<SEC-DOCUMENT>0000930413-17-003738.txt : 20171109
<SEC-HEADER>0000930413-17-003738.hdr.sgml : 20171109
<ACCEPTANCE-DATETIME>20171109161041
ACCESSION NUMBER:		0000930413-17-003738
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171109
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171109
DATE AS OF CHANGE:		20171109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StoneCastle Financial Corp.
		CENTRAL INDEX KEY:			0001578987
		IRS NUMBER:				900934878
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22853
		FILM NUMBER:		171190912

	BUSINESS ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-354-6500

	MAIL ADDRESS:	
		STREET 1:		152 WEST 57TH STREET 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>c89619_8k.htm
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>



<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)<B>
</B>November 9, 2017</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>StoneCastle Financial Corp. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>333-189307</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>90-0934878</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>152 West 57<SUP>th</SUP> Street, 35<SUP>th</SUP> floor, New York, NY</B></FONT></TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10019</B></FONT></TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code (212) 354-6500</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &sect;240.12b-2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results
of Operations and Financial Condition</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">On November 9, 2017 the registrant issued
a press release announcing its financial results for the third quarter ended September 30, 2017. The text of the press release
is included as Exhibit 99.1 to this Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">The information disclosed under this item
2.02 is being furnished and shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of
1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly
set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit&nbsp;Number</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 70%; font-size: 10pt; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="c89619_ex99-1.htm"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Press Release, dated November 9, 2017</FONT></A></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 70%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STONECASTLE FINANCIAL CORP</B>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: November 9, 2017</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1px">By: /s/ <FONT STYLE="border-bottom: Black 1px solid">Patrick J. Farrell</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Patrick J. Farrell</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-bottom: 1pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit&nbsp;Number</FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: center; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Press Release, Dated November 9, 2017</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<TYPE>EX-99.1
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2: EX-99.1 (EX-99.1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Exhibit 99.1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="x1_c89619a001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>StoneCastle Financial
Corp. Reports Third Quarter 2017 Results </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">NEW YORK, November 9, 2017
&ndash; StoneCastle Financial Corp. (Nasdaq: BANX) (&ldquo;StoneCastle Financial&rdquo; or the &ldquo;Company&rdquo;), an investment
company registered with the Securities and Exchange Commission (&ldquo;SEC&rdquo;), today announced results for the third fiscal
quarter ended September 30, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Third Quarter 2017 Investment
Highlights:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 18pt">&nbsp;</TD>
<TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify">Received full call proceeds of $13.0 million from one investment</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD>&nbsp;</TD>
<TD>&bull;</TD><TD STYLE="text-align: justify">Received pay-downs of $37,752 from six investments</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">A complete listing of investments as of the
end of the quarter can be found on the Company&rsquo;s website at www.StoneCastle-Financial.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The estimated annualized
yield generated by the invested portfolio as of September 30, 2017 (excluding cash and cash equivalents) was approximately, 9.06%
up from 8.96%, year over year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Third Quarter 2017 Financial
Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Net
investment income was $2,601,835 or $0.40 per share, comprised of $4,359,828 in gross income and $1,757,993 of expenses.
Realized capital losses were ($147,236).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Net Assets at quarter end
were $141,078,696, up from $140,419,836 in the previous quarter. The Company&rsquo;s Net Asset Value was $21.56 per share, up $0.09
from the prior quarter. The value of the invested portfolio increased $630,018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the third quarter, the
Company paid a cash distribution of $0.38 per share, up $0.01 from the prior quarter. The distribution was paid on September 28,
2017 to shareholders of record at the close of business on September 21, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company
had $36.5 million outstanding on its $62.0 million credit facility at the quarter end, which represents approximately 20.4%
of total assets. According to regulated investment company rules, the Company may borrow only up to 33.3% of its total
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Portfolio and Investment
Summary </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of the close of business
on September 30, 2017, the Company had total assets of $178,703,715 consisting of total investments of $174,745,784, cash of $248,128
and other assets of $3,709,803. &nbsp;Other assets include interest and dividends receivable of $2,600,690 and prepaid assets of
$1,109,113.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During the quarter, the
Company received one call and six pay-downs for a total of $13,074,627.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Quarterly Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">StoneCastle Financial will
host a webcast and conference call on November 9, 2017 at 5:00 pm Eastern time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The conference
call can be accessed by dialing 1-877-407-9039 for domestic callers or 1-201-689-8470 for international callers. Participants
may also access the call via live webcast by visiting StoneCastle Financial&rsquo;s investor relations website at <U>www.stonecastle-financial.com</U>.
To listen to a live broadcast, go to the website at least 15 minutes prior to the scheduled start time in order to register, download
and install any necessary audio software.&nbsp;A replay will be available shortly after the call and be available through midnight
(Eastern Time) on November 23, 2017. The replay can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671
for international callers. The passcode for the replay is 13671317.&nbsp;The archive of the webcast will be available on the Company&rsquo;s
website for a limited time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>About StoneCastle Financial Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">StoneCastle Financial is
an SEC registered non-diversified, closed-end management investment company listed on the NASDAQ Global Select Market under the
symbol &ldquo;BANX.&rdquo; StoneCastle Financial intends to make long-term, passive, non-control investments in community banks seeking
capital for organic growth, acquisitions, share repurchases and other refinancing activities. Its investment objective is to provide
current income and, to a lesser extent, capital appreciation. StoneCastle Financial is managed by StoneCastle Asset Management
LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Disclaimer and Risk Factors:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">There is no assurance that StoneCastle Financial
will achieve its investment objective. StoneCastle Financial is subject to numerous risks, including investment and market risks,
management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt
securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market
at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a
premium) or below (a discount) their net asset value. Shares of StoneCastle Financial may not be appropriate for all investors.
Investors should review and consider carefully StoneCastle Financial&rsquo;s investment objective, risks, charges and expenses. Past
performance does not guarantee future results. Learn more at www.stonecastle-financial.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Annual Report, Semi-Annual Report
and other regulatory filings of the Company with the SEC are accessible on the SEC&rsquo;s website at <B><U>www.sec.gov</U></B>
and on the Company&rsquo;s website at <B><U>www.stonecastle-financial.com</U>,</B> and may discuss these or other factors that
affect the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">CONTACT: Investor Contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; background-color: white">Julie Muraco</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; background-color: white">347-887-0324</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>STONECASTLE FINANCIAL CORP.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Statement of Assets
and Liabilities (unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 20pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1px solid"><B>September&nbsp;30,&nbsp;2017</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1px solid"><B>June 30, 2017</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 0pt"><B>Assets</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&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="width: 66%; text-align: left; padding-left: 20pt">Investments in securities, at fair value (cost: <BR>
$176,825,546 and
    $188,732,477 respectively)</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: bottom">$</TD><TD STYLE="width: 12%; text-align: right">174,745,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: bottom">&nbsp;&nbsp;$</TD><TD STYLE="width: 12%; text-align: right">186,022,696</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 20pt">Cash</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">248,128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">521,184</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Interest and dividends receivable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">2,600,690</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">3,334,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt">Prepaid assets</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,109,113</TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">1,141,050</TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt"><B>Total assets</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B></B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>178,703,715</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>191,019,690</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 0pt"><B>Liabilities</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&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; padding-left: 20pt">Loan payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">36,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">49,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Investment advisory fee payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">788,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">833,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Directors fee payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">12,908</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">12,491</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Loan interest payable</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">1,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">12,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt">Accrued expenses payable</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">322,707</TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">241,379</TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt"><B>Total liabilities</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>37,625,019</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>50,599,854</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt"><B>Net Assets</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 3px double; vertical-align: bottom"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 3px double"><B>141,078,696</B></TD><TD STYLE="text-align: left; border-bottom: Black 3px double"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 3px double; vertical-align: bottom"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 3px double"><B>140,419,836</B></TD><TD STYLE="text-align: left; border-bottom: Black 3px double"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0pt"><B>Net Assets consist of:</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&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="padding-left: 20pt">Common stock at par ($0.001 per share)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">$</TD><TD STYLE="text-align: right">6,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">$</TD><TD STYLE="text-align: right">6,539</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 20pt">Paid-in-capital</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">144,858,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">144,799,774</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Accumulated net investment loss</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">(1,252,819</TD><TD STYLE="text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">(1,369,717</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 20pt">Accumulated net realized loss on investments</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">(454,216</TD><TD STYLE="text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">(306,979</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 20pt">Net unrealized depreciation on investments</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(2,079,762</TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid">)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(2,709,781</TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 20pt"><B>Net Assets</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 3px double; vertical-align: bottom"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 3px double"><B>141,078,696</B></TD><TD STYLE="text-align: left; border-bottom: Black 3px double"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 3px double; vertical-align: bottom"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 3px double"><B>140,419,836</B></TD><TD STYLE="text-align: left; border-bottom: Black 3px double"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&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="padding-left: 0pt"><B>Net Asset Value Per Share:</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 0pt"><B>Common Stock Shares Outstanding</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>6,542,289</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>6,539,308</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; padding-left: 0pt"><B>Net asset value per common share</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>21.56</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>21.47</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; padding-left: 0pt"><B>Market price per share</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;$</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>20.64</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>20.40</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px; padding-left: 0pt"><B>Market price discount to net asset value per share</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>-4.27</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>%</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>-4.98</B></TD><TD STYLE="text-align: left; padding-bottom: 1px; border-bottom: Black 1px solid"><B>%</B></TD></TR>
</TABLE>


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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-style: normal"><B>STONECASTLE
FINANCIAL CORP.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-style: normal"><B>Statement
of Operations (unaudited)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 20pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: center"><B>For The Three</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: center"><B>For The Three</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 20pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: center"><B>Months Ended</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: center"><B>Months Ended</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 20pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" NOWRAP STYLE="font-weight: normal; text-align: center; border-bottom: Black 1px solid"><B>September&nbsp;30,&nbsp;2017</B></TD><TD STYLE="font-weight: normal; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; text-align: center; border-bottom: Black 1px solid"><B>June&nbsp;30,&nbsp;2017</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0pt"><B>Investment Income</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&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="width: 66%; font-weight: normal; padding-left: 20pt">Interest</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: right; vertical-align: bottom">$</TD><TD STYLE="width: 12%; font-weight: normal; text-align: right">3,329,471</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;&nbsp;$</TD><TD STYLE="width: 12%; font-weight: normal; text-align: right">3,177,617</TD><TD STYLE="width: 1%; font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; padding-left: 20pt">Dividends</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">960,763</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">1,011,275</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Origination fee income</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">7,094</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">5,121</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1px; padding-left: 20pt">Other Income</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">62,500</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">62,500</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt"><B>Total Investment Income</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; text-align: right; border-bottom: Black 1px solid"><B>4,359,828</B></TD><TD STYLE="font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; text-align: right; border-bottom: Black 1px solid"><B>4,256,513</B></TD><TD STYLE="font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; padding-left: 0pt"><B>Expenses</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&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: normal; text-align: left; padding-left: 20pt">Investment advisory fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">788,255</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">833,664</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Interest expense</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">428,246</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">463,780</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Professional fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">141,981</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">52,620</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Bank fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">69,742</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">61,051</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Transfer agent, custodian fees and administrator fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">68,357</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">67,045</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">ABA marketing and licensing fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">55,096</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">62,604</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Directors&rsquo; fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">51,793</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">51,858</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Investor relations fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">32,946</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">32,615</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Delaware franchise tax</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">22,684</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">22,438</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Insurance expense</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">22,019</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">23,267</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; padding-left: 20pt">Printing</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">18,195</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">11,997</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">Valuation fees</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12,338</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">12,071</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1px; padding-left: 20pt">Miscellaneous fees</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">46,341</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">39,894</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1px; padding-left: 20pt"><B>Total expenses</B></TD><TD STYLE="font-weight: normal; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right"><B>1,757,993</B></TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right"><B>1,734,904</B></TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt"><B>Net Investment Income</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom; border-bottom: Black 1px solid"><B>$</B></TD><TD STYLE="font-weight: normal; text-align: right; border-bottom: Black 1px solid"><B>2,601,835</B></TD><TD STYLE="font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom; border-bottom: Black 1px solid"><B>$</B></TD><TD STYLE="font-weight: normal; text-align: right; border-bottom: Black 1px solid"><B>2,521,609</B></TD><TD STYLE="font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 20pt">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-left: 0pt"><B>Realized and Unrealized Gain / (Loss)
    on Investments</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&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: normal; text-align: left; padding-left: 20pt">Net realized loss on investments</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">$</TD><TD STYLE="font-weight: normal; text-align: right">(147,236</TD><TD STYLE="font-weight: normal; text-align: left">)</TD><TD STYLE="font-weight: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; text-align: right; vertical-align: bottom">$</TD><TD STYLE="font-weight: normal; text-align: right">(18,402</TD><TD STYLE="font-weight: normal; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1px; padding-left: 20pt">Net change in unrealized depreciation on investments</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">630,018</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">919,696</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1px; padding-left: 20pt">Net realized and unrealized gain on investments</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">482,782</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: normal; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right">901,294</TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1px; padding-left: 20pt"><B>Net Increase in
    Net Assets Resulting From Operations</B></TD><TD STYLE="font-weight: normal; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom"><B>$</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right"><B>3,084,617</B></TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="font-weight: normal; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right; vertical-align: bottom"><B>$</B></TD><TD STYLE="border-bottom: Black 1px solid; font-weight: normal; text-align: right"><B>3,422,903</B></TD><TD STYLE="padding-bottom: 1px; font-weight: normal; text-align: left; border-bottom: Black 1px solid"><B>&nbsp;</B></TD></TR>
</TABLE>


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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-style: normal"><B>STONECASTLE
FINANCIAL CORP.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-style: normal"><B>Financial
Highlights (unaudited)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="text-align: center; border-bottom: Black 1px solid"><B>For The Three</B><BR><B> Months Ended</B><BR>
    <B>September&nbsp;30,&nbsp;2017</B></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><font style="border-bottom: Black 1px solid"><B>Per Share Operating Performance</B></Font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 83%; text-align: left; padding-bottom: 1px"><B>Net Asset Value, beginning of period</B></TD><TD STYLE="width: 3%; padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1%; text-align: right"><B>$</B></TD><TD STYLE="width: 12%; text-align: right"><B>21.47</B></TD><TD STYLE="width: 1%; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Net investment income<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Net realized and unrealized gain on investments<SUP>(1)</SUP></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">0.07</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Total from investment operations</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>0.47</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><B>&nbsp;</B></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Less distributions to shareholders</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">From net investment income</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">(0.38</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Total distributions</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>(0.38</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><B>)</B></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Net asset value, end of period</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>21.56</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Per share market value, end of period</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>20.64</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><B>&nbsp;</B></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><font style="border-bottom: Black 1px solid"><B>Total Investment Return <SUP>(2)</SUP></B></Font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Based on market value</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>3.11</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><B>%</B></TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Based on net asset value</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>&nbsp;</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>2.34</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><B>%</B></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px"><font style="border-bottom: Black 1px solid"><B>Ratios and Supplemental Data</B></Font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><B>Net assets, end of period (in millions)</B></TD><TD STYLE="padding-bottom: 1px"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>$</B></TD><TD STYLE="text-align: right; border-bottom: Black 1px solid"><B>141.1</B></TD><TD STYLE="border-bottom: Black 1px solid; text-align: left"><B>&nbsp;</B></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Ratios (as a percentage to average net assets):</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt">Expenses before
    waivers<SUP>(3)(4)*</SUP></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4.96</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt">Expenses after
    waivers<SUP>(5)*</SUP></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4.96</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">%</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; padding-left: 10pt">Net investment
    income<SUP>(6)*</SUP></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">7.33</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Portfolio turnover rate**</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">0</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">%</TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px"><font style="border-bottom: Black 1px solid"><B>Revolving Credit Agreement</B></Font></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Total revolving credit agreement outstanding (000&rsquo;s)</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">36,500</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Asset coverage per $1,000 for revolving credit agreement<SUP>(7)</SUP></TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">4,865</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><DIV STYLE="border-bottom: Black 1px solid; width: 25%">&nbsp;</DIV>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt"><I>Based on the average shares outstanding during quarter.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>(2)</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Reflects reinvestment of distributions at the price obtained under the Dividend Reinvestment
    Plan Total return does not include sales load and offering expenses and are not annualized.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>(3)</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Excluding interest expense, the ratio would have been 3.75%.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>(4)</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Ratio of expenses before waivers to average managed assets equals 3.77%.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>(5)</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Ratio of expenses after waivers to average managed assets equals 3.77%.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>(6)</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Ratio of net investment income to average managed assets equals 5.58%.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>(7)</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Calculated by subtracting the Company&rsquo;s total liabilities (excluding the loan) from the
    Company total assets and dividing the amount by the loan outstanding in 000&rsquo;s.</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>*</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Annualized</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><I>**</I></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><I>Not-annualized</I></FONT></TD></TR>
</TABLE>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
