Commission and the Department of Justice, and from regulatory organizations such
as FINRA and the New York Stock Exchange. All contacts, inquiries, or requests &ndash; written or oral &ndash; for information
or documents by governmental or self-regulatory authorities, including representatives of the SEC, FINRA, the states and non-U.S.
regulators, should be reported immediately to the applicable CCO. In the case of telephone requests, the employee receiving the
request should make sure to obtain the name, agency, address, and telephone number of the representative making such request and
refer the inquiry to the LCD. With respect to filings made with U.S. federal, state, municipal and foreign governmental agencies,
particularly those filings (e.g., Hart-Scott-Rodino filings) that are made in connection with an investment by the Firm, it is
Firm policy that counsel retained by the Firm must generally be consulted prior to the submission of the filing with such agencies.
In the event a decision not to contact outside counsel is made, written notification must be made to the CLO.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Insider Trading</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm&rsquo;s policy against insider
trading is designed to promote compliance with securities laws and to protect the Firm as well as Firm representatives from the
very serious liability and penalties that can result from violations of these laws. The Firm is committed to maintaining its reputation
for integrity and ethical conduct and this policy is an important part of that effort. It is TBG&rsquo;s policy that directors,
executive officers and other employees of TBG may not trade securities, of the Firm or otherwise, about which they learn material,
non-public information. They are also prohibited from passing on such information to others who might make an investment decision
based on it. Any questions as to whether information is material or has been adequately disclosed should be directed to the LCD.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, directors, executive officers
and employees are prohibited from engaging in transactions in TBG&rsquo;s securities that are inconsistent with a long-term investment
in TBG, signal a lack of confidence in TBG or may lead to the appearance of insider trading. Such transactions include any trading
activity designed to profit from fluctuations in the price of these securities, such as &ldquo;day trading&rdquo; and arbitrage
trading, short sales, buying securities on margin, and the use of forward contracts, equity swaps, collars, exchange funds, puts,
calls, options and other derivative securities or any instruments designed to increase in value as a result of, or hedge or offset
any decrease in, the market value of TBG&rsquo;s securities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any violation of the Firm&rsquo;s policies
and procedures regarding personal securities trading by an employee or an employee&rsquo;s family member may result in dismissal,
suspension, with or without pay, or other disciplinary sanctions against the employee, whether or not the violation of the Firm&rsquo;s
policy also constitutes a violation of law.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="fp0030426_01.jpg" ALT="(GRAPHIC)">&nbsp;</P>






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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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



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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Document Retention</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Destruction or falsification of any document
that is potentially relevant to a violation of law or a government investigation may lead to prosecution for obstruction of justice.
Therefore, if an employee has reason to believe that a violation of the law has been committed, litigation has been commenced,
or that a government criminal, civil or regulatory investigation has or is about to be commenced, he or she must retain all records
(including computer records) that are or could be relevant to an investigation of the matter, whether conducted by the Firm or
by a governmental authority. Questions with regard to destruction or retention of documents in this context should be directed
to the CLO.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Firm and its employees, whether acting
on behalf of the Firm or individually, are not permitted to attempt to evade taxes or the payment of taxes. Neither should employees
solicit clients on the basis of nor actively participate in assisting clients in attempting to evade the tax laws. The Firm and
its employees, whether acting on behalf of the Firm or individually, are not permitted to (i) make false statements to tax authorities
regarding any matter, (ii) file fraudulent returns, statements, lists or other documents, (iii) conceal property or withhold records
from tax authorities, (iv) willfully fail to file tax returns, keep required records or supply information to tax authorities or
(v) willfully fail to collect, account for or pay a tax.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of this prevents you from arranging
your personal affairs in a manner serving to lawfully minimize the tax you are required to pay, and in so doing, you can consider
all allowable deductions and credits that you may be entitled to claim.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to complying with the tax laws,
employees must cooperate fully with any regulatory entity or governmental authority and may not interfere with the administration
of the tax laws. Payments and gifts to tax agents and other government officials are strictly prohibited. To this end, employees
are required to refer business inquiries to the CLO and respond immediately to personal inquiries from a tax authority, including
summons to testify or produce books, accounts, records, memoranda or other papers.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Maliciously False, Defamatory, or other Unlawful Remarks</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maliciously false, defamatory, or other
unlawful remarks or statements about the Firm or any of its personnel are strictly prohibited. No employee of the Firm, directly
or indirectly, may make, while in the employ of the Firm or at any time thereafter, any such remarks or statements (whether of
a professional or personal nature) to any individual or other third party (including without limitation any present or former member,
partner or employee of the Firm) or entity regarding the Firm or any of their respective affiliates, members, partners or employees,
or regarding such employee&rsquo;s relationship with the Firm or the termination of such relationship.</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="fp0030426_01.jpg" ALT="(GRAPHIC)">&nbsp;</P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees who violate this policy may be
subject to disciplinary action, up to and including termination of employment. The Firm may also pursue appropriate legal action
against present or former employees or members to enforce this policy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This policy does not prohibit employees
from making truthful disclosures to governmental agencies.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Doing Business Internationally</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Firm must adapt to business customs
and market practices in global markets, all employees worldwide should adhere to applicable U.S. laws and regulations and Firm
standards. Every employee involved in non-U.S. operations should also respect the laws, cultures and customs of all countries in
which the Firm operates and should conduct the Firm&rsquo;s overseas activities in a way that contributes to development in all
such locales.</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign Corrupt Practices Act / U.K. Bribery Act</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blackstone and its employees, agents and
representatives must conduct their activities in full compliance with all applicable anti-corruption laws, including without limitation,
the U.S. Foreign Corrupt Practices Act (&ldquo;FCPA&rdquo;), the U.K. Bribery Act, and any other anti-corruption laws that are
in effect in the country in which the Blackstone employee, agent or representative operates.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FCPA reaches conduct occurring outside
of the territorial boundaries of the United States and applies to domestic and foreign subsidiaries of Blackstone and to both U.S.
citizens and non-U.S. citizens. Under the FCPA:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Blackstone and its Senior Managing Directors,
agents, officers and employees are prohibited from making or authorizing the payment of either money or anything of value, directly
or indirectly, to government officials, political parties or candidates for political office outside the United States to win or
retain business or influence any act or decision of such officials;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All books, records and accounts, domestic
and overseas, must accurately and fairly reflect business transactions and dispositions of Blackstone&rsquo;s assets;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A system of internal accounting controls
must be maintained to provide adequate corporate supervision over the accounting and reporting activities at all levels.</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Code is designed to acquaint directors,
executive officers and employees with the Firm&rsquo;s policies with respect to business conduct and ethics.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained in this Code
is not intended to represent all of the Firm&rsquo;s policies. In addition, directors, executive officers and employees should
be aware that the Firm may revise, supplement or rescind any policies or portions of this Code at any time as it deems appropriate,
in its sole and absolute discretion. This Code is the property of the Firm.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="fp0030426_01.jpg" ALT="(GRAPHIC)">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 9pt">12</FONT></P>

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


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<DOCUMENT>
<TYPE>EX-99.25.S
<SEQUENCE>11
<FILENAME>fp0030426_ex9925s.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL PEOPLE BY THESE PRESENTS, that each person whose signature
appears below hereby makes, constitutes and appoints each of Daniel H. Smith, Jr., Doris Lee-Silvestri, Robert Zable, Marisa Beeney
and Jane Lee with full power to act without the other, as his or her agent and attorney-in-fact for the purpose of executing in
his or her name, in his or her capacity as a Trustee and/or officer of Blackstone / GSO Senior Floating Rate Term Fund, the registration
statement on Form N-2 (including amendments thereto), to be filed with the United States Securities and Exchange Commission pursuant
to the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and the rules and regulations promulgated
thereunder, as applicable.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">All past acts of an attorney-in-fact in furtherance of the foregoing
are hereby ratified and confirmed.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This Power of Attorney may be executed in multiple counterparts,
each of which shall be deemed an original, but which taken together shall constitute one instrument.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This Power of Attorney shall be valid from the date hereof until
revoked by me.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, I have executed this instrument as of the
8th day of January, 2018.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Daniel H. Smith, Jr.</P></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 11pt">Chairman, President, Chief Executive Officer and Trustee</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">Daniel H. Smith, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Doris Lee-Silvestri</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">Chief Financial Officer and Treasurer</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">Doris Lee-Silvestri</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Edward H. D&rsquo;Alelio</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">Trustee</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">Edward H. D&rsquo;Alelio</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael Holland&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">Trustee</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">Michael Holland</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Thomas W. Jasper</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">Trustee</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">Thomas W. Jasper</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Gary S. Schpero</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">Trustee</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt">Gary S. Schpero</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>fp0030426_01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
