# EDGAR Filing Document

**Accession Number:** 0002065812
**File Stem:** 0001104659-25-070888
**Filing Date:** 2025-7
**Character Count:** 706780
**Document Hash:** 18a1e99aa677b55a4abef291183b3007
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-070888.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001104659-25-070888

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New FS Specialty Lending Fund
- **CENTRAL INDEX KEY:** 0002065812

**ORGANIZATION NAME:**
- **EIN:** 334638504
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24080
- **FILM NUMBER:** 251152462

**BUSINESS ADDRESS:**
- **STREET 1:** 201 ROUSE BOULEVARD
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112
- **BUSINESS PHONE:** 8776288575

**MAIL ADDRESS:**
- **STREET 1:** 201 ROUSE BOULEVARD
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19112

?xml version='1.0' encoding='ASCII'? New FS Specialty Lending Fund - 2065812 - 2025

Investment Company Act File No. 811-24080

As filed with the Securities and Exchange Commission on July 25, 2025

**U.S. SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-2**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT**

**Amendment No.**

**New FS Specialty Lending Fund**

(Exact Name of Registrant as Specified in Charter)

Area Code and Telephone Number: (215) 495-1150

201 Rouse Boulevard, Philadelphia, Pennsylvania 19112

(Address of Principal Executive Offices) (Zip code)

Stephen S. Sypherd

Future Standard

201 Rouse Boulevard

Philadelphia, Pennsylvania 19112

(Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Kevin T. Hardy | &nbsp;&nbsp;Michael K. Hoffman |
| &nbsp;&nbsp;Skadden, Arps, Slate, Meagher & Flom LLP | &nbsp;&nbsp;Skadden, Arps, Slate, Meagher & Flom LLP |
| &nbsp;&nbsp;320 South Canal Street | &nbsp;&nbsp;One Manhattan West |
| &nbsp;&nbsp;Chicago, Illinois 60606 | &nbsp;&nbsp;New York, New York 10001 |

---

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☐ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

**It is proposed that this filing will become effective (check appropriate box):**

☐ When declared effective pursuant to Section 8(c) of the Securities Act.

**If appropriate, check the following box:**

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is ______________.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is ______________.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is ______________.

**Check each box that appropriately characterizes the Registrant:**

&nbsp;&nbsp;&nbsp;&nbsp;☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")).

☐ 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 7(a)(2)(B) of Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**Explanatory Note**

New FS Specialty Lending Fund (the "Fund") is a newly formed closed-end management investment company that has been formed in connection with the reorganization of FS Specialty Lending Fund (the "Predecessor Fund") with and into the Fund (the "Reorganization") pursuant to an Agreement and Plan of Reorganization, dated as of April 22, 2025, among the Predecessor Fund, the Fund, and, for the limited purposes set forth therein, FS/EIG Advisor, LLC, a Delaware limited liability company and investment adviser to the Fund. The Reorganization is subject to approval by shareholders of the Fund. The Fund has filed a Notification of Registration on Form N-8A filed pursuant to Section 8(a) of the Investment Company Act of 1940 (File No. 811-24080), filed on April 30, 2025. The Fund has also filed a Registration Statement on Form N-14 (File No. 333-286859) containing a Joint Proxy Statement/Prospectus in connection with the Reorganization.

FS/EIG Advisor, LLC is jointly operated by an affiliate of Franklin Square Holdings, L.P. (which does business as Future Standard (formerly FS Investments)) ("FS"), and EIG Asset Management, LLC ("EIG"). Concurrently with the closing of the Reorganization, FS will acquire EIG's interest in the Adviser (the "Adviser Transaction"), the Adviser will become an indirect wholly-owned subsidiary of Franklin Square Holdings, L.P. and the Adviser will be renamed FS Specialty Lending Advisor, LLC (the "Adviser"). The Adviser personnel from FS that provide services to the Predecessor Fund will continue to provide services to the Fund following the completion of the Reorganization and the Adviser Transaction.

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 1. Outside Front Cover](#items_001) | [4](#items_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 2. Cover Pages; Other Offering Information](#items_002) | [4](#items_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 3. Fee Table and Synopsis](#items_003) | [4](#items_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 4. Financial Highlights](#items_004) | [6](#items_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 5. Plan of Distribution](#items_005) | [6](#items_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 6. Selling Shareholders](#items_006) | [6](#items_006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 7. Use of Proceeds](#items_007) | [6](#items_007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 8. General Description of the Registrant](#items_008) | [6](#items_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 9. Management](#items_009) | [48](#items_009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 10. Capital Stock, Long-Term Debt and Other Securities](#items_010) | [53](#items_010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 11. Defaults and Arrears on Senior Securities](#items_011) | [69](#items_011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 12. Legal Proceedings](#items_012) | [69](#items_012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 13. \[Removed and Reserved\]](#items_013) | [69](#items_013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 14. Cover Page](#items_014) | [69](#items_014) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 15. **Table of Contents**](#items_015) | [69](#items_015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 16. General Information and History](#items_016) | [69](#items_016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 17. Investment Objectives and Policies](#items_017) | [69](#items_017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 18. Management](#items_018) | [69](#items_018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 19. Control Persons and Principal Holders of Securities](#items_019) | [85](#items_019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 20. Investment Advisory and Other Services](#items_020) | [85](#items_020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 21. Portfolio Managers](#items_021) | [87](#items_021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 22. Brokerage Allocation and Other Practices](#items_022) | [90](#items_022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 23. Tax Status](#items_023) | [90](#items_023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 24. Financial Statements](#items_024) | [90](#items_024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 25. Financial Statements and Exhibits](#items_025) | [91](#items_025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 26. Marketing Arrangements](#items_026) | [91](#items_026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 27. Other Expenses of Issuance and Distribution](#items_027) | [91](#items_027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 28. Persons Controlled or Under Common Control](#items_028) | [91](#items_028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 29. Number of Holders of Securities](#items_029) | [92](#items_029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 30. Indemnification](#items_030) | [92](#items_030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 31. Business and Other Connections of Investment Adviser](#items_031) | [92](#items_031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 32. Location of Accounts and Records](#items_032) | [92](#items_032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 33. Management Services](#items_033) | [92](#items_033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 34. Undertaking](#items_034) | [92](#items_034) |

---

**Item 1. Outside Front Cover.**

Not applicable.

**Item 2. Cover Pages; Other Offering Information.**

Not applicable.

**Item 3. Fee Table and Synopsis.**

**Item 3.1. Fee Table.**

The table below sets forth (i) the *pro forma* annual expenses for the Fund assuming the Reorganization had taken place on the first day of the 12-month period ended December 31, 2024 and the Listing Date did not occur during such 12-month period, and (ii) the *pro forma* annual expenses for the Fund, assuming the Reorganization had taken place on the first day of the 12-month period ended December 31, 2024 and the Listing Date had taken place on the first day of the 12-month period ended December 31, 2024.

---

| | | |
|:---|:---|:---|
|  | ***Pro Forma*<br>Fund<br>(Pre-<br>Listing)** | ***Pro Forma*<br>Fund<br>(Post-<br>Listing)** |
| **Shareholder Transaction Expenses** |  |  |
| Maximum Sales Load (as a percentage of the offering price) imposed on purchases of common shares<sup>(1)</sup> |  |  |
| Dividend Reinvestment and Cash Purchase Plan Fees |  |  |

---

---

| | | |
|:---|:---|:---|
| **Annual Expenses (as a percentage of average net assets attributable to common shares)<sup>(2)</sup>** |  |  |
| Base Management Fee | 2.45%<sup>(3)</sup> | 2.10%<sup>(4)</sup> |
| Incentive Fee |  |  |
| &nbsp;&nbsp;&nbsp;Income Incentive Fee | --<sup>(5)</sup> | 1.81%<sup>(6)</sup> |
| Interest Payments on Borrowed Funds <sup>(7)</sup> | 3.05% | 3.05% |
| Other Expenses <sup>(8)</sup> | 1.10% | 1.10% |
| Total Annual Expenses | 6.60% | 8.06% |
| Base Management Fee Waiver |  | (0.21)%<sup>(9)</sup> |
| Incentive Fee Waiver |  | (0.87)%<sup>(10)</sup> |
| Total Annual Fund Operating Expenses After Fee Waiver | 6.60% | 6.98% |

---

(1) Common shares will not be available for purchase from the Fund but, once listed, may be purchased on the New York Stock Exchange through a broker-dealer subject to individually negotiated commission rates. Common shares purchased in the secondary market may be subject to brokerage commissions or other charges.

(2) Assumes leverage in the amount of 29% of gross assets of the Fund.

(3) For each quarter ending prior to the date of the listing of the Fund's shares on a national securities exchange (the "Listing Date"), the Fund will pay the Adviser (as defined herein) an annual fee, payable quarterly, in an annual amount equal to 1.75% of the Fund's average daily gross assets. Common shareholders bear the portion of the investment management fee attributable to the assets purchased with the proceeds of leverage, which means that common shareholders effectively bear the entire management fee.

(4) For each quarter ending after the Listing Date, the Fund will pay the Adviser an annual fee, payable quarterly, in an annual amount equal to 1.50% of the Fund's average daily gross assets. Common shareholders bear the portion of the investment management fee attributable to the assets purchased with the proceeds of leverage, which means that common shareholders effectively bear the entire management fee.

(5) Pursuant to the terms of the Investment Advisory Agreement between the Fund and the Adviser (the "Fund Investment Advisory Agreement"), the Adviser may be entitled to receive an incentive fee on income. For any quarter ending prior to the Listing Date, the incentive fee on income is calculated and payable quarterly in arrears and equals 20.0% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, the Adviser will not earn this incentive fee for any quarter until the Fund's pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, "adjusted capital" means cumulative gross proceeds generated from sales of common shares by the Fund (or the Predecessor Fund as the predecessor of the Fund) (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Fund's (or the Predecessor Fund's as the predecessor of the Fund) investments paid to shareholders and amounts paid for share repurchases pursuant to the Fund's (or the Predecessor Fund's as the predecessor of the Fund) share repurchase program. Once the Fund's pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a "catch-up" fee equal to the amount of the Fund's pre-incentive fee net investment income in excess of the hurdle rate, until the Fund's pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This "catch-up" feature will allow the Adviser to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, the Adviser will be entitled to receive 20.0% of the Fund's pre-incentive fee net investment income.

(6) Pursuant to the terms of the Fund Investment Advisory Agreement, for any quarter ending after the Listing Date, the incentive fee on income is calculated and payable quarterly in arrears and equals 20.0% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on net assets, equal to 1.5% per quarter, or an annualized hurdle rate of 6.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Fund's pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.5%. Once the Fund's pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a "catch-up" fee equal to the amount of the Fund's pre-incentive fee net investment income in excess of the hurdle rate, until the Fund's pre-incentive fee net investment income for such quarter equals 1.875%, or 7.5% annually, of net assets. This "catch-up" feature will allow the Adviser to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, the Adviser will be entitled to receive 20.0% of the Fund's pre-incentive fee net investment income.

(7) Assumes the *pro forma* Fund would have had outstanding borrowings of approximately $622,503,000, which would have represented 29% of the Fund's gross assets.

(8) "Other expenses" are estimated based upon those incurred by the Fund during the fiscal year ended December 31, 2024. Other expenses do not include expenses related to realized or unrealized investment gains or losses.

(9) Effective on the Listing Date and for so long as the Fund is a registered closed-end fund, the Adviser has contractually agreed to waive a portion of the Fund's base management fee such that the base management fee shall not exceed an amount equal to the annual rate of 1.35% of the Fund's average daily gross assets. Amounts waived by the Adviser will not be subject to recoupment from the Fund.

(10) Effective on the Listing Date and for so long as the Fund is a registered closed-end fund, the Adviser has contractually agreed to waive a portion of the Fund's incentive fee. After giving effect to such fee waiver, the incentive fee on income will be calculated and payable quarterly in arrears and equals 10.00% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on net assets, equal to 1.5% per quarter, or an annualized hurdle rate of 6.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Fund's pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.5%. Once the Fund's pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a "catch-up" fee equal to the amount of the Fund's pre-incentive fee net investment income in excess of the hurdle rate, until the Fund's pre-incentive fee net investment income for such quarter equals 1.667%, or 6.667% annually, of net assets. This "catch-up" feature will allow the Adviser to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, the Adviser will be entitled to receive 10.00% of the Fund's pre-incentive fee net investment income. Amounts waived by the Adviser will not be subject to recoupment from the Fund.

<u>Example</u>

The following example is intended to help you compare the costs of investing in the common shares of the Fund, based on (i) the *pro forma* annual expenses for the Fund, assuming the Reorganization takes place and the Listing Date does not occur, and (ii) the *pro forma* annual expenses for the Fund, assuming the Reorganization occurs, the Listing Date occurs immediately following the Reorganization and the Fund remains a registered closed-end fund (and therefore the contractual fee waiver remains in place throughout the periods set forth below). If the Fund were to cease to be a registered closed-end fund, the contractual fee waiver would terminate and the expenses that would be borne by an investor in common shares of the Fund would be higher.

An investor in common shares would pay the following expenses on a $1,000 investment, assuming (1) the total annual expenses for the Fund set forth in the table above (giving effect to the Fund's fee waiver post-Listing Date) and (2) a 5% annual return throughout the period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| *Pro Forma* Fund (pre-Listing Date) | $66 | $193 | $317 | $610 |
| *Pro Forma* Fund (post-Listing Date) | $60 | $178 | $294 | $574 |

---

The examples set forth above assume common shares of the Fund were owned as of the completion of the Reorganization and the reinvestment of all dividends and distributions and uses a 5% annual rate of return as mandated by SEC regulations. Because the example assumes, as required by the SEC, a 5% annual return, no incentive fee on income would be accrued and payable in any of the indicated time periods. The Fund's performance will vary and may result in a return greater or less than 5%. The examples should not be considered a representation of past or future expenses or annual rates of return. Actual expenses or annual rates of return may be more or less than those assumed for purposes of the examples.

**Item 3.2. Synopsis.**

Not applicable.

**Item 4. Financial Highlights.**

Not applicable.

**Item 5. Plan of Distribution.**

Not applicable.

**Item 6. Selling Shareholders.**

Not applicable.

**Item 7. Use of Proceeds.**

Not applicable.

**Item 8. General Description of the Registrant.**

**Item 8.1. General.**

The Registrant is a non-diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Registrant was organized under the laws of the State of Delaware pursuant to a Certificate of Trust dated as of March 4, 2025 in connection with the Reorganization. Pursuant to the Reorganization, shares of the Predecessor Fund would be exchanged for shares of the Fund. Following the Reorganization, the Fund intends to change its name to FS Specialty Lending Fund and to seek to list its common shares on the New York Stock Exchange under the symbol "FSSL."

**Item 8.2. Investment Objectives and Policies.**

The Fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation by investing primarily in private and public credit in a broad set of industries, sectors and sub-sectors. The Fund's investment policy is to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Fund's total assets. This investment policy may not be changed without at least 60 days' prior notice to holders of the Fund's common shares of any such change. In accordance with the best interests of the Fund's shareholders, the Adviser monitors the Fund's targeted investment mix as economic conditions evolve.

The Fund will seek to achieve its investment objectives by focusing on strategies such as direct originations, including innovative capital structure solutions, and broadly syndicated loan and bond transactions, which may include event-driven investments, opportunistic performing credit and special situations. By focusing on these opportunities, the Adviser believes it can create a portfolio that offers high potential income and returns while limiting risk.

Further information on the investment objectives and policies of the Fund are set forth in Item 8.4.

**Item 8.3. Risk Factors.**

**Risks of Investing in the Fund**

*Closed-End Investment Company; Liquidity Risks*. The Fund will be a non-diversified, closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. Closed-end investment companies differ from open-end investment companies (commonly known as mutual funds) in that investors in a closed-end investment company do not have the right to redeem their shares on a daily basis at a price based on the investment company's net asset value.

*Delaware Control Share Statute.* Once the common shares of the Fund are listed on the NYSE, the Fund will become automatically subject to the control share statute (the "Control Share Statute") contained in Subchapter III of the Delaware Statutory Trust Act (the "DSTA"). The Control Share Statute provides that an acquirer of shares above a series of voting power thresholds has no voting rights under the DSTA or the governing documents of the Fund with respect to shares acquired in excess of that threshold (i.e., the "control shares") unless the restoration of voting rights is approved by shareholders.

The Control Share Statute 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 and may reduce market demand for the Fund's common shares, which could have the effect of increasing the likelihood that the Fund's common shares trade at a discount to net asset value and increasing the amount of any such discount.

*Restriction on Sales of Shares Below Net Asset Value.* The provisions of the 1940 Act generally require that the public offering price (less underwriting commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company's common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its common shareholders. The Fund may, from time to time, seek the consent of common shareholders to permit the issuance and sale by the Fund of common shares at a price below the then-current net asset value, subject to certain conditions. If such consent is obtained, the Fund may, contemporaneous with and in no event more than one year following the receipt of such consent, sell common shares at price below net asset value in accordance with any conditions adopted in connection with the giving of such consent. Information regarding any consent of common shareholders obtained by the Fund and the applicable conditions imposed on the issuance and sale by the Fund of common shares at a price below net asset value will be disclosed in the prospectus relating to any such offering of common shares at a price below net asset value. Until such consent of common shareholders, if any, is obtained, the Fund may not sell common shares at a price below net asset value. Following the listing of the Fund's common shares on the NYSE, this restriction may make it more difficult for the Fund to raise additional assets in the future if the common shares trade at a discount to net asset value. Because the Fund's advisory fee is based upon average daily gross assets, the Adviser's interest in recommending the issuance and sale of common shares at a price below net asset value may conflict with the interests of the Fund and its common shareholders.

*Future transactions may limit the ability of the Fund to use capital loss carryforwards.* The Predecessor Fund has capital loss carryforwards for U.S. federal income tax purposes. By reason of the Reorganization, the Fund will succeed to and take into account the capital loss carryforwards of the Predecessor Fund. Subject to certain limitations, capital loss carryforwards may be used to offset future recognized capital gains. Section 382 of the Internal Revenue Code (the "Code") imposes an annual limitation on the ability of a corporation, including a RIC, that undergoes an "ownership change" to use its capital loss carryforwards. Generally, an ownership change occurs if certain five percent shareholders and public groups increase their ownership in us by, collectively, 50 percentage points or more during a three-year period. The listing may make it more likely that future transactions involving the common shares of the Fund, including transfers by existing shareholders, could result in such an ownership change. Accordingly, there can be no assurance that an ownership change limiting the ability of the Fund to use capital loss carryforwards (and built-in, unrecognized losses, if any) will not occur in the future. Such a limitation would, for any given year, have the effect of potentially increasing the amount of the Fund's U.S. federal net capital gains for such year and, hence, the amount of capital gains dividends the Fund would need to distribute to remain a RIC and to avoid U.S. income and excise tax liability.

*There Can be No Assurance that the Listing will be Completed*. Immediately after the closing of the Reorganization, common shares of the Fund will remain illiquid assets for which there will not be a secondary market. However, the Fund intends to seek to list its common shares on the NYSE. The listing of the Fund's common shares is subject to the approval of the NYSE and satisfaction of the NYSE's listing standards. The listing of the Fund's common shares is also subject to final Board approval and market conditions. The Fund intends to apply for listing on the NYSE as soon as practicable following the closing of the Reorganization. There can be no assurance the Fund will successfully complete any such listing.

*Discount to Net Asset Value Risk*. If the Fund completes a listing of its common shares, shares of closed-end funds frequently trade at a price lower than their net asset value. This is commonly referred to as "trading at a discount." This characteristic of shares of closed-end funds is a risk separate and distinct from the risk that a fund's net asset value may decrease. Because the shares of the Predecessor Fund have been illiquid, this risk may be more pronounced during the period shortly after the Listing Date, during which the Fund's shares may experience greater volatility and may trade at significant discounts to net asset value, due to factors such as the absence of a prior public market, unseasoned trading, the limited number of shares available for trading and limited information about the Fund.

The Fund is designed primarily for long-term investors and should not be considered a vehicle for trading purposes. Whether investors will realize a gain or loss upon the sale of the Fund's common shares will depend upon whether the market value of the shares at the time of sale is above or below the price the investor paid, taking into account transaction costs, for the common shares and is not directly dependent upon the Fund's net asset value. Because the market value of the Fund's common shares will be determined by factors such as the relative demand for and supply of the common shares in the market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares will trade at, below or above NAV, or below or above the initial listing price for the common shares. As a result, even if the Fund does complete a listing, shareholders may not receive a return of all of their invested capital upon a sale of their shares on the exchange.

Fractional shares of the Fund received in the Reorganization will be sold in the open market by the Fund's transfer agent when a shareholder's shares are transferred from the books of the Fund to a broker or other financial intermediary. The cash received by a shareholder upon such sale by the transfer agent may be reduced if such sales occur at a time that the common shares of the Fund are trading at a discount to NAV.

**General Risks of Investing in the Fund**

*The Fund's ability to achieve its investment objectives depends on the Adviser's ability to manage and support its investment process. If the Fund's Investment Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, the Fund's ability to achieve its investment objectives could be significantly harmed.*

Because the Fund has no employees, it depends on the investment expertise, skill and network of business contacts of the Adviser. The Adviser evaluates, negotiates, structures, executes, monitors and services the Fund's investments. The Fund's future success depends to a significant extent on the continued service of the Adviser, as well as its senior management team. The departure of any members of the Adviser's senior management team could have a material adverse effect on the Fund's ability to achieve its investment objectives.

The Fund's ability to achieve its investment objectives depends on the Adviser's ability to identify, analyze, invest in, finance and monitor companies that meet the Fund's investment criteria. The Adviser's capabilities in structuring the investment process, providing competent, attentive and efficient services to the Fund, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve the Fund's investment objectives, the Adviser may need to hire, train, supervise and manage new investment professionals to participate in the Fund's investment selection and monitoring process. The Adviser may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund's investment process could have a material adverse effect on the Fund's business, financial condition and results of operations.

In addition, the Fund's Investment Advisory Agreement has a termination provision that allows the parties to terminate the agreement without penalty. The Fund's Investment Advisory Agreement may be terminated at any time, without penalty, by the Adviser, upon 60 days' written notice to the Fund. If the Fund's Investment Advisory Agreement is terminated, it may adversely affect the quality of the Fund's investment opportunities. In addition, in the event such agreement is terminated, it may be difficult for the Fund to replace the Adviser. Furthermore, the termination of the Fund's Investment Advisory Agreement may adversely impact the terms of any existing or future financing arrangement, which could have a material adverse effect on the Fund's business, financial condition and results of operations.

*Because the Fund's business model depends to a significant extent upon relationships with issuers, private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect the Fund's business.*

If the Adviser fails to maintain its existing relationships with issuers, private equity sponsors, investment banks and commercial banks on which it relies to provide the Fund with potential investment opportunities or develop new relationships with other issuers, sponsors or sources of investment opportunities, the Fund may not be able to grow the investment portfolio. In addition, individuals with whom the Adviser has relationships generally are not obligated to provide the Fund with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for the Fund.

*The Fund's ability to enter into transactions with the Fund's affiliates is restricted.*

The Fund is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without the prior approval of a majority of the independent members of the Fund's board of trustees (the "Board") and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Fund's outstanding voting securities will be the Fund's affiliate for purposes of the 1940 Act and the Fund will generally be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of the Board. The 1940 Act also prohibits certain "joint" transactions with certain of the Fund's affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of the Board and, in some cases, the SEC. Similar restrictions limit the Fund's ability to transact business with the Fund's officers or trustees or their affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security from or to any portfolio company of a fund managed by the Adviser without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to the Fund. Following the Reorganization, the Fund intends to rely on an exemptive relief order dated April 29, 2025, granted to the Predecessor Fund and certain of its affiliates which permits the Fund, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain of the Fund's affiliates, or the "FS Order." Pursuant to the FS Order, the Fund is permitted to co-invest in certain privately negotiated transactions with certain affiliates of the Adviser, including, among others, FS Credit Opportunities Corp. and FS Credit Income Fund.

*The Fund operates in a highly competitive market for investment opportunities, which could reduce returns and result in losses.*

A number of entities compete with the Fund to make the types of investments that the Fund plans to make and the Fund believes that recent market trends have increased the number of competitors seeking to invest in loans to private, middle market companies in the United States. The Fund competes with public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of the Fund's competitors are substantially larger and have considerably greater financial, technical and marketing resources than the Fund does. For example, the Fund believes some of the Fund's competitors have access to funding sources that are not available to the Fund. In addition, some of the Fund's competitors could have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than the Fund. Furthermore, many of the Fund's competitors are not subject to the regulatory restrictions that the 1940 Act imposes on the Fund as a closed-end fund, or the source of income, asset diversification and distribution requirements the Fund must satisfy to maintain its qualification as a RIC. The competitive pressures the Fund faces could have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows. As a result of this competition, the Fund's can provide no assurance that it will be able to take advantage of attractive investment opportunities that arise from time to time, and the Fund can provide no assurance that they will be able to identify and make investments that are consistent with its investment objectives.

The amount of capital in the private debt markets and overall competition for loans could result in short-term returns for the Fund that is lower than its long-term targets. If there is a decrease in the number of new investment opportunities in U.S. middle market companies, and if such conditions continue for an extended amount of time, they could have a material adverse effect on the Fund's business, financial condition and results of operations.

Identifying, structuring and consummating investments involves competition among capital providers and market and transaction uncertainty. The Adviser can provide no assurance that it will be able to identify a sufficient number of suitable investment opportunities or to avoid prepayment of existing investments to satisfy the Fund's investment objectives, including as necessary to effectively structure credit facilities or other forms of leverage. The loan origination market is very competitive, which can result in loan terms that are more favorable to borrowers, and conversely less favorable to lenders, such as lower interest rates and fees, weaker borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Increased competition could cause the Fund to make more loans that are "cov-lite" in nature and, in a distressed scenario, there can be no assurance that these loans will retain the same value as loans with a full package of covenants. As a result of these conditions, the market for leveraged loans could become less advantageous than expected for the Fund, and this could increase default rates, decrease recovery rates or otherwise harm the Fund's returns. The risk of prepayment is also higher in the current competitive environment if borrowers are offered more favorable terms by other lenders. The financial markets have experienced substantial fluctuations in prices and liquidity for leveraged loans. Any further disruption in the credit and other financial markets could have substantial negative effects on general economic conditions, the availability of required capital for companies and the operating performance of such companies. These conditions also could result in increased default rates and credit downgrades, and affect the liquidity and pricing of the investments made by the Fund. Conversely, periods of economic stability and increased competition among capital providers could increase the difficulty of locating investments that are desirable for the Fund.

With respect to the investments the Fund makes, the Fund does not seek to compete based primarily on the interest rates the Fund offers, and the Fund believes that some of the Fund's competitors could make loans with interest rates that will be lower than the rates the Fund offers. In the secondary market for acquiring existing loans, the Fund competes generally on the basis of pricing terms. With respect to all investments, the Fund could lose some investment opportunities if the Fund does not match competitors' pricing, terms and structure. However, if we match the Fund's competitors' pricing, terms and structure, the Fund could experience decreased net interest income, lower yields and increased risk of credit loss. The Fund could also compete for investment opportunities with accounts managed or sponsored by the Adviser or its affiliates. Although he Adviser allocates opportunities in accordance with its allocation policy, allocations to such other accounts will reduce the amount and frequency of opportunities available to the Fund and thus not necessarily be in the best interests of the Fund and its securityholders. Moreover, the performance of investments will not be known at the time of allocation.

*The Board may change its investment policy by providing shareholders with 60 days' prior notice, or may modify or waive its current operating policies and strategy without prior notice or shareholder approval, the effects of which may be adverse.*

The Fund's current investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation by investing primarily in private and public credit in a broad set of industries, sectors and sub-sectors. The Fund's current investment policy is to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Fund's total assets.

This investment policy may be changed by the Board provides shareholders with at least 60 days' prior notice. In addition, the Board has the authority to modify or waive the current operating policies, investment criteria and strategy without prior notice and without shareholder approval. The Fund cannot predict the effect any changes to the Fund's investment policies, current operating policies, investment criteria and strategy would have on the Fund's business, net asset value, operating results and the value of the Fund's common shares. However, the effects might be adverse, which could negatively impact the Fund's ability to pay distributions to shareholders and cause shareholders to lose all or part of their investment. Finally, if the Fund is not successful in listing its common shares, Fund shareholders will be limited in their ability to sell their common shares in response to any changes in the Fund's investment policy, operating policies, investment criteria or strategy.

*The Fund is uncertain of sources for funding of future capital needs and if the Fund cannot obtain debt or equity financing on acceptable terms, or at all, the Fund's ability to acquire investments and to expand operations will be adversely affected.*

Any working capital reserves the Fund maintains may not be sufficient for investment purposes, and the Fund may require debt or equity financing to operate. The Fund may also need to access the capital markets to refinance existing debt obligations to the extent maturing obligations are not repaid with cash flows from operations. In order to maintain RIC tax treatment, the Fund must make distributions to its shareholders each tax year on a timely basis generally of an amount at least equal to 90% of the Fund's investment company taxable income, determined without regard to any deduction for distributions paid, and the amounts of such distributions will therefore not be available to fund investment originations or to repay maturing debt. In addition, with certain limited exceptions, the Fund is only allowed to borrow amounts or issue debt securities or preferred shares, which we refer to collectively as "senior securities," such that the Fund's asset coverage, as calculated pursuant to the 1940 Act, equals at least 200% immediately after such borrowing, which, in certain circumstances, may restrict the Fund's ability to borrow or issue debt securities or preferred shares. In the event that the Fund develops a need for additional capital in the future for investments or for any other reason, and the Fund cannot obtain debt or equity financing on acceptable terms, or at all, the Fund's ability to acquire investments and to expand its operations will be adversely affected. As a result, the Fund would be less able to allocate the portfolio among various issuers and industries and achieve the Fund's investment objectives, which may negatively impact the Fund's results of operations and reduce the Fund's ability to make distributions to its shareholders.

*If the Fund, its affiliates and third-party service providers are unable to maintain the availability of electronic data systems and safeguard the security of data, the Fund's ability to conduct business may be compromised, which could impair the Fund's liquidity, disrupt the Fund's business, damage the Fund's reputation or otherwise adversely affect the Fund's business.*

Cybersecurity refers to the combination of technologies, processes, and procedures established to protect information technology systems and data from unauthorized access, attack, or damage. The Fund, its affiliates and third-party service providers are subject to cybersecurity risks. The Fund's business operations rely upon secure information technology systems for data processing, storage and reporting. The Fund depends on the effectiveness of the information and cybersecurity policies, procedures and capabilities maintained by the Fund's affiliates and third-party service providers to protect its computer and telecommunications systems and the data that reside on or are transmitted through them. Cybersecurity risks have significantly increased in recent years and, while the Fund has not experienced any material losses relating to cyber attacks or other information security breaches, the Fund could suffer such losses in the future. The Fund, its affiliates and third-party service providers' computer systems, software and networks may be vulnerable to unauthorized access, computer viruses or other malicious code and other events that could have a security impact, as well as cyber-attacks that do not have a security impact but may nonetheless cause harm, such as causing denial-of-service attacks (i.e., efforts to make network services unavailable to intended users) on websites, servers or other online systems. If one or more of such events occur, it potentially could jeopardize confidential and other information, including nonpublic personal information and sensitive business data, processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in the Fund's operations or the operations of the Fund's affiliates and third-party service providers. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect the Fund's business, financial condition or results of operations.

Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, the Fund may be required to expend significant additional resources to modify the Fund's protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by the Fund, its affiliates, or third-party service providers will be effective. If the Fund fails to comply with the relevant laws and regulations, the Fund could suffer financial losses, a disruption of the Fund's business, liability to investors, regulatory intervention or reputational damage.

*Changes in laws or regulations governing the Fund's operations or the operations of the Fund's business partners may adversely affect the Fund's business or cause the Fund to alter its business strategy.*

The Fund, its portfolio companies and other counterparties are subject to regulation at the local, state and federal level. New legislation may be enacted, amended or repealed or new interpretations, rulings or regulations could be adopted, including those governing the types of investments the Fund is permitted to make, any of which could harm the Fund and its shareholders, potentially with retroactive effect. For example, certain provisions of the Dodd-Frank Act, which influences many aspects of the financial services industry, have been amended or repealed and the Code has been substantially amended and reformed. Uncertainty regarding the new presidential administration's agenda with respect to legislation and regulations affecting the financial services industry or taxation could also adversely impact the Fund's business or the business of the Fund's portfolio companies. New or repealed legislation, interpretations, rulings or regulations could require changes to certain business practices of the Fund or its portfolio companies, negatively impact the operations, cash flows or financial condition of the Fund or its portfolio companies, impose additional costs on the Fund or its portfolio companies or otherwise adversely affect the Fund's business or the business of the Fund's portfolio companies.

Additionally, any changes to or repeal of the laws and regulations governing the Fund's operations relating to permitted investments may cause the Fund to alter its investment strategy to avail the Fund of new or different opportunities. Such changes could result in material differences to the Fund's strategies and plans and may result in the Fund's investment focus shifting from the areas of expertise of the Adviser to other types of investments in which the Adviser may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Fund's financial condition and results of operations and the value of a shareholder's investment.

*As a SEC-reporting company, the Fund is subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations involve significant expenditures, and non-compliance with such regulations may adversely affect the Fund.*

As a SEC-reporting company, the Fund is subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. Management is required to report on the Fund's internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. The Fund is required to review on an annual basis its internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting.

Developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact the Fund's financial performance and the Fund's ability to make distributions. This process also may result in a diversion of the Fund's management's time and attention. The Fund cannot be certain of when the Fund's evaluation, testing and remediation actions will be completed or the impact of the same on the Fund's operations. In addition, the Fund may be unable to ensure that the process is effective or that the Fund's internal controls over financial reporting are or will be effective in a timely manner. In the event that the Fund is unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, the Fund may be adversely affected.

*Regulations governing the Fund's operation as a RIC will affect the Fund's ability to raise, and the way in which the Fund raises, additional capital or borrow for investment purposes, which may have a negative effect on the Fund's growth.*

As a result of the Fund's need to satisfy the Annual Distribution Requirement (as defined below) in order to maintain RIC tax treatment under Subchapter M of the Code, the Fund may need to periodically access the capital markets to raise cash to fund new investments. The Fund may issue "senior securities," as defined in the 1940 Act, including issuing preferred shares, borrowing money from banks or other financial institutions or issuing debt securities only in amounts such that the Fund's asset coverage, as defined in the 1940 Act, equals at least 200% after such incurrence or issuance. The Fund's ability to issue certain other types of securities is also limited. Under the 1940 Act, the Fund is also generally prohibited from issuing or selling its shares at a price per share, after deducting underwriting commissions, that is below its net asset value per share, without first obtaining approval for such issuance from the Fund's shareholders and independent trustees. Compliance with these limitations on the Fund's ability to raise capital may unfavorably limit its investment opportunities. These limitations may also reduce the Fund's ability in comparison to other companies to profit from favorable spreads between the rates at which the Fund can borrow and the rates at which it can lend.

In addition, because the Fund incurs indebtedness for investment purposes, if the value of the Fund's assets declines, the Fund may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit the Fund from paying distributions and, as a result, could cause the Fund to be subject to corporate-level tax on its income and capital gains, regardless of the amount of distributions paid. If the Fund cannot satisfy the asset coverage test, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund's debt financing, repay a portion of its indebtedness at a time when such sales may be disadvantageous.

*The Fund may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.*

The Fund may use derivative instruments including, in particular, swaps and other similar transactions, in seeking to achieve its investment objectives or for other reasons, such as cash management, financing activities or to hedge its positions. Accordingly, these derivatives may be used in limited instances as a form of leverage or to seek to enhance returns, including speculation on changes in credit spreads, interest rates or other characteristics of the market, individual securities or groups of securities. If the Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be greater than the derivative's cost. The use of derivatives may involve substantial leverage. The use of derivatives may subject the Fund to various risks, including counterparty risk, currency risk, leverage risk, liquidity risk, correlation risk, index risk and regulatory risk.

Furthermore, the Fund's ability to successfully use derivatives depends on the Adviser's ability to predict pertinent securities prices, interest rates, currency exchange rates and other economic factors, which cannot be assured. Additionally, segregated liquid assets, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to derivatives are not otherwise available to us for investment purposes.

Rule 18f-4 under the 1940 Act, or the Derivatives Rule, provides a comprehensive framework for the use of derivatives by closed-end funds. The Derivatives Rule permits closed-end funds, subject to various conditions described below, to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act.

Closed-end funds that don't qualify as "limited derivatives users" as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program, or DRMP, and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk, or VaR; and (iii) comply with new requirements related to board and SEC reporting. The DRMP must be administered by a "derivatives risk manager," who is appointed by the board and periodically reviews the DRMP and reports to the board.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a closed-end fund that limits its "derivatives exposure" to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule), or a limited derivatives user, provided that the closed-end fund establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% "derivatives exposure" threshold.

The requirements of the Derivatives Rule may limit the Fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of the Fund's investments and cost of doing business, which could adversely affect the value of the Fund's investments and/or the Fund's performance. The rule also may not be effective to limit the Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the Fund's derivatives or other investments. There may be additional regulation of the use of derivatives transactions by closed-end funds, which could significantly affect the Fund's use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

*The Fund may experience fluctuations in its quarterly results.*

The Fund could experience fluctuations in its quarterly operating results due to a number of factors, including the Fund's ability or inability to make investments in companies that meet its investment criteria, the interest rate payable on the debt securities the Fund acquires, the level of the Fund's expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in the Fund's markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

*The Fund and its portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.*

The Fund's cash is held in accounts at U.S. banking institutions*.* Cash held by the Fund and its portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation insurance limits. If such banking institutions were to fail, the Fund or its portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect the Fund's and the Fund's portfolio companies' business, financial condition, results of operations, or prospects.

Although the Fund assesses its portfolio companies' banking relationships as necessary or appropriate, the Fund's and its portfolio companies' access to funding sources and other credit arrangements in amounts adequate to finance or capitalize the Fund's and its portfolio companies' respective current and projected future business operations could be significantly impaired by factors that affect the Fund or its portfolio companies, the financial institutions with which the Fund or its portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which the Fund and its portfolio companies have financial or business relationships but could also include factors involving financial markets or the financial services industry generally.

In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for the Fund or its portfolio companies to acquire financing on acceptable terms or at all.

*The Fund is subject to risks associated with artificial intelligence and machine learning technology.*

Artificial intelligence, including machine learning and similar tools and technologies that collect, aggregate, analyze or generate data or other materials, or collectively, AI, and its current and potential future applications including in the private investment and financial industries, as well as the legal and regulatory frameworks within which AI operates, continue to rapidly evolve.

Recent technological advances in AI pose risks to the Fund, the Adviser, and the Fund's portfolio investments. The Fund and its portfolio investments could also be exposed to the risks of AI if third-party service providers or any counterparties, whether or not known to the Fund, also use AI in their business activities. The Fund and its portfolio companies may not be in a position to control the use of AI technology in third-party products or services.

Use of AI could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party AI applications and users. While the Adviser does not currently use AI to make investment recommendations, the use of AI could also exacerbate or create new and unpredictable risks to the Fund's business, the Adviser's business, and the business of the Fund's portfolio companies, including by potentially significantly disrupting the markets in which the Fund and its portfolio companies operate or subjecting the Fund, its portfolio companies and the Adviser to increased competition and regulation, which could materially and adversely affect the business, financial condition or results of operations of the Fund, its portfolio companies and the Adviser. In addition, the use of AI by bad actors could heighten the sophistication and effectiveness of cyber and security attacks experienced by the Fund's portfolio companies and the Adviser.

Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. To the extent that the Fund or its portfolio investments are exposed to the risks of AI use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.

AI technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.

*The Fund and the Adviser could be the target of litigation.*

The Fund and the Adviser could become the target of securities class action litigation or other similar claims if the Fund's common share price fluctuates significantly or for other reasons. The proceedings could continue without resolution for long periods of time and the outcome of any such proceedings could materially adversely affect the Fund's business, financial condition, and/or operating results. Any litigation or other similar claims could consume substantial amounts of management's time and attention, and that time and attention and the devotion of associated resources could, at times, be disproportionate to the amounts at stake. Litigation and other claims are subject to inherent uncertainties, and a material adverse impact on the Fund's financial statements could occur for the period in which the effect of an unfavorable final outcome in litigation or other similar claims becomes probable and reasonably estimable. In addition, the Fund could incur expenses associated with defending itself against litigation and other similar claims, and these expenses could be material to the Fund's earnings in future periods.

*The Fund's business and operations could be negatively affected if the Fund becomes subject to shareholder activism, which could cause the Fund to incur significant expense, hinder the execution of the Fund's investment strategy or impact the Fund's share price.*

Shareholder activism, which could take many forms, including making public demands that the Fund consider certain strategic alternatives, engaging in public campaigns to attempt to influence the Fund's corporate governance and/or management, and commencing proxy contests to attempt to elect the activists' representatives or others to the Board, or arise in a variety of situations, has been increasing in the closed-end fund spaces recently. While the Fund is currently not subject to any shareholder activism, because of a variety of reasons, the Fund may in the future become the target of shareholder activism. Shareholder activism could result in substantial costs and divert management's and the Board's attention and resources from the Fund's business. Additionally, such shareholder activism could give rise to perceived uncertainties as to the Fund's future and adversely affect the Fund's relationships with service providers and the Fund's portfolio companies. Also, the Fund may be required to incur significant legal and other expenses related to any activist shareholder matters.

**Risks Related to the Adviser and its Affiliates**

*There may be conflicts of interest related to obligations the Adviser's senior management and investment teams have to the Fund's affiliates and to other clients.*

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Fund does, or of investment vehicles managed by the same personnel. For example, the officers, managers and other personnel of the Adviser serve and may serve in the future in similar capacities for the investment advisers to the other funds managed or advised by Future Standard (formerly FS Investments), and may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with Future Standard. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Fund's best interests or in the best interest of the Fund's shareholders. The Fund's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. For example, the Fund relies on the Adviser to manage its day-to-day activities and to implement its investment strategy. The Adviser and certain of its affiliates are presently, and plan in the future to continue to be, involved with activities which are unrelated to the Fund. As a result of these activities, the Adviser, its employees and certain of its affiliates will have conflicts of interest in allocating their time between the Fund and other activities in which they are or may become involved, including the management of other entities affiliated with Future Standard. The Adviser and its employees will devote only as much of its or their time to the Fund's business as the Adviser and its employees, in their judgment, determine is reasonably required, which may be substantially less than their full time. The officers of the Adviser and its affiliates devote as much time to the Fund as the Adviser deems appropriate; however, these officers may have conflicts in allocating their time and services among the Fund and the Adviser and its affiliates' accounts. During times where there are turbulent conditions or distress in the credit markets or other times when the Fund will need focused support and assistance from the Adviser and affiliates' employees, other entities that the Adviser advises or manages will likewise require greater focus and attention, placing the Adviser and the Fund's resources in high demand. In such situations, the Fund may not receive the necessary support and assistance the Fund requires or would otherwise receive if the Adviser or its affiliates did not act as a manager for other entities.

The Fund, directly or through the Adviser, may obtain confidential information about the companies or securities in which the Fund has invested or may invest. If the Fund possesses confidential information about such companies or securities, there may be restrictions on the Adviser's ability to dispose of, increase the amount of, or otherwise take action with respect to the securities of such companies. The Adviser and the Fund's management of other accounts could create a conflict of interest to the extent the Adviser or FS is aware of material non-public information concerning potential investment decisions. For example, an affiliate of FS's membership in a loan syndicate or on a loan borrower's creditors' committee could potentially prevent the Adviser from entering into a transaction involving a CLO that holds the related loan. The Fund has implemented compliance procedures and practices designed to ensure that investment decisions are not improperly made while in possession of material non-public information. There can be no assurance, however, that these procedures and practices will be effective. In addition, this conflict and these procedures and practices may limit the freedom of the Adviser to make potentially profitable investments, which could have an adverse effect on the Fund's operations. These limitations imposed by access to confidential information could materially adversely affect the Fund's business, financial condition and results of operations, and the Fund's ability to pay dividends to shareholders.

*There are risks and conflicts of interests associated with the Base Management Fee the Fund is obligated to pay the Adviser.*

The Fund pays the Adviser a base management fee based on gross assets, regardless of the performance of the portfolio. The Adviser's entitlement to such non-performance-based compensation might reduce its incentive to devote the time and effort of its professionals to seeking profitable opportunities for the Fund's portfolio, which could result in worse performance for the Fund's portfolio and could materially adversely affect the Fund's business, financial condition and results of operations, and its ability to pay dividends to shareholders. Furthermore, the participation of the Adviser (including its investment professionals) in the Fund's valuation process, and the financial interest of the Fund's interested trustees in the Adviser, creates a conflict of interest as the base management fee payable to the Adviser is based, in part, on the Fund's gross assets.

The Adviser and its affiliates, including the Fund's officers and some of the Fund's trustees, face conflicts of interest caused by compensation arrangements with the Fund and its affiliates, which could result in actions that are not in the best interests of the Fund's shareholders.

The Adviser and its affiliates receive substantial fees from the Fund in return for their services, and these fees could influence the advice provided to the Fund. The Fund pays to the Adviser an incentive fee that is based on the performance of the Fund's portfolio and an annual base management fee that is based on the value of the Fund's gross assets. Because the incentive fee is based on the performance of the portfolio, the Adviser may be incentivized to make investments on the Fund's behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee is determined may also encourage the Adviser to use leverage to increase the return on the Fund's investments. In addition, because the base management fee of the Fund is based upon the value of the Fund's gross assets, which includes any borrowings for investment purposes, the Adviser may be incentivized to recommend the use of leverage or the issuance of additional equity to make additional investments and increase the average value of the Fund's gross assets. Under certain circumstances, the use of leverage may increase the likelihood of default, which could disfavor holders of the Fund's common shares. The Fund's compensation arrangements could therefore result in the Fund making riskier or more speculative investments, or relying more on leverage to make investments, than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns.

*The Fund may be obligated to pay the Adviser incentive compensation even if the Fund incurs a net loss due to a decline in the value of the portfolio.*

The Fund's Investment Advisory Agreement entitles the Adviser to receive incentive compensation on income regardless of any capital losses. In such case, the Fund may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of the portfolio or if the Fund incurs a net loss for that quarter.

Any incentive fee payable by the Fund that relates to the Fund's net investment income may be computed and paid on income that may include interest that has been accrued but not yet received. If a portfolio company defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the incentive fee will become uncollectible. The Adviser is not under any obligation to reimburse the Fund for any part of the incentive fee it received that was based on accrued income that the Fund never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in the Fund paying an incentive fee on income the Fund never received.

For U.S. federal income tax purposes, the Fund is required to recognize taxable income (such as deferred interest that is accrued as original issue discount) in some circumstances in which the Fund does not receive a corresponding payment in cash and to make distributions with respect to such income to maintain the Fund's status as a RIC. Under such circumstances, the Fund may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that the Fund is required to pay an incentive fee with respect to such accrued income. As a result, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

*The time and resources that the Adviser and individuals employed by the Adviser devote to the Fund may be diverted and the Fund may face additional competition due to the fact that individuals employed by the Adviser are not prohibited from raising money for or managing another entity that makes the same types of investments that the Fund targets.*

Neither the Adviser, nor persons providing services to the Fund on behalf of the Adviser, are prohibited from raising money for and managing another investment entity that makes the same types of investments as those the Fund targets. As a result, the time and resources that these individuals may devote to the Fund may be diverted. In addition, the Fund may compete with any such investment entity for the same investors and investment opportunities.

*The Fund's incentive fee may induce the Adviser to make speculative investments.*

The incentive fee payable by the Fund to the Adviser may create an incentive for it to enter into investments on the Fund's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee payable to the Adviser is determined may encourage it to use leverage to increase the return on the Fund's investments. In addition, the fact that the Fund's base management fees are payable based upon gross assets, which would include any borrowings for investment purposes, may encourage the Adviser to use leverage to make additional investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor holders of the Fund's common shares. Such a practice could result in the Fund investing in more speculative securities than would otherwise be in the Fund's best interests, which could result in higher investment losses, particularly during cyclical economic downturns.

*The Adviser's liability is limited under the Fund's Investment Advisory Agreement, and the Fund is required to indemnify the Adviser against certain liabilities, which may lead it to act in a riskier manner on the Fund's behalf than it would when acting for its own account.*

Pursuant to the Fund's Investment Advisory Agreement, the Adviser and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser will not be liable to the Fund for their acts under such investment advisory agreement, absent willful misfeasance, bad faith or gross negligence in the performance of their duties. The Fund has agreed to indemnify, defend and protect the Adviser and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of the Adviser not arising out of willful misfeasance, bad faith or gross negligence in the performance of their duties under the applicable investment advisory agreement. These protections may lead the Adviser to act in a riskier manner when acting on the Fund's behalf than it would when acting for its own account.

**Risks Related to the Fund's Investments**

*Inflation may adversely affect the business, results of operations and financial condition of the Fund's portfolio companies.*

Certain of the Fund's portfolio companies are in industries that may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on the Fund's loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in the Fund's portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of the Fund's investments could result in future realized or unrealized losses and therefore reduce the Fund's net assets resulting from operations.

*The Fund's investments in prospective portfolio companies may be risky, and the Fund could lose all or part of the Fund's investment.*

The Fund's investments may be risky and there is no limit on the amount of any such investments in which the Fund may invest.

Senior Secured Loans, Second Lien Secured Loans and Senior Secured Bonds. There is a risk that any collateral pledged by portfolio companies in which the Fund has taken a security interest may decrease in value over time or lose its entire value, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. To the extent the Fund's debt investment is collateralized by the securities of a portfolio company's subsidiaries, such securities may lose some or all of their value in the event of the bankruptcy or insolvency of the portfolio company. Also, in some circumstances, the Fund's security interest may be contractually or structurally subordinated to claims of other creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt. Secured debt that is under-collateralized involves a greater risk of loss. In addition, second lien secured debt is granted a second priority security interest in collateral, which means that any realization of collateral will generally be applied to pay senior secured debt in full before second lien secured debt is paid. Consequently, the fact that debt is secured does not guarantee that the Fund will receive principal and interest payments according to the debt's terms, or at all, or that the Fund will be able to collect on the debt should the Fund be forced to enforce the Fund's remedies.

*Unsecured Debt.* The Fund's unsecured debt investments will generally rank junior in priority of payment to senior debt and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional risks that could adversely affect the Fund's investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject the Fund and the Fund's shareholders to non-cash income. Because the Fund will not receive any principal repayments prior to the maturity of some of the Fund's unsecured debt investments, such investments will be of greater risk than amortizing loans.

Equity and Equity-Related Securities*.* The Fund may make select equity investments in income-oriented preferred or common equity interests. In addition, when the Fund invests in senior secured loans and notes or unsecured debt, the Fund may acquire warrants to purchase equity securities. In connection with certain of the Fund's debt investments or any restructurings of these debt investments, the Fund may on occasion receive equity interests, including warrants or options, as additional consideration or otherwise in connection with a restructuring. The equity interests the Fund receives may not appreciate in value and, in fact, may decline in value. Accordingly, the Fund may not be able to realize gains from the Fund's equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Fund experiences.

Convertible Securities*.* The Fund may invest in convertible securities, such as bonds, debentures, notes, preferred stocks or other securities that may be converted into, or exchanged for, a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by us is called for redemption, it will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objectives.

Non-U.S. Securities*.* The Fund may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies and securities of companies in emerging markets, to the extent permitted by the 1940 Act. Because evidences of ownership of such securities usually are held outside the United States, the Fund would be subject to additional risks if the Fund invested 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 non-U.S. securities to investors located outside the country of the issuer, whether from currency blockage or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations. In addition, investing in securities of companies in emerging markets involves many risks, including potential inflationary economic environments, regulation by foreign governments, different accounting standards, political uncertainties and economic, social, political, financial, tax and security conditions in the applicable emerging market, any of which could negatively affect the value of companies in emerging markets or investments in their securities.

Structured Products*.* The Fund may invest in structured products, which may include collateralized debt obligations, collateralized bond obligations, collateralized loan obligations, structured notes and credit-linked notes. When investing in structured products, the Fund may invest in any level of the subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). Structured products may be highly levered and therefore, the junior debt and equity tranches that the Fund may invest in are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, the Fund will generally have the right to receive payments only from the issuer or counterparty, and will generally not have direct rights against the underlying borrowers or entities. Furthermore, the investments the Fund makes in structured products are at times thinly traded or have only a limited trading market. As a result, investments in such structured products may be characterized as illiquid securities.

Derivatives*.* The Fund may invest from time to time in derivatives, including total return swaps, interest rate swaps, credit default swaps and foreign currency forward contracts. Derivative investments have risks, including: the imperfect correlation between the value of such instruments and the Fund's underlying assets, which 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's portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. 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, or may not recover at all. 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 the Fund's 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. Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. In addition, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.

Investments in Asset-Based Opportunities*.* The Fund may invest in asset-based opportunities directly or through joint ventures, investment platforms, private investment funds or other business entities that provide one or more of the following services: origination or sourcing of potential investment opportunities, due diligence and negotiation of potential investment opportunities and/or servicing, development and management (including turnaround) and disposition of investments. Such investments may be in or alongside existing or newly formed operators, consultants and/or managers that pursue such opportunities and may or may not include capital and/or assets contributed by third-party investors. Such investments may include opportunities to direct-finance physical assets, such as airplanes and ships, and/or operating assets, such as financial service entities, as opposed to investment securities, or to invest in origination and/or servicing platforms directly. In valuing the Fund's investments, the Fund relies primarily on information provided by operators, consultants and/or managers. Valuations of illiquid securities involve various judgments and consideration of factors that may be subjective. There is a risk that inaccurate valuations could adversely affect the value of the Fund's common shares. The Fund may not be able to promptly withdraw the Fund's investment in these asset-based opportunities, which may result in a loss to the Fund and adversely affect the Fund's investment returns.

Below Investment Grade Risk*.* In addition, the Fund invests in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and illiquid.

*International investments create additional risks.*

The Fund expects to make investments in portfolio companies that are domiciled outside of the United States. Such investments will subject the Fund to many of the same risks as the Fund's domestic investments, as well as certain additional risks, including the following:

● foreign governmental laws, rules and policies, including those restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States;

● foreign currency devaluations that reduce the value of and returns on the Fund's foreign investments;

● adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which the Fund invests;

● adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which the Fund invests;

● the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from the Fund's investments in the foreign country;

● adverse changes in foreign-country laws, including those relating to taxation, bankruptcy and ownership of assets;

● changes that adversely affect the social, political and/or economic stability of a foreign country in which the Fund invests;

● high inflation in the foreign countries in which the Fund invests, which could increase the costs to the Funds of investing in those countries;

● deflationary periods in the foreign countries in which the Fund invests, which could reduce demand for the Fund's assets in those countries and diminish the value of such investments and the related investment returns to the Fund; and

● legal and logistical barriers in the foreign countries in which the Fund invests that materially and adversely limit the Fund's ability to enforce its contractual rights with respect to those investments.

In addition, the Fund may make investments in countries whose governments or economies may prove unstable. Certain of the countries in which the Fund may invest may have political, economic and legal systems that are unpredictable, unreliable or otherwise inadequate with respect to the implementation, interpretation and enforcement of laws protecting asset ownership and economic interests. In some of the countries in which the Fund may invest, there may be a risk of nationalization, expropriation or confiscatory taxation, which may have an adverse effect on the Fund's portfolio companies in those countries and the rates of return that the Fund is able to achieve on such investments. The Fund may also lose the total value of any investment which is nationalized, expropriated or confiscated. The financial results and investment opportunities available to the Fund, particularly in developing countries and emerging markets, may be materially and adversely affected by any or all of these political, economic and legal risks.

*The Fund's investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, subject the Fund indirectly to the underlying risks of such private investment funds and additional fees and expenses.*

The Fund may invest in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities which would be required to register as investment companies but for an exemption under Sections 3(c)(1) and 3(c)(7) of the 1940 Act. The Fund's investments in private funds are subject to substantial risks. Investments in such private investment funds expose the Fund to the risks associated with the businesses of such funds or entities as well as such private investment Fund's portfolio companies. These private investment funds may or may not be registered investment companies and, thus, may not be subject to protections afforded by the 1940 Act, covering, among other areas, liquidity requirements, governance by an independent board, affiliated transaction restrictions, leverage limitations, public disclosure requirements and custody requirements.

The Fund relies primarily on information provided by managers of private investment funds in valuing the Fund's investments in such funds. There is a risk that inaccurate valuations provided by managers of private investment funds could adversely affect the value of the Fund's common shares. In addition, there can be no assurance that a manager of a private investment fund will provide advance notice of any material change in such private investment fund's investment program or policies and thus, the Fund's investment portfolio may be subject to additional risks which may not be promptly identified by the Adviser. Moreover, the Fund may not be able to withdraw the Fund's investments in certain private investment funds promptly after the Fund makes a decision to do so, which may result in a loss to the Fund and adversely affect the Fund's investment returns.

Investments in the securities of private investment funds may also involve duplication of advisory fees and certain other expenses. By investing in private investment funds indirectly through the Fund, shareholders bear a *pro rata* portion of the Fund's advisory fees and other expenses, and also indirectly bear a *pro rata* portion of the advisory fees, performance-based allocations and other expenses borne by the Fund as an investor in the private investment funds. In addition, the purchase of the shares of some private investment funds requires the payment of sales loads and (in the case of closed-end investment companies) sometimes substantial premiums above the value of such investment companies' portfolio securities.

In addition, certain private investment funds may not provide the Fund with the liquidity the Fund requires and would thus subject the Fund to liquidity risk. Further, even if an investment in a private investment fund is deemed liquid at the time of investment, the private investment fund may, in the future, alter the nature of the Fund's investments and cease to be a liquid investment fund, subjecting the Fund to liquidity risk.

*The Fund may acquire various structured financial instruments for purposes of "hedging" or reducing the Fund's risks, which may be costly and ineffective and could reduce the cash available to service debt or for distribution to shareholders.*

The Fund may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using structured financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the 1940 Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase the Fund's losses. Further, hedging transactions may reduce cash available to service the Fund's debt or pay distributions to the Fund's shareholders.

*Investing in middle market companies involves a number of significant risks, any one of which could have a material adverse effect on the Fund's operating results.*

Investments in middle market companies involve some of the same risks that apply generally to investments in larger, more established companies. However, such investments have more pronounced risks in that they:

● may have limited financial resources and may be unable to meet the obligations under their debt securities that the Fund holds, which may be accompanied by a deterioration in the value of any collateral pledged under such securities and a reduction in the likelihood of the Fund realizing any guarantees the Fund may have obtained in connection with the Fund's investment;

● have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tends to render them more vulnerable to competitors' actions and changing market conditions, as well as general economic downturns;

● are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the Fund's portfolio company and, in turn, on the Funds;

● generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, the Fund's executive officers and trustees and members of the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from the Fund's investments in the portfolio companies; and

● may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

*If the Fund's portfolio is concentrated in a single or limited number of investments at any given time, the Fund's performance may be significantly adversely affected by the unfavorable performance of a small number of such investments or a substantial write-down of the value of any one investment.*

The Fund may from time to time hold securities of a single portfolio company that comprises more than 5% of the Fund's total assets and/or more than 10% of the outstanding voting securities of the portfolio company. For that reason, the Fund is classified as a non-diversified management investment company under the 1940 Act. As of December 31, 2024, the Predecessor Fund had an investment in two portfolio companies, which represented approximately 20.0% of the Predecessor Fund's total investment portfolio, by fair value. A consequence of the concentration of a small number of investments at any given time is that the aggregate income and returns the Fund realizes may be significantly adversely affected by the unfavorable performance of a single or small number of such investments or a substantial write-down of the value of any one investment.

*The Fund's portfolio companies may incur debt that ranks equally with, or senior to, the Fund's investments in such companies.*

The Fund's portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which the Fund invests. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments with respect to the debt instruments in which the Fund invests. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to the Fund's investment in that portfolio company would typically be entitled to receive payment in full before the Fund receives any proceeds. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to the Fund. In the case of debt ranking equally with debt instruments in which the Fund invests, the Fund would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

*There may be circumstances where the Fund's debt investments could be subordinated to claims of other creditors or the Fund could be subject to lender liability claims.*

If one of the Fund's portfolio companies were to go bankrupt, depending on the facts and circumstances, a bankruptcy court might recharacterize the Fund's debt investment and subordinate all or a portion of the Fund's claim to that of other creditors. In situations where a bankruptcy carries a high degree of political significance, the Fund's legal rights may be subordinated to other creditors. The Fund may also be subject to lender liability claims for actions taken by the Fund with respect to a borrower's business or in instances where the Fund exercises control over the borrower.

*Second priority liens on collateral securing debt investments that the Fund makes to its portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and the Fund.*

Certain debt investments that the Fund makes in portfolio companies may be secured on a second priority basis by the same collateral securing first priority debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by such company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before the Fund. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second priority liens, then the Fund, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against such company's remaining assets, if any.

The Fund may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on any such portfolio company's collateral, if any, will secure the portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Fund's unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then the Fund's unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

The rights the Fund may have with respect to the collateral securing the debt investments the Fund makes in its portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund enters into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. The Fund may not have the ability to control or direct such actions, even if the Fund's rights are adversely affected.

*The Fund generally will not control the Fund's portfolio companies.*

The Fund does not expect to control most of its portfolio companies, even though the Fund may have board representation or board observation rights, and the Fund's debt agreements with such portfolio companies may contain certain restrictive covenants. As a result, the Fund is subject to the risk that a portfolio company in which the Fund invests may make business decisions with which the Fund disagrees and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve the Fund's interests as debt investors. Due to the lack of liquidity for the Fund's investments in non-traded companies, the Fund may not be able to dispose of the Fund's interests in its portfolio companies as readily as the Fund would like or at an appropriate valuation. As a result, a portfolio company may make decisions that could decrease the value of the Fund's portfolio holdings.

*Declines in market values or fair market values of the Fund's investments could result in significant net unrealized depreciation of the Fund's portfolios, which, in turn, would reduce the Fund's net asset value.*

Under the 1940 Act, the Fund is required to carry the Fund's investments at market value or, if no market value is ascertainable, at fair value, in accordance with policies and procedures approved by the board of trustees. While most of the Fund's investments are not and will not be publicly traded, applicable accounting standards require the Fund to assume as part of the Fund's valuation process that the Fund's investments are sold in a principal market to market participants (even if the Fund plans on holding an investment through its maturity) and impairments of the market values or fair market values of the Fund's investments, even if unrealized, must be reflected in the Fund's financial statements for the applicable period as unrealized depreciation, which could result in a significant reduction to the Fund's net asset value for a given period.

*A significant portion of the Fund's investment portfolio will not have a readily available market price and will be recorded at fair value in accordance with policies and procedures approved by the Board and, as a result, there will be uncertainty as to the value of the Fund's portfolio investments.*

Under the 1940 Act, the Fund is required to carry the Fund's portfolio investments at market value or, if no market value is ascertainable, at fair value in accordance with policies and procedures approved by the board of trustees. There is not a public market for the securities of certain of the companies in which the Fund invests. Many of the Fund's investments are not publicly-traded or actively-traded on a secondary market but are, instead, traded on a privately negotiated over-the-counter secondary market for institutional investors or are not traded at all. As a result, the Adviser, with oversight from the Board, will value these securities quarterly at fair value.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser to perform, subject to board oversight, fair value determinations of the Fund's investments. Certain factors that may be considered in determining the fair value of the Fund's investments include dealer quotes for securities traded on the secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company's earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to comparable companies, discounted cash flows and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, the Fund's determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty, the Fund's fair value determinations may cause the Fund's net asset value on a given date to materially understate or overstate the value that the Fund may ultimately realize upon the sale of one or more of the Fund's investments.

*The Fund is exposed to risks associated with changes in interest rates.*

The Fund is subject to financial market risks, including changes in interest rates. General interest rate fluctuations may have a substantial negative impact on the Fund's investments, investment opportunities and cost of capital and, accordingly, may have a material adverse effect on the Fund's investment objectives, rate of return on invested capital and ability to service the Fund's debt and make distributions to shareholders. Any reduction in the level of interest rates on new investments relative to interest rates on the Fund's current investments could also adversely impact the Fund's net investment income. In addition, an increase in interest rates would make it more expensive to use debt for the Fund's financing needs, if any.

The Fund's investment portfolio will primarily consist of senior secured debt with maturities typically ranging from three to seven years. The longer the duration of these securities, generally, the more susceptible they are to changes in market interest rates. As market interest rates have increased, those securities with a lower yield-at-cost have experienced a mark-to-market unrealized loss. An impairment of the fair market value of the Fund's investments, even if unrealized, must be reflected in the Fund's financial statements for the applicable period and may therefore have a material adverse effect on the Fund's results of operations for that period. A reduction in interest rates may result in both lower interest rates on new investments and higher repayments on current investments with high interest rates, which may have an adverse impact on the Fund's net investment income and results of operations.

Because the Fund incurs indebtedness to make investments, the Fund's net investment income is dependent, in part, upon the difference between the rate at which the Fund borrows funds or pays interest on outstanding debt securities and the rate at which the Fund invests these funds. The recent increases in interest rates have made it more expensive to use debt to finance the Fund's investments and to refinance the Fund's current financing arrangements. In addition, certain of the Fund's financing arrangements provide for adjustments in the loan interest rate along with changes in market interest rates. Therefore, in periods of rising interest rates, the Fund's cost of funds will increase, which could materially reduce the Fund's net investment income. Any reduction in the level of interest rates on new investments relative to interest rates on the Fund's current investments could also adversely impact the Fund's net investment income.

The Fund may structure the majority of its debt investments with floating interest rates to position the Fund's portfolios more favorably for rate increases. However, there can be no assurance that this will successfully mitigate the Fund's exposure to interest rate risk. For example, in rising interest rate environments, payments under floating rate debt instruments generally will rise and there may be a significant number of issuers of such floating rate debt instruments that will be unable or unwilling to pay such increased interest costs and may otherwise be unable to repay their loans. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Investments in floating rate debt instruments may also decline in value in response to rising interest rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, the Fund's fixed rate investments may decline in value because the fixed rate of interest paid thereunder may be below market interest rates.

Furthermore, because a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the Fund's debt investments, an increase in interest rates would make it easier for the Fund to meet or exceed the incentive fee hurdle rate in the investment advisory agreement and may result in a substantial increase of the amount of incentive fees payable to the Adviser with respect to pre-incentive fee net investment income.

*A covenant breach by the Fund's portfolio companies may harm the Fund's operating results.*

A portfolio company's failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity securities that the Fund holds. 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 portfolio company.

*The Fund's portfolio companies may be highly leveraged.*

Some of the Fund's portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to the Fund as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

*The Fund may not realize gains from its equity investments.*

Certain investments that the Fund may make may include equity related securities, such as rights and warrants that may be converted into or exchanged for shares or the cash value of the shares. In addition, the Fund may make direct equity investments in portfolio companies. The equity interests the Fund receives may not appreciate in value and, in fact, may decline in value. Accordingly, the Fund may not be able to realize gains from its equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Fund experiences. The Fund may also be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow the Fund to sell the underlying equity interests. The Fund may be unable to exercise any put rights the Fund acquires which grant the Fund the right to sell its equity securities back to the portfolio company for the consideration provided in the applicable investment documents if the issuer is in financial distress.

*An investment strategy focused primarily on privately-held companies presents certain challenges, including the lack of available information about these companies.*

The Fund's investments are expected to be primarily in privately-held companies. Investments in private companies pose significantly greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. As a result, these companies, which may present greater credit risk than public companies, may be unable to meet the obligations under their debt and equity securities that the Fund holds. Second, the investments themselves often may be illiquid. The securities of most of the companies in which the Fund invests are not publicly-traded or actively-traded on the secondary market and are, instead, traded on a privately negotiated over-the-counter secondary market for institutional investors. In addition, such securities may be subject to legal and other restrictions on resale. As such, the Fund may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal amortization schedule. In addition, in a restructuring, the Fund may receive substantially different securities than its original investment in a portfolio company, including securities in a different part of the capital structure. These investments may also be difficult to value because little public information generally exists about private companies, requiring an experienced due diligence team to analyze and value the potential portfolio company. Finally, these companies often may not have third-party debt ratings or audited financial statements. The Fund must therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules and regulations that govern public companies. If the Fund is unable to uncover all material information about these companies, or receive timely information, the Fund may not make a fully informed investment decision, and the Fund may lose money on its investments.

*A lack of liquidity in certain of the Fund's investments may adversely affect the Fund's business.*

The Fund will invest in certain companies whose securities are not publicly-traded or actively-traded on the secondary market and are, instead, traded on a privately-negotiated over-the-counter secondary market for institutional investors, and whose securities are subject to legal and other restrictions on resale or are otherwise less liquid than publicly-traded securities. The illiquidity of certain of the Fund's investments may make it difficult for the Fund to sell these investments when desired. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund had previously recorded these investments. The reduced liquidity of the Fund's investments may make it difficult for the Fund to dispose of them at a favorable price or at all, and, as a result, the Fund may suffer losses.

*The Fund may not have the funds or ability to make additional investments in its portfolio companies.*

The Fund may not have the funds or ability to make additional investments in its portfolio companies. After the Fund's initial investment in a portfolio company, the Fund may be called upon from time to time to provide additional funds to such company or have the opportunity to increase the Fund's investment through the exercise of a warrant to purchase common stock. There is no assurance that the Fund will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on the Fund's part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for the Fund to increase its participation in a successful operation or may reduce the expected return on the investment.

*Prepayments of the Fund's debt investments by its portfolio companies could adversely impact the Fund's results of operations and reduce its return on equity.*

The Fund is subject to the risk that the investments the Fund makes in its portfolio companies may be repaid prior to maturity. When this occurs, the Fund will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and the Fund could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, the Fund's results of operations could be materially adversely affected if one or more of the Fund's portfolio companies elect to prepay amounts owed to the Fund. Additionally, prepayments, net of prepayment fees, could negatively impact the Fund's return on equity.

*The Fund's investments may include original issue discount and PIK instruments.*

The Fund may invest in original issue discount or PIK instruments. To the extent that the Fund invests in original issue discount or PIK instruments and the accretion of original issue discount or PIK interest income constitutes a portion of their income, the Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

● The higher interest rates on PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

● Original issue discount and PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral;

● An election to defer PIK interest payments by adding them to the principal on such instruments increases the Fund's future investment income which increases the Fund's gross assets and, as such, increases the Adviser's future base management fees which, thus, increases the Adviser's future income incentive fees at a compounding rate;

● Market prices of PIK instruments and other zero coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

● The deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

● Even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

● For accounting purposes, cash distributions to investors representing original issue discount income are not derived from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of original issue discount income may come from the cash invested by investors, the 1940 Act does not require that investors be given notice of this fact;

● Tax legislation requires that certain income be recognized for tax purposes no later than when recognized for financial reporting purposes;

● The required recognition of PIK interest for U.S federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of the Fund's investment company taxable income that may require cash distributions to shareholders in order to maintain the Fund's ability to be subject to tax as a RIC; and

● Original issue discount may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

*The Fund may from time to time enter into total return swaps, credit default swaps, fixed priced swaps or other derivative transactions which expose it to certain risks, including credit risk, market risk, commodity risk, liquidity risk and other risks similar to those associated with the use of leverage.*

The Fund may from time to time enter into total return swaps, credit default swaps or other derivative transactions that seek to modify or replace the investment performance of a particular reference security or other asset. These transactions are typically individually negotiated, non-standardized agreements between two parties to exchange payments, with payments generally calculated by reference to a notional amount or quantity. Swap contracts and similar derivative contracts are not traded on exchanges; rather, banks and dealers act as principals in these markets. These investments may present risks in excess of those resulting from the referenced security or other asset. Because these transactions are not an acquisition of the referenced security or other asset itself, the investor has no right directly to enforce compliance with the terms of the referenced security or other asset and has no voting or other consensual rights of ownership with respect to the referenced security or other asset. In the event of insolvency of a counterparty, the Fund will be treated as a general creditor of the counterparty and will have no claim of title with respect to the referenced security or other asset.

A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the referenced security or other assets underlying the total return swap during a specified period, in return for periodic payments based on a fixed or variable interest rate.

A total return swap is subject to market risk, liquidity risk and risk of imperfect correlation between the value of the total return swap and the debt obligations underlying the total return swap. In addition, the Fund may incur certain costs in connection with a total return swap that could in the aggregate be significant.

A credit default swap is a contract in which one party buys or sells protection against a credit event with respect to an issuer, such as an issuer's failure to make timely payments of interest or principal on its debt obligations, bankruptcy or restructuring during a specified period. Generally, if the Fund sells credit protection using a credit default swap, the Fund will receive fixed payments from the swap counterparty and if a credit event occurs with respect to the applicable issuer, the Fund will pay the swap counterparty par for the issuer's defaulted debt securities and the swap counterparty will deliver the defaulted debt securities to us. Generally, if the Fund buys credit protection using a credit default swap, the Fund will make fixed payments to the counterparty and if a credit event occurs with respect to the applicable issuer, the Fund will deliver the issuer's defaulted securities underlying the swap to the swap counterparty and the counterparty will pay us par for the defaulted securities. Alternatively, a credit default swap may be cash settled and the buyer of protection would receive the difference between the par value and the market value of the issuer's defaulted debt securities from the seller of protection.

Credit default swaps are subject to the credit risk of the underlying issuer. If the Fund is selling credit protection, there is a risk that the Fund will not properly assess the risk of the underlying issuer, a credit event will occur and the Fund will have to pay the counterparty. If the Fund is buying credit protection, there is a risk that the Fund will not properly assess the risk of the underlying issuer, no credit event will occur and the Fund will receive no benefit for the premium paid.

A fixed price swap is a contract between two parties in which settlements are made at a specified time based on the difference between the fixed priced specified in the contract and the referenced settlement price. When the referenced settlement price is less than the price specified in the contract, one party receives an amount from the second party based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeds the price specified in the contract, one party pays the second party an amount based on the price difference multiplied by the volume.

A fixed price swap is subject to commodity risk of the underlying commodity. If the Fund is purchasing fixed price swaps for oil, there is a risk the fixed price the Fund paid to enter the contract for oil will be more than the price of oil at the specified settlement date, and the Fund will owe the counterparty the difference in price multiplied by the volume of the contracted volume.

A derivative transaction is also subject to the risk that a counterparty will default on its payment obligations thereunder or that the Fund will not be able to meet its obligations to the counterparty. In some cases, the Fund may post collateral to secure its obligations to the counterparty, and the Fund may be required to post additional collateral upon the occurrence of certain events such as a decrease in the value of the reference security or other asset. In some cases, the counterparty may not collateralize any of its obligations to the Fund.

Derivative investments effectively add leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. In addition to the risks described above, such arrangements are subject to risks similar to those associated with the use of leverage.

*The Fund may invest through joint ventures, partnerships or other special purpose vehicles and the Fund's investments through these vehicles may entail greater risks, and investments in which the Fund has a non-controlling interest may involve risks specific to third-party management of those investments.*

The Fund may co-invest with third parties through partnerships, joint ventures or other entities, thereby acquiring jointly-controlled or non-controlling interests in certain investments in conjunction with participation by one or more third parties in such investment. The Fund may have interests or objectives that are inconsistent with those of the third-party partners or co-venturers. Although the Fund may not have full control over these investments, and therefore may have a limited ability to protect its position therein, the Fund expects that the Fund will negotiate appropriate rights to protect its interests. Nevertheless, such investments may involve risks not present in investments where a third party is not involved, including the possibility that a third-party partner or co-venturer may have financial difficulties, resulting in a negative impact on such investment, may have economic or business interests or goals which are inconsistent with the Fund's, or may be in a position to take (or block) action in a manner contrary to the Fund's investment objectives or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. Third-party partners or co-venturers may opt to liquidate an investment at a time during which such liquidation is not optimal for the Fund. In addition, the Fund may in certain circumstances be liable for the actions of its third-party partners or co-venturers. In those circumstances where such third parties involve a management group, such third parties may receive compensation arrangements relating to such investments, including incentive compensation arrangements.

**Risks Related to Debt Financing**

*The Fund incurs indebtedness to make investments, which magnifies the potential for gain or loss on amounts invested in the Fund's common shares and may increase the risk of investing in the Fund's common shares.*

The use of borrowings and other types of financing, also known as leverage, magnifies the potential for gain or loss on amounts invested and, therefore, increases the risks associated with investing in the Fund's common shares. When the Fund uses leverage to partially finance its investments, through borrowing from banks and other lenders or issuing debt securities, the Fund, and therefore Fund shareholders, will experience increased risks of investing in the Fund's common shares. Any lenders and debt holders would have fixed dollar claims on the Fund's assets that are senior to the claims of shareholders. If the value of the Fund's assets increases, then leverage would cause the net asset value attributable to common shares to increase more sharply than it would have had the Fund not utilized leverage. Conversely, if the value of the Fund's assets decreases, leverage would cause net asset value to decline more sharply than it otherwise would have had the Fund not utilized leverage. Similarly, any increase in the Fund's income in excess of interest payable on the Fund's indebtedness would cause the Fund's net investment income to increase more than it would without leverage, while any decrease in the Fund's income would cause net investment income to decline more sharply than it would have had the Fund not utilized leverage. Such a decline could negatively affect the Fund's ability to make distributions to shareholders. Leverage is generally considered a speculative investment technique.

In addition, the decision to utilize leverage will increase the Fund's assets and, as a result, will increase the amount of base management fees payable to the Adviser.

*Illustration.* The following table illustrates the effect of leverage on returns from an investment in the Fund's common shares assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i) $2,003,456,000 in total assets, (ii) a weighted average cost of funds of approximately 7.77%, (iii) $500,000,000 in debt outstanding and (iv) $1,503,456,000 in shareholders' equity. In order to compute the "Corresponding return to shareholders," the "Assumed Return on Portfolio (net of expenses)" is multiplied by the assumed total assets to obtain an assumed return to the Fund. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds times the assumed debt outstanding, and the product is subtracted from the assumed return to the Fund in order to determine the return available to shareholders. The return available to shareholders is then divided by shareholders' equity to determine the "Corresponding return to shareholders." Actual interest payments may be different.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assumed Return on Portfolio (net of expenses)** | **(10)%** | **(5)%** | **0%** | **5%** | **10%** |
| Corresponding return to shareholders | (15.91)% | (9.25)% | (2.59)% | 4.08% | 10.74% |

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Similarly, assuming (i) approximately $2,003,456,000 in total assets, (ii) a weighted average cost of funds of approximately 7.77% and (iii) $500,000,000 in debt outstanding, the Fund's assets would need to yield an annual return (net of expenses) of approximately 1.94% in order to cover the annual interest payments on the Fund's outstanding debt.

*The agreements governing the Fund's future debt financing arrangement may contain, various covenants which, if not complied with, could have a material adverse effect on the Fund's ability to meet its investment obligations and to pay distributions to shareholders.*

The agreements governing the Fund's future debt financing arrangement may contain, certain financial and operational covenants. These covenants may require the Fund and its subsidiaries to, among other things, maintain certain financial ratios, including asset coverage and minimum shareholders' equity. Compliance with these covenants depends on many factors, some of which are beyond the Fund's and its subsidiaries' control. In the event of deterioration in the capital markets and pricing levels subsequent to this period, net unrealized depreciation in the Fund's and its subsidiaries' portfolios may increase in the future and could result in non-compliance with certain covenants, or the Fund taking actions which could disrupt the Fund's business and impact its ability to meet its investment objectives.

There can be no assurance that the Fund and its subsidiaries will comply with the covenants under their financing arrangements. Failure to comply with these covenants could result in a default which, if the Fund and its subsidiaries were unable to obtain a waiver, consent or amendment from the debt holders, could accelerate repayment under any or all of the Fund's and its subsidiaries' debt instruments and thereby force the Fund to liquidate investments at a disadvantageous time and/or at a price which could result in losses, or allow the Fund's lenders to sell assets pledged as collateral under the Fund's financing arrangements in order to satisfy amounts due thereunder. These occurrences could have a material adverse impact on the Fund's liquidity, financial condition, results of operations and ability to pay distributions.

**Risks Related to U.S. Federal Income Tax**

*The Fund will be subject to corporate-level income tax if the Fund is unable to qualify as a RIC under Subchapter M of the Code or to satisfy the RIC Annual Distribution Requirements.*

In order for the Fund to qualify as a RIC under Subchapter M of the Code, the Fund must meet the following annual distribution, income source and asset diversification requirements.

● The Annual Distribution Requirement will be satisfied if the Fund distributes to its shareholders on an annual basis at least 90% of its net ordinary income (and its net short-term capital gain in excess of net long-term capital loss, if any). The Fund will be subject to a 4% nondeductible U.S. federal excise tax, however, to the extent that the Fund does not satisfy a calendar year distribution requirement. Because the Fund uses debt financing, they are subject to certain asset coverage ratio requirements under the 1940 Act and are currently, and may in the future become, subject to certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the Annual Distribution Requirement of the requirement to avoid excise tax. If the Fund is unable to obtain cash from other sources, the Fund could fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax or could be subject to income or excise tax on undistributed income.

● The "90% Income Test" will be satisfied if the Fund earns at least 90% of its gross income for each tax year from dividends, interest, gains from the sale of securities or similar sources.

● The "Diversification Tests" will be satisfied if the Fund meets certain asset diversification requirements at the end of each quarter of the Fund's tax year. To satisfy these requirements, at least 50% of the value of the Fund's assets must consist of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of such issuer; and no more than 25% of the value of the Fund's assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of the Fund's investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

The Fund must satisfy these tests on an ongoing basis in order to maintain RIC tax treatment. The Fund may be required to make distributions to shareholders at times when it would be more advantageous to invest cash in the Fund's existing or other investments, or when the Fund does not have funds readily available for distribution. Compliance with the RIC tax requirements may hinder the Fund's ability to operate solely on the basis of maximizing profits and the value of shareholders' investments. Also, the rules applicable to the Fund's qualification as a RIC are complex, with many areas of uncertainty. If the Fund fails to qualify for or maintain RIC tax treatment for any reason and is subject to corporate income tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions. Such a failure may have a material adverse effect on the Fund and on any investment in the Fund. The Code provides certain forms of relief from RIC disqualification due to failures of the 90% Income Test or any of the Diversification Tests, although there may be additional taxes due in such cases. The Fund cannot assure you that the Fund would qualify for any such relief should the Fund fail either the 90% Income Test or any of the Diversification Tests.

*Some of the Fund's investments may be subject to corporate-level income tax.*

The Fund may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. The Fund may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

*The Fund may have difficulty paying its required distributions if it recognizes income before or without receiving cash representing such income.*

For U.S. federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which the Fund does not receive a corresponding payment in cash. For example, the Fund's investments may include debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or debt obligations that were issued with warrants). To the extent original issue discount or PIK interest constitutes a portion of the Fund's income, the Fund must include in taxable income each tax year a portion of the original issue discount or PIK interest that accrues over the life of the instrument, regardless of whether cash representing such income is received by the Fund in the same tax year. The Fund may also have to include in income other amounts that they have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. The Fund anticipates that a portion of its income may constitute original issue discounts or other income required to be included in taxable income prior to receipt of cash. Further, the Fund may elect to amortize market discount and include such amounts in the Fund's taxable income in the current tax year, instead of upon disposition, as not making the election would limit the Fund's ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in the Fund's investment company taxable income for the tax year of the accrual, the Fund may be required to make a distribution to its shareholders in order to satisfy the Annual Distribution Requirement, even though the Fund will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under Subchapter M of the Code. The Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

Furthermore, the Fund may invest in the equity securities of non-U.S. corporations (or other non-U.S. entities classified as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as "passive foreign investment companies" and/or "controlled foreign corporations." The rules relating to investment in these types of non-U.S. entities are designed to ensure that U.S. taxpayers are either, in effect, taxed currently (or on an accelerated basis with respect to corporate level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances, these rules also could require the Fund to recognize taxable income or gains where the Fund does not receive a corresponding payment in cash.

*The Fund's portfolio investments may present special tax issues.*

Investments in below-investment grade debt instruments and certain equity securities 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 debt in equity securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. Such matters could cause the Fund to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require the Fund to make taxable distributions to shareholders to maintain its RIC status or preclude the imposition of either U.S. federal corporate income or excise taxation.

Additionally, because such taxable income may not be matched by corresponding cash received by the Fund, the Fund may be required to borrow money or dispose of other investments to be able to make distributions to shareholders. These and other issues will be considered by the Fund, to the extent determined necessary, in order that the Fund minimizes the level of any U.S. federal income or excise tax that they would otherwise incur.

*If the Fund does not qualify as a "publicly offered regulated investment company," as defined in the Code, you may be taxed as though you received a distribution of some of the Fund's expenses.*

A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the tax year. If the Fund does not qualify as a publicly offered regulated investment company for any tax year, a noncorporate shareholder's allocable portion of the Fund's affected expenses, including management fees, will be treated as an additional distribution to the shareholder and will be deductible by such shareholder only to the extent permitted under the limitations described below. For noncorporate shareholders, including individuals, trusts, and estates, significant limitations generally apply to the deductibility of certain expenses of a non-publicly offered regulated investment company, including management fees. In particular, these expenses, referred to as miscellaneous itemized deductions, are generally not deductible. Although the Fund believes that the Fund will be considered a publicly offered regulated investment company, as defined in the Code, and expects to continue to be treated as "publicly offered" following the listing of the Fund's common shares on the NYSE, there can be no assurance, however, that the Fund will be considered a publicly offered regulated investment company in the future.

*Legislative or regulatory tax changes could adversely affect investors.*

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of the Fund or its shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in shares of the Fund or the value or the resale potential of the Fund's investments.

**Risks Related to an Investment in the Fund's Common Shares**

*The Fund's common shares are not listed on an exchange or quoted through a quotation system. Therefore, shareholders will have limited liquidity and may not receive a full return of invested capital upon selling common shares.*

The Fund's common shares are illiquid assets for which there is not a secondary market. While the Fund intends to list its common shares on the NYSE, until such listing, the Fund's common shares will be illiquid assets for which there will not be a secondary market. There can be no assurance that the listing of Fund's common shares will occur. If the Reorganization is not approved and/or if the listing does not occur, there can be no assurance that the Fund will complete a liquidity event. A liquidity event could include (1) a listing of common shares on a national securities exchange, (2) the sale of all or substantially all of the Fund's assets either on a complete portfolio basis or individually followed by a liquidation or (3) a merger or another transaction approved by the board of trustees in which shareholders likely will receive cash or shares of a publicly-traded company, including potentially a company that is an affiliate of the Fund.

If the Reorganization is completed but the listing does not occur, there can be no assurance that the Fund will adopt a share repurchase program, or, if the Fund does adopt a share repurchase program, what the terms of such program will be. In addition, any shares repurchased pursuant to the Fund's share repurchase program may be purchased at a price which may reflect a discount from the purchase price a shareholder paid for the common shares being repurchased.

*The Fund is not obligated to complete a liquidity event by a specified date; therefore, it will be difficult for an investor to sell his or her common shares.*

While the Fund intends to complete the Reorganization, following which the Fund will seek to list its common shares on a national securities exchange, the Fund is not obligated to complete a liquidity event by a specified date. A liquidity event could include (1) a listing of common shares on a national securities exchange, (2) the sale of all or substantially all of the Fund's assets either on a complete portfolio basis or individually followed by a liquidation, or (3) a merger or another transaction approved by the board of trustees in which shareholders likely will receive cash or shares of a publicly-traded company, including potentially a company that is an affiliate of the Fund. However, there can be no assurance that the Fund will complete a liquidity event by a specified date or at all. If the Fund does not successfully complete a liquidity event, liquidity for an investor's common shares will be limited to the Fund's share repurchase program, if any.

If the Reorganization is completed but the listing does not occur, there can be no assurance that the Fund will adopt a share repurchase program or, if the Fund does adopt a share repurchase program, what the terms of such program will be.

*There is a risk that investors in the Fund's common shares may not receive distributions or that the Fund's distributions may not grow over time.*

The Fund cannot assure shareholders that the Fund will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will be paid at the discretion of the Board and will depend on its earnings, net investment income, financial condition, maintenance of the Fund's RIC status, compliance with applicable 1940 Act regulations and such other factors as the Board may deem relevant from time to time. In addition, due to the asset coverage test applicable to the Fund as closed-end fund, the Fund may be limited in its ability to make distributions.

*The Fund's distribution proceeds may exceed earnings. Therefore, portions of the distributions that the Fund may make may represent a return of capital to shareholders, which lowers their tax basis in their common shares.*

The Fund may pay all or a substantial portion of its distributions from the proceeds of the continuous public offering of common shares or from borrowings in anticipation of future cash flow, which may constitute a return of shareholders' capital and will lower such shareholders' tax basis in their common shares. For instance, if the Reorganization is completed, the Fund expects a portion of the enhanced distributions expected to be paid to shareholders until the achievement of a long-term liquidity event may represent a return of capital to shareholders. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deducting the fees and expenses payable in connection with the offering, including any fees payable to the Adviser. Moreover, a return of capital will generally not be taxable, but will reduce each shareholder's cost basis in their common shares and will thus result in a higher reported capital gain or lower reported capital loss when the common shares on which such return of capital was received are sold.

*The Fund may pay distributions from borrowings or the sale of assets to the extent the Fund's cash flows from operations, net investment income or earnings are not sufficient to fund declared distributions.*

The Fund may fund distributions from the uninvested proceeds of the continuous public offering of common shares and borrowings, and the Fund has not established limits on the amount of funds the Fund may use from such sources to make any such distributions. The Fund may pay distributions from the sale of assets to the extent distributions exceed the Fund's earnings or cash flows from operations.

*A shareholder's interest in the Fund will be diluted if the Fund issues additional common shares, which could reduce the overall value of an investment in the Fund.*

The Fund's investors do not have preemptive rights to any common shares the Fund issues in the future. The Fund's declaration of trust authorizes the Fund to issue an unlimited number of common shares. After an investor purchases common shares, the board of trustees may elect to sell additional common shares in the future, issue equity interests in private offerings or issue share-based awards to the Fund's independent trustees or employees of the Adviser. To the extent the Fund issues additional equity interests after an investor purchases common shares, an investor's percentage ownership interest in the Fund will be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of the Fund's investments, an investor may also experience dilution in the book value and fair value of their common shares.

*Certain provisions of the Fund's declarations of trust and bylaws could deter takeover attempts and have an adverse impact on the value of the Fund's common shares.*

The Fund's declaration of trust and bylaws, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire the Fund. The Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; and the Board may, without shareholder action, amend the Fund's declaration of trust to increase the number of any class or series of the Fund's common shares, that the Fund has authority to issue. In addition a trustee of the Fund may be removed by only a vote of at least two-thirds of the members of the board of trustees who either (a) has been a member of the board of trustees for a period of at least thirty-six months (or since the commencement of the Fund's operations, if less than thirty-six months) or (b) was nominated or appointed to serve as a member of the board of trustees by a majority of the continuing trustees then members of the board of trustees (a "Continuing Trustee"), followed by a vote of the holders of at least three-fourths of the outstanding shares of the Fund. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of the Fund's common shares the opportunity to realize a premium over the value of the Fund's common shares.

**General Risk Factors**

*Future disruptions or instability in capital markets could negatively impact the valuation of the Fund's investments and the Fund's ability to raise capital.*

From time to time, the global capital markets may experience periods of disruption and instability, which could be prolonged and which could materially and adversely impact the broader financial and credit markets, have a negative impact on the valuations of the Fund's investments and reduce the availability to us of debt and equity capital. For example, between 2008 and 2009, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. While market conditions have recovered from the events of 2008 and 2009, there have been continuing periods of volatility. For example, continued uncertainty surrounding the negotiation of trade deals between Britain and the European Union following the United Kingdom's exit from the European Union and uncertainty between the United States and other countries with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets from time to time. There can be no assurance that market conditions will not worsen in the future.

While most of the Fund's investments are not publicly traded, applicable accounting standards require us to assume as part of the Fund's valuation process that the Fund's investments are sold in a principal market to market participants (even if the Fund plans on holding an investment through its maturity) and impairments of the market values or fair market values of the Fund's investments, even if unrealized, must be reflected in the Fund's financial statements for the applicable period, which could result in significant reductions to the Fund's net asset value for the period. With certain limited exceptions, the Fund is only allowed to borrow amounts or issue debt securities if asset coverage, as calculated pursuant to the 1940 Act, meets the applicable 1940 Act requirements. Equity capital may also be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a registered closed-end fund, the Fund is generally not able to issue additional common shares at a price less than net asset value without first obtaining approval for such issuance from shareholders and the independent trustees. If the Fund is unable to raise capital or refinance existing debt on acceptable terms, then the Fund may be limited in the Fund's ability to make new commitments or to fund existing commitments to the Fund's portfolio companies. Significant changes in the capital markets may also affect the pace of the Fund's investment activity and the potential for liquidity events involving the Fund's investments. Thus, the illiquidity of the Fund's investments may make it difficult for us to sell such investments to access capital if required, and as a result, the Fund could realize significantly less than the value at which the Fund has recorded the Fund's investments if the Fund were required to sell them for liquidity purposes.

*Future economic recessions or downturns could impair the Fund's portfolio companies and harm the Fund's operating results.*

Many of the Fund's portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay the Fund's loans or meet other obligations during these periods. Therefore, the Fund's non-performing assets are likely to increase, and the value of the Fund's portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing the Fund's debt investments and the value of the Fund's equity investments. Economic slowdowns or recessions could lead to losses of value in the Fund's portfolio and a decrease in the Fund's revenues, net income, net worth and assets. Unfavorable economic conditions also could increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to us on terms the Fund deems acceptable. These events could prevent us from increasing investments and harm the Fund's operating results. Economic downturns or recessions may also result in a portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders. This could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its assets representing collateral for its obligations, which could trigger cross defaults under other agreements and jeopardize the Fund's portfolio company's ability to meet its obligations under the debt that the Fund holds and the value of any equity securities the Fund owns. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of the Fund's portfolio companies were to go bankrupt, even though the Fund may have structured the Fund's interest as senior debt or preferred equity, depending on the facts and circumstances, a bankruptcy court might recharacterize the Fund's debt or equity holding and subordinate all or a portion of the Fund's claim to those of other creditors.

*Events outside of the Fund's control, including public health crises, could negatively affect the Fund's portfolio companies and the Fund's results of operations.*

Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of the Fund's control. The Fund, the Adviser, and the portfolio companies in which the Fund invests in could be affected by force majeure events (i.e., events beyond the control of the party claiming that the event has occurred, such as acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, labor strikes, major plant breakdowns, pipeline or electricity line ruptures, failure of technology, defective design and construction, accidents, demographic changes, government macroeconomic policies, social instability, etc.). Some force majeure events could adversely affect the ability of a party (including us, the Adviser, a portfolio company or a counterparty to us, the Adviser, or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, force majeure events, such as the cessation of the operation of equipment for repair or upgrade, could similarly lead to the unavailability of essential equipment and technologies. These risks could, among other effects, adversely impact the cash flows available from a portfolio company, cause personal injury or loss of life, including to a senior manager of the Adviser or its affiliates, damage property, or instigate disruptions of service. In addition, the cost to a portfolio company or us of repairing or replacing damaged assets resulting from such force majeure event could be considerable. It will not be possible to insure against all such events, and insurance proceeds received, if any, could be inadequate to completely or even partially cover any loss of revenues or investments, any increases in operating and maintenance expenses, or any replacements or rehabilitation of property. Certain events causing catastrophic loss could be either uninsurable, or insurable at such high rates as to adversely impact us, the Adviser, or portfolio companies, as applicable. Force majeure events that are incapable of or are too costly to cure could have permanent adverse effects. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which the Fund invests or the Fund's portfolio companies operate specifically. Such force majeure events could result in or coincide with: increased volatility in the global securities, derivatives and currency markets; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; less governmental regulation and supervision of the securities markets and market participants and decreased monitoring of the markets by governments or self-regulatory organizations and reduced enforcement of regulations; limited, or limitations on, the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

*The Fund is currently operating in a period of capital markets disruption and economic uncertainty.*

The success of the Fund's activities is affected by general economic and market conditions, including, among others, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and trade barriers. These factors could affect the level and volatility of securities prices and the liquidity of the Fund's investments. Volatility or illiquidity could impair the Fund's profitability or result in losses. These factors also could adversely affect the availability or cost of the Fund's leverage, which would result in lower returns. In addition, the U.S. capital markets have experienced extreme volatility and disruption including certain regional bank failures, and an inflationary economic environment. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets.

These and future market disruptions and/or illiquidity would be expected to have an adverse effect on the Fund's business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit the Fund's investment originations, limit the Fund's ability to grow and have a material negative impact on the Fund's operating results and the fair values of the Fund's debt and equity investments.

*If a period of capital market disruption and instability continues for an extended period of time, there is a risk that investors in the Fund's equity securities may not receive distributions consistent with historical levels or at all or that the Fund's distributions may not grow over time and a portion of the Fund's distributions may be a return of capital.*

The Fund's future ability to pay regular distributions or to pay distributions fully in cash rather than in common shares might be adversely affected by the impact of one or more of the risk factors described herein. If the Fund is unable to satisfy the asset coverage test applicable to us under the 1940 Act as a closed-end fund or if the Fund violates certain covenants under the Fund's existing or future credit facilities or other leverage, the Fund may also be limited in the Fund's ability to make distributions. If the Fund declares a distribution and if more shareholders opt to receive cash distributions rather than participate in the Fund's dividend reinvestment plan, the Fund may be forced to sell some of the Fund's investments in order to make cash distribution payments. To the extent the Fund makes distributions to shareholders that include a return of capital, such portion of the distribution essentially constitutes a return of the shareholder's investment. Although such return of capital may not be taxable, such distributions would generally decrease a shareholder's basis in the Fund's common shares and may therefore increase such shareholder's tax liability for capital gains or reduce their tax loss upon the future sale of such shares. A return of capital distribution may cause a shareholder to recognize a capital gain from the sale of the Fund's common shares even if the shareholder sells its shares for less than the original purchase price.

*Uncertainty about federal government initiatives could negatively impact the Fund's business, financial condition and results of operations.*

There is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events, including the 2024 U.S. presidential election, have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. The presidential administration's changes to U.S. policy may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Fund cannot predict the impact, if any, of these changes to the Fund's business, they could adversely affect the Fund's business, financial condition, operating results and cash flows. Until the Fund knows what policy changes are made and how those changes impact the Fund's business and the business of the Fund's competitors over the long term, the Fund will not know if, overall, the Fund will benefit from them or be negatively affected by them.

*Global economic, political and market conditions may adversely affect the Fund's business, results of operations and financial condition.*

The current global financial market situation, as well as various social and political tensions in the United States and around the world (including the current conflict in Ukraine and Russia and the conflicts in the Middle East) may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the U.S. and worldwide. For example, the impact of downgrades by rating agencies to the U.S. government's sovereign credit rating or its perceived creditworthiness as well as potential government shutdowns and uncertainty surrounding transfers of power could adversely affect the U.S. and global financial markets and economic conditions. Since 2010, several EU countries have faced budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. There is ongoing concern about national-level support for the Euro and the accompanying coordination of fiscal and wage policy among European Economic and Monetary Union member countries. In addition, the fiscal policy of foreign nations, such as Russia and China, may have a severe impact on the worldwide and U.S. financial markets. The U.K.'s decision to leave the EU (the so-called "Brexit") led to volatility in global financial markets. The longer term economic, legal, political and social implications of Brexit remain unclear. Brexit has led to ongoing political and economic uncertainty and periods of increased volatility in both the U.K. and in wider European markets for some time. Brexit could lead to calls for similar referendums in other European jurisdictions, which could cause increased economic volatility in the European and global markets. This mid- to long-term uncertainty could have adverse effects on the economy generally and on the Fund's ability to earn attractive returns. In particular, currency volatility could mean that the Fund's returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential further downgrading of the U.K.'s sovereign credit rating, could also have an impact on the performance of certain investments made in the U.K. or Europe.

The ongoing invasion of Ukraine by Russia and related sanctions have increased global political and economic uncertainty. Because Russia is a major exporter of oil and natural gas, the invasion and related economic sanctions have reduced the supply, and increased the price, of energy, which has a material effect on inflation and may continue to exacerbate ongoing supply chain issues. There is also the ongoing risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Although the Fund has no direct exposure to Russia or Ukraine, the broader consequences of the invasion may have a material adverse impact on the Fund's portfolio and the value of an investment in us. Moreover, sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with the Fund's operations.

Similarly, conflicts in the Middle East, including the conflict between Israel and Hamas, and Israel and Iran, could have a negative impact on the economy and business activity globally, and therefore could adversely impact the performance of the Fund's investments. The severity and duration of any such conflict and its future impact on global economic and market conditions (including, for example, oil prices and/or the shipping industry) are impossible to predict, and as a result, present material uncertainty and risk with respect to us, the performance of the Fund's investments and operations, and the Fund's ability to achieve the Fund's investment objectives. Similar risks exist to the extent that any portfolio companies, service providers, vendors or certain other parties have material operations or assets in the Middle East or the immediate surrounding areas.

The Adviser's financial condition may be adversely affected by a significant general economic downturn and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse effect on the Adviser's businesses and operations (including ours). A recession, slowdown and/or sustained downturn in the global economy (or any particular segment thereof) could have a pronounced impact on us and could adversely affect the Fund's profitability, impede the ability of us and/or the Fund's portfolio companies to perform under or refinance their existing obligations and impair the Fund's ability to effectively deploy the Fund's capital or realize its investments on favorable terms.

Any of the foregoing events could result in substantial or total losses to us in respect of certain investments, which losses will likely be exacerbated by the presence of leverage in a portfolio company's capital structure.

*Changes to United States tariff and import/export regulations may have a negative effect on the Fund's portfolio companies.*

There have been significant changes to United States trade policies, treaties and tariffs, and in the future there may be additional significant changes. These and any future developments, and continued uncertainty surrounding trade policies, treaties and tariffs, may have a material adverse effect on global economic conditions, inflation and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict the Fund's portfolio companies' access to suppliers or customers, increase their supply-chain costs and expenses and could have material adverse effects on the Fund's business, financial condition and results of operations.

*Economic sanction laws in the United States and other jurisdictions may prohibit us and the Fund's affiliates from transacting with certain countries, individuals and companies.*

Economic sanction laws in the United States and other jurisdictions may prohibit us or the Fund's affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if the Fund, the Fund's portfolio companies or other issuers in which the Fund invests were to violate any such laws or regulations, the Fund may face significant legal and monetary penalties.

The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict the Fund's activities, the Fund's portfolio companies and other issuers of the Fund's investments. If an issuer or the Fund were to violate any such laws or regulations, such issuer or the Fund may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or the Fund becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of the Fund's portfolio investments could have a material adverse effect on us. The Fund is committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, the Fund may be adversely affected because of its unwillingness to enter into transactions that violate any such laws or regulations.

**Item 8.4. Other Policies.**

**Investment Strategy**

The Fund will seek to achieve its current investment objectives by focusing on strategies such as direct originations, including innovative capital structure solutions, and broadly syndicated loan and bond transactions, which may include event-driven investments, opportunistic performing credit and special situations. By focusing on these opportunities, the Adviser believes it can create a portfolio that offers high potential income and returns while limiting the Fund's risk. These strategies are described in further detail below.

*Direct Originations*

***Capital Structure Solutions*** **.** Constrained mandates create an opportunity to lend to companies that do not satisfy conventional lending criteria. Non-traditional borrowers include companies without financial sponsors or backed by small or emerging sponsors, businesses in industries that are in transition, overlevered, stressed or distressed businesses and/or companies with unconventional or niche assets. Traditional lenders, whether banks, private credit funds or others, tend to avoid lending to these businesses because of regulations, limited investment mandates or lack of expertise.

Based on prior experience, the Adviser believes that it can offer target portfolio companies a variety of customized financing solutions to meet their capital needs, while providing us with attractive risk-adjusted returns. These solutions are typically highly structured and offer yield premiums compared to traditional blue chip sponsor-based private lending and investments in high yield and broadly syndicated loans. The highly structured nature of the investments can also provide for significant downside protection in the form of strong creditor protections. The Adviser believes that this capital structure solutions investment strategy provides us with an alternative and differentiated capability that diversifies and enhances the Fund's risk-adjusted return profile.

*Broadly Syndicated Loan and Bond Transactions*

***Event-Driven.*** The Fund may seek to take advantage of dislocations that arise in the markets due to an impending event for which the market's apparent expectation of value differs substantially from the view of the Adviser. Event-driven investing requires the Adviser to make judgments concerning, among other things, (i) the likelihood that an event will occur and (ii) the impact such event will have on the value of a company's loans and securities. Such events may include a looming debt maturity or default, merger, spin-off or other corporate reorganization, an adverse regulatory or legal ruling or a material contract expiration, any of which may significantly improve or impair a company's financial position. Event-driven investing depends much more heavily on the Adviser's ability to successfully predict the outcomes of these events than on underlying macroeconomic fundamentals such as the level of interest rates or gross domestic product. As a result, successful event-driven strategies may offer substantial diversification benefits and the ability to generate performance in uncertain market environments. The Fund's investment strategy revolves around a thorough due diligence process and is based on the belief that a deep understanding of companies and the industries in which they operate is critical to generating positive income and returns.

***Opportunistic Performing Credit.*** The Fund will seek to capitalize on market price inefficiencies by investing in loans, bonds and other securities for which the income of such investment reflects a higher risk premium or the market price of such investment reflects a lower value than deemed warranted by the Adviser's fundamental analysis. These opportunities may often be idiosyncratic in nature, as specific issues or complexity related to a prospective investment may drive the excess yield or total return potential. The Adviser believes that market price inefficiencies may occur due to, among other things, a misunderstanding by the market of a particular company or an industry being out of favor with the broader investment community. Market price inefficiencies may also arise from broader market dislocations, which can include broad-based, risk-off sentiment across multiple markets as well as specific technical dislocations within a single market. The Adviser seeks to allocate capital to securities that have been mispriced by the market and that it believes represent attractive investment opportunities.

Idiosyncratic opportunities can generate attractive returns at any point in the credit cycle, with low correlation to credit market indexes. Macro-driven credit cycles can provide an additional source of risk-adjusted return to the investment strategy by increasing the investible universe which is often coupled with market dislocations that creates increased discounts to intrinsic value.

*Other*

Investments may also include other assets or opportunities that are consistent with the Fund's investment approach, provided that such investments are appropriate from a tax, regulatory and operational perspective.

The Fund's flexible strategy across several areas of opportunity allows the Adviser to focus on what the Fund believes are the most attractive opportunities across both the public and private markets at any given point in time. The Fund believes this helps to mitigate timing risk and contributes to consistent deal flow.

When identifying prospective portfolio companies pursuant to the investment strategy described above, the Fund will often focus on the attributes set forth below, which the Fund believes help us generate higher total returns with an acceptable level of risk. While these criteria provide general guidelines for the Fund's investment decisions, the Fund cautions investors that, if the Fund believes the benefits of investing are sufficiently strong, not all of these criteria necessarily will be met by each prospective portfolio company in which the Fund chooses to invest. These attributes are:

● *Deeply-rooted asset value.* The Fund will seek to invest in companies that have significant asset value rather than speculative investments. The Fund focuses on companies that have strong potential for enhancing asset value through factors within their control, such as operating cost reductions and revenue increases driven by improved operations of previously under-performing or under-exploited assets. The Fund expects such investments to have significant collateral coverage and downside protection irrespective of the broader economy.

● *Defensible market positions.* The Fund will seek to invest in companies that have developed strong positions within their sector or sub-sector and exhibit the potential to maintain sufficient cash flows and profitability to service the Fund's investments in a range of economic environments. The Fund will seek companies that can protect their competitive advantages through, among other things, scale, scope, customer loyalty, product pricing or product quality versus their competitors, thereby minimizing business risk and protecting profitability.

● *Proven management teams.* The Fund focuses on companies that have experienced management teams with an established track record of success. The Fund typically requires its portfolio companies to have proper incentives in place, which may include non-cash and performance-based compensation, to align management's goals with ours.

● *Allocation among various issuers, sectors and sub-sectors.* The Fund will seek to allocate its portfolio broadly among issuers, sectors and sub-sectors, thereby attempting to reduce the risk of a downturn in any one company, sector or sub-sector having a disproportionate adverse impact on the value of the Fund's portfolio where possible.

In addition, an exemptive order granted on April 29, 2025 to the Predecessor Fund and certain of its affiliates permits the Fund, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain of the Fund's affiliates ("the FS Order"). The FS Order permits the Fund to co-invest in certain privately negotiated investment transactions with certain affiliates of the Adviser, including FS Credit Opportunities Corp. and FS Credit Income Fund, among others. The Fund believes that the ability to participate in co-investment transactions with other funds under the FS Order will permit it to participate in a broader range of, and allocate a higher percentage of the Fund's portfolio to, secured, directly negotiated investments as the Fund pursues a diversified credit strategy. Following the Reorganization, the Fund intends to rely on the FS Order.

**Investment Types**

The Fund may invest in both private and public U.S. and, to a lesser extent non-U.S., debt and equity securities, including, without limitation, senior secured, second lien and unsecured loans, secured and unsecured bonds, structured products, convertible bonds, preferred stocks and any other type of credit or equity investment that is consistent with the Fund's investment objectives. In making these investments, the Fund may also seek to purchase investments across the investment spectrum that the Adviser believes are mispriced and offer the potential for exceptional risk-adjusted income and returns.

The majority of the Fund's portfolio will be comprised of income-oriented securities of privately-held companies within the United States. Generally, in the long-term, the Fund expects to weight its investments more heavily towards directly originated investments, as this will provide us with the ability to tailor investments to best match a project's or company's needs with the Fund's investment objectives. However, the Fund's investment policy enables the Adviser to opportunistically invest in broadly syndicated investments and dynamically adjust allocations between private and public markets depending on where the risk-adjusted returns are most attractive. The Fund intends to weight its portfolio towards senior secured debt, which the Fund believes offers opportunities for superior risk-adjusted returns and income generation. The Fund's debt investments may take the form of corporate or project loans or bonds, may be secured or unsecured and may, in some cases, be accompanied by yield enhancements. These yield enhancements may include common equity, warrants, options, net profits interests, cash flow participations or other forms of equity participation that can provide additional consideration or "upside" in a transaction. In connection with certain of the Fund's debt investments or any restructurings of these debt investments, the Fund may on occasion receive equity interests, including warrants or options, as additional consideration or otherwise in connection with a restructuring. The Fund may also purchase select positions in equity securities. In addition, a portion of the Fund's portfolio may be comprised of derivatives, including total return swaps, credit default swaps and other swap contracts. The Adviser will seek to tailor the Fund's investment focus as market conditions evolve.

The Adviser intends to focus on the following investment categories: (i) direct originations and (ii) broadly syndicated investments, while being active in its pursuit of opportunities across changing economic and credit cycles. The Fund expects its focus over time will be more heavily weighted towards directly originated investments, though the investment policy enables the Adviser to opportunistically invest in broadly syndicated investments and dynamically adjust allocations between private and public markets depending on where the risk-adjusted returns are most attractive.

*Senior secured debt*

Senior secured debt is situated at the top of the capital structure. Because this debt has priority in payment, it typically carries the lowest risk among all investments in a company. Generally, senior secured debt in which the Fund invests is expected to have a maturity period of three to seven years and have first priority security interests in the assets of the borrower. Senior secured debt may also include second lien debt, which is granted a second priority security interest in the assets of the borrower, meaning that any realization of collateral will generally be applied to pay first lien debt in full before second lien debt positions are paid, and the value of the collateral may not be enough to repay in full both first lien secured debt and second lien secured debt. Generally, the Fund expects that the variable interest rate on its first lien debt will typically range between 3.5% and 9.0% over a standard benchmark, such as the Prime Rate, or the Secured Overnight Financing Rate, or SOFR. The Fund expects that the variable interest rate on second lien debt will range between 6.0% and 12.0% over a standard benchmark. In addition, the Fund may receive additional returns from any yield enhancements the Fund receives in connection with these investments.

*Unsecured debt*

In addition to senior secured debt, the Fund may invest a portion of the Fund's assets in unsecured debt. Unsecured debt is effectively subordinated to first lien and second lien secured debt to the extent of the collateral securing such debt, but is senior to preferred equity and common equity in the capital structure. In return for its junior status compared to first lien and second lien secured debt, unsecured debt typically offers higher returns through both higher interest rates and possible equity ownership in the form of warrants or other yield enhancements, enabling the investor to participate in the capital appreciation of the borrower. Where warrants are received, they typically require only a nominal cost to exercise. The Fund intends to generally target unsecured debt with interest-only payments throughout the life of the security, with the principal due at maturity. Typically, unsecured debt investments have maturities of five to ten years. In normalized markets, the Fund expects these securities to carry a fixed rate or a floating current yield of 4.0% to 10.0% over a standard benchmark. In addition, the Fund may receive additional returns from any warrants or other yield enhancements the Fund receives in connection with these investments. In some cases, a portion of the total interest may accrue or be paid-in-kind, or PIK.

*Equity and equity-related securities*

The Fund holds and may continue to hold select and potentially significant positions in equity securities, including common stock and convertible securities, or other assets that the Fund receives in exchange for the Fund's credit instruments as part of a reorganization or restructuring process, and may hold those assets until such time as the Adviser believes that a disposition is most advantageous. Such assets, to the extent received as part of a reorganization or restructuring process, will be considered "credit instruments" for purposes of the Fund's intention to invest primarily in a portfolio of secured and unsecured floating and fixed rate loans, bonds and other types of credit instruments, which, under normal circumstances, will represent at least 80% of the Fund's total assets.

The Fund may also purchase select positions in equity securities, including common stock and convertible securities. Such assets, to the extent purchased in the market or not received as part of a reorganization or restructuring process, will not be considered "credit instruments" for this purpose.

Preferred equity typically includes a stated value or liquidation preference that is contractually senior to common equity, and may include a dividend or yield feature. Holders of preferred equity can be entitled to a wide range of voting and other rights, depending on the structure of each security. Preferred equity can also include a conversion feature whereby the securities convert into common stock based on established parameters according to set ratios. The Fund will seek to invest in primarily income-oriented equity securities.

Other equity securities are typically subordinated to all other securities within the capital structure and do not have a stated maturity. As compared to more senior securities, equity interests (including preferred equity interests) have greater risk exposure, but also have the potential to provide a higher return.

*Non-U.S. securities*

The Fund may invest in non-U.S. securities, including securities of companies in emerging markets, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the 1940 Act. In addition, investing in securities of companies in emerging markets involves many risks, including potential inflationary economic environments, regulation by foreign governments, different accounting standards, political uncertainties and economic, social, political, financial, tax and security conditions in the applicable emerging market, any of which could negatively affect the value of companies in emerging markets or investments in their securities.

*Investments with Third-Parties*

The Fund may co-invest with third parties through partnerships, joint ventures or other entities, thereby acquiring jointly-controlled or non-controlling interests in certain investments in conjunction with participation by one or more third parties in such investment.

*Structured Products*

The Fund may invest in structured products, which may include collateralized debt obligations, collateralized bond obligations, collateralized loan obligations, structured notes and credit-linked notes. The issuers of such investment products may be structured as trusts or other types of pooled investment vehicles. Such products may also involve the deposit with or purchase by an entity of the underlying investments and the issuance by that entity of one or more classes of securities backed by, or representing interests in, the underlying investments or referencing an indicator related to such investments.

*Derivatives*

The Fund may also invest from time to time in derivatives, such as total return swaps, credit default swaps and other swap contracts. The Fund anticipates that any use of derivatives would primarily be as a substitute for investing in conventional securities or for hedging purposes. Any use of derivatives may subject us to additional risks. See "Risk Factors—Risks Related to the Fund's Investments—The Fund may from time to time enter into total return swaps, credit default swaps, fixed price swaps or other derivative transactions which exposes the Fund to certain risks, including credit risk, market risk, commodity risk, liquidity risk and other risks similar to those associated with the use of leverage."

*Cash and cash equivalents*

The Fund may maintain a certain level of cash or equivalent instruments to make follow-on investments, if necessary, in existing portfolio companies or to take advantage of new opportunities or existing commitments. The Fund may invest its excess funds in money market instruments, commercial paper, certificates of deposit and bankers' acceptances, among other instruments. In addition, and in response to adverse market, economic or political conditions, the Fund may invest in high quality fixed income securities, money market instruments and money market funds or may hold significant positions in cash or cash equivalents for defensive purposes.

**Sources of Income**

The primary means through which the Fund's shareholders may receive a return of value is through interest income, dividends and capital gains generated by the Fund's investments. In addition to these sources of income, the Fund may receive fees paid by the Fund's portfolio companies, including one-time closing fees paid at the time each investment is made. The Adviser has agreed to offset the amount of any structuring, upfront or certain other fees received by the Adviser or its members against the management fees payable by the Fund under the Fund Investment Advisory Agreement. The Adviser may agree to discontinue the offset of such fees in the future. Closing fees typically range from 1.0% to 2.0% of the purchase price of an investment. In addition, the Fund may generate revenues in the form of non-recurring commitment, origination, structuring or diligence fees, consulting fees, prepayment fees and performance-based fees.

**Risk Management**

The Fund will seek to limit the downside potential of its investment portfolio by, among other things:

● applying the Fund's investment strategy guidelines for portfolio investments;

● requiring a total return on investments (including both interest and potential appreciation) that adequately compensates us for credit risk;

● allocating the Fund's portfolio among various issuers, sectors and sub-sectors, size permitting, with an adequate number of companies, across different sectors and sub-sectors, with different types of collateral; and

● negotiating or seeking debt and other securities with covenants or features that protect us while affording portfolio companies flexibility in managing their businesses consistent with preservation of capital, which may include affirmative and negative covenants, default penalties, lien protection, change of control provisions and board rights.

The Fund may also enter into interest rate hedging transactions. Such transactions will enable us to selectively modify interest rate exposure as market conditions dictate.

*Affirmative Covenants*

Affirmative covenants require borrowers to take actions that are meant to ensure the solvency of the company, facilitate the lender's monitoring of the borrower and ensure payment of interest and loan principal due to lenders. Examples of affirmative covenants include covenants requiring the borrower to maintain adequate insurance, accounting and tax records, and to produce frequent financial reports for the benefit of the lender.

*Negative Covenants*

Negative covenants impose restrictions on the borrower and are meant to protect lenders from actions that the borrower may take that could harm the credit quality of the lender's investments. Examples of negative covenants include restrictions on the payment of dividends and restrictions on the issuance of additional debt without the lender's approval. In addition, certain covenants restrict a borrower's activities by requiring it to meet certain earnings interest coverage ratio and leverage ratio requirements. These covenants are also referred to as financial or maintenance covenants.

**Investment Process**

The investment professionals supporting the Adviser have spent their careers developing the experience necessary to invest in private companies. The Fund's current transaction process is highlighted below.

**The Fund's Transaction Process**

*Screening*

The relationships of the Adviser and its affiliates provide us with access to a robust and established pipeline of investment opportunities from a variety of different investment channels, including private equity sponsors, non-sponsored corporates, financial advisors, banks, brokers and family offices. In addition, personnel of the Adviser have long-standing personal contacts who provide us with additional opportunities for directly originated investments. Similarly, substantial in-house technical expertise and recognized brand name in the industry of the Adviser and its affiliates provide a competitive advantage in sourcing, analyzing and executing investment opportunities, as the Adviser is typically able to make independent evaluations of investment opportunities without significant reliance on third-party consultants. Once a potential investment has been identified, the Adviser screens the opportunity and makes a preliminary determination concerning whether to proceed with a more comprehensive deal-level due diligence review.

*Due diligence*

Before purchasing an investment, personnel of the Adviser will conduct a thorough due diligence review of the opportunity to ensure that it fits the Fund's investment strategy and restrictions. The due diligence process may include, among other procedures: (i) an analysis to determine the presence of a catalyst for a corporate event such as a looming debt maturity, default or merger and the likelihood that an event will occur and the impact such event will have on the value of a company's securities; (ii) fundamental analysis to capitalize on market price inefficiencies by investing in securities for which the market price of such investments reflects a higher or lower value than deemed warranted; (iii) operational analysis to identify the key risks and opportunities of the target's business, including a detailed review of historical and projected financial results; (iv) a review of information furnished by the target company and external sources, including rating agencies, if applicable; (v) a review of industry dynamics, the competitive landscape and global macroeconomic conditions affecting the target company; (vi) a detailed analysis of regulatory, tax and legal matters, including applicable local laws and creditors' rights; (vii) on site-visits, as necessary; (viii) in certain circumstances, background checks to further evaluate management and other key personnel; (ix) a review by legal and accounting professionals and environmental and other industry consultants, if necessary; (x) financial sponsor due diligence; and (xi) a review of management's experience and track record.

*Structure iterations and feedback*

If a potential directly originated investment passes the initial review process, the investment team then negotiates preliminary terms with the potential portfolio company. The Fund will seek to maintain flexibility in structuring the form of investments and utilize this flexibility to provide tailor-made financing solutions. The Adviser works to structure investments not only in an effort to maximize returns, create downside protection and create tax efficiencies, but also to ensure compliance with the varying regulatory guidelines governing us as a closed-end fund and a RIC.

*Recommendation and approval process*

Generally, at an appropriate stage of the due diligence process, the deal team will prepare a draft investment recommendation for direct originations, which provides the analysis for the specific investment opportunity and appropriately fosters a process for reviewing the merits of the investment. A final investment recommendation for such investments is submitted to the Adviser's investment committee for review and approval. Each direct origination must be pre-approved by the Adviser's investment committee.

The Adviser's investment committee has the authority to and has delegated its investment authority to certain investment professionals of the Adviser with respect to publicly traded / syndicated investments, provided that the investment types, risk and profiles are within the parameters set by the Adviser's investment committee. The Adviser's investment committee maintains its investment authority for and pre-approves all illiquid investments. On a regular basis, and no less than quarterly, the investment committee reviews individual investment decisions that have been made, the investment portfolio generally, and the investment parameters.

*Execution*

Once the Adviser's investment committee has determined that the portfolio company is suitable for investment, the Adviser works with the management team of the prospective company to finalize the structure and terms of the investment. The Fund believes that structuring transactions appropriately is a key factor to producing strong investment results. Accordingly, the Fund will actively consider transaction structures and seek to process and negotiate terms that provide the best opportunities for superior risk-adjusted returns.

*Post-investment monitoring*

***Portfolio monitoring.*** The Adviser monitors the Fund's portfolio with a focus toward anticipating negative credit events or other adverse outcomes that may affect the value of the Fund's investments. Ongoing due diligence may include closely tracking economic, industry and company trends. To maintain portfolio company performance and help to ensure a successful exit, the Adviser works closely with the lead equity sponsor, loan syndicator, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial requirements, catalysts and events driving an investment thesis and execution of the company's business plan. In addition, depending on the size, nature and performance of the transaction, the Fund may occupy a seat or serve as an observer on a portfolio company's board of directors or similar governing body or seek active participation in the form of representation on creditors' committees, equity holders' committees or other groups. The Fund believes that close contact with management, efficient flow of information and ongoing analysis form the basis of the monitoring process.

Typically, the Adviser receives financial and other reports that may detail information such as operating performance, sales volumes, margins, cash flows, financial position and other key operating metrics on a quarterly basis from the Fund's portfolio companies. The Adviser uses this data, combined with due diligence gained through contact with the company's management, customers, suppliers, competitors, market research, expert networks and other methods, to conduct an ongoing, rigorous assessment of the company's operating performance and prospects.

***Valuation Process.*** The Fund's Board is responsible for overseeing the valuation of the Fund's portfolio investments at fair value as determined in good faith pursuant to the Adviser's valuation policy. As permitted by Rule 2a-5 of the 1940 Act, the Fund's Board has designated the Adviser as the Fund's valuation designee with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser's valuation policy.

**Temporary Investments**

Pending investment in other types of assets as described above, the Fund's investments may consist of cash, cash equivalents, including money market funds, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which the Fund refers to, collectively, as temporary investments. Typically, the Fund will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price that is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of the Fund's assets that may be invested in such repurchase agreements. However, if more than 25% of the Fund's total assets constitute repurchase agreements from a single counterparty, the Fund may not meet the Diversification Tests (as defined below) in order to maintain the Fund's qualification as a RIC for U.S. federal income tax purposes as described under the heading "U.S. Federal Income Tax Considerations—Taxation of the Fund." Thus, the Fund does not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Adviser will monitor the creditworthiness of the counterparties with which the Fund enters into repurchase agreement transactions.

**Investment Restrictions**

The Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, make loans or issue senior securities to the fullest extent permitted by applicable law, including the 1940 Act, the rules or regulations thereunder or applicable orders of the SEC, as such statute, rules, regulations or orders may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Invest no more than 25% of its total assets in a particular industry or group of industries. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities are not considered to represent an industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Underwrite securities to the fullest extent permitted applicable law, including the Securities Act and the 1940 Act, the rules or regulations thereunder or applicable orders of the SEC, as such statutes, rules, regulations or orders may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not purchase or sell real estate, except that the Fund may: (a) acquire or lease office space for its own use, (b) invest in securities and/or other instruments of issuers that invest in real estate or interests therein or that are engaged in or operate in the real estate industry, (c) invest in securities and/or other instruments that are secured by real estate or interests therein, (d) purchase and sell mortgage-related securities and/or other instruments, and (e) hold and sell real estate acquired by the Fund as a result of the ownership of securities and/or other instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell commodities, commodities contracts, futures contracts and related options, options or forward contracts to the fullest extent permitted by applicable law, including the 1940 Act, the rules or regulations thereunder or applicable orders of the SEC, as such statute, rules, regulations or orders may be amended from time to time.

The fundamental investment limitations set forth above restrict the ability of the Fund to engage in certain practices and purchase securities and other instruments other than as permitted by, or consistent with, applicable law, including the 1940 Act. Relevant limitations of the 1940 Act as they presently exist are described below. These limitations are based either on the 1940 Act itself, the rules or regulations thereunder or applicable orders of the SEC. In addition, interpretations and guidance provided by the SEC staff may be taken into account to determine if a certain practice or the purchase of securities or other instruments is permitted by the 1940 Act, the rules or regulations thereunder or applicable orders of the SEC. As a result, the foregoing fundamental investment policies may be interpreted differently over time as the statute, rules, regulations or orders (or, if applicable, interpretations) that relate to the meaning and effect of these policies change, and no vote of shareholders will be required or sought.

*Fundamental Investment Restriction (1)*

Under the 1940 Act, the Fund may only borrow up to one-third of the value of its total assets less liabilities (other than liabilities representing senior securities). For more information on leverage and the risks relating thereto, see "Risk Factors—Leverage Risks."

The 1940 Act also restricts the ability of any closed-end fund to lend. Under the 1940 Act, the Fund may only make loans if expressly permitted to do so by its investment policies, and the Fund may not make loans to persons who control or are under common control with the Fund. Thus, the 1940 Act effectively prohibits the Fund from making loans to certain persons when conflicts of interest or undue influence are most likely present. However, the Fund may make other loans which, if made, would expose shareholders to additional risks, such as the failure of the other party to repay the loan. The Fund retains the flexibility to make loans to the extent permitted by its investment policies, other than loans of securities, which will be limited to 33 1/3% of the total assets of the Fund.

The ability of a closed-end fund to issue senior securities is severely circumscribed by complex regulatory constraints under the 1940 Act that restrict, for instance, the amount, timing, and form of senior securities that may be issued.

The Fund does not presently anticipate issuing any class of senior security that is a share of beneficial interest. Under the 1940 Act, the issuance of any other type of senior security by the Fund is subject to a requirement that provision is made that, (i) if on the last business day of each of 12 consecutive calendar months the asset coverage with respect to the senior security is less than 100%, the holders of such securities voting as a class shall be entitled to elect at least a majority of the Board with such voting right to continue until the asset coverage for such class of senior security is at least 110% on the last business day of each of 3 consecutive calendar months or, (ii) if on the last business day of each of 24 consecutive calendar months the asset coverage for such class of senior security is less than 100%, an event of default shall be deemed to have occurred.

*Fundamental Investment Restriction (2)*

If the Fund were to invest 25% or more of its total assets in a particular industry or group of industries, investors would be exposed to greater risks because the performance of the Fund (as applicable) would be largely dependent on the performance of that industry or group of industries. The Fund define an industry or group of industries by reference to Standard & Poor's GICS codes for industry classifications.

*Altering Investment Restrictions*

The restrictions listed above are fundamental policies of the Fund. Except as described herein, the Fund, as a fundamental policy, may not alter these policies without the approval of the holders of a majority of the outstanding Shares. For purposes of the foregoing, "a majority of the outstanding Shares" means (i) 67% or more of such Shares present at a meeting, if the Shareholders of more than 50% of such Shares are present or represented by proxy, or (ii) more than 50% of such Shares, whichever is less.

Unless otherwise indicated, all limitations applicable to the investments (as stated herein) of the Fund apply only at the time a transaction is entered into. Except as otherwise noted, all percentage limitations set forth above apply immediately after a purchase and any subsequent change in any applicable percentage resulting from market fluctuations does not require any action. With respect to the limitations on the issuance of senior securities and in the case of borrowings, the percentage limitations apply at the time of issuance and on an ongoing basis.

**Item 8.5. Share Price Data.**

Not applicable.

**Item 8.6. Business Development Companies.**

Not applicable.

**Item 9. Management.**

**Item 9.1. General.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Board of Trustees*. The role of the Fund's Board is to provide general oversight of the Fund's business affairs and to exercise all of the Fund's powers except those reserved for the shareholders. The responsibilities of the Board also include, among other things, the oversight of the Fund's investment activities, oversight of the valuation of the Fund's assets, oversight of the Fund's financing arrangements and corporate governance activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Adviser*. Subject to the overall supervision of the Board, the Fund is managed by the Adviser. The Adviser is an SEC-registered investment adviser headquartered in Philadelphia, Pennsylvania.

The Adviser oversees the management of the Fund's operations and is responsible for making investment decisions with respect to the Fund's portfolio. The Adviser acts as the investment adviser to the Fund pursuant to the Investment Advisory Agreement. Pursuant to the Investment Advisory Agreement, the Fund has agreed to pay the Adviser a base management fee, generally paid quarterly in arrears, at an annual rate equal to (i) 1.75% of the average daily value of the Fund's gross assets during such quarter for any quarter ending before the Listing Date, or (ii) 1.50% of the average daily value of the Fund's gross assets during such quarter for any quarter ending after the Listing Date. Effective on the Listing Date and for so long as the Fund is a registered closed-end fund, the Adviser has contractually agreed to waive a portion of the Fund's base management fee such that the base management fee shall not exceed an amount equal to the annual rate of 1.35% of the Fund's average daily gross assets. Amounts waived by the Adviser will not be subject to recoupment from the Fund.

In addition, the Fund will pay the Adviser an incentive fee based on income, calculated and payable quarterly in arrears and, for any quarter ending before the Listing Date, equal to 20.00% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on adjusted capital, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. As a result, the Adviser will not earn this incentive fee for any quarter until the Fund's pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.625%. For purposes of this fee, "adjusted capital" means cumulative gross proceeds generated from sales of common shares by the Fund (including proceeds from its distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Fund's investments paid to shareholders and amounts paid for share repurchases pursuant to the Fund's share repurchase program. Once the Fund's pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a "catch-up" fee equal to the amount of the Fund's pre-incentive fee net investment income in excess of the hurdle rate, until the Fund's pre-incentive fee net investment income for such quarter equals 2.031%, or 8.125% annually, of adjusted capital. This "catch-up" feature will allow the Adviser to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, the Adviser will be entitled to receive 20.0% of the Fund's pre-incentive fee net investment income. For any quarter ending after the Listing Date, the incentive fee on income is calculated and payable quarterly in arrears and equals 20.0% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter subject to a hurdle rate, expressed as a rate of return on net assets, equal to 1.5% per quarter, or an annualized hurdle rate of 6.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Fund's pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.5%. Once the Fund's pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a "catch-up" fee equal to the amount of the Fund's pre-incentive fee net investment income in excess of the hurdle rate, until the Fund's pre-incentive fee net investment income for such quarter equals 1.875%, or 7.5% annually, of net assets. This "catch-up" feature will allow the Adviser to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, the Adviser will be entitled to receive 20.0% of the Fund's pre-incentive fee net investment income.

While the incentive fee on income of the Fund prior to the Listing Date will be subject to a hurdle rate equal to a percentage of "adjusted capital" as defined above, the incentive fee on income of the Fund after the Listing Date will be subject to a hurdle rate expressed as a rate of return on net assets, which will have the effect of making it more likely that the Fund's pre-incentive fee net investment income will exceed the hurdle rate and therefore more likely that the Fund will pay an incentive fee on income.

The Adviser has contractually agreed to waive a portion of the Fund's incentive fee in an amount equal to 10.00% of the Fund's pre-incentive fee net investment income for so long as the Fund is a registered closed-end fund. Additionally, while the waiver is in effect, for purposes of calculating the Fund's incentive fee on income, the Fund's pre-incentive fee net investment income will be subject to a hurdle rate equal to 1.50% per quarter, or 6.0% annualized. Such waiver will remain in effect for so long as the Fund is a registered closed-end fund. As a result, the Adviser will not earn this incentive fee for any quarter until the Fund's pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.5%. Once the Fund's pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a "catch-up" fee equal to the amount of the Fund's pre-incentive fee net investment income in excess of the hurdle rate, until the Fund's pre-incentive fee net investment income for such quarter equals 1.667%, or 6.667% annually, of net assets. This "catch-up" feature will allow the Adviser to recoup the fees foregone as a result of the existence of the hurdle rate. Thereafter, the Adviser will be entitled to receive 10.00% of the Fund's pre-incentive fee net investment income. Amounts waived by the Adviser will not be subject to recoupment from the Fund. The Fund will not pay any capital gains incentive fee.

Because the base management fee is based upon a percentage of the Fund's gross assets, the base management fee will be higher if the Fund employs leverage. Therefore, the Adviser will have a financial incentive to use leverage, which may create a conflict of interest between the Adviser and the common shareholders.

Pursuant to the Investment Advisory Agreement, the Adviser is responsible for managing the portfolio of the Fund in accordance with its stated investment objectives and policies, making investment decisions for the Fund and managing the other business and affairs of the Fund, all subject to the supervision and direction of the Board. In addition, the Adviser furnishes offices, necessary facilities and equipment on behalf of the Fund; provides personnel, including certain officers required for the Fund's administrative management; and pays the compensation of all officers and Trustees of the Fund who are its affiliates.

In addition to the base management fee and the incentive fee, the Fund pays all other costs and expenses of its operations, including the compensation of its Trustees (other than those affiliated with the Adviser); the fees and expenses of the Fund's sub-administrator, custodian, transfer agent and registrar and distribution disbursing agent; legal fees; leverage expenses (if any); rating agency fees (if any); listing fees and expenses; fees 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.

A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement, at a meeting held on March 5, 2025, will be available in the Fund's initial annual or semi-annual report to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Portfolio Management*. The Fund will be managed by three portfolio managers.

Andrew Beckman is a Managing Director and Head of Global Credit at Future Standard. He serves as the Portfolio Manager for the Predecessor Fund, FS Credit Opportunities Corp., FS Tactical Opportunities Fund and FS Credit Income Fund. Previously, Mr. Beckman was a Partner and Head of Corporate Credit and Special Situations at DW Partners, a $3 billion alternative credit manager. Prior to joining DW Partners, he built and managed Magnetar Capital's event-driven credit business and served as Head of Event Credit and Head of its Credit Opportunities Fund. Prior to this, he was a Managing Director and Co-Head of Goldman Sachs' Special Situations Multi-Strategy Investing Group. Earlier in his career, he worked at lnvestcorp International in its North American private equity business and at Salomon Smith Barney in the Investment Bank's Mergers and Acquisitions Group. Mr. Beckman graduated magna cum laude from the University of Pennsylvania's Wharton School of Business, earning a BS in Economics with a concentration in Finance and Management. Mr. Beckman joined Future Standard in 2017.

Nicholas Heilbut serves as a Managing Director for the FS Global Credit business. He serves as a Portfolio Manager and Director of Research for the Predecessor Fund, FS Credit Opportunities Corp., FS Tactical Opportunities Fund and FS Credit Income Fund. Previously Mr. Heilbut was a Managing Director at DW Partners where he focused on investments in stressed and distressed debt. He served as the Head of Research for Magnetar's Event Credit business and the Magnetar Credit Opportunities Fund and was also a member of the Event Driven Investment Committee. Prior to joining Magnetar, Mr. Heilbut worked at Serengeti Asset Management where he was responsible for the firm's investments in financial institutions, health care, media and sovereign debt. He joined Serengeti from Goldman Sachs where he was a Vice President in the firm's Special Situations Group Multi-Strategy Investing business. There, he invested in multiple asset classes including public corporate credit and equities, private corporate credit and equities, drug royalties and distressed financial assets. Mr. Heilbut began his career as an Associate in Donaldson, Lufkin & Jenrette's Mortgage Department. Mr. Heilbut earned a BA in History (Phi Beta Kappa) from the University of Michigan and an MBA from Columbia Business School. Mr. Heilbut joined Future Standard in 2017.

Robert Hoffman serves as Managing Director, Credit Wealth Solutions at Future Standard and is the firm's primary subject matter expert on the corporate credit markets and select alternative investment solutions. He develops key communications and resources to help position and educate on Future Standard's products. He previously served as the firm's Head of Investment Research, leading the team that analyzes the fundamentals behind market movements, macroeconomic trends and the performance of specific industries. Mr. Hoffman has over 20 years of experience in the investment and financial services industry. Most recently, he was an Executive Director at Nomura Corporate Research and Asset Management, Inc., an asset management firm with approximately $20 billion in assets under management. At Nomura, he was responsible for loan portfolio management and trading, and he and his team managed nearly $3 billion in loan assets for retail and institutional clients. Prior to becoming a portfolio manager, he was a senior credit analyst focusing primarily on first- and second-lien

Item 21 provides additional information about the portfolio managers' compensation, other accounts managed and ownership of securities in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Administrator*. The Fund has entered into an administration agreement (the "Administration Agreement") with the Adviser. Pursuant to the Administration Agreement, the Adviser shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Fund, including providing general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities and other administrative services. No separate fee is paid in connection with the services provided pursuant to the Administration Agreement, notwithstanding that the Fund shall reimburse the Adviser no less than quarterly, for all expenses of the Fund incurred by the Adviser as well as the actual cost of goods and services used for or by the Fund and obtained from entities not affiliated with the Adviser. The Adviser shall be reimbursed for the administrative services performed by it on behalf of the Fund; provided, however, that such costs are reasonably allocated to the Fund on the basis of assets, revenues, time allocations or other method conforming with generally accepted accounting principles.

State Street Bank and Trust Company ("State Street"), One Congress Street, Boston, Massachusetts 02114, will provide certain administrative services to the Fund pursuant to a Sub-Administration Agreement among the Fund, the Administrator and State Street. The administrative services provided by State Street will include, but are not limited to, certain fund accounting, financial reporting, tax, corporate governance and compliance and legal administration services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Custodian.* State Street, One Congress Street, Boston, Massachusetts 02114, serves as custodian for the Fund pursuant to a Custodian Agreement with the Fund (the "Custodian Agreement"). Under the Custodian Agreement, State Street, as custodian, will be responsible for, among other things, receipt of and disbursement of funds from the Fund's accounts, establishment of segregated accounts as necessary, and transfer, exchange and delivery of Fund portfolio securities.

SS&C GIDS, Inc., 801 Pennsylvania Ave., Suite 219095, Kansas City, Missouri 64105, serves as the Fund's transfer agent and registrar to the Fund and as distribution disbursing agent for the common shares of the Fund.

*Expenses*. The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund. As described below, however, the Fund bears all other expenses incurred in its business, including amounts that the Fund reimburses to the Adviser for certain administrative services that the Adviser provides or arranges at its expense to be provided to the Fund pursuant to the Administration Agreement.

Expenses borne directly by the Fund include:

● corporate and organization costs relating to offerings of common shares or preferred shares;

● the cost of calculating the Fund's NAV, including the cost of any third-party pricing or valuation services;

● the cost of effecting sales and repurchases of the common shares and other securities;

● the management fees and incentive fees payable to the Adviser;

● investment related expenses (e.g., expenses that, in the Adviser's discretion, are related to the investment of the Fund's assets, whether or not such investments are consummated), including, as applicable, brokerage commissions, borrowing charges on securities sold short, clearing and settlement charges, recordkeeping, interest expense, dividends on securities sold but not yet purchased, margin fees, investment related travel and lodging expenses and research-related expenses and other due diligence expenses;

● professional fees relating to investments, including expenses of consultants, investment bankers, attorneys, accountants and other experts;

● fees and expenses relating to software tools, programs or other technology (including risk management software, fees to risk management services providers, third-party software licensing, implementation, data management and recovery services and custom development costs);

● research and market data (including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining such research and market data);

● all costs and charges for equipment or services used in communicating information regarding the Fund's transactions among the Adviser and any custodian or other agent engaged by the Fund;

● transfer agent and custodial fees;

● fees and expenses associated with marketing efforts;

● federal and any state registration or notification fees;

● federal, state and local taxes;

● fees and expenses of trustees not also serving in an executive officer capacity for the Fund;

● the costs of preparing, printing and mailing reports or other communications, including tender offer correspondence or similar materials, to shareholders;

● fidelity bond, trustees and officers errors and omissions liability insurance and other insurance premiums;

● direct costs such as printing, mailing, long distance telephone and any staff;

● overhead costs, including rent, office supplies, utilities and capital equipment;

● legal expenses (including those expenses associated with preparing public filings, attending and preparing for board meetings, as applicable, and generally serving as counsel to the Funds);

● external accounting expenses (including fees and disbursements and expenses related to the Fund's annual audit and the preparation of the Fund's tax information);

● costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002, as amended;

● all other expenses incurred by the Fund or the Adviser in connection with administering the Fund's business, including expenses incurred by the Adviser in performing administrative services for the Fund and administrative personnel paid by the Adviser, to the extent they are not controlling persons of the Adviser or any of its affiliates, subject to the limitations included in the Fund Investment Advisory Agreement or the Administration Agreement, as applicable; and

● any expenses incurred outside of the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses as provided for in the Fund's organizational documents.

Except as otherwise described herein, the Fund will reimburse the Adviser for any of the above expenses that the Adviser pays on the Fund's behalf, including administrative expenses they incur on the Fund's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Affiliated Brokerage*. Not applicable

**Item 9.2. Non-Resident Managers.**

Not applicable.

**Item 9.3. Control Persons.**

As of the date of this registration statement, no person "controls" the Registrant, as defined under Section 2(a)(9) of the 1940 Act. Prior to the closing of the Reorganization, the Adviser will acquire one or more shares of the Fund in order to take certain actions as the initial sole shareholder of the Fund.

**Item 10. Capital Stock, Long-Term Debt and Other Securities.**

**Item 10.1. Capital Stock.**

**Common Shares**

The Fund is an unincorporated statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust dated as of March 4, 2025. The Fund is authorized to issue an unlimited number of common shares of beneficial interest, par value $0.001 per share. Each common share has one vote and, when issued and paid for in accordance with the terms of the applicable offering, will be fully paid and non-assessable. Though the Fund expects to pay regular distributions on the common shares, the Fund is not obligated to do so. All common shares of the Fund are equal as to distributions, assets and voting privileges and have no conversion, preemptive or other subscription rights. The Fund will send annual and semiannual reports, including financial statements, to all holders of the shares. In the event of liquidation, the Fund's common shares are entitled to its proportion of the Fund's assets after payment of debts and expenses and the amounts payable to holders of the Fund's preferred shares ranking senior to the Fund's common shares as described below.

Offerings of shares require approval by the Fund's Board. Any additional offering of common shares will be subject to the requirements of the 1940 Act, which provides that common shares may not be issued at a price below the then current net asset value, exclusive of sales load, except in connection with an offering to existing holders of common shares or with the consent of a majority of the Fund's common shareholders.

The Fund intends to list its common shares for trading on the NYSE under the symbol "FSSL" following the Reorganization.

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 NYSE or otherwise

Shares of closed-end investment companies often trade on an exchange at prices lower than net asset value. Because the market value of the common shares may be influenced by such factors as dividend and distribution levels (which are in turn affected by expenses), dividend and distribution stability, net asset value, market liquidity, relative demand for and supply of such shares in the market, unrealized gains, general market and economic conditions and other factors beyond the control of the Fund, the Fund cannot assure you that 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.

Subject to the rights of any outstanding preferred shares, the Fund's common shareholders vote as a single class to elect the Board and on additional matters with respect to which the 1940 Act, Delaware law, the governing documents or resolutions adopted by the Boards of Trustees provide for a vote of the Fund's common shareholders.

The Fund is a non-diversified, closed-end management investment company and as such its shareholders do not, and will not, have the right to require the Fund to repurchase their shares. The Fund, however, may repurchase its common shares from time to time as and when it deems such a repurchase advisable, subject to maintaining required asset coverage for any series of outstanding preferred shares.

*Share Repurchases*. As a listed fund, the Fund has no present intention to implement a quarterly share repurchase program. However, as a listed fund, pursuant to the 1940 Act, the Fund may repurchase its common shares on a securities exchange (provided that the Fund has informed its shareholders within the preceding six months of its intention to repurchase such shares) or pursuant to tenders and may also repurchase shares privately if the Fund meets certain conditions regarding, among other things, distribution of net income for the preceding fiscal year, status of the seller, price paid, brokerage commissions, prior notice to shareholders of an intention to repurchase shares and purchasing in a manner and on a basis that does not discriminate unfairly against the other shareholders through their interest in the Fund.

If the Reorganization is completed but the listing does not occur, there can be no assurance that the Fund will adopt a share repurchase program or, if the Fund does adopt a share repurchase program, what the terms of such program will be.

*Book Entry*. The common shares of the Fund will initially be held in the name of Cede & Co. as nominee for the Depository Trust Company ("DTC"). The Fund will treat Cede & Co. as the holder of record of the common shares for all purposes. In accordance with the procedures of DTC, however, purchasers of common shares will be deemed the beneficial owners of shares purchased for purposes of distributions, voting and liquidation rights.

**Preferred Shares**

The Fund's Declaration of Trust provides that the Board may authorize and issue preferred shares with rights as determined by the Board, by action of the Board 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 pursuant to such provision. Whenever preferred shares are outstanding, the holders of common shares will not be entitled to receive any distributions from the Fund unless all accrued distributions on preferred shares have been paid, unless asset coverage (as defined in the 1940 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. If the Board determines to proceed with such an offering, the terms of the preferred shares may be the same as, or different from, the terms described below, subject to applicable law and the Fund's Declaration of Trust. The Board, 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. As of the date hereof, the Fund has not issued any preferred shares.

*Distributions*. Holders of preferred shares will be entitled to receive cash distributions, when, as and if authorized by the Board and declared by the Fund, out of funds legally available therefor. The prospectus for any offering of preferred shares will describe the distributions payment provisions for those shares. Distributions so declared and payable shall be paid to the extent permitted under Delaware law and to the extent available and in preference to and priority over any distribution declared and payable on the common shares.

*Limitations on Distributions*. So long as the Fund has indebtedness outstanding, holders of preferred shares will not be entitled to receive any distributions unless asset coverage (as defined in the 1940 Act) with respect to outstanding indebtedness would be at least 300% after giving effect to such distributions

*Liquidation Preference.* In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of preferred shares will be entitled to receive a preferential liquidating distribution, which is expected to equal the original purchase price per preferred share plus accrued and unpaid distributions, whether or not declared, before any distribution of assets is made to holders of common shares. 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.

*Voting Rights.* The 1940 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 of distributions on any preferred shares are unpaid. The 1940 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 (i) adopt any plan of reorganization that would adversely affect the preferred shares, and (ii) take any action requiring a vote of security holders under Section 13(a) of the 1940 Act, including, among other things, changes in the Fund's sub-classification as a closed-end fund or changes in its fundamental investment restrictions. As a result of these voting rights, the Fund's ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding.

**Debt Securities**

The Fund's Board (subject to applicable law and the Fund's 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 deems appropriate. The Fund currently does not expect to issue any other classes of shares, or series of shares, except for common shares.

Under Delaware law and the Fund's Declaration of Trust, the Board may cause the Fund to borrow money, without prior approval of holders of common and preferred shares to the extent permitted by the Fund's investment restrictions and the 1940 Act. The Fund may issue debt securities or other evidence of indebtedness (including bank borrowings or commercial paper) and may secure any such notes or borrowings by mortgaging, pledging or otherwise subjecting as security Fund assets to the extent permitted by the 1940 Act or rating agency guidelines. Any borrowings will rank senior to the preferred shares and the common shares. Under the 1940 Act, the Fund may only issue one class of senior securities representing indebtedness.

*Limitations*. Under the requirements of the 1940 Act the Fund, immediately after any issuance of debt securities, must have "asset coverage" of at least 300% (i.e., for every dollar of Indebtedness outstanding, the Fund is required to have at least three dollars of assets). The issuance of debt securities also may result in the Fund being subject to covenants that may be more stringent than the restrictions imposed by the 1940 Act.

*Voting Rights*. Debt securities are not expected to have any voting rights, except to the extent required by law or as otherwise provided in any documents governing the debt securities. The 1940 Act does, in certain circumstances, grant to the lenders certain voting rights in the event of default in the payment of interest on or repayment of principal.

**Distributions**

Following the listing, subject to applicable legal restrictions and the sole discretion of the Board, the Fund intends to declare and pay regular cash distributions on a monthly or quarterly basis in 2025, as determined by the Board, and on a monthly basis commencing in January 2026.

From time to time, the Fund may also pay special interim distributions in the form of cash or common shares at the discretion of the Board. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Board.

During certain periods, the Fund's distributions may exceed the Fund's earnings. As a result, it is possible that a portion of the distributions the Fund makes may represent a return of capital. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from the Fund's investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will generally be mailed to the Fund's shareholders.

The Fund intends to make the Fund's regular distributions in the form of cash, out of assets legally available for distribution, except for those shareholders who receive their distributions in the form of common shares of the Fund under the Fund's distribution reinvestment plan. Any distributions reinvested under the plan will nevertheless remain taxable to a U.S. shareholder.

The Fund intends to qualify annually to be subject to tax as a RIC under Subchapter M of the Code. In order to maintain RIC tax treatment, the Fund must, among other things, make distributions treated as dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the Fund's investment company taxable income, determined without regard to any deduction for distributions paid, each tax year. As long as the distributions are declared by the later of the fifteenth day of the ninth month following the close of a tax year or the extended due date of the tax return for such tax year, including extensions, distributions paid up to twelve months after the current tax year generally can be carried back to the prior tax year for determining the distributions paid in such tax year. The Fund intends to make sufficient distributions treated as dividends for U.S. federal income tax purposes to the Fund's shareholders to qualify for and maintain the Fund's RIC tax status each tax year. The Fund is also subject to a 4% nondeductible federal excise taxes on certain undistributed income unless the Fund makes distributions in a timely manner to the Fund's shareholders generally of an amount at least equal to the sum of (1) 98% of the Fund's net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the Fund's capital gain net income, which is the excess of capital gains in excess of capital losses, or "capital gain net income" (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) any net ordinary income and capital gain net income for the preceding years that were not distributed during such years and on which the Fund incurred no U.S. federal income tax. Any distribution treated as dividends for U.S. federal income tax purposes that is declared by the Fund during October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by the Fund, as well as received by the Fund's U.S. shareholders, on December 31 of the calendar year in which the distribution was declared. The Fund can offer no assurance that the Fund will achieve results that will permit the Fund to pay any cash distributions.

If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes the Fund to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Fund's borrowings.

Pursuant to the Fund's distribution reinvestment plan, the Fund will reinvest all cash dividends or distributions declared by the Board on behalf of shareholders who do not elect to receive their distributions in cash. As a result, if the Board of Trustees declares a distribution, then shareholders who have not elected to "opt out" of the Fund's distribution reinvestment plan will have their distributions automatically reinvested in additional Fund common shares. Shareholders who elected to "opt out" of the Predecessor Fund's distribution reinvestment plan and who wish opt out of the Fund's distribution reinvestment plan must make a new election.

**Determination of Net Asset Value**

Prior to the Listing Date, Fund will determine its net asset value ("NAV") per common share quarterly. Following the Listing Date, the Fund intends to determine its NAV per common share on each day that the NYSE is open for business as of the close of the regular trading session on the NYSE. The Fund will calculate its NAV per common share by subtracting liabilities (including accrued expenses and distributions) from its total assets (the value of securities, plus cash and other assets, including interest and distributions accrued but not yet received) and dividing the result by the total number of outstanding common shares.

The Board is responsible for overseeing the valuation of the Fund's portfolio investments at fair value as determined in good faith pursuant to the Adviser's valuation policy (the "Valuation Policy"). Under the Valuation Policy, the Board has designated the Adviser to be the Fund's valuation designee, with day-to-day responsibility for implementing the portfolio's valuation process set forth in the Valuation Policy subject to the oversight of the Board. The audit committee of the Board is responsible for overseeing the Adviser's implementation of the Fund's valuation process. Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Adviser has adopted methods for determining the fair value of such securities and other assets, pursuant to the responsibility for applying such fair valuation methods that has been designated to it by the Board. In connection with the valuation process, the Board receives valuation reports from the Adviser as valuation designee on a quarterly basis.

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC Topic 820"), issued by the Financial Accounting Standards Board, or FASB, clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Fund expect that its portfolio will primarily consist of securities listed or traded on a recognized securities exchange or automated quotation system, or exchange-traded securities, or securities traded on a privately negotiated over-the-counter secondary market for institutional investors for which indicative dealer quotes are available, or over-the-counter ("OTC") securities. The Fund also may invest in certain illiquid securities issued by private companies and/or thinly traded public companies. These investments are generally subject to restrictions on resale and ordinarily have not established a trading market.

For purposes of calculating NAV, the Adviser, in its capacity as valuation designee on behalf of the Fund, uses the following valuation methods:

● The market value of each exchange-traded security is the last reported sale price at the relevant valuation date on the composite tape or on the principal exchange on which such security is traded.

● If no sale is reported for an exchange-traded security on the valuation date or if a security is an OTC security, the Fund values such investments using quotations obtained from an approved independent third-party pricing service, which provides prevailing bid and ask prices that are screened for validity by such service from dealers on the valuation date. If a quoted price from such pricing service is deemed by the Adviser to be unreliable (and therefore, not readily available), the Adviser may recommend that the investment may be fair valued by some other means, including, but not limited to, a valuation provided by an approved independent third-party valuation service or by the Adviser's Fair Value Committee (the "Fair Value Committee"). For investments for which an approved independent third-party pricing service is unable to obtain quoted prices, the Fund may obtain bid and ask prices directly from dealers who make a market in such securities. In all cases, investments are valued at the mid-point of the prevailing bid-ask range obtained from such sources unless there is a compelling reason to use some other value within the bid-ask range and the justification thereof is documented and retained by the Adviser.

● To the extent that the Fund holds investments for which no active secondary market exists and, therefore, no bid and ask prices can be readily obtained, the Fund will value such investments at fair value as determined in good faith by the Adviser, under the oversight of the Board, in accordance with the Valuation Policy. In making such determination, it is expected that the Adviser may rely upon valuations obtained from an approved independent third-party valuation service. With respect to these investments for which market quotations are not readily available, the Fund undertakes a multi-step valuation process each quarter, as described below:

● The quarterly fair valuation process begins with the Adviser facilitating the delivery of updated quarterly financial and other information relating to each investment to the independent third-party valuation service;

● The independent third-party valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each investment according to the valuation methodologies in the Valuation Policy and communicates the information to the Advisor in the form of a valuation range;

● The Adviser then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party valuation service and any suggested revisions thereto prior to the independent third-party valuation service finalizing its valuation range;

● The Adviser then provides the audit committee of the Board with valuation-related information for each investment along with any applicable supporting materials and other information that is relevant to the fair valuation process;

● The audit committee of the Board meets with the Adviser to receive the relevant quarterly reporting and to discuss any questions from the audit committee in connection with the audit committee's role in overseeing the fair valuation process; and preliminary valuations will then be presented to and discussed with the audit committee of the Board;

● Following the completion of fair valuation oversight activities, the audit committee of the Board, with assistance from the Adviser, provides the Board with a report regarding the quarterly valuation process.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Fund's consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on the Fund's consolidated financial statements. In making its determination of fair value, the Adviser may use any independent third-party pricing or valuation service, for which it has performed the appropriate level of due diligence. However, the Adviser shall not be required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by the Adviser, or from any approved independent third-party valuation or pricing service, that the Adviser deems to be reliable in determining fair value under the circumstances.

Below is a description of factors that the Adviser, any approved independent third-party valuation service and the audit committee of the Board may consider when determining the fair value of the Fund's investments.

The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company's business in order to establish whether the portfolio company's enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach.

Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, the Fund may incorporate these factors into discounted cash flow models to arrive at fair value. Other factors that may be considered include the borrower's ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the borrower's debt.

For convertible debt securities, fair value will generally approximate the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used.

Valuation of Collateralized Loan Obligation, or CLO, subordinated notes considers a variety of relevant factors, including recent purchases and sales known to the Adviser in similar securities and output from a third-party financial model. The third-party financial model contains detailed information on the characteristics of CLOs, including recent information about assets and liabilities, and is used to project future cash flows. Key inputs to the model include assumptions for future loan default rates, recovery rates, prepayment rates, reinvestment rates and discount rates. These are determined by considering both observable and third-party market data and prevailing general market assumptions and conventions.

The Fund's equity interests in companies for which there is no liquid public market are valued at fair value. Generally, the value of the Fund's equity interests in public companies for which market quotations are readily available will be based upon the most recent closing public market price.

When the Fund receives warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. The Board will subsequently value the warrants or other equity securities received at fair value.

When utilized, derivatives will be priced in the same manner as securities and loans, i.e. primarily by approved independent third-party pricing services, or secondarily through counterparty statements if there are no prices available from such pricing services. With respect to credit derivatives, where liquidity is limited due to the lack of a secondary market for the underlying reference obligation and where a price is not provided by an approved independent third-party pricing service, such derivatives will be valued after considering, among other factors, the valuation provided by the counterparty with which the Fund has established the position. For other over-the-counter derivatives, the value of the underlying securities, among other factors, will be reviewed and considered by the Adviser in determining the appropriate fair value.

Forward foreign currency exchange contracts typically will be valued at their quoted daily prices obtained from an independent third party. Swaps (other than centrally cleared) typically will be valued using valuations provided by an approved independent third-party pricing service. Such valuations generally will be based on the present value of fixed and projected floating rate cash flows over the term of the swap contract and, in the case of credit default swaps, generally will be based on credit spread quotations obtained from broker-dealers and expected default recovery rates determined by the approved independent third-party pricing service using proprietary models. Future cash flows will be discounted to their present value using swap rates provided by electronic data services or by broker-dealers. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. The aggregate settlement values and notional amounts of the forward foreign currency exchange contracts and swap contracts are not recorded in the consolidated statement of assets and liabilities. Fluctuations in the value of the forward foreign currency exchange contracts and swap contracts are recorded in the consolidated statement of assets and liabilities as an asset (liability) and in the consolidated statement of operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as net realized gains (losses).

**Distribution Reinvestment Plan**

Pursuant to the Fund's Distribution Reinvestment Plan (the "DRP"), following the listing of the common shares of the Fund, the Fund will reinvest all cash dividends or distributions declared by the Board on behalf of shareholders who do not elect to receive their distributions in cash. As a result, if the Board declares a distribution, then shareholders who have not elected to "opt out" of the DRP will have their distributions automatically reinvested in additional common shares of the Fund.

Following the listing of the common shares of the Fund on the NYSE, the Fund's DRP will become effective, and with respect to each distribution pursuant to the DRP, the Fund reserves the right to either issue new common shares or purchase common shares in the open market in connection with implementation of the DRP. Unless the Fund, in its sole discretion, otherwise directs the plan administrator, (A) if the per share market price (as defined in the DRP) is equal to or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Fund's common shares on the payment date for the distribution, then the Fund will issue common shares at the greater of (i) net asset value per share or (ii) 95% of the market price; or (B) if the per share market price is less than the net asset value per share, then, in the sole discretion of the Fund, (i) common shares will be purchased in open market transactions for the accounts of participants to the extent practicable, or (ii) the Fund will issue common shares at net asset value per share. Pursuant to the terms of the DRP, the number of common shares to be issued to a participant will be determined by dividing the total dollar amount of the distribution payable to a participant by the price per share at which the Fund issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participant based on the average purchase price, excluding any brokerage charges or other charges, of all common shares purchased in the open market.

If a shareholder receives distributions in the form of common shares pursuant to the DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if it elected to receive distributions in cash. If the Fund's common shares are trading at or below net asset value, a shareholder receiving distributions in the form of additional common shares 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. If the Fund's common shares are trading above net asset value, a shareholder receiving distributions in the form of additional common shares will be treated as receiving a distribution in the amount of the fair market value of the Fund's common shares. The shareholder's basis for determining gain or loss upon the sale of common shares received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder. Any common shares received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the common shares are credited to the shareholder's account.

The Fund reserves the right to amend, suspend or terminate the DRP. A shareholder may terminate its account under the DRP by notifying the plan administrator in writing. All correspondence concerning the DRP should be directed to the plan administrator by mail at New FS Specialty Lending Fund, c/o SS&C GIDS, Inc. A shareholder may obtain a copy of the DRP by request to the plan administrator or by contacting the Fund.

**Certain Provisions of the Governing Documents**

The Fund presently has provisions in its governing documents which could have the effect of limiting, in each case, (i) the ability of other entities or persons to acquire control of the Fund, (ii) the Fund's freedom to engage in certain transactions or (iii) the ability of the Fund's trustees or shareholders to amend the governing documents or effectuate changes in the Fund's management. These provisions of the governing documents of the Fund may be regarded as "anti-takeover" provisions.

Following the listing, the Board will be divided into three classes, each having a term of no more than three years (except, to ensure that the term of a class of the Fund's trustees expires each year, one class of the Fund's trustees will serve an initial one-year term and three-year terms thereafter and another class of its trustees will serve an initial two-year term and three-year terms thereafter). Each year the term of one class of trustees will expire. Accordingly, only those trustees in one class may be changed in any one year, and it would require a minimum of two years to change a majority of the Board. Such system of electing trustees may have the effect of maintaining the continuity of management and, thus, make it more difficult for the shareholders of the Fund to change the majority of trustees. A trustee of the Fund may be removed only for cause by action taken by at least 66 2/3% of the remaining Continuing Trustees followed by the holders of at least 75% of the outstanding shares then entitled to vote in an election of such trustee.

Under the Fund's Bylaws, advance notice to the Fund of any shareholder proposal is required, potential nominees to the Board must satisfy a series of requirements relating to, among other things, potential conflicts of interest or relationships and fitness to be a trustee of a closed-end fund in order to be nominated or elected as a trustee and any shareholder proposing the nomination or election of a person as a trustee must supply significant amounts of information designed to enable verification of whether such person satisfies such qualifications. Special trustee and shareholder voting requirements apply to mergers, consolidations or the sale of all or substantially all of the Fund's assets, liquidation, conversion of the Fund into an open-end fund and amendments to several provisions of the Fund's Declaration of Trust, including the foregoing provisions. Such special voting requirements, which have been considered and determined to be in the best interests of shareholders by the trustees of the Fund, are greater than the voting requirements imposed by the 1940 Act and applicable Delaware law.

The provisions of the Fund's governing documents described above could have the effect of depriving the owners of shares of the Fund of opportunities to sell their shares at a premium over prevailing market prices, by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction. The overall effect of the provisions is to render more difficult the accomplishment of a merger or the assumption of control by a principal shareholder.

*Delaware Control Share Statute*. Because the Fund is organized as a Delaware statutory trust, upon the listing of its shares on the NYSE, it will be subject to the control share statute (the "Control Share Statute") contained in Subchapter III of the Delaware Statutory Trust Act (the "DSTA"), which became automatically applicable to listed closed-end funds upon its effective date of August 1, 2022.

The Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. These thresholds are:

● 10% or more, but less than 15% of all voting power;

● 15% or more, but less than 20% of all voting power;

● 20% or more, but less than 25% of all voting power;

● 25% or more, but less than 30% of all voting power;

● 30% or more, but less than a majority of all voting power; or

● a majority or more of all voting power.

Voting power is defined by the Control Share Statute as the power to directly or indirectly exercise or direct the exercise of the voting power of Fund shares in the election of trustees. Whether a voting power threshold is met is determined by aggregating the holdings of the acquirer as well as those of its "associates," as defined by the Control Share Statute.

Once a threshold is reached, an acquirer has no voting rights under the DSTA or the governing documents of the Fund with respect to shares acquired in excess of that threshold (i.e., the "control shares") unless the restoration of voting rights is approved by shareholders. Approval by shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as shares held by certain insiders of the Fund. The Control Share Statute provides procedures for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to control shares. Further approval by the Fund's shareholders would be required with respect to additional acquisitions of control shares above the next applicable threshold level.

The Control Share Statute effectively allows non-interested shareholders to evaluate the intentions and plans of an acquiring person above each threshold level.

Alternatively, the Board is permitted, but not obligated, to exempt specific acquisitions or classes of acquisitions of control shares, either in advance or retroactively. The Board has considered the Control Share Statute and the impact of the Control Share Statute on Fund shareholders and the market for the shares of the Fund following the Reorganization. As of the date hereof, the Board of has not received notice of the occurrence of a control share acquisition nor has been requested to exempt any acquisition. Therefore, the Board has not determined whether the application of the Control Share Statute to an acquisition of Fund shares is in the best interest of the Fund and its shareholders and has not exempted any acquisition or class of acquisitions and, based on the Board's evaluation of the costs and benefits of the Control Share Statute, has no present intention to exempt any acquisition or class of acquisitions.

If the Board receives a notice of a control share acquisition and/or a request to exempt any acquisition, it will consider whether the application of the Control Share Statute or the granting of such an exemption would be in the best interest of the Fund and its shareholders. The Fund should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

The Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any information that the Board reasonably believes is necessary or desirable to determine whether a control share acquisition has occurred.

Some uncertainty around the general application under the 1940 Act of state control share statutes exists as a result of recent federal and state court decisions that have found that certain control share by-laws adopted by certain closed-end funds and the opting in by certain closed-end funds to state control share statutes violated the 1940 Act. Additionally, in some circumstances uncertainty may also exist in how to enforce the control share restrictions contained in state control share statutes against beneficial owners who hold their shares through financial intermediaries. The Board has considered the Control Share Statute, the impact of the Control Share Statute on Fund shareholders and the market for the shares of the Fund following the Reorganization, and the uncertainty around the general application under the 1940 Act of the state control share statutes and enforcement of state control share statues. The Board intends to continue to monitor developments relating to the Control Share Statute and the state control share statutes generally.

The foregoing is only a summary of certain aspects of the Control Share Statute. Shareholders should consult their own legal counsel to determine the application of the Control Share Statute with respect to their shares of the Fund and any subsequent acquisitions of shares.

**Limitation of Trustees' and Officers' Liability**

Under the Fund's declaration of trust and bylaws, and under Delaware law, the Trustees, officers, employees and certain agents of the Fund are entitled to indemnification under certain circumstances against liabilities, claims and expenses arising from any threatened, pending or completed action, suit or proceeding to which they are made parties by reason of the fact that they are or were such Trustees, officers, employees or agents of the Fund, subject to the limitations of the 1940 Act that prohibit indemnification that would protect such persons against liabilities to the Fund or its shareholders to which they would otherwise be subject by reason of their own bad faith, willful misfeasance, gross negligence or reckless disregard of duties.

**Item 10.2. Long-Term Debt.**

Not applicable. The Fund has not issued any long-term debt.

**Item 10.3. General.**

Not applicable.

**Item 10.4. Taxes.**

The following is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of common shares of the Fund that are received by Predecessor Fund shareholders pursuant to the Reorganization. This summary reflects applicable income tax laws of the United States as of the date hereof, which are subject to change by legislative, judicial or administrative action, and any change may be retroactive. The discussion does not purport to deal with all of the U.S. federal income tax consequences applicable to the Fund, or which may be important to particular shareholder in light of their individual investment circumstances or to shareholders subject to special tax rules, such as shareholders subject to the alternative minimum tax, financial institutions, broker-dealers, insurance companies, tax-exempt organizations, shareholder whose "functional currency" is not the U.S. dollar, persons who have elected mark-to-market treatment for their shares, partnerships or other pass-through entities, persons holding common stock in connection with a hedging, straddle, conversion or other integrated transaction, persons engaged in a trade or business in the United States, persons who have ceased to be U.S. citizens or to be taxed as resident aliens, persons that own or have owned, actually or constructively, 5% or more of any class or series of stock of the Fund, and persons subject to special rates of withholding or other U.S. taxation. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. This discussion assumes that the shareholder holds its shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). No attempt is made to present a detailed explanation of all U.S. federal income tax aspects affecting the Fund and its shareholders, and the discussion set forth herein does not constitute tax advice. No ruling has been or will be sought from the IRS regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects set forth below.

In view of the complexity of the tax matters relating to the Fund, the tax consequences of an investment in its shares will depend on the investor's particular situation. Shareholders are urged to consult their tax advisors to determine the U.S. federal, state, local and foreign tax consequences to them of investing in the Fund's shares.

**Taxation of the Fund**

The Fund intends to qualify to be taxed as a RIC under the Code. To qualify as a RIC, the Fund must, among other things, (a) qualify to be treated as a business development company or be registered as a management investment company under the 1940 Act at all times during its taxable year; (b) derive in each taxable year at least 90% of its gross income from dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income (including but not limited to gain from options, futures and forward contracts) derived with respect to the Fund's business of investing in stock, securities or currencies, or net income derived from an interest in a "qualified publicly traded partnership" (a "QPTP"); and (c) diversify the Fund's holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the market value of the Fund's total assets is represented by cash and cash items, U.S. Government securities, the securities of other regulated investment companies and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the market value of the Fund's total assets is invested in the securities (other than U.S. Government securities and the securities of other RICs) (A) of any issuer, (B) of any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses, or (C) of one or more QPTPs. The Fund may generate certain income that might not qualify as good income for purposes of the 90% annual gross income requirement described above. The Fund intends to monitor its transactions to endeavor to prevent its disqualification as a RIC.

For purposes of determining whether the Fund satisfies the 90% gross income test described in clause (b) above, the character of the Fund's distributive share of items of income, gain and loss derived through any subsidiary or investment that is classified as a partnership for U.S. federal income tax purposes (other than a QPTP) generally will be determined as if the Fund realized such tax items directly.

If the Fund fails to satisfy the 90% annual gross income requirement or the asset diversification requirements discussed above in any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the asset diversification requirements where the Fund corrects the failure within a specified period. If the applicable relief provisions are not available or cannot be met, all of the Fund's income would be subject to corporate-level U.S. federal income tax as described below. The Fund cannot provide assurance that the Fund would qualify for any such relief should the Fund fail the 90% annual gross income requirement or the asset diversification requirements discussed above.

As a RIC, for any taxable year with respect to which the Fund timely distributes at least 90% of the sum of the Fund's (i) investment company taxable income (which includes, among other items, dividends, interest and the excess of any net short-term capital gain over net long-term capital loss and other taxable income (other than any net capital gain), reduced by deductible expenses) determined without regard to the deduction for dividends and distributions paid and (ii) net tax exempt interest income (which is the excess of the Fund's gross tax exempt interest income over certain disallowed deductions) (the "Annual Distribution Requirement"), the Fund (but not its stockholders) generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gain (generally, net long-term capital gain in excess of short-term capital loss) that the Fund timely distributes to its stockholders. To the extent that the Fund retains net capital gain for investment or any investment company taxable income, the Fund will be subject to U.S. federal income tax at regular corporate income tax rates. The Fund may choose to retain net capital gains for investment or any investment company taxable income, and pay the associated U.S. federal corporate income tax, including the U.S. federal excise tax described below.

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 payable by the Fund. To avoid this tax, the Fund must distribute (or be deemed to have distributed) during each calendar year an amount equal to the sum of: (1) at least 98% of the Fund's ordinary income (not taking into account any capital gains or losses) for the calendar year; (2) at least 98.2% of the amount by which the Fund's capital gains exceed its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made by the Fund to use its taxable year); and (3) certain undistributed amounts from previous years on which the Fund paid no U.S. federal income tax. No assurance can be given that sufficient amounts of the Fund's taxable income and capital gains will be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the tax only on the amount by which the Fund does not meet the foregoing distribution requirement.

If, in any particular taxable year, the Fund does not satisfy the Annual Distribution Requirement or otherwise were to fail to qualify as a RIC (for example, because the Fund fails the 90% annual gross income requirement described above), and relief is not available as discussed above, all of the Fund's taxable income (including net capital gains) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and distributions generally would be taxable to the shareholders as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits (though such dividends would generally be eligible to be treated as "qualified dividend income" for non-corporate shareholders and eligible for the dividends received deduction for corporate shareholders, in each case subject to holding period and other requirements). To qualify again to be taxed as a RIC in a subsequent year, the Fund would be required to distribute to its shareholders its accumulated earnings and profits attributable to non-RIC years. In addition, if the Fund failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, it would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years. The Fund may decide to be taxed as a regular corporation even if it would otherwise qualify as a RIC if the Fund determines that treatment as a corporation for a particular year would be in the Fund's best interests. Except as otherwise expressly indicated, the remainder of this discussion assumes the Fund will continue to qualify for taxation as a RIC.

Certain of the Fund's investment practices 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, including the dividends received deduction, (ii) convert lower taxed long-term capital gain and qualified dividend income into higher taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or deduction into 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 characterization of certain complex financial transactions and (vii) produce income that will not qualify as "good income" for purposes of the 90% annual gross income requirement described above. These tax provisions could therefore affect the amount, timing and character of distributions to shareholders. The Fund intends to monitor its transactions and may make certain tax elections and may be required to borrow money or dispose of securities to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.

Investments the Fund makes in securities issued at a discount or providing for deferred interest or PIK interest are subject to special tax rules that will affect the amount, timing and character of distributions to shareholders. For example, with respect to such securities, the Fund will generally be required to accrue daily as income "original issue discount" with respect to such securities and to distribute such income on a timely basis each year to maintain the Fund's qualification as a RIC and to avoid U.S. federal income and excise taxes. Since in these and potentially in other circumstances the Fund may recognize income before or without receiving cash representing such income, the Fund may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and for avoiding U.S. federal income and excise taxes. Accordingly, the Fund may have to sell some of its investments at times the Fund would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify as a RIC and thereby be subject to corporate-level income tax.

Furthermore, a portfolio company in which the Fund invests may face financial difficulty that requires the Fund to work-out, modify or otherwise restructure its investment in the portfolio company. Any such restructuring may result in unusable capital losses and future non-cash income. Any such restructuring may also result in the Fund's recognition of a substantial amount of non-qualifying income for purposes of the 90% gross income requirement or the Fund receiving assets that would not be qualifying for purposes of the asset diversification requirements.

The Fund may invest in preferred securities or other securities the U.S. federal income tax treatment of which may be unclear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the expected tax treatment, it could affect the timing or character of income recognized, requiring the Fund to purchase or sell securities, or otherwise change the Fund's portfolio, in order to comply with the tax rules applicable to RICs under the Code.

Gain or loss recognized by the Fund from warrants acquired by the Fund as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long the Fund held a particular warrant.

In the event the Fund invests in foreign securities, the Fund may be subject to withholding and other foreign taxes with respect to those securities. Shareholders will generally not be entitled to claim a U.S. foreign tax credit or deduction with respect to foreign taxes paid by the Fund.

If the Fund purchases shares in a "passive foreign investment company" (a "PFIC"), the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains. If the Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Fund will be required to include in income each year a portion of the ordinary earnings and net capital gain of the PFIC, even if such income is not distributed to the Fund. Alternatively, the Fund can elect to mark-to-market at the end of each taxable year the Fund's shares in a PFIC; in this case, the Fund will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in income. The Fund's ability to make either election will depend on factors beyond its control. Under either election, the Fund may be required to recognize in a year income in excess of the Fund's distributions from PFICs and proceeds from dispositions of Fund stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% excise tax.

The Fund's functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income, expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt denominated in a 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.

If the Fund borrows money, the Fund may be prevented by loan covenants from declaring and paying dividends in certain circumstances. Limits on the Fund's payment of dividends may prevent the Fund from meeting the Annual Distribution Requirement, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC, or subject the Fund to the 4% excise tax. Even if the Fund is authorized to borrow funds and to sell assets in order to satisfy distribution requirements, under the 1940 Act, the Fund is not permitted to make distributions to shareholders while its debt obligations and senior securities are outstanding unless certain "asset coverage" tests are met. This may also jeopardize the Fund's qualification for taxation as a RIC or subject the Fund to the 4% excise tax. Moreover, the Fund's ability to dispose of assets to meet its distribution requirements may be limited by (1) the illiquid nature of its portfolio and (2) other requirements relating to its status as a RIC, including the asset diversification requirements. If the Fund disposes of assets to fund distributions necessary to meet the Annual Distribution Requirement or to avoid the 4% excise tax, or to comply with the asset diversification requirements, the Fund may make such dispositions at times that, from an investment standpoint, are not advantageous.

Some of the income that the Fund might otherwise earn, such as lease income, management fees, or income recognized in a work-out or restructuring of a portfolio investment, may not satisfy the 90% gross income requirement. To manage the risk that such income might disqualify the Fund as a RIC for a failure to satisfy the 90% gross income requirement, one or more of the Fund's subsidiaries treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income. Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce the yield to investors on such income and fees.

As a RIC, the Fund is not allowed to carry forward or carry back a net operating loss for purposes of computing its investment company taxable income in other taxable years. U.S. federal income tax law generally permits a RIC to carry forward its net capital loss to future years, which, to the extent available, would generally reduce capital gains in such years for purposes of determining the amount of capital gain dividends that Fund may distribute or be deemed to distribute. However, future transactions that the Fund engages in may cause its ability to use any capital loss carryforwards to be limited under Section 382 of the Code.

**Taxation of Shareholders**

For purposes of this discussion, a "U.S. shareholder" (or in this section, a "shareholder" or "you") is a beneficial holder of Fund shares which is for U.S. federal income tax purposes (1) a person who is a citizen or resident of the United States, (2) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any State thereof, or the District of Columbia, (3) an estate whose income is subject to U.S. federal income tax regardless of its source, or (4) a trust if (a) a U.S. court is able to exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust or (b) the trust has in effect a valid election to be treated as a domestic trust for U.S. federal income tax purposes. If a partnership or other entity or arrangement classified as a partnership for U.S. tax purposes holds the shares, the tax treatment of the partnership and each partner generally will depend on the status of the partner and the activities of the partnership. Partnerships acquiring shares, and partners in such partnerships, should consult their tax advisors. Prospective investors that are not U.S. shareholders should refer to the section "Non-U.S. Shareholders" below and are urged to consult their tax advisors with respect to the U.S. federal income tax consequences of an investment in the shares, including the potential application of U.S. withholding taxes.

Distributions the Fund pays to you from its ordinary income or from an excess of net short-term capital gain over net long-term capital loss (together referred to hereinafter as "ordinary income dividends") are generally taxable to you as ordinary income to the extent of the Fund's earnings and profits. Provided that certain holding period and other requirements are met, such distributions (if properly reported by the Fund) may qualify (i) for the dividends received deduction available to corporations, but only to the extent that the Fund's income consists of dividend income from U.S. corporations and (ii) in the case of non-corporate shareholders, as qualified dividend income eligible to be taxed at long-term capital gain rates to the extent that the Fund receives qualified dividend income (generally, dividend income from taxable domestic corporations and certain qualified foreign corporations). No assurance can be given as to the portion of the Fund's distributions that will be eligible for the dividends received deduction allowed to corporate shareholders or qualify for the reduced rates of tax for qualified dividend income allowed to individuals.

Distributions made to you from an excess of net long-term capital gain over net short-term capital loss ("capital gain dividends"), including capital gain dividends credited to you but retained by the Fund (as described below), are taxable to you as long-term capital gain if they have been properly reported by the Fund, regardless of the length of time you have owned shares. Distributions in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of your shares and, after the adjusted tax basis is reduced to zero, will constitute capital gain to you (assuming the shares are held as a capital asset).

In the event that the Fund retains any net capital gain, the Fund may designate the retained amounts as undistributed capital gain in a notice to shareholders. If a designation is made, shareholders would include in income, as long-term capital gain, their proportionate share of the undistributed amounts, but would be allowed a credit or refund, as the case may be, for their proportionate share of the corporate tax paid by the Fund. A shareholder that is not subject to U.S. federal income tax or otherwise is not required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes the Fund paid. In addition, the tax basis of shares owned by a shareholder would be increased by an amount equal to the difference between (i) the amount included in the shareholder's income as long-term capital gain and (ii) the shareholder's proportionate share of the corporate tax paid by the Fund.

If the Fund pays a dividend in January which was declared in the previous October, November or December to shareholders of record on a specified date in one of these months, then the dividend will be treated for tax purposes as being paid by the Fund and received by you on December 31 of the year in which the dividend was declared.

A shareholder will generally recognize gain or loss on the sale or exchange of the Fund's shares (including in an amount equal to the difference between the shareholder's adjusted basis in the shares sold or exchanged and the amount realized on their disposition). Generally, gain recognized by a shareholder on the sale or other disposition of shares will result in capital gain or loss, and will be a long-term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss upon the sale or exchange of shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by you. A loss realized on a sale or exchange of shares will be disallowed if other substantially identical shares are acquired within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed of. In this case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.

For non-corporate shareholders, long-term capital gains are currently taxed at preferential rates. Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary income. The deductibility of capital losses is subject to a number of limitations under the Code.

Non-corporate shareholders with income in excess of certain thresholds are, in general, subject to an additional 3.8% Medicare tax on their "net investment income," which ordinarily includes taxable distributions from the Fund and taxable gain on the disposition of shares.

Unless the Fund is treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) for purposes of computing the taxable income of U.S. shareholders that are individuals, trusts or estates, (i) the Fund's earnings will be computed without taking into account such U.S. shareholders' allocable shares of the management and incentive fees paid by the Fund and certain of the Fund's other expenses, (ii) each such U.S. shareholder will be treated as having received or accrued a dividend from the Fund in the amount of such U.S. shareholder's allocable share of these fees and expenses for such taxable year, (iii) each such U.S. shareholder will be treated as having directly paid or incurred such U.S. shareholder's allocable share of these fees and expenses for the taxable year and (iv) each such U.S. shareholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. shareholder. Miscellaneous itemized deductions are generally not deductible. Although the Fund believes that it will be considered a publicly offered regulated investment company, there can be no assurance in this regard.

Shareholders should consult their tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the Fund's shares.

**Taxation of Non-U.S. Shareholders**

The following discussion only applies to non-U.S. shareholders. A "non-U.S. shareholder" is a beneficial holder of Fund shares that is neither a partnership for U.S. federal income tax purposes (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) nor a U.S. shareholder. Whether an investment in the shares is appropriate for a non-U.S. shareholder will depend upon that person's particular circumstances. An investment in the shares by a non-U.S. shareholder may have adverse tax consequences. Non-U.S. shareholders should consult their tax advisors before investing in the Fund's shares.

Distributions of ordinary income dividends to non-U.S. shareholders, subject to the discussion below, will generally be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent of the Fund's current or accumulated earnings and profits. Different tax consequences may result if the non-U.S. shareholder is engaged in a trade or business in the United States (and, if an income tax treaty applies, if the distributions are attributable to a permanent establishment maintained by the non-U.S. shareholder in the United States). Special certification requirements apply to a non-U.S. shareholder claiming the benefits of an income tax treaty or that is a foreign partnership or a foreign trust, and such shareholders are urged to consult their tax advisors.

Actual or deemed distributions of the Fund's net capital gain to a non-U.S. shareholder, and gain recognized by a non-U.S. shareholder upon the sale of the Fund's common stock, generally will not be subject to U.S. federal withholding tax and will not be subject to U.S. federal income tax unless (i) the distributions or gain, as the case may be, are effectively connected with a U.S. trade or business of the non-U.S. shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. shareholder in the United States), (ii) in the case of an individual, the individual is present in the United States for 183 days or more during a taxable year and certain other conditions are met or (iii) subject to certain exceptions, the Fund is or during prescribed testing periods has been a "United States real property holding corporation" or, in the case of certain distributions, a "qualified investment entity," each within the meaning of the Foreign Investments in Real Property Tax Act of 1980. Although the Fund does not expect to be a "United States property holding corporation" or "qualified investment entity," no assurance can be given in that regard.

Properly reported distributions from a RIC to non-U.S. shareholders are generally exempt from the 30% U.S. federal withholding tax described above where they (i) are paid in respect of the RIC's "qualified net interest income" (generally, U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable to such income) or (ii) are paid in respect of the RIC's "qualified short-term capital gains" (generally, the excess of net short-term capital gain over the RIC's long-term capital loss for such taxable year). Depending on the Fund's circumstances, the Fund may report all, some or none of the Fund's potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance as to what portion of the Fund's distributions will qualify for favorable treatment as qualified net interest income or qualified short-term capital gains.

If the Fund distributes net capital gains in the form of deemed rather than actual distributions, a non-U.S. shareholder will generally be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax the Fund pays on the capital gains deemed to have been distributed. In order to obtain the refund, the non-U.S. shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the non-U.S. shareholder is not otherwise required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate non-U.S. shareholder, distributions (both actual and deemed), and gains realized upon the sale of common stock that are effectively connected with a U.S. trade or business (or, where an applicable treaty applies, are attributable to a permanent establishment in the United States) may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable tax treaty). Accordingly, an investment in the shares may not be appropriate for certain non-U.S. shareholders.

Certain provisions of the Code referred to as "FATCA" require withholding at a rate of 30% on dividends in respect of shares held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution to the extent such interests or accounts are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which shares are held will affect the determination of whether such withholding is required. Similarly, dividends in respect of shares held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i) certifies to the applicable withholding agent that such entity does not have any "substantial United States owners" or (ii) provides certain information regarding the entity's "substantial United States owners," which the applicable withholding agent will in turn provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. The Fund will not pay any additional amounts to shareholders in respect of any amounts withheld. Shareholders are encouraged to consult their tax advisors regarding the possible implications of the legislation on their investment in the Fund's shares.

**Item 10.5. Outstanding Securities.**

As of the date hereof, there are no outstanding securities of the Fund. Prior to the closing of the Reorganization, the Adviser will acquire one or more shares of the Fund in order to take certain actions as the initial sole shareholder of the Fund.

**Item 10.6. Securities Ratings.**

Not applicable.

**Item 11. Defaults and Arrears on Senior Securities.**

Not applicable.

**Item 12. Legal Proceedings.**

Not applicable.

**Item 13. [Removed and Reserved]**

**Item 14. Cover Page.**

Not applicable.

**Item 15. **Table of Contents**.**

Not applicable.

**Item 16. General Information and History.**

See Item 9.1.

**Item 17. Investment Objectives and Policies.**

See Items 8.1 and 8.5.

**Item 18. Management.**

*Board of Trustees*

The Board provides broad oversight over the operations and affairs of the Fund and protects the interests of shareholders. The Board of the Fund has overall responsibility for monitoring the operations of the Fund and for supervising the services provided by the Adviser and other organizations. The officers of the Fund are responsible for managing the day-to-day operations of the Fund.

The names and ages of the Trustees and officers of the Fund, the year each was first elected or appointed to office, their principal business occupations during the last five years, the number of funds overseen by each Trustee and other directorships or trusteeships during the last five years are shown below. The business address of the Fund, its Trustees and officers is 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br>Address<br>and Age<sup>(1)</sup>** | &nbsp;&nbsp;**Position(s) Held<br>With the Fund** | &nbsp;&nbsp;**Term of<br>Office and<br>Length of<br>Time<br>Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupations During Past<br>Five Years** | &nbsp;&nbsp;**Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | &nbsp;&nbsp;**Other Directorships Held by<br>Trustee During the Past Five<br>Years** **<sup>†</sup>** |
| &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** |  |  |  |  |
| &nbsp;&nbsp;Sidney R. Brown<br>Age: 68 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp;Mr. Brown has served as the chief executive officer of NFI, Inc. ("NFI"), a premier integrated supply chain solutions company, since the late 1990s. NFI, founded in 1932 as National Hauling, has evolved from a trucking company in a regulated environment into one of the largest privately-held third-party logistics companies in the United States. NFI in North America now consists of logistics, warehousing and distribution, transportation, intermodal, real estate, transportation brokerage, contract packaging, solar, global freight forwarding and NFI Canada. From 1990 to 2017, Mr. Brown served in various capacities with Sun National Bank, including chairman and interim chief executive officer. In addition, Mr. Brown is a general partner of various real estate companies having extensive holdings with an emphasis on development and management of commercial and industrial real estate. He began his career working for Morgan Stanley in New York City as a financial analyst in the corporate finance department of the investment bank. Mr. Brown has served as a trustee of J & J Snack Foods Corp. since 2004, and currently serves on the board of trustees of Cooper Health System. Mr. Brown also served as a director of Sun National Bank from 1990 to 2016, and as chairman from 2013 to 2016. Mr. Brown received a B.S.B.A. in Finance from Georgetown University and an M.B.A. from Harvard University.<br>Mr. Brown has served as a member of various boards for publicly-traded companies. In addition, his service as chief executive officer of NFI has provided him, in the opinion of the Board, with experience and insight which is beneficial to the Fund. | &nbsp;&nbsp;One | &nbsp;&nbsp;Sun National Bank; J&J Snack Foods Corp.; Cooper Health System |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Gregory P. Chandler<br> Age: 58 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Trustee since 2010 | &nbsp;&nbsp; Mr. Chandler has been chief financial officer of Herspiegel Consulting LLC ("Herspiegel"), a leading pharmaceutical and biotech consulting firm since December 2020. Prior to Herspiegel, Mr. Chandler acted as chief financial officer of Emtec, Inc. ("Emtec"), a global information technology services provider, from May 2009 to April 2020. Mr. Chandler was a member of Emtec's board of directors from 2005 to 2019, where he served as chairman of the audit committee from 2005 through 2009. He was a member of the board of directors of FS KKR Capital Corp. (formerly FS Investment Corporation) from April 2008 through December 2018, and served as chairman of its audit committee and as a member of its valuation committee. | &nbsp;&nbsp;One | &nbsp;&nbsp;Emtec, Inc.; RBB Funds; Penn Capital Funds Trust overseeing forty portfolios; Wilmington Funds overseeing ten portfolios; FS KKR Capital Corp. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br>Address<br>and Age<sup>(1)</sup>** | &nbsp;&nbsp;**Position(s) Held<br>With the Fund** | &nbsp;&nbsp;**Term of<br>Office and<br>Length of<br>Time<br>Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupations During Past<br>Five Years** | &nbsp;&nbsp;**Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | &nbsp;&nbsp;**Other Directorships Held by<br>Trustee During the Past Five<br>Years** **<sup>†</sup>** |
|  |  |  | &nbsp;&nbsp; Mr. Chandler also presently serves as director and chairman of the audit committee of the RBB Funds and the Wilmington Funds. Mr. Chandler's degrees include a B.S. in Engineering from the United States Military Academy at West Point and an M.B.A. from Harvard Business School. He is also a Certified Public Accountant (inactive).<br>Mr. Chandler began his career as an officer in the United States Army. After business school he spent four years with PricewaterhouseCoopers LLP ("PwC"), and its predecessor, Coopers and Lybrand, where he assisted companies in the "Office of the CFO Practice" and also worked as a certified public accountant. During his tenure at PwC he spent the majority of his time in the investment company practice. He was also an Investment Banker for 10 years leading the Business and IT services practice at Janney Montgomery Scott LLC prior to his CFO positions.<br>Mr. Chandler has extensive experience in valuations and in negotiating debt, equity and mergers and acquisitions transactions in a variety of industries with both public and private companies. In addition, Mr. Chandler has experience managing the audits of mutual funds, hedge funds and venture capital funds. This experience has provided Mr. Chandler, in the opinion of the Board, with experience and insight which is beneficial to the Fund. |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br>Address<br>and Age<sup>(1)</sup>** | &nbsp;&nbsp;**Position(s) Held<br>With the Fund** | &nbsp;&nbsp;**Term of<br>Office and<br>Length of<br>Time<br>Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupations During Past<br>Five Years** | &nbsp;&nbsp;**Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | &nbsp;&nbsp;**Other Directorships Held by<br>Trustee During the Past Five<br>Years** **<sup>†</sup>** |
| &nbsp;&nbsp; Richard I. Goldstein<br> Age: 64 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Trustee since 2011 | &nbsp;&nbsp; Mr. Goldstein has served as the Predecessor Fund's lead independent trustee since March 2015. Mr. Goldstein also serves as a member of the board of directors of FS KKR Capital Corp. and has served in such role since April 2015. Mr. Goldstein also serves as a member of the board of trustees of KKR FS Income Trust and KKR FS Income Trust Select and has served in such roles since October 2022 and May 2023 respectively. He currently acts as chief operating officer of Radius Global Infrastructure Inc. since 2020 and also served as a managing trustee of Liberty Associated Partners, LP ("LAP"), since 2000 and Associated Partners, LP, or AP, since 2006, both investment funds that make private and public market investments in communications, media, internet and energy companies. Prior to joining LAP and AP, Mr. Goldstein was vice president of The Associated Group, Inc. ("AGI"), a multi- billion dollar publicly-traded owner and operator of communications-related businesses and assets. While at AGI, he assisted in establishing Teligent, Inc., of which he was a trustee, and was responsible for operating AGI's cellular telephone operations. Mr. Goldstein has also served as a director of Ubicquia since 2017. He also served as a member of the board of trustees of The Shipley School from 2009 through 2014 and has counseled many early stage companies. Mr. Goldstein received a B.S. in Business and Economics from Carnegie Mellon University and received training at the Massachusetts Institute of Technology in Management Information Systems.<br>Mr. Goldstein has extensive experience as a senior executive and in negotiating investment transactions in a variety of industries, including in the energy industry. This experience has provided Mr. Goldstein, in the opinion of the Board, with experience and insight which is beneficial to the Fund.<br>| &nbsp;&nbsp;One | &nbsp;&nbsp; FS KKR Capital Corp.;<br> KKR FS Income Trust;<br> KKR FS Income Trust Select |
| &nbsp;&nbsp; Charles P. Pizzi<br> Age: 74 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Trustee since 2012 | &nbsp;&nbsp; Mr. Pizzi is the retired president, director and chief executive officer of Tasty Baking Company, manufacturer of Tastykake branded snack cakes. He served in these positions from 2002 to May 2011. Prior to leading Tasty Baking Company, Mr. Pizzi served as president and chief executive officer of the Greater Philadelphia Chamber of Commerce, vice-chairman of the American Chamber of Commerce Executives and chairman of the Metro Council of Presidents. | &nbsp;&nbsp;One | &nbsp;&nbsp;Brandywine Realty Trust; FS Credit Opportunities Corp.; PHH Corporation; Pennsylvania Real Estate Investment Trust; Mistras Group, Inc.; AmeriHealth Caritas |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br>Address<br>and Age<sup>(1)</sup>** | &nbsp;&nbsp;**Position(s) Held<br>With the Fund** | &nbsp;&nbsp;**Term of<br>Office and<br>Length of<br>Time<br>Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupations During Past<br>Five Years** | &nbsp;&nbsp;**Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | &nbsp;&nbsp;**Other Directorships Held by<br>Trustee During the Past Five<br>Years** **<sup>†</sup>** |
|  |  |  | &nbsp;&nbsp; His career also includes work with the transition teams for the former Pennsylvania Governor Tom Ridge and the former Philadelphia Mayor Ed Rendell. Mr. Pizzi has also served as Commerce Director for the City of Philadelphia. He has been a trustee of Brandywine Realty Trust since 1996, serving on the audit committee and as a chair of the compensation committee, the chairman of the board of directors of Independence Health Group ("IHG") where he has been a member since 1991, trustee of Pennsylvania Real Estate Investment Trust since May 2013 and a director of Drexel University since 1991. Mr. Pizzi has also been a Trustee Emeritus at Drexel University since 2023. Since 2020, Mr. Pizzi is also a trustee of Mistras Group Inc., a multinational provider of integrated technology-enabled asset protection solutions. He serves on the Board of AmeriHealth Caritas, a subsidiary of IHG and a provider of Medicaid service, and previously served as chairman. Mr. Pizzi was a director of the Federal Reserve Bank of Philadelphia from 2006 to December 2011, serving as chairman from January 2010 to December 2011. He also previously served as a director of the Philadelphia Stock Exchange from 1998 until it was acquired by NASDAQ in July 2008, on the board of governors of NASDAQ OMX PHLX, Inc. from August 2008 to March 2009 and as a director of Allied Security Holdings LLC from 2011 to 2016. Mr. Pizzi holds a bachelor's degree from LaSalle University and a master's degree from the University of Pennsylvania.<br>Mr. Pizzi has significant experience as an executive and director at various companies and governmental organizations. This experience has provided Mr. Pizzi, in the opinion of the Board, with experience and insight which is beneficial to the Fund. |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br>Address<br>and Age<sup>(1)</sup>** | &nbsp;&nbsp;**Position(s) Held<br>With the Fund** | &nbsp;&nbsp;**Term of<br>Office and<br>Length of<br>Time<br>Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupations During Past<br>Five Years** | &nbsp;&nbsp;**Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | &nbsp;&nbsp;**Other Directorships Held by<br>Trustee During the Past Five<br>Years** **<sup>†</sup>** |
| &nbsp;&nbsp; Pedro A. Ramos<br> Age: 60 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Trustee since 2018 | &nbsp;&nbsp; Pedro A. Ramos has served as the president and chief executive officer of The Philadelphia Foundation, or TPF, since August 2015, a charitable foundation that builds, manages and distributes philanthropic resources to improve lives in the greater Philadelphia region. Prior to joining TPF, he was a partner with the law firm of Schnader, Harrison, Segal & Lewis LLP ("Schnader") where he advised clients in the business, nonprofit and government sectors, focusing on transactions, financings, compliance, risk management and investigations. From June 2009 until the firm's attorneys joined Schnader in August 2013, Mr. Ramos was a partner with the law firm of Trujillo, Rodriguez & Richards, LLC and led the firm's government, education and social sector practice. From June 2007 to June 2009, Mr. Ramos was a partner with the law firm of Blank Rome LLP in its employment, benefits and labor group and its government relations practice. Mr. Ramos previously served as Managing Director of the City of Philadelphia from April 2005 to June 2007 and as City Solicitor from March 2004 to April 2005. Before working for the City of Philadelphia, Mr. Ramos served as vice president and chief of staff to the president of the University of Pennsylvania from January 2002 to March 2004. From September 1992 to January 2002, Mr. Ramos served as an associate and partner with the law firm of Ballard Spahr Andrews & Ingersoll, LLP in its employee benefits group. From November 2011 to October 2013, Mr. Ramos served as the chairman of the School Reform Commission, which oversees the School District of Philadelphia. Mr. Ramos served on the Board of the School District of Philadelphia from December 1995 through December 2001, with his last two years as president of that board. Mr. Ramos has served as a director of Independence Health Group, Inc. since 2015 and prior to mergers served as a director of AmeriGas Propane, Inc (NYSE:APU) from September 2015 to August 2019 and trustee of FS Investment Corporation (NYSE: FSIC) from September 2013 to December 2018. A civic leader, Mr. Ramos has served as director of the Greater Philadelphia Chamber of Commerce since October 2016 and on its executive committee from October 2017 to October 2023. An Eisenhower Fellow since 2000, he was elected to be a trustee and member of the executive committee of the Eisenhower Exchange Fellowships in 2022. Mr. Ramos has also served as a Trustee of Temple University since October 2024. Mr. Ramos' extensive service in the private and public sectors has provided him, in the opinion of the Board, with experience and insight which is beneficial to the Fund. | &nbsp;&nbsp;One | &nbsp;&nbsp;AmeriGas Propane, Inc.; FS KKR Capital Corp.; Independence Health Group, Inc. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br>Address<br>and Age<sup>(1)</sup>** | &nbsp;&nbsp;**Position(s) Held<br>With the Fund** | &nbsp;&nbsp;**Term of<br>Office and<br>Length of<br>Time<br>Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupations During Past<br>Five Years** | &nbsp;&nbsp;**Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | &nbsp;&nbsp;**Other Directorships Held by<br>Trustee During the Past Five<br>Years** **<sup>†</sup>** |
| &nbsp;&nbsp;***Interested Trustee*** | &nbsp;&nbsp;***Interested Trustee*** |  |  |  |  |
| &nbsp;&nbsp; Michael C. Forman<sup>\*</sup><br> Age: 64 | &nbsp;&nbsp;Trustee, Chairman and Chief Executive Officer | &nbsp;&nbsp;Trustee since 2007 | &nbsp;&nbsp; Michael C. Forman is chairman and chief executive officer of Franklin Square Holdings, LP ("Future Standard") and has been leading Future Standard since its founding in 2007. Mr. Forman has served as the Fund's chairman and chief executive officer since its inception in September 2010 and as the chairman and chief executive officer of the Fund's former investment adviser, FS Investment Advisor, LLC, since its inception in September 2010. He has also served as the chairman and chief executive officer of the Adviser since its inception. Mr. Forman also currently serves as chairman, president and/or chief executive officer of certain of the other funds sponsored by Future Standard and its affiliates. Mr. Forman has served as a member of the board of directors of FS KKR Capital Corp. ("FSK") since 2007, FS Credit Opportunities Corp. since 2013, FS Series Trust since 2017, FS Credit Income Fund since 2016, and FS Credit Real Estate Income Trust, Inc. since 2017. Mr. Forman has served as a member of the boards of trustees of KKR FS Income Trust since 2022, and KKR FS Income Trust Select since 2023. In 2005, Mr. Forman co-founded FB Capital Partners, L.P., an investment firm that previously invested in private equity, senior and mezzanine debt and real estate, and has served as managing general partner since inception. Prior to co-founding FB Capital Partners, L.P., Mr. Forman spent nearly 20 years as an attorney in the Corporate and Securities Department at the Philadelphia based law firm of Klehr, Harrison, Harvey, Branzburg & Ellers LLP, where he was a partner from 1991 until leaving the firm to focus exclusively on investments. In addition to his career as an attorney and investor, Mr. Forman has been an active entrepreneur and has founded several companies, including companies engaged in the gaming, specialty finance and asset management industries. Mr. Forman serves as a member of the board of directors of a number of private companies. He is also a member of several civic and charitable boards, including the Barnes Foundation Corporate Leadership (board member), Children's Hospital of Philadelphia (corporate council member), Drexel University, the Center City District Foundation and Cobbs Creek Foundation (board member). He is a founding member of the Philadelphia Equity Alliance. Mr. Forman received his B.A., summa cum laude, from the University of Rhode Island, where he was elected Phi Beta Kappa, and received his J.D. from Rutgers University. | &nbsp;&nbsp;One | &nbsp;&nbsp;FS KKR Capital Corp; FS Credit Opportunities Corp.; FS Credit Real Estate Income Trust; FS Credit Income Fund; FS Energy Total Return Fund; FS Series Trust; FS Multi-Alternative Income Fund; KKR FS Income Trust; KKR FS Income Trust Select |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br>Address<br>and Age<sup>(1)</sup>** | &nbsp;&nbsp;**Position(s) Held<br>With the Fund** | &nbsp;&nbsp;**Term of<br>Office and<br>Length of<br>Time<br>Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupations During Past<br>Five Years** | &nbsp;&nbsp;**Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen by<br>Trustee** | &nbsp;&nbsp;**Other Directorships Held by<br>Trustee During the Past Five<br>Years** **<sup>†</sup>** |
|  |  |  | &nbsp;&nbsp;Mr. Forman has extensive experience in corporate and securities law and has founded and served in a leadership role of various companies, including the Adviser. The Board believes Mr. Forman's experience and his positions as the Fund and FS/EIG Advisor's chief executive officer make him a significant asset to the Fund. |  |  |

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† Includes directorships held in (1) any investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act and (3) any company subject to the requirements of Section 15(d) of the Exchange Act, in each case, other than with respect to the Fund.

\* "Interested person" of the Fund as defined in Section 2(a)(19) of the 1940 Act. Mr. Forman is an "interested person" because of his affiliation with the Adviser.

<sup>(1)</sup> The address for each trustee is c/o New FS Specialty Lending Fund, 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112.

<sup>(2)</sup> Prior to the listing, the Board is not classified and trustees hold office for unlimited terms. Following the listing, the Board will be divided into three classes. See "—Classification of Board of the Fund upon Listing." Length of time served includes service on the board of trustees of the Predecessor Fund.

*Classification of Board of the Fund upon Listing*

Prior to the occurrence of an event requiring the Fund to hold annual meetings of shareholders, the Board is not classified and trustees hold office for unlimited terms. Following the listing, the Board of the Fund will be divided into three classes, each having a term of no more than three years (except, to ensure that the term of a class of the Fund's trustees expires each year, one class of the Fund's trustees will serve an initial one-year term and three-year terms thereafter and another class of its trustees will serve an initial two-year term and three-year terms thereafter). Each year the term of one class of trustees will expire.

 *Trustee Qualifications*

The Board has determined that each Trustee should serve as such based on several factors (none of which alone is decisive). Among the factors the Board considered when concluding that an individual should serve on the Board were the following: (i) availability and commitment to attend meetings and perform the responsibilities of a Trustee, (ii) personal and professional background, (iii) educational background, (iv) financial expertise, and (v) ability, judgment, attributes and expertise. In respect of each current Trustee, the individual's professional accomplishments and prior experience, including, in some cases, in fields related to the operations of the Fund, were a significant factor in the determination that the individual should serve as a trustee of the Fund.

Following is a summary of various qualifications, experiences and skills of each Trustee (in addition to business experience during the past five years as set forth in the table above) that contributed to the Board of Trustee's conclusion that an individual should serve on the Board. References to the qualifications, attributes and skills of Trustees do not constitute the holding out of any Trustee as being an expert under Section 7 of the Securities Act of 1933, as amended ("Securities Act") or the rules and regulations of the SEC.

Michael C. Forman is Chairman and Chief Executive Officer of Franklin Square Holdings, LP ("Future Standard") and has been leading Future Standard since its founding in 2007. Mr. Forman has served as the Predecessor Fund's Chairman and Chief Executive Officer since its inception in September 2010 and as the Chairman and Chief Executive Officer of the Fund's former investment adviser, FS Investment Advisor, LLC, since its inception in September 2010. He has also served as the Chairman and Chief Executive Officer of FS/EIG Advisor, LLC since its inception. Mr. Forman also currently serves as Chairman, President and/or Chief Executive Officer of certain of the other funds sponsored by Future Standard and its affiliates. Mr. Forman has served as a member of the board of directors of FS KKR Capital Corp. ("FSK") since 2007, FS Credit Opportunities Corp. since 2013, FS Series Trust since 2017, FS Credit Income Fund since 2016, and FS Credit Real Estate Income Trust, Inc. since 2017. Mr. Forman has served as a member of the boards of trustees of KKR FS Income Trust since 2022, and KKR FS Income Trust Select since 2023. In 2005, Mr. Forman co-founded FB Capital Partners, L.P., an investment firm that previously invested in private equity, senior and mezzanine debt and real estate, and has served as managing general partner since inception. Prior to co-founding FB Capital Partners, L.P., Mr. Forman spent nearly 20 years as an attorney in the Corporate and Securities Department at the Philadelphia based law firm of Klehr, Harrison, Harvey, Branzburg & Ellers LLP, where he was a partner from 1991 until leaving the firm to focus exclusively on investments. In addition to his career as an attorney and investor, Mr. Forman has been an active entrepreneur and has founded several companies, including companies engaged in the gaming, specialty finance and asset management industries. Mr. Forman serves as a member of the board of directors of a number of private companies. He is also a member of several civic and charitable boards, including the Barnes Foundation Corporate Leadership (board member), Children's Hospital of Philadelphia (corporate council member), Drexel University, the Center City District Foundation and Cobbs Creek Foundation (board member). He is a founding member of the Philadelphia Equity Alliance. Mr. Forman received his B.A., summa cum laude, from the University of Rhode Island, where he was elected Phi Beta Kappa, and received his J.D. from Rutgers University.

Mr. Forman has extensive experience in corporate and securities law and has founded and served in a leadership role of various companies, including the Adviser. The Board believes Mr. Forman's experience and his positions as the Predecessor Fund and Adviser's Chief Executive Officer make him a significant asset to the Fund.

*Sidney R. Brown* has served as the Chief Executive Officer of NFI, Inc. ("NFI"), a premier integrated supply chain solutions company, since the late 1990s. NFI, founded in 1932 as National Hauling, has evolved from a trucking company in a regulated environment into one of the largest privately-held third-party logistics companies in the United States. NFI in North America now consists of logistics, warehousing and distribution, transportation, intermodal, real estate, transportation brokerage, contract packaging, solar, global freight forwarding and NFI Canada. From 1990 to 2017, Mr. Brown served in various capacities with Sun National Bank, including chairman and interim Chief Executive Officer. In addition, Mr. Brown is a general partner of various real estate companies having extensive holdings with an emphasis on development and management of commercial and industrial real estate. He began his career working for Morgan Stanley in New York City as a financial analyst in the corporate finance department of the investment bank. Mr. Brown has served as a trustee of J & J Snack Foods Corp. since 2004, and currently serves on the board of trustees of Cooper Health System. Mr. Brown also served as a director of Sun National Bank from 1990 to 2016, and as chairman from 2013 to 2016. Mr. Brown received a B.S.B.A. in Finance from Georgetown University and an M.B.A. from Harvard University.

Mr. Brown has served as a member of various boards for publicly-traded companies. In addition, his service as Chief Executive Officer of NFI has provided him, in the opinion of the Board, with experience and insight which is beneficial to the Fund.

*Gregory P. Chandler* has been Chief Financial Officer of HC Parent Corp. (dba: Herspiegel Consulting LLC ("Herspiegel")), a leading pharmaceutical and biotech consulting firm since December 2020. Prior to Herspiegel, Mr. Chandler acted as Chief Financial Officer of Emtec, Inc. ("Emtec"), a global information technology services provider, from May 2009 to April 2020. Mr. Chandler was a member of Emtec's board of directors from 2005 to 2019, where he served as chairman of the audit committee from 2005 through 2009. He was a member of the board of directors of FS KKR Capital Corp. (formerly FS Investment Corporation) from April 2008 through December 2018, and served as chairman of its audit committee and as a member of its valuation committee. Mr. Chandler also presently serves as director and chairman of the audit committee of the RBB Funds and the Wilmington Funds. Mr. Chandler's degrees include a B.S. in Engineering from the United States Military Academy at West Point and an M.B.A. from Harvard Business School. He is also a Certified Public Accountant (inactive). Mr. Chandler began his career as an officer in the United States Army. After business school he spent four years with PricewaterhouseCoopers LLP ("PwC"), and its predecessor, Coopers and Lybrand, where he assisted companies in the "Office of the CFO Practice" and also worked as a certified public accountant. During his tenure at PwC he spent the majority of his time in the investment company practice. He was also an Investment Banker for 10 years leading the Business and IT services practice at Janney Montgomery Scott LLC prior to his CFO positions.

Mr. Chandler has extensive experience in valuations and in negotiating debt, equity and mergers and acquisitions transactions in a variety of industries with both public and private companies. In addition, Mr. Chandler has experience managing the audits of mutual funds, hedge funds and venture capital funds. This experience has provided Mr. Chandler, in the opinion of the Board, with experience and insight which is beneficial to the Fund.

*Richard I. Goldstein* has served as the Predecessor Fund's lead independent trustee since March 2015. Mr. Goldstein also serves as a member of the board of directors of FS KKR Capital Corp. and has served in such role since April 2015. Mr. Goldstein also serves as a member of the board of trustees of KKR FS Income Trust and KKR FS Income Trust Select and has served in such roles since October 2022 and May 2023 respectively. He currently acts as Chief Operating Officer of Radius Global Infrastructure Inc. since 2020 and also served as a managing trustee of Liberty Associated Partners, LP ("LAP"), since 2000 and Associated Partners, LP, or AP, since 2006, both investment funds that make private and public market investments in communications, media, internet and energy companies. Prior to joining LAP and AP, Mr. Goldstein was vice president of The Associated Group, Inc. ("AGI"), a multi- billion dollar publicly-traded owner and operator of communications-related businesses and assets. While at AGI, he assisted in establishing Teligent, Inc., of which he was a trustee, and was responsible for operating AGI's cellular telephone operations. Mr. Goldstein has also served as a director of Ubicquia since 2017. He also served as a member of the board of trustees of The Shipley School from 2009 through 2014 and has counseled many early stage companies. Mr. Goldstein received a B.S. in Business and Economics from Carnegie Mellon University and received training at the Massachusetts Institute of Technology in Management Information Systems.

Mr. Goldstein has extensive experience as a senior executive and in negotiating investment transactions in a variety of industries, including in the energy industry. This experience has provided Mr. Goldstein, in the opinion of the Board, with experience and insight which is beneficial to the Fund.

*Charles P. Pizzi* is the retired president, director and Chief Executive Officer of Tasty Baking Company, manufacturer of Tastykake branded snack cakes. He served in these positions from 2002 to May 2011. Prior to leading Tasty Baking Company, Mr. Pizzi served as president and chief executive officer of the Greater Philadelphia Chamber of Commerce, vice-chairman of the American Chamber of Commerce Executives and chairman of the Metro Council of Presidents. His career also includes work with the transition teams for the former Pennsylvania Governor Tom Ridge and the former Philadelphia Mayor Ed Rendell. Mr. Pizzi has also served as Commerce Director for the City of Philadelphia. He has been a trustee of Brandywine Realty Trust since 1996, serving on the audit committee and as a chair of the compensation committee, the chairman of the board of directors of Independence Health Group ("IHG") where he has been a member since 1991, trustee of Pennsylvania Real Estate Investment Trust since May 2013 and a director of Drexel University since 1991. Mr. Pizzi has also been a Trustee Emeritus at Drexel University since 2023. Since 2020, Mr. Pizzi is also a trustee of Mistras Group Inc., a multinational provider of integrated technology-enabled asset protection solutions. He has also served as chairman of AmeriHealth Caritas, a subsidiary of IHG and a provider of Medicaid service, since February 2023. Mr. Pizzi was a director of the Federal Reserve Bank of Philadelphia from 2006 to December 2011, serving as chairman from January 2010 to December 2011. He also previously served as a director of the Philadelphia Stock Exchange from 1998 until it was acquired by NASDAQ in July 2008, on the board of governors of NASDAQ OMX PHLX, Inc. from August 2008 to March 2009 and as a director of Allied Security Holdings LLC from 2011 to 2016. Mr. Pizzi holds a bachelor's degree from LaSalle University and a master's degree from the University of Pennsylvania.

Mr. Pizzi has significant experience as an executive and director at various companies and governmental organizations. This experience has provided Mr. Pizzi, in the opinion of the Board, with experience and insight which is beneficial to the Fund.

*Pedro A. Ramos* has served as the President and Chief Executive Officer of The Philadelphia Foundation, or TPF, since August 2015, a charitable foundation that builds, manages and distributes philanthropic resources to improve lives in the greater Philadelphia region. Prior to joining TPF, he was a partner with the law firm of Schnader, Harrison, Segal & Lewis LLP ("Schnader") where he advised clients in the business, nonprofit and government sectors, focusing on transactions, financings, compliance, risk management and investigations. From June 2009 until the firm's attorneys joined Schnader in August 2013, Mr. Ramos was a partner with the law firm of Trujillo, Rodriguez & Richards, LLC and led the firm's government, education and social sector practice. From June 2007 to June 2009, Mr. Ramos was a partner with the law firm of Blank Rome LLP in its employment, benefits and labor group and its government relations practice. Mr. Ramos previously served as Managing Director of the City of Philadelphia from April 2005 to June 2007 and as City Solicitor from March 2004 to April 2005. Before working for the City of Philadelphia, Mr. Ramos served as vice president and chief of staff to the president of the University of Pennsylvania from January 2002 to March 2004. From September 1992 to January 2002, Mr. Ramos served as an associate and partner with the law firm of Ballard Spahr Andrews & Ingersoll, LLP in its employee benefits group. From November 2011 to October 2013, Mr. Ramos served as the chairman of the School Reform Commission, which oversees the School District of Philadelphia. Mr. Ramos served on the Board of the School District of Philadelphia from December 1995 through December 2001, with his last two years as president of that board.

Mr. Ramos has served as a director of Independence Health Group, Inc. since 2015 and prior to mergers served as a director of AmeriGas Propane, Inc (NYSE:APU) from September 2015 to August 2019 and trustee of FS Investment Corporation (NYSE: FSIC) from September 2013 to December 2018. A civic leader, Mr. Ramos has served as director of the Greater Philadelphia Chamber of Commerce since October 2016 and on its executive committee from October 2017 to October 2023. An Eisenhower Fellow since 2000, he was elected to be a trustee and member of the executive committee of the Eisenhower Exchange Fellowships in 2022.

Mr. Ramos has also served as a Trustee of Temple University since October 2024. Mr. Ramos' extensive service in the private and public sectors has provided him, in the opinion of the Board, with experience and insight which is beneficial to the Fund.

*Risk Oversight and Board Structure*

<u>Board's Role in Risk Oversight</u>

Through its direct oversight role, and indirectly through its committees, the Board performs a risk oversight function for the Fund consisting of, among other things, the following activities: (1) at regular and special Board meetings, and on an ad hoc basis as needed, receiving and reviewing reports related to the performance and operations of the Fund; (2) reviewing and approving, as applicable, the compliance policies and procedures of the Fund and the Adviser; (3) reviewing investment strategies, techniques and the processes used to manage related risks; (4) overseeing the Fund's investment valuation process through the Fund's Adviser that operates pursuant to authority assigned to it by the Board; (5) overseeing the Fund's cyber security risk management program through the Fund's Audit Committee; (6) meeting with representatives of, or reviewing reports prepared by or with respect to, key service providers, including the investment adviser, administrator, transfer agent, custodian and independent registered public accounting firm of the Fund, to review and discuss the activities of the Fund and to provide direction with respect thereto; (7) reviewing periodically, and at least annually, the Fund's fidelity bond, trustees and officers, and errors and omissions insurance policies and such other insurance policies as may be appropriate; and (8) overseeing the Fund's accounting and financial reporting processes, including supervision of the Fund's independent registered public accounting firm to ensure that they provide timely analyses of significant financial reporting and internal control issues; and (9) overseeing the services of the Fund's chief compliance officer to test its compliance procedures and those of its service providers.

The Board also performs its risk oversight responsibilities with the assistance of the Fund's chief compliance officer. The Board receives a quarterly report from the chief compliance officer, who reports on, among other things, the Fund's compliance with applicable securities laws and its internal compliance policies and procedures. In addition, the Fund's chief compliance officer prepares a written report annually evaluating, among other things, the adequacy and effectiveness of the compliance policies and procedures of the Fund and certain of its service providers. The chief compliance officer's report, which is reviewed by the Board, addresses at a minimum: (1) the operation and effectiveness of the compliance policies and procedures of the Fund and certain of its service providers since the last report; (2) any material changes to such policies and procedures since the last report; (3) any recommendations for material changes to such policies and procedures as a result of the chief compliance officer's annual review; and (4) any material compliance matters that have occurred since the date of the last report about which the Board would reasonably need to know to oversee the Fund's compliance activities and risks. The chief compliance officer also meets separately in executive session with the Independent Trustees at least once each year. In addition to compliance reports from the Fund's chief compliance officer, from time to time, the Board also receives reports from legal counsel to the Fund regarding regulatory compliance and governance matters.

<u>Board Composition and Leadership Structure</u>

Mr. Forman, who is an "interested person" of the Fund (as defined in Section 2(a)(19) of the 1940 Act), serves as both the chief executive officer of the Fund and chairman of the Board. The Board believes that Mr. Forman, as co-founder and chief executive officer of the Fund, is the trustee with the most knowledge of the Fund's business strategy and is best situated to serve as chair of the Board.

While the Fund currently does not have a policy mandating a lead Independent Trustee, the Board believes that having an Independent Trustee fill the lead trustee role is appropriate. As of the date of this registration statement, there are no outstanding securities of the Fund. Prior to the closing of the Reorganization, the Adviser will acquire one or more shares of the Fund in order to take certain actions as the initial sole shareholder of the Fund. The Board of Trustees expects to select a lead Independent Trustee prior the Closing Date. The lead Independent Trustee, among other things, works with the Chair of the Board in the preparation of the agenda for each Board meeting and in determining the need for special meetings of the Board, chairs any meeting of the Independent Trustees in executive session, facilitates communications between other members of the Board and the chair of the Board and/or the chief executive officer and otherwise consults with the chair of the Board and/or the chief executive officer on matters relating to corporate governance and Board performance.

The Board, after considering various factors, has concluded that its structure is appropriate given the current size and complexity of the Fund and the extensive regulation to which Fund will be subject as a registered closed-end fund.

*Board Meetings and Attendance*

Because the Fund is newly formed, the Board of the Fund did not meet during the fiscal year ended December 31, 2024.

The Fund does not have a formal policy regarding trustee attendance at a meeting of shareholders. Because the Fund is newly formed, the Fund did not hold a meeting of shareholders during the fiscal year ended December 31, 2024.

*Committees of the Board of the Fund*

The Board has established two standing committees of the Board, which consist of an Audit Committee and a Nominating and Corporate Governance Committee.

The Board has not established a standing compensation committee because the executive officers of the Fund do not receive any direct compensation from the Fund. The Board, as a whole, participates in the consideration of trustee compensation and decisions on trustee compensation are based on, among other things, a review of data of comparable investment companies.

The Board has not established a standing valuation committee because the Board is responsible for overseeing the valuation of the Fund's portfolio investments at fair value as determined in good faith pursuant to the Adviser's valuation policy (the "Valuation Policy"). Under the Valuation Policy, the Board has designated the Adviser to be the Fund's valuation designee, with day-to-day responsibility for implementing the portfolio's valuation process set forth in the Valuation Policy subject to oversight of the Board. The Audit Committee is responsible for overseeing the Adviser's implementation of the Fund's valuation process.

<u>Audit Committee</u>

The Board has established an Audit Committee that operates pursuant to a charter and consists of three members, including a Chairman of the Audit Committee. The Audit Committee members are currently Messrs. Chandler (Chairman), Pizzi and Ramos, each an Independent Trustee. The Board has determined that Mr. Chandler is an "audit committee financial expert" as defined by Item 407(d)(5)(ii) of Regulation S-K promulgated under the Exchange Act. The primary function of the Audit Committee is to oversee the integrity of the Fund's accounting policies, financial reporting process and system of internal controls regarding finance and accounting policies. The Audit Committee is responsible for selecting, engaging and discharging the Fund's independent accountants, reviewing the plans, scope and results of the audit engagement with the Fund's independent accountants, approving professional services provided by the Fund's independent accountants (including compensation therefor), and reviewing the independence of the Fund's independent accountants. Additionally, the Audit Committee is responsible for overseeing the Adviser's implementation of the Fund's valuation process. The Audit Committee charter will be available on the Corporate Governance portion of the Fund's website at https://futurestandard.com.

Because the Fund is newly formed, the Audit Committee of the Fund did not meet during the fiscal year ended December 31, 2024.

*Nominating and Corporate Governance Committee*

The Board has established a Nominating and Corporate Governance Committee that operates pursuant to a charter and consists of two members, including a Chairman of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee members are currently Messrs. Brown and Pizzi. The primary function of the Nominating and Corporate Governance Committee is to consider and make recommendations to the Board regarding certain governance matters, including selection of trustees for election by shareholders, selection of trustee nominees to fill vacancies on the Board or a committee thereof, development and revision, as appropriate, of applicable corporate governance documentation and practices and oversight of the evaluation of the Board.

With respect to nominating trustee candidates, the Nominating and Corporate Governance Committee takes into consideration such factors as it deems appropriate. Among the qualifications considered in the selection of candidates, the Nominating and Corporate Governance Committee considers the following attributes and criteria of candidates: experience, including experience with investment companies and other organizations of comparable purpose, skills, expertise, diversity, including diversity of gender, race and national origin, personal and professional integrity, time availability in light of other commitments, conflicts of interest and such other relevant factors that the Nominating and Corporate Governance Committee considers appropriate in the context of the needs of the Board, including, when applicable, to enhance the ability of the Board or committees of the Board to fulfill their duties and/or to satisfy any independence or other applicable requirements imposed by law, rule, regulation or listing standard including, but not limited to, the 1940 Act and rules promulgated by the SEC. Each of the trustee nominees was approved by the members of the Nominating and Corporate Governance Committee and the entire Board.

The Nominating and Corporate Governance Committee considers candidates suggested by its members and other Board members, as well as the Fund's management and shareholders. A shareholder who wishes to recommend a prospective nominee for the Board must provide notice to the Secretary of the Fund in accordance with the requirements set forth in the Fund's bylaws, which are described in greater detail under the heading "Submission of Shareholder Proposals." Nominees for trustee who are recommended by shareholders will be evaluated in the same manner as any other nominee for trustee. The Nominating and Corporate Governance Committee charter will be available on the Corporate Governance portion of the Fund's website at https://futurestandard.com.

Because the Fund is newly formed, the Nominating and Corporate Governance Committee of the Fund did not meet during the fiscal year ended December 31, 2024.

*Information about Executive Officers Who Are Not Trustees*

The following table sets forth certain information regarding the executive officers of the Fund who are not trustees of the Fund. Each executive officer holds their office until their successor is chosen and qualifies, or until their earlier resignation or removal.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Age** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Principal Occupations During the Past Five Years** |
| &nbsp;&nbsp; Edward T. Gallivan, Jr.<br> Age: 63 | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp; Edward T. Gallivan, Jr. has served as the Fund's chief financial officer and treasurer since November 2012. Mr. Gallivan also serves as the chief financial officer of certain of the other funds sponsored by Future Standard. Prior to his appointment as chief financial officer, Mr. Gallivan was director of financial reporting at BlackRock and assistant treasurer of mutual funds at State Street Research & Management. Mr. Gallivan began his career as an auditor at the global accounting firm PwC where he practiced as a certified public accountant. Mr. Gallivan received his B.S. in Business Administration (Accounting) degree at Stonehill College.<br>|
| &nbsp;&nbsp;James R. Beach<br> Age: 38 | &nbsp;&nbsp;Chief Operating Officer | &nbsp;&nbsp; James Beach has served as the Fund's chief operating officer since June 2020. Mr. Beach is also a managing director of Future Standard, which he joined in 2010. He is one of the persons responsible for fund administration and portfolio management, including forecasting, and management reporting. Prior to joining Future Standard, Mr. Beach was an investment banking analyst at Ewing Bemiss & Co. Mr. Beach received his B.A. in Economics from the University of Richmond and a general course certificate from the London School of Economics. Mr. Beach holds the CFA Institute's Chartered Financial Analyst designation.<br>|
| &nbsp;&nbsp; Stephen S. Sypherd<br> Age: 48 | &nbsp;&nbsp;General Counsel | &nbsp;&nbsp; Stephen S. Sypherd serves as the Fund's general counsel. Mr. Sypherd also currently serves as the general counsel, vice president, treasurer and/or secretary of certain of the other funds sponsored by Future Standard. Mr. Sypherd has also served in various senior officer capacities for Future Standard and its affiliated investment advisers, including as senior vice president from December 2011 to August 2014, general counsel since January 2013 and managing director since August 2014. He is responsible for legal and compliance matters across all entities and investment products of Future Standard. Prior to joining Future Standard, Mr. Sypherd served for eight years as an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where he practiced corporate and securities law. Mr. Sypherd received his B.A. in Economics from Villanova University and his J.D. from the Georgetown University Law Center, where he was an executive editor of the Georgetown Law Journal.<br>|
| &nbsp;&nbsp; James F. Volk<br> Age: 62 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;James F. Volk has served as the Fund's chief compliance officer since 2015. Mr. Volk also serves as the chief compliance officer of the other funds sponsored by Future Standard. He is responsible for all compliance and regulatory issues affecting the Fund and the foregoing companies. Before joining Future Standard and its affiliated investment advisers in October 2014, Mr. Volk was the chief compliance officer, chief accounting officer and head of traditional fund operations at SEI's Investment Manager Services market unit. Mr. Volk was also formerly the assistant chief accountant at the SEC's Division of Investment Management and a senior manager for PwC. Mr. Volk graduated from the University of Delaware with a B.S. in Accounting and is currently an inactive Certified Public Accountant. |

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*Communication Between Shareholders and the Board*

The Board welcomes communications from the Fund's shareholders. Shareholders may send communications to the Board or to any particular trustee to the following address: c/o New FS Specialty Lending Fund, 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112. Shareholders should indicate clearly the trustee or trustees to whom the communication is being sent so that each communication may be forwarded directly to the appropriate trustee(s).

*Trustee Compensation*

The Fund will not pay compensation to its trustees who also serve in an executive officer capacity for the Fund or the Adviser or its affiliates. Trustees who do not also serve in an executive officer capacity for the Fund or the Adviser or its affiliates are entitled to receive annual cash retainer fees, fees for participating in quarterly Board and Board committee meetings and certain other Board and Board committee meetings and annual fees for serving as a committee chairperson. These trustees are Messrs. Brown, Chandler, Goldstein, Pizzi and Ramos. Mr. Goldstein also receives an annual retainer for his service as the lead Independent Trustee.

Amounts payable under the trustee fee arrangement are determined and paid quarterly in arrears as follows:

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| | |
|:---|:---|
| **Fee** | **Amount** |
| Annual Board Retainer | $100000 |
| Board Meeting Fees | $2500 |
| Annual Committee Chair Retainers: |  |
| Audit Committee | $20000 |
| Nominating and Corporate Governance Committee | $15000 |
| Other Committees | $10000 |
| Committee Meeting Fees | $1000 |
| Annual Lead Independent Trustee Retainer | $25000 |

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The Fund will also reimburse each of the above trustees for all reasonable and authorized business expenses in accordance with its policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each in-person Board meeting and each in-person committee meeting not held concurrently with a Board meeting.

*Trustee Share Ownership*

As of December 31, 2024, each Trustee of the Fund beneficially owned equity securities of the Predecessor Fund and all of the registered investment companies in the family of investment companies overseen by the Trustee in the dollar range amounts specified below.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | &nbsp;&nbsp;**Dollar Range of<br>Equity Securities<br>in the<br>Predecessor<br>Fund<sup>(1)</sup>** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity<br>Securities in All Registered<br>Investment Companies Overseen by<br>Trustee in Family of Investment<br>Companies<sup>(2)</sup>** |
| *Independent Trustees:* |  |  |
| Sidney R. Brown | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
| Gregory P. Chandler | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
| Richard I. Goldstein | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |
| Charles P. Pizzi | &nbsp;&nbsp;$50000-$100000 | &nbsp;&nbsp;$50000-$100000 |
| Pedro A. Ramos |  |  |
| *Interested Trustee:* |  |  |
| Michael C. Forman | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |

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<sup>(1)</sup> The Fund is newly formed and therefore as of December 31, 2024, no Trustees owned equity securities of the Fund. Shares of the Predecessor Fund held by the trustees will be converted to shares of the Fund in the Reorganization.

<sup>(2)</sup> The "Family of Investment Companies" includes the Fund and each other registered investment company for which the Adviser serves as investment adviser. As of the date of this SAI, the Predecessor Fund and the Fund are the only Fund in the Family of Investment Companies.

As of December 31, 2024, the Trustees and officers of the Fund as a group owned less than 1% of the outstanding common shares of the Predecessor Fund.

As of December 31, 2024, no shares of the Fund were outstanding. Prior to the closing of the Reorganization, the Adviser will acquire one or more shares of the Fund in order to take certain actions as the initial sole shareholder of the Fund.

*Proxy Voting Procedures*

The Fund has delegated authority to vote proxies to the Adviser, subject to the supervision of the Board. Attached hereto as Exhibit (z) is the Proxy Voting Policy which is currently in effect as of the date hereof.

The Proxy Voting Policy is subject to change over time and investors seeking the most current copy of the Proxy Voting Policy should call the Fund toll free at (215) 495-1150. The Fund's most recent proxy voting record for the period ended June 30 which has been filed with the SEC is available without charge by calling the Fund toll free at (215) 495-1150.

*Code of Ethics*

The Fund has adopted a code of business conduct and ethics (as amended and restated to date, the "Code of Business Conduct and Ethics") pursuant to Rule 17j-1 promulgated under the 1940 Act, which applies to, among others, its officers, including its Chief Executive Officer and its Chief Financial Officer, as well as the members of the Board. The Fund's Code of Business Conduct and Ethics will be available on the Corporate Governance portion of the Fund's website at https://futurestandard.com. In addition, the Code of Business Conduct and Ethics is available on the EDGAR Database on the SEC's Internet site at www.sec.gov. Shareholders may also obtain a copy of the Code of Business Conduct and Ethics, after paying a duplication fee, by electronic request at the following e-mail address: publicinfo@sec.gov. The Fund intends to disclose any amendments to or waivers of required provisions of the Code of Business Conduct and Ethics on Form 8-K, as required by the Exchange Act and the rules and regulations promulgated thereunder.

 **Item 19.** **Control Persons and Principal Holders of Securities.**

As of the date of this registration statement, there are no outstanding securities of the Fund. Prior to the closing of the Reorganization, the Adviser will acquire one or more shares of the Fund in order to take certain actions as the initial sole shareholder of the Fund.

**Item 20.** **Investment Advisory and Other Services.**

The Adviser acts as the investment adviser to the Fund. The Adviser's principal business address is 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112.

The Adviser provides investment advisory services to the Fund pursuant to the terms of the Fund Investment Advisory Agreement, to be entered into between the Adviser and the Fund prior to the closing date of the Reorganization. The Fund Investment Advisory Agreement has an initial term expiring two years after the date of its execution, and may be continued in effect from year to year thereafter subject to the approval thereof by (1) the Board or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund; provided that in either event the continuance must also be approved by a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval.

The Fund Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice by either party. The Fund may terminate by action of the Board or by a vote of a majority of the Fund's outstanding voting securities (accompanied by appropriate notice), and the Fund Investment Advisory Agreement will terminate automatically upon its assignment (as defined in the 1940 act and the rules thereunder). The Fund Investment Advisory Agreement provides that the Adviser will not be liable for any loss sustained by reason of the purchase, sale or retention of any security, whether or not such purchase, sale or retention will have been based upon the investigation and research made by any other individual, firm or corporation, if such recommendation will have been selected with due care and in good faith, except loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in performance of its obligations and duties, or by reason of its reckless disregard of its obligations and duties under the Fund Investment Advisory Agreement.

Pursuant to the Fund Investment Advisory Agreement, the Adviser is responsible for managing the portfolio of the Fund in accordance with its stated investment objectives and policies, makes investment decisions for the Fund, placing orders to purchase and sell securities on behalf of the Fund and managing the other business and affairs of the Fund, all subject to the supervision and direction of the Board. Although the Adviser intends to devote such time and effort to the business of the Fund as is reasonably necessary to perform its duties to the Fund, the services of the Adviser are not exclusive, and the Adviser provides similar services to other clients and may engage in other activities.

*Administrative Services*

Pursuant to a separate administration agreement between the Fund and the Adviser (the "Administration Agreement"), the Adviser oversees the Fund's day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations and other administrative services. The Adviser also performs, or oversees the performance of, the Fund's corporate operations and required administrative services, which includes being responsible for the financial records which we are required to maintain and preparing reports to stockholders and reports filed with the SEC. In addition, the Adviser assists the Fund in calculating our NAV, overseeing the preparation and filing of our tax returns and the printing and dissemination of reports to stockholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to the Fund by others.

The Fund reimburses the Adviser for its actual costs incurred in providing these administrative services, including the Adviser's allocable portion of the compensation and related expenses of certain personnel of Future Standard providing administrative services to us on behalf of the Adviser. The Adviser is required to allocate the cost of such services to the Fund based on factors such as assets, revenues and/or time allocations. At least annually, the Board will review the methodology employed in determining how the expenses are allocated to the Fund and the proposed allocation of administrative expenses among the Fund and certain affiliates of the Adviser. The Board will then assess the reasonableness of such reimbursements for expenses allocated to the Fund based on the breadth, depth and quality of such services as compared to the estimated cost to the Fund of obtaining similar services from third-party service providers known to be available. In addition, the Board will consider whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board will compare the total amount paid to the Adviser for such services as a percentage of the Fund's net assets to the same ratios reported by other comparable investment companies. The Fund does not reimburse the Adviser for any services for which it receives a separate fee or for any administrative expenses allocated to a controlling person of the Adviser.

In addition, the Fund has contracted with State Street Bank and Trust Company to provide various accounting and administrative services, including preparing preliminary financial information for review by the Adviser, preparing and monitoring expense budgets, maintaining accounting books and records, processing trade information for the Fund and performing certain portfolio compliance testing.

*Potential Conflicts of Interest*

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Fund does, or of investment vehicles managed by the same personnel. The officers, managers and other personnel of the Adviser serve and may serve in the future in similar or other capacities for the investment advisers to the other funds managed or advised by Future Standard or EIG, and may serve in similar or other capacities for the investments advisers to future investment vehicles affiliated with Future Standard or EIG. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Fund's best interests or in the best interest of the Fund's shareholders. The Fund's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. In addition, members of the senior management and investment teams and other employees of the Adviser or its members or their respective affiliates may from time to time invest in portfolio companies in which the Fund also invests. Subject to applicable law, the Fund may periodically sell loans that it previously acquired after a short period of time to earn fees or other revenue, including from purchasers that do not participate in loan originations. The Adviser or its affiliates may receive asset-based fees from purchasers that are advisory clients, resulting in a conflict of interest for the Adviser. In some cases, the Adviser (or an affiliate) will receive a fee from a third-party investor for making excess investment opportunities available, and such fee creates an incentive to recommend such opportunities to the Fund and to allocate opportunities to such a third-party investor.

The Adviser's affiliates and its personnel are simultaneously providing investment advisory services to other affiliated entities. The Adviser may determine that it is appropriate for the Fund and one or more other investment accounts managed by the Adviser's affiliates to participate in an investment opportunity. To the extent the Fund is able to make co-investments with investment accounts managed by the Adviser or its affiliates, these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among the Fund and the other participating accounts. In addition, conflicts of interest or perceived conflicts of interest may also arise in determining which investment opportunities should be presented to the Fund and other participating accounts. To mitigate these conflicts, the Adviser will seek to execute such transactions on a fair and equitable basis and in accordance with its allocation policies, taking into account various factors, which may include: the source of origination of the investment opportunity; investment objectives and strategies; tax considerations; risk, diversification or investment concentration parameters; characteristics of the security; size of available investment; available liquidity and liquidity requirements; regulatory restrictions; and/or such other factors as may be relevant to a particular transaction. As affiliates of Future Standard currently serve as the investment adviser to other entities and accounts, it is possible that some investment opportunities will be provided to such other entities and accounts rather than to the Fund.

*Independent Registered Public Accounting Firm*

Ernst & Young LLP, 2005 Market Street, Philadelphia, PA 19103, serves as the independent registered public accounting firm of the Fund and will annually render an opinion on the financial statements of the Fund.

**Item 21.** **Portfolio Managers**

**Item 21.1. Other Accounts Managed.**

The following table reflects information regarding accounts for which each portfolio manager has day-to-day management responsibilities (other than the Fund). Accounts are grouped into three categories: (a) registered investment companies, (b) other pooled investment accounts, and (c) other accounts. To the extent that any of these accounts pay advisory fees that are based on account performance, this information will be reflected in a separate table below. Asset amounts are approximate and have been rounded.

As of December 31, 2024, Andrew Beckman managed or was a member of the management team for the following client accounts (excluding the Fund):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Accounts** | **Assets of<br>Accounts<sup>(1)</sup>** | **Number of<br>Accounts<br>Subject to a<br>Performance<br>Fee** | **Assets<br>Subject to a<br>Performance<br>Fee** |
| Registered Investment Companies | &nbsp;&nbsp;2 | $3097302 | &nbsp;&nbsp;1 | $2326907 |
| Pooled Investment Vehicles Other Than Registered Investment Companies | &nbsp;&nbsp;3 | $759772 | &nbsp;&nbsp;3 | $759772 |
| Other Accounts | &nbsp;&nbsp;8 | $1853074 | &nbsp;&nbsp;5 | $1614182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The assets for the accounts with fiscal year ends of October 31 represent assets as of January 31, 2025.

As of December 31, 2024, Nicholas Heilbut managed or was a member of the management team for the following client accounts (excluding the Fund):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Accounts** | **Assets of<br>Accounts<sup>(1)</sup>** | **Number of<br>Accounts<br>Subject to a<br>Performance<br>Fee** | **Assets<br>Subject to a<br>Performance<br>Fee** |
| Registered Investment Companies | &nbsp;&nbsp;2 | $3097302 | &nbsp;&nbsp;1 | $2326907 |
| Pooled Investment Vehicles Other Than Registered Investment Companies | &nbsp;&nbsp;3 | $759772 | &nbsp;&nbsp;3 | $759772 |
| Other Accounts | &nbsp;&nbsp;8 | $1853074 | &nbsp;&nbsp;5 | $1614182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The assets for the accounts with fiscal year ends of October 31 represent assets as of January 31, 2025.

As of December 31, 2024, Robert Hoffman managed or was a member of the management team for the following client accounts (excluding the Fund):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Accounts** | **Assets of<br>Accounts<sup>(1)</sup>** | **Number of<br>Accounts<br>Subject to a<br>Performance<br>Fee** | **Assets<br>Subject to a<br>Performance<br>Fee** |
| Registered Investment Companies | &nbsp;&nbsp;2 | $3097302 | &nbsp;&nbsp;1 | $2326907 |
| Pooled Investment Vehicles Other Than Registered Investment Companies | &nbsp;&nbsp;- | $- | &nbsp;&nbsp;- | $- |
| Other Accounts | &nbsp;&nbsp;- | $- | &nbsp;&nbsp;- | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The assets for the accounts with fiscal year ends of October 31 represent assets as of January 31, 2025.

**Item 21.2.** **Compensation.**

*Potential Conflicts of Interest*

The Adviser and certain of its affiliates may experience conflicts of interest in connection with the management of the Fund, including, but not limited to, the following:

● The managers, officers and other personnel of the Adviser allocate their time, as they deem appropriate, between advising the Fund and managing and operating other investment activities and business activities in which they may be involved;

● The principals of the Adviser may serve as officers, paid advisors, directors or in comparable management functions for portfolio companies in which the Fund invests, and may receive compensation in connection therewith;

● The Fund may now, or in the future, compete with certain affiliates for investments, subjecting the Adviser and its affiliates to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending acquisitions or sales on the Fund's behalf.

● The Fund may now, or in the future, compete with other funds or clients managed or advised by the Adviser or affiliates of the Adviser for investment opportunities, subjecting the Adviser and its affiliates to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending acquisitions on the Fund's behalf;

● Subject to applicable law, the Adviser and its affiliates may now, or in the future, acquire, hold or sell securities in which the Fund invests;

● Members of the senior management and investment teams and other employees of the Adviser or its members or their respective affiliates may from time to time invest in portfolio companies in which the Fund invests;

● Regardless of the quality of the assets acquired by the Fund, the services provided to the Fund or whether the Fund makes distributions to stockholders, the Adviser will receive the management fee in connection with the management of the Fund's portfolio;

● From time to time, to the extent consistent with the 1940 Act and the rules and regulations promulgated thereunder, the Fund and other clients for which the Adviser or its affiliates provides investment management services or carry on investment activities may make investments at different levels of an issuer's capital structure or otherwise in different classes of an issuer's securities, as may be permitted by law and subject to compliance with appropriate procedures. These investments give rise to inherent conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by the Fund and such other clients and may make certain investment opportunities, which might otherwise be desirable, unavailable or impractical even if appropriate procedures are in place. Additionally, investment at different levels of an issuer's capital structure or otherwise in different classes of an issuer's securities by the Fund and other clients of the Adviser or its affiliates may result in the Adviser or its affiliates coming into possession of confidential or material, non-public information that would limit the ability of the Fund to acquire or dispose of investments, even if such acquisition or disposition would otherwise be desirable. This could constrain the Fund's investment flexibility and result in the Fund being unable or restricted from initiating transactions in certain securities or liquidating or selling certain investments at a time when the Adviser would otherwise take an action;

● The Adviser and its respective affiliates may give advice and recommend securities to other clients, family or friends, in accordance with the investment objectives and strategies of such other clients, family or friends, which may differ from advice given to, or the timing or nature of the action taken with respect to, the Fund so long as it is their policy, to the extent practicable, to recommend for allocation and/or allocate investment opportunities to the Fund on a fair and equitable basis relative to their other clients, family and friends, even though their investment objectives may overlap with those of the Fund. Subject to applicable law, the Fund may periodically sell loans that it previously acquired after a short period of time to earn fees or other revenue, including from purchasers that do not participate in loan originations. The Adviser or its affiliates may receive asset-based fees from purchasers that are advisory clients, resulting in a conflict of interest for the Adviser;

● The Adviser and its affiliates may have existing business relationships or access to material non-public information that would prevent it from considering, approving or consummating an investment opportunity (including a disposition of an existing investment) that would otherwise fit within the Fund's investment objectives and strategies. This could constrain the Fund's investment flexibility and result in the Fund being unable or restricted from initiating transactions in certain securities or liquidating or selling certain investments at a time when the Adviser would otherwise take such an action;

● To the extent permitted by the 1940 Act and interpretations of the staff of the SEC, and subject to the allocation policies of the Adviser and any of its affiliates, as applicable, the Adviser, and any of its affiliates may deem it appropriate for the Fund and one or more other investment accounts managed by the Adviser or any of its affiliates to participate in an investment opportunity. In an order dated April 29, 2025, the SEC granted exemptive relief permitting the Fund, subject to satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of the Adviser. Any of these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among the Fund and the other participating accounts. To mitigate these conflicts, the Adviser and its affiliates managing other funds and accounts participating in transactions under the order will seek to execute such transactions for all of the participating investment accounts, including the Fund, on a fair and equitable basis and in accordance with their respective allocation policies, taking into account such factors as the relative amounts of capital available for new investments and the investment programs and portfolio positions of the Fund, the clients for which participation is appropriate and any other factors deemed appropriate; and

● The 1940 Act prohibits certain "joint" transactions with certain of the Fund's affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times), without the prior approval of the SEC. If a person, directly or indirectly, acquires more than 5% of the voting securities of the Fund, the Adviser (or its controlling entities), the Fund will be prohibited from buying any securities or other property from or selling any securities or other property to such person or certain of that person's affiliates, or entering into joint transactions with such persons, absent the availability of an exemption or prior approval of the SEC. Similar restrictions limit the Fund's ability to transact business with its officers or directors or their affiliates. The SEC has interpreted the 1940 Act rules governing transactions with affiliates to prohibit certain "joint transactions" involving entities that share a common investment adviser. As a result of these restrictions, the scope of investment opportunities that would otherwise be available to the Fund may be limited.

*Portfolio Manager Compensation*. The following description regarding portfolio manager compensation is provided as of December 31, 2024. The Adviser's investment personnel are not employed by the Fund and receive no direct compensation from the Fund in connection with their investment management activities.

Consistent with Future Standard's integrated culture, Future Standard has one firm-wide compensation and incentive structure, which covers investment personnel who render services to the Fund on behalf of the Adviser. Future Standard's compensation structure is designed to align the interests of the investment personnel serving the Fund with those of stockholders and to give everyone a direct financial incentive to ensure that all of Future Standard's resources, knowledge and relationships are utilized to maximize risk-adjusted returns for each strategy.

Each of Future Standard's senior executives, including each of the investment personnel who render services to the Fund on behalf of the Adviser, receives a base salary and is eligible for a discretionary bonus. In addition to discretionary bonuses, investment professionals of Future Standard may be eligible to receive incentive compensation, including equity awards, from Future Standard based on the earnings or other performance metrics of the applicable investment advisor and/or fund.

All final compensation decisions are made by the management committee of Future Standard based on input from managers. Base compensation and discretionary bonuses are determined based on a combination of factors, which could include, among others, considerations such as overall firm performance, individual contribution and performance, and relevant market and competitive compensation practices for other businesses.

**Item 21.3. Ownership of Securities.**

The following table shows the dollar range of equity securities in the Predecessor Fund beneficially owned by each portfolio manager of the Fund. Shares of the Predecessor Fund held by the trustees will be converted to shares of the Fund in the Reorganization.

---

| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity Securities<br>in the Predecessor Fund(1)** |
| Andrew Beckman | $None |
| Nicholas Heilbut | $None |
| Robert Hoffman | $10001 - 50000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Dollar ranges are as follows: None, $1—$10,000, $10,001—$50,000, $50,001—$100,000, $100,001—$500,000, $500,001—$1,000,000 or Over $1,000,000.

As of December 31, 2024, none of the portfolio managers of the Fund own any equity securities of the Fund because no shares of the Fund are outstanding.

**Item 22. Brokerage Allocation and Other Practices.**

Since we intend to generally acquire and dispose of our investments in privately negotiated transactions, we expect to use brokers in the normal course of our business infrequently. Subject to policies established by the Board of the Fund, the Adviser is primarily responsible for the execution of the publicly-traded securities portion of the Fund's portfolio transactions and the allocation of brokerage commissions. The Adviser does not execute transactions through any particular broker or dealer but seeks to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of the transaction, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. While the Adviser will generally seek reasonably competitive trade execution costs, the Fund will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Adviser may select a broker based partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge if the Adviser determines in good faith that such commission is reasonable in relation to the services provided.

**Item 23. Tax Status.**

See Item 10.4.

**Item 24. Financial Statements.**

The Registrant has not yet commenced operations. Following the Reorganization, the Fund will be the accounting survivor.

**PART C — OTHER INFORMATION**

**Item 25.** **Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xa.htm) | [Certificate of Trust of the Registrant(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xa.htm) |
| [(a)(2)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xb.htm) | [Amended and Restated Agreement and Declaration of Trust of the Registrant(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x1xb.htm) |
| [(b)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x2.htm) | [Bylaws of the Registrant(1)](https://www.sec.gov/Archives/edgar/data/2065812/000110465925042588/tm2513238d2_ex99-x2.htm) |
| (c) | Not applicable |
| (d) | Not applicable |
| [(e)](tm2521269d1_ex99-xe.htm) | [Distribution Reinvestment Plan of the Registrant\*](tm2521269d1_ex99-xe.htm) |
| (f) | Not applicable |
| [(g)(i)](tm2521269d1_ex99-xgxi.htm) | [Form of Investment Advisory Agreement between the Registrant and FS/EIG Advisor, LLC\*](tm2521269d1_ex99-xgxi.htm) |
| [(ii)](tm2521269d1_ex99-xgxii.htm) | [Form of Fee Waiver Agreement between the Registrant and FS/EIG Advisor, LLC\*](tm2521269d1_ex99-xgxii.htm) |
| (h) | Not applicable |
| (i) | Not applicable |
| [(j)](tm2521269d1_ex99-xj.htm) | [Form of Custodian Agreement between Registrant and State Street Bank and Trust Company\*](tm2521269d1_ex99-xj.htm) |
| [(k)](tm2521269d1_ex99-xk.htm) | [Form of Administration Agreement between the Registrant and FS/EIG Advisor, LLC\*](tm2521269d1_ex99-xk.htm) |
| (l) | Not applicable |
| (m) | Not applicable |
| (n) | Not applicable |
| (o) | Not applicable |
| (p) | Not applicable |
| (q) | Not applicable |
| [(r)](tm2521269d1_ex99-xr.htm) | [Code of Ethics of FS/EIG Advisor, LLC and the Registrant\*](tm2521269d1_ex99-xr.htm) |
| (s) | Not applicable |
| (t) | Not applicable |
| (z) | Proxy Voting Policies and Procedures |

---

\* Filed herewith.

(1) Incorporated by reference to the Registration Statement on Form N-14 (File No. 333-286859) filed by the Registrant on April 30,
2025. **Item 26.** **Marketing Arrangements.**

Not applicable.

**Item 27.** **Other Expenses of Issuance and Distribution.**

Not applicable.

**Item 28.** **Persons Controlled or Under Common Control.**

None

**Item 29.** **Number of Holders of Securities.**

None. As of the date of this registration statement, there are no outstanding securities of the Fund. Prior to the closing of the Reorganization, the Adviser will acquire one or more shares of the Fund in order to take certain actions as the initial sole shareholder of the Fund.

**Item 30.** **Indemnification.**

Reference is made to Article VII, Sections 7.2 through 7.8, of the Registrant's Declaration of Trust, a copy of which is incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Act"), may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Fund's Declaration of Trust, its Bylaws or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and, therefore, is 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 trustees, officers or controlling persons of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling persons 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 Act and will be governed by the final adjudication of such issue.

**Item 31.** **Business and Other Connections of Investment Adviser.**

The Adviser, a limited liability company organized under the laws of the State of Delaware, acts as investment adviser to the Registrant. The Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and trustees of the Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Adviser or those officers and trustees during the past two years, by incorporating by reference the information contained in the Form ADV of the Adviser filed with the commission pursuant to the Investment Advisers Act of 1940 (Commission File No. 801-112812).

**Item 32.** **Location of Accounts and Records.**

The accounts and records of the Registrant are maintained in part at the office of the Adviser at 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112, in part at the offices of the Fund's custodian and sub-administrator, State Street Bank and Trust Company, at One Congress Street, Boston, Massachusetts 02114, and in part at the offices of the Fund's transfer agent, SS&C GIDS, Inc., at 801 Pennsylvania Ave., Suite 219095, Kansas City, Missouri 64105.

**Item 33.** **Management Services.**

Not applicable.

**Item 34.** **Undertaking.**

Not applicable.

**SIGNATURE**

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, State of Pennsylvania, on the 25th day of July, 2025.

NEW FS SPECIALTY LENDING FUND

---

| | |
|:---|:---|
| By: | /s/ Michael C. Forman |
|  | Michael C. Forman |
|  | Chief Executive Officer |

---

## Ex-99.(E)

**Exhibit 99.(e)**

**DISTRIBUTION REINVESTMENT PLAN OF NEW FS SPECIALTY LENDING FUND**

New FS Specialty Lending Fund, a statutory business trust formed under the laws of the State of Delaware (the "***Fund***"), hereby adopts the following plan (the "***Plan***") with respect to cash dividends or distributions (each, a *"**Distribution**"*) declared by its Board of Trustees (the "***Board of Trustees***") on its common shares of beneficial interest, par value $0.001 per share (the *"**Common Shares**"*):

Unless a shareholder specifically elects to receive cash in accordance with the Plan, all Distributions declared after the effective date hereof by the Board of Trustees shall be payable in Common Shares, and no action shall be required on such shareholder's part to receive a Distribution in Common Shares. SS&C GIDS, Inc., the plan administrator and the Fund's transfer agent and registrar (collectively the "***Plan Administrator***"), will establish an account for Common Shares received pursuant to the Plan for each shareholder who has not affirmatively elected to receive Distributions in cash (each a "***Participant***"). The Plan Administrator may hold each Participant's Common Shares, together with the Common Shares of other Participants in the Plan Administrator's name or that of its nominee.

Such Distributions shall be payable on such date or dates (each, a "***Payment Date***") as may be fixed from time to time by the Board of Trustees to shareholders of record at the close of business on the record date(s) established by the Board of Trustees for such Distribution.

(A) Following the date of the listing of Common Shares for trading on a national securities exchange, with respect to each Distribution pursuant to the Plan, the Fund reserves the right to either issue new Common Shares or purchase Common Shares in the open market for the accounts of Participants in connection with implementation of the Plan. Unless the Fund, in its sole discretion, otherwise directs the Plan Administrator:

if the Market Price (as defined below) is equal to or greater than NAV (as defined below), then the Fund shall issue Common Shares at the greater of (i) NAV or (ii) 95% of the Market Price; or

if the Market Price is less than NAV, then, in the sole discretion of the Fund, (x) Common Shares shall be purchased in open market transactions for the accounts of Participants to the extent practicable, or (y) the Fund shall issue Common Shares at NAV.

The number of Common Shares to be issued to a Participant is determined by dividing the total dollar amount of the Distribution payable to the Participant by the price at which the Fund issues such Common Shares pursuant to Section 3.(A)(i), 3.(A)(ii)(x) or 3.(A)(ii)(y), as applicable. Common Shares purchased in open market transactions pursuant to Section 3.(A)(i) will be allocated to a Participant based on the average purchase price, excluding any brokerage charges or other charges, of all Common Shares purchased in the open market with respect to such Distribution. "***Market Price****"* means the market price per share of the Common Shares at the close of regular trading on the New York Stock Exchange or any other exchange or inter-dealer quotation system that represents the principal trading market for the Common Shares (the *"**Principal Trading Market**"*) on the Payment Date, or if no sale is reported for such day, the average of the reported bid and asked prices. "***NAV***" means the net asset value per share (as estimated in good faith by the Fund and rounded up to the nearest whole cent) of Common Shares on the Payment Date.

A shareholder may, however, affirmatively elect to receive such shareholder's Distributions in cash. Except as may otherwise be permitted by the Fund in its sole discretion, the election will be effective immediately if such shareholder notifies the Plan Administrator in writing not less than 10 days prior to the record date fixed by the Board of Trustees for the next Distribution; otherwise, such election will be effective only with respect to any subsequent Distribution. Such election shall remain in effect until the shareholder shall notify the Plan Administrator in writing of such shareholder's withdrawal of the election, which withdrawal will be effective immediately if such shareholder notifies the Plan Administrator in writing not less than 10 days prior to the record date fixed by the Board of Trustees for the next Distribution; otherwise, such withdrawal will be effective only with respect to any subsequent Distribution.

The Plan Administrator will confirm to each Participant each issuance or acquisition made pursuant to the Plan on such Participant's behalf as soon as practicable, but not later than the next quarterly statement issued to such Participant. Although each Participant may from time to time have a fractional interest (computed to three decimal places) in a share of Common Shares of the Fund, no certificates for a fractional share will be issued. However, Distributions on fractional shares will be credited to each Participant's account.

The Plan Administrator or another agent designated by the Fund will forward to each Participant any proxy solicitation materials related to the Fund and each report or other communication of the Fund delivered to shareholders, and will vote any Common Shares held by it under the Plan in accordance with the instructions set forth on proxies returned to the Fund by Participants.

In the event that the Fund makes available to its shareholders rights to purchase additional Common Shares or other securities, the Common Shares held by the Plan Administrator for each Participant under the Plan will be added to any other Common Shares held by the Participant in calculating the number of rights to be issued to the Participant.

There will be no brokerage charges or other sales charges on newly-issued Common Shares acquired by a shareholder under the Plan. The Plan Administrator's service fee, if any, and expenses for administering the Plan will be paid by the Fund. If a Participant elects by written notice to the Plan Administrator to have the Plan Administrator sell part or all of the Common Shares held by the Plan Administrator in the Participant's account and remit the proceeds to the Participant, whether upon termination of the Plan by the Fund, termination by a Participant of such Participant's account under the Plan or otherwise, the Plan Administrator shall be authorized to deduct from the proceeds a $20.00 transaction fee for each transaction requested by a Participant, plus any applicable brokerage commission.

The Plan Administrator or applicable brokerage firm will be responsible for generating or providing a Form 1099-DIV or any related tax forms associated with any Distributions that are reinvested or paid out.

Each Participant may terminate such Participant's account under the Plan by so notifying the Plan Administrator in writing. Such termination will be effective immediately if the Participant's notice is received by the Plan Administrator not less than 10 days prior to the record date fixed by the Board of Trustees for the next Distribution; otherwise, such termination will be effective only with respect to any subsequent Distribution. The Plan may be terminated or suspended from time to time by the Fund at any time in its sole and absolute discretion. During any suspension of the Plan, all Distributions declared by the Board of Trustees shall be payable in cash. The Plan may be reactivated following any suspension by the Fund upon notice of such reactivation in a Form 8-K filed with the Securities and Exchange Commission ("***SEC***"). Upon any termination of the Plan by the Fund or by a Participant of such Participant's account under the Plan, the Plan Administrator will cause whole Common Shares held for the Participant under the Plan to be credited to the Participant in book-entry form with the Fund's transfer agent and a cash adjustment for any fractional shares to be paid to the Participant at the market price per share of Common Shares at the close of regular trading on the Principal Trading Market on the date of such termination. If no sale is reported on the Principal Trading Market on the date of such termination, then the market price for the purpose of the payment of the cash adjustment for any fractional shares shall be the average of their electronically-reported bid and asked prices on the Principal Trading Market on such termination date. The Plan Administrator shall be authorized to deduct a $20.00 transaction fee, plus any applicable brokerage commission.

These terms and conditions may be amended or supplemented by the Fund at any time. The amendment or supplement shall be in a current report on Form 8-K filed with the SEC, and shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator receives written notice of the termination of such Participant's account under the Plan. Any such amendment or supplement may include an appointment by the Plan Administrator in its place and stead of a successor agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator under the terms and conditions agreed upon by the Fund. Upon any such appointment of any agent for the purpose of receiving Distributions, the Fund shall be authorized to pay to such successor agent, for each Participant's account, all Distributions payable on Common Shares held in the Participant's name or under the Plan for retention or application by such successor agent as provided in these terms and conditions.

The Plan Administrator will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under the Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Administrator's negligence, bad faith, or willful misconduct or that of its employees or agents.

These terms and conditions of the Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to any conflict of laws principals or rules thereof, to the extent such principals would require or permit the application of the laws of another jurisdiction, and the Investment Company Act of 1940, as amended (the *"**1940 Act**"*). In the event of a conflict, the applicable provisions of the 1940 Act shall control.

Effective Date: March 26, 2025

## Ex-99.(G)(I)

**Exhibit 99.(g)(i)**

**INVESTMENT ADVISORY AGREEMENT**

**BETWEEN**

**NEW FS SPECIALTY LENDING FUND**

**AND**

**FS SPECIALTY LENDING ADVISOR, LLC**

This Investment Advisory and Administrative Services Agreement (this "***Agreement***") is made this __ day of _____, 2025, by and between NEW FS SPECIALTY LENDING FUND, a Delaware statutory trust (the "***Fund***"), and FS SPECIALTY LENDING ADVISOR, LLC, a Delaware limited liability company (the "***Adviser***").

WHEREAS, the Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "***Investment Company Act***"); and

WHEREAS, the Adviser is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***"); and

WHEREAS, the Fund desires to retain the Adviser to furnish investment advisory services to the Fund and to provide for the administrative services necessary for the operation of the Fund on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1.** **<u>Duties of the Adviser</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retention of Adviser</u>. The Fund hereby appoints the Adviser to act as an investment adviser to the Fund and to manage the investment and reinvestment of the assets of the Fund, subject to the supervision of the board of trustees of the Fund (the "***Board***"), for the period and upon the terms herein set forth, in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the investment objectives, policies and restrictions that are set forth in the Fund's filings with the Securities and Exchange Commission (the "***SEC***"), as supplemented, amended or superseded from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all other applicable federal and state laws, rules and regulations, and the Fund's amended and restated declaration of trust (as may be amended from time to time, the "***Declaration of Trust***") and the Fund's bylaws (as may be amended from time to time, the "***Bylaws***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such investment policies, directives and regulatory restrictions as the Fund may from time to time establish or issue and communicate to the Adviser in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Responsibilities of Adviser</u>. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the composition and allocation of the Fund's investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify, evaluate and negotiate the structure of the investments made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) execute, monitor and service the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) place orders with respect to, and arrange for, any investment by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) determine the securities and other assets that the Fund shall purchase, retain, or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) perform due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably request or require for the investment of its funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Power and Authority</u>. To facilitate the Adviser's performance of these undertakings, but subject to the restrictions contained herein, the Fund hereby delegates to the Adviser, and the Adviser hereby accepts, the power and authority to act on behalf of the Fund to effectuate investment decisions for the Fund, including the negotiation, execution and delivery of all documents relating to the Fund's investments and the placing of orders for other purchase or sale transactions on behalf of the Fund. In the event that the Fund determines to acquire debt financing (or to refinance existing debt financing), the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments through such special purpose vehicle in accordance with applicable law. The Fund also grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary or advisable to carry out its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acceptance of Appointment</u>. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services described herein for the compensation provided herein, subject to the limitations contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Sub-Advisers</u>. The Adviser is hereby authorized to enter into one or more sub-advisory agreements (each, a "***Sub-Advisory Agreement***") with other investment advisers or other service providers (each, a "***Sub-Adviser***") pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder, subject to the oversight of the Adviser and the Fund. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Fund's investment objectives, policies and restrictions, and work, along with the Adviser, in sourcing, structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Fund, subject to the oversight of the Adviser and the Fund, with the scope of such services and oversight to be set forth in each Sub-Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Adviser and not the Fund shall be responsible for any compensation payable to any Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Sub-Advisory Agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act, including without limitation the requirements relating to Board and Fund shareholder approval thereunder, and other applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Sub-Adviser shall be subject to the same fiduciary duties imposed on the Adviser pursuant to this Agreement, the Investment Company Act and the Advisers Act, as well as other applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Independent Contractor Status*. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Record Retention*. Subject to review by, and the overall control of, the Board, the Adviser shall keep and preserve for the period required by the Investment Company Act or the Advisers Act, as applicable, any books and records relevant to the provision of its investment advisory services to the Fund and shall specifically maintain all books and records with respect to the Fund's portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and state law, and shall make such records available for inspection by the Board and its authorized agents, at any time and from time to time during normal business hours. The Adviser agrees that all records that it maintains for the Fund are the property of the Fund and shall surrender promptly to the Fund any such records upon the Fund's request and upon termination of this Agreement pursuant to Section 9, provided that the Adviser may retain a copy of such records.

**2.** **<u>The Fund's Responsibilities and Expenses Payable by the Fund</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adviser Personnel</u>. All personnel of the Adviser, when and to the extent engaged in providing investment advisory services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser or its affiliates and not by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Costs</u>. The Fund shall bear all other costs and expenses of its operations and transactions, as provided in the administration agreement between the Fund and the Adviser (the "Administration Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Compensation of the Adviser</u>.**

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (the "***Base Management Fee***") and an incentive fee (the "***Incentive Fee***") as hereinafter set forth. The Adviser may agree to temporarily or permanently waive, in whole or in part, the Base Management Fee and/or the Incentive Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Management Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any quarter ending before the date on which the Fund's common shares are first listed on a national securities exchange (the "***Listing Date***"), the Base Management Fee shall be calculated at an annual rate of 1.75% of the Fund's average daily gross assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For any quarter ending after the Listing Date, the Base Management Fee shall be calculated at an annual rate of 1.50% of the Fund's average daily gross assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Base Management Fee shall be payable quarterly in arrears, and shall be calculated based on the average daily value of the Fund's gross assets during the most recently completed calendar quarter. All or any part of the Base Management Fee not taken as to any quarter shall be deferred without interest and may be taken in such other quarter as the Adviser shall determine. The Base Management Fee for any partial quarter shall be appropriately pro-rated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Incentive Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any quarter ending before the Listing Date, the Incentive Fee shall be calculated and payable quarterly in arrears based on the Fund's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter. The payment of the Incentive Fee shall be subject to a quarterly hurdle rate, expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.625% (6.5% annualized) (the "***Pre-Listing Hurdle Rate***"), subject to a "catch up" feature (as described below).

For this purpose, "***Pre-Incentive Fee Net Investment Income***" means interest income, dividend income and any other income (including any other fees, other than fees, if any, for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Base Management Fee, expenses payable or reimbursed to the Administrator under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

For purposes of this Paragraph 3(b)(i), "Adjusted Capital" shall mean cumulative gross proceeds generated from sales of the common shares by the Fund or its predecessor fund (including proceeds from the Fund's or the predecessor fund's distribution reinvestment plan) reduced for distributions from non-liquidating dispositions of the Fund's investments paid to shareholders and amounts paid for share repurchases pursuant to the Fund's or the predecessor fund's share repurchase program.

The calculation of the Incentive Fee for each quarter ending before the Listing Date is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Incentive Fee shall be payable to the Adviser in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the Pre-Listing Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 100% of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Pre-Listing Hurdle Rate but is less than or equal to 2.031% in any calendar quarter (8.125% annualized) shall be payable to the Adviser. This portion of the Fund's Incentive Fee is referred to as the "catch up" and is intended to provide the Adviser with an incentive fee of 20.0% on all of the Fund's Pre-Incentive Fee Net Investment Income when the Fund's Pre-Incentive Fee Net Investment Income reaches 2.031% (8.125% annualized) in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) For any quarter in which the Fund's Pre-Incentive Fee Net Investment Income exceeds 2.031% (8.125% annualized), the Incentive Fee shall equal 20.0% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, as the Pre-Listing Hurdle Rate and catch-up will have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For any quarter ending after the Listing Date, the Incentive Fee shall be calculated and payable quarterly in arrears based on the Fund's "Pre-Incentive Fee Net Investment Income" for the immediately preceding quarter. The payment of the Incentive Fee shall be subject to a quarterly hurdle rate, expressed as a rate of return on the Fund's net assets at the beginning of the most recently completed calendar quarter, of 1.5% (6.0% annualized) (the "***Post-Listing Hurdle Rate***"), subject to a "catch up" feature (as described below).

For this purpose, "Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including any other fees, other than fees, if any, for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Base Management Fee, expenses payable or reimbursed to the Administrator under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The calculation of the Incentive Fee for each quarter ending after the Listing Date is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Incentive Fee shall be payable to the Adviser in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the Post-Listing Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 100% of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Post-Listing Hurdle Rate but is less than or equal to 1.8% in any calendar quarter (7.2% annualized) shall be payable to the Adviser. This portion of the Fund's Incentive Fee is referred to as the "catch up" and is intended to provide the Adviser with an incentive fee of 20.0% on all of the Fund's Pre-Incentive Fee Net Investment Income when the Fund's Pre-Incentive Fee Net Investment Income reaches 1.8% (7.2% annualized) in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) For any quarter in which the Fund's Pre-Incentive Fee Net Investment Income exceeds 1.8% (7.2% annualized), the Incentive Fee shall equal 20.0% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, as the Post-Listing Hurdle Rate and catch-up will have been achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver of Fees</u>. The Adviser may elect from time to time, in its sole discretion, to waive its right to reimbursement or its receipt of the Base Management Fee and/or Incentive Fee.

**4.** **<u>Covenants of the Adviser</u>.**

The Adviser is registered as an investment adviser under the Advisers Act and covenants that it will maintain such registration. The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.

**5.** **<u>Brokerage Commissions</u>.**

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund's portfolio, and constitutes the best net results for the Fund.

**6.** **<u>Other Activities of the Adviser</u>.**

The services provided by the Adviser to the Fund are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Fund, so long as its services to the Fund hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, member (including its members and the owners of its members), officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Fund's portfolio companies, subject to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Fund are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, shareholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

**7.** **<u>Responsibility of Dual Directors, Officers and/or Employees</u>.**

If any person who is a manager, partner, member, officer or employee of the Adviser is or becomes a trustee, officer and/or employee of the Fund and acts as such in any business of the Fund, then such manager, partner, member, officer and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Fund, and not as a manager, partner, member, officer or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser.

**8.** **<u>Indemnification; Limitation of Liability</u>.**

The Adviser (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees and controlling persons and any other person or entity affiliated with the Adviser) (collectively, the "Indemnified Parties") shall not be liable to the Fund for any action taken or omitted to be taken by any such Indemnified Party in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Fund shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) ("***Losses***") incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund, to the extent such Losses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Delaware or other applicable law or the Declaration of Trust. Notwithstanding the preceding sentence of this Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of any liability to the Company or its shareholders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).

**9.** **<u>Duration and Termination of Agreement</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>. This Agreement shall remain in effect for two (2) years commencing on the date hereof, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board or the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party ("***Independent Trustees***"), in accordance with the requirements of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60) days' written notice, (i) by the Fund (x) upon the vote of a majority of the outstanding voting securities of the Fund or (y) upon the vote of the Fund's Independent Trustees or (ii) by the Adviser. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payments to and Duties of Adviser Upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the termination of this Agreement, the Adviser shall not be entitled to compensation or reimbursement for further services provided hereunder, except that it shall be entitled to receive from the Fund within thirty (30) days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Adviser shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) deliver to the Board all assets and documents of the Fund then in custody of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) cooperate with the Fund to provide an orderly management transition.

**10.** **<u>Notices</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

**11.** **<u>Amendments</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended in writing by mutual consent of the parties hereto, subject to the provisions of the Investment Company Act and the Declaration of Trust.

**12.** **<u>Entire Agreement; Governing Law</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Fund is registered under the Investment Company Act or regulated as a business development company under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

**13.** **<u>Severability</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

**14.** **<u>Counterparts; Electronic Signatures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts and by exchange of original and/or electronic (PDF and/or DocuSign) signature pages, all of which shall be considered but one and the same agreement and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

---

| | |
|:---|:---|
| NEW FS SPECIALTY LENDING FUND | NEW FS SPECIALTY LENDING FUND |
| By: |  |
|  | Name: |
|  | Title: |
| FS SPECIALTY LENDING ADVISOR, LLC | FS SPECIALTY LENDING ADVISOR, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to Investment Advisory Agreement]

## Ex-99.(G)(Ii)

**Exhibit 99.(g)(ii)**

**FEE WAIVER AGREEMENT**

**BETWEEN**

**NEW FS SPECIALTY LENDING FUND**

**AND**

**FS SPECIALTY LENDING ADVISOR, LLC**

This Agreement (this "***Agreement***") is made this __ day of _____, 2025, by and between NEW FS SPECIALTY LENDING FUND, a Delaware statutory trust (the "***Fund***"), and FS SPECIALTY LENDING ADVISOR, LLC, a Delaware limited liability company (the "***Adviser***").

WHEREAS, the Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "***Investment Company Act***"); and

WHEREAS, the Adviser is the Investment Adviser to the Fund pursuant to an Investment Advisory Agreement dated as of _________, 2025, by and between the Fund and the Adviser (the "***Advisory Agreement***"); and

WHEREAS, the Adviser desires to waive a portion of the Base Management Fee and Incentive Fee payable pursuant to the Advisory Agreement, and the Fund desires to allow the Adviser to implement such waiver; and

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to enter into this Agreement by which the Adviser shall waive a portion of the Base Management Fee and Incentive Fee payable pursuant to the Advisory Agreement, and, therefore, have entered into this Agreement for the period specified herein; and

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1.** **<u>Base Management Fee Waiver</u>.**

During the term of the Waiver, the Adviser shall waive a portion of the Base Management Fee such that the Base Management Fee shall be 1.35% of the Fund's average weekly gross assets.

**2.** **<u>Incentive Fee Waiver</u>.**

During the term of the waiver, the Adviser shall waive a portion of the Incentive Fee such that the Incentive Fee shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Incentive Fee shall be payable to the Adviser in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the Post-Lising Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Post-Listing Hurdle Rate but is less than or equal to 1.667% in any calendar quarter (6.667% annualized) shall be payable to the Adviser. This portion of the Fund's Incentive Fee is referred to as the "catch up" and is intended to provide the Adviser with an incentive fee of 10.0% on all of the Fund's Pre-Incentive Fee Net Investment Income when the Fund's Pre-Incentive Fee Net Investment Income reaches 1.667% (6.667% annualized) in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For any quarter in which the Fund's Pre-Incentive Fee Net Investment Income exceeds 1.667% (6.667% annualized), the Incentive Fee shall equal 10.0% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, as the Hurdle Rate and catch-up will have been achieved.

**3.** **<u>No Reimbursement or Recoupment of Waived Fees</u>.**

The amount waived pursuant to Section 2 of this Agreement shall not be subject to reimbursement or recoupment.

**4.** **<u>Term</u>.**

The waiver shall become effective as of the Listing Date and shall continue until the termination of this Agreement pursuant to Section 5 of this Agreement.

**5.** **<u>Termination</u>.**

This Agreement will remain in effect until the Fund ceases to be a registered under the Investment Company Act of 1940, unless sooner terminated with the written consent of the Board of Trustees of the Fund, including a majority of the Independent Trustees. Notwithstanding the foregoing, this Agreement will automatically terminate if the Advisory Agreement is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

**6.** **<u>Amendments</u>.**

This Agreement may be amended in writing by mutual consent of the parties hereto, subject to the provisions of the Investment Company Act and the Declaration of Trust.

**7.** **<u>Entire Agreement; Governing Law</u>.**

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Fund is registered under the Investment Company Act or regulated as a business development company under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

**8.** **<u>Severability</u>.**

If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

**9.** **<u>Definitions</u>.**

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Advisory Agreement.

**10.** **<u>Counterparts; Electronic Signatures</u>.**

This Agreement may be executed in one or more counterparts and by exchange of original and/or electronic (PDF and/or DocuSign) signature pages, all of which shall be considered but one and the same agreement and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

---

| | |
|:---|:---|
| NEW FS SPECIALTY LENDING FUND | NEW FS SPECIALTY LENDING FUND |
| By: |  |
|  | Name: |
|  | Title: |
| FS SPECIALTY LENDING ADVISOR, LLC | FS SPECIALTY LENDING ADVISOR, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to Fee Waiver Agreement]

## Ex-99.(J)

**Exhibit 99.(j)**

**<u>CUSTODIAN AGREEMENT</u>**

This Agreement, dated as of [●], 2025 (the "***Effective Date***"), is by and between New FS Specialty Lending Fund, a Delaware statutory trust (the "***Company***"), on behalf of itself and each entity listed on <u>Schedule D</u> hereto, as may be amended from time to time in accordance with Section 19.14 hereof (each such entity, a "Company Subsidiary", and collectively, the "Company Subsidiaries") and State Street Bank and Trust Company, a Massachusetts trust company (the "***Custodian***").

**Whereas**, the Company has selected and desires to retain the Custodian to act as custodian of Company assets, and the Custodian is willing to provide such services to the Company upon the terms and conditions hereinafter set forth.

**Now, Therefore**, in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

Section 1. <u>Employment of Custodian and Property to be Held by It</u>

The Company hereby employs the Custodian as the custodian of its assets, including securities which the Company desires to be held in places within the United States ("***domestic securities***") and securities it desires to be held outside the United States ("***foreign securities***"). The Custodian shall not be responsible for any property of the Company which is not received by it or which is delivered out in accordance with Proper Instructions (as such term is defined in Section 7 hereof). With respect to uncertificated shares of or other interests ("***Underlying Shares***") in collective investment vehicles including, *inter alia*, registered investment companies ("***Underlying Funds***"), the holding of confirmation statements which identify such Underlying Shares as being recorded in the Custodian's name (or in the name of a nominee of the Custodian) for the benefit of the Company, shall be deemed custody for purposes of this Agreement.

Upon receipt of Proper Instructions (as such term is defined in Section 7 hereof), the Custodian shall, on behalf of the Company, from time to time employ one or more sub-custodians located in the United States, but only in accordance with approval by the Board of Trustees of the Company (the "Board"). The Custodian shall have no more or less responsibility or liability to the Company on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian. The Custodian may employ as sub-custodians for the Company's securities and other assets the foreign banking institutions and foreign securities depositories designated in <u>Schedules A</u> and <u>B</u> hereto (as may be amended from time to time by the Custodian in accordance with the applicable provisions of Sections 3 and 4 hereof).

Section 2. <u>Duties of the Custodian with Respect to Property of the Company to be Held in the United States</u>

2.1 <u>Holding Securities</u>. The Custodian shall hold and segregate for the account of the Company and each
Company Subsidiary all non-cash property, to be held by it in the United States, including all domestic securities owned by the Company
or a Company Subsidiary, other than (a) securities which are maintained pursuant to Section 2.9 in a clearing agency which acts
as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury and certain other federal agencies
(each, a "  ***U.S. Securities System***") and (b) Underlying Shares owned by the Company which are maintained
pursuant to Section 2.11 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to
time act as a transfer agent, registrar, corporate secretary, general partner or other relevant third party for the Underlying Funds and
with respect to which the Custodian is provided with Proper Instructions (the "  ***Underlying Transfer Agent*** ").

Information Classification: Limited Access

2.2 <u>Delivery of Securities</u>. The Custodian shall release and deliver domestic securities owned by the
Company held by the Custodian or in a U.S. Securities System account of the Custodian or in an account at the Underlying Transfer Agent,
only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the
following cases:

1) Upon the sale of such securities for the account of the Company and receipt of payment therefor;

2) Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Company;

3) In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.9 hereof;

4) To the depository agent in connection with tender or other similar offers for portfolio securities owned by the Company;

5) To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

6) To the issuer thereof, or its agent, for transfer into the name of the Company or into the name of any nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section 2.8 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided*,* that, in any such case, the new securities are to be delivered to the Custodian;

7) Upon the sale of such securities for the account of the Company, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian's own negligence or willful misconduct;

Information Classification: Limited Access

8) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

9) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

10) For delivery in connection with any loans of securities made by the Company, *but only* against receipt of adequate collateral as agreed upon from time to time by the Custodian and the Company, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities, except that in connection with any loans for which collateral is to be credited to the Custodian's account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of securities owned by the Company prior to the receipt of such collateral;

11) For delivery as security in connection with any borrowing by the Company requiring a pledge of assets by the Company provided, however, that securities shall be released only upon payment to the Company of the monies borrowed, except that in cases where additional collateral is required to secure a borrowing already made subject to proper prior authorization, further securities may be released for that purpose upon receipt of Proper Instructions;

12) For delivery in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is registered under the Securities Act of 1934, as amended (the "***Exchange Act***"), and a member of The Financial Industry Regulatory Authority, Inc. *(*"***FINRA***"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Company;

13) For delivery in accordance with the provisions of any agreement among the Company, the Custodian, and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission ("***CFTC***") and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Company;

Information Classification: Limited Access

14) Upon receipt of instructions from the transfer agent or registrar of the Company, if any ("***Transfer Agent***"), or from the Company, if there is no such Transfer Agent, for delivery to such Transfer Agent or to holders of the Company's shares of beneficial interest ("***Shares***") in connection with distributions in kind, in satisfaction of requests by holders of Shares for repurchase or redemption by the Company;

15) In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.12 hereof;

16) For delivery to a broker in connection with the broker's custody of margin collateral relating to futures or options on futures contracts; and

17) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the securities to be delivered and (b) the person(s) to whom delivery of such securities shall be made.

2.3 <u>Registration of Securities</u>. Domestic securities held by the Custodian (other than bearer securities)
shall be registered in the name of the Company or in the name of any nominee of the Company or of any nominee of the Custodian which nominee
shall be assigned exclusively to the Company, unless the Company has authorized in writing the appointment of a nominee to be used in
common with other investment companies or funds having the same investment adviser as the Company, or in the name or nominee name of any
agent appointed pursuant to Section 2.8 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1.
All securities accepted by the Custodian on behalf of the Company under the terms of this Agreement shall be in "street name"
or other good delivery form. If, however, the Company directs the Custodian to maintain securities in "street name", the Custodian
shall utilize its best efforts only to timely collect income due the Company on such securities and to notify the Company on a best efforts
basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

2.4 <u>Bank Accounts</u>. The Custodian shall open and maintain a separate bank account or accounts in the
United States in the name of the Company and each Company Subsidiary, subject only to draft or order by the Custodian acting pursuant
to the terms of this Agreement, and shall hold in one or more such accounts designated by the Company, subject to the provisions hereof,
all cash received by it from or for the account of the Company, other than cash maintained by the Company in a bank account established
and used in accordance with Rule l7f-3 under the Investment Company Act of 1940, as amended (the "  ***1940 Act*** ").
Funds held by the Custodian for the Company may be deposited by it to its credit as Custodian in the banking department of the Custodian
or in such other banks or trust companies as it may in its discretion deem necessary or desirable provided, however, that every such bank
or trust company shall be qualified to act as a custodian under the 1940 Act and that each such bank or trust company to the extent required
by law shall be approved by a vote of a majority of the Board. Such funds shall be deposited by the Custodian in its capacity as Custodian
and shall be withdrawable by the Custodian only in that capacity.

Information Classification: Limited Access

2.5 <u>Availability of Federal Funds</u>. Upon mutual agreement between the Company and the Custodian, the
Custodian shall, upon the receipt of Proper Instructions, make federal funds available to the Company as of specified times agreed upon
from time to time by the Company and the Custodian in the amount of checks received in payment for Shares of the Company which are deposited
into the Company's account.

2.6 <u>Collection of Income</u>. The Custodian shall collect on a timely basis, and promptly advise the Company
upon receipt thereof, all income and other payments with respect to securities held hereunder to which the Company shall be entitled either
by law or pursuant to custom in the securities business and shall collect on a timely basis all income and other payments with respect
to bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its agent thereof
and shall credit such income, as collected, to the Company's custodian account. Without limiting the generality of the foregoing,
the Custodian shall detach and present for payment all coupons and other income items requiring presentation as and when they become due
and shall collect interest when due on securities held hereunder.

2.7 <u>Payment of Company Monies</u>. Upon receipt of Proper Instructions, which may be continuing instructions
when deemed appropriate by the parties, the Custodian shall pay out monies of the Company in the following cases only:

1) Upon the purchase of domestic securities, options, swaps, futures contracts or options on futures contracts for the account of the Company but only (a) against the delivery of such securities, or evidence of title to such options, futures contracts or options on futures contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad that is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Company or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.9 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.11 hereof; (d) in the case of repurchase agreements entered into between the Company and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificated form or through an entry crediting the Custodian's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Company of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Company; or (e) for transfer to a time deposit account of the Company in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Company;

Information Classification: Limited Access

2) In connection with conversion, exchange or surrender of securities owned by the Company as set forth in Section 2.2 hereof;

3) For the repurchase or redemption of Shares by the Company as set forth in Section 6 hereof;

4) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account of the Company: interest, taxes, management, accounting, Transfer Agent and legal fees, and operating expenses of the Company whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;

5) For the payment of any distribution on Shares of the Company declared pursuant to the governing documents of the Company, including but not limited to any distributions by the Company to the Transfer Agent, as agent for the Company's stockholders, for further distribution thereto;

6) For payment of the amount of dividends received in respect of securities sold short;

7) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Company;

8) For payment in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is a member of FINRA, relating to compliance with the margin regulations of the Board of Governors of the Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by the Company;

9) For the repayment of any borrowing of the Company; and

10) For any other purpose, but only upon receipt of Proper Instructions specifying (a) the amount of such payment and (b) the person(s) to whom such payment is to be made.

2.8 <u>Appointment of Agents</u>. The Custodian may at any time or times in its reasonable discretion appoint
(and may at any time remove) any other bank or trust company which is itself qualified under the 1940 Act to act as a custodian, as its
agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that
the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder. The Underlying Transfer
Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Section 2.8 or any other provision of this
Agreement.

Information Classification: Limited Access

2.9 <u>Deposit of Company Assets in U.S. Securities Systems</u>. The Custodian may deposit and/or maintain
domestic securities owned by the Company in a U.S. Securities System in accordance with applicable Federal Reserve Board and Securities
and Exchange Commission ("  ***SEC***") rules and regulations, if any, and to the extent applicable hereto.

2.10 <u>Segregated Account</u>. The Custodian shall upon receipt of Proper Instructions establish and maintain
a segregated account or accounts for and on behalf of the Company or any Company Subsidiary, into which account or accounts may be transferred
cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.9 hereof, (a) in
accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer which is registered under the Exchange
Act and is a member of FINRA (or any Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance
with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered
contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions
by the Company, (b) for purposes of segregating cash or government securities in connection with options purchased, sold or written
by the Company or commodity futures contracts or options thereon purchased or sold by the Company, (c) for the purposes of compliance
by the Company with the procedures required by Investment Company Act Release No. 10666, or any subsequent release of the SEC, or
interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies,
(d) for any newly-formed Company Subsidiary and (e) for any other purpose in accordance with Proper Instructions.

2.11 <u>Deposit of Underlying Shares with the Underlying Transfer Agent</u>. Underlying Shares beneficially
owned by the Company shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the
Custodian's only responsibilities with respect thereto shall be limited to the following:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of the Company, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of the Company.

2) In respect of the purchase of Underlying Shares for the account of the Company, upon receipt of Proper Instructions, the Custodian shall pay out monies of the Company as so directed, and record such payment from the account of the Company on the Custodian's books and records.

Information Classification: Limited Access

3) In respect of the sale or redemption of Underlying Shares for the account of the Company, upon receipt of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account of the Company on the Custodian's books and records and, upon the Custodian's receipt of the proceeds therefor, record such payment for the account of the Company on the Custodian's books and records.

The Custodian shall not be liable to the Company for any loss or damage to the Company resulting from the maintenance of Underlying Shares with Underlying Transfer Agent except for losses resulting directly from the fraud, negligence or willful misconduct of the Custodian or any of its agents or of any of its or their employees.

2.12 <u>Ownership Certificates for Tax Purposes</u>. The Custodian shall execute ownership and other certificates
and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic
securities of the Company held by it and in connection with transfers of such securities.

2.13 <u>Proxies, Consents and Other Instruments</u>. The Custodian shall, with respect to the domestic securities
held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise
than in the name of the Company or a nominee of the Company, all proxies (without indication of the manner in which such proxies are to
be voted), consents, authorizations and other similar instruments, and shall promptly deliver the same to the Company, together with all
proxy soliciting materials and all notices relating to such securities.

2.14 <u>Communications Relating to Company Securities.</u> The Custodian shall transmit promptly to the
Company all written information (including, without limitation, pendency of calls and maturities of domestic securities and expirations
of rights in connection therewith and notices of exercise of call and put options written by the Company and the maturity of futures contracts
purchased or sold by the Company) received by the Custodian from issuers of the securities being held for the Company or any Company Subsidiary.
With respect to tender or exchange offers, the Custodian shall transmit promptly to the Company all written information received by the
Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange
offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with
domestic securities or other property of the Company at any time held by it unless (i) the Custodian is in actual possession of such
domestic securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right
or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action
to exercise such right or power. The Custodian shall also transmit promptly to the Company all written information received by the Custodian
regarding any class action or other litigation in connection with securities or other assets issued in the United States and then held,
or previously held, during the term of this Agreement by the Custodian for the account of the Company, including, but not limited to,
opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement,
the Custodian shall have no responsibility to so transmit any information under this Section 2.14.

Information Classification: Limited Access

2.15 <u>Reports to Company</u>. The Custodian shall provide the Company, at such times as the Company may reasonably
require, with reports by independent public accountants on the accounting system, internal accounting control and procedures for safeguarding
securities, futures contracts and options on futures contracts, including domestic securities deposited and/or maintained in a U.S. Securities
System, relating to the services provided by the Custodian under this Agreement; such reports shall be of sufficient scope and in sufficient
detail, as may reasonably be required by the Company to provide reasonable assurance that any material inadequacies would be disclosed
by such examination, and, if there are no such inadequacies, the reports shall so state. In addition, the Custodian shall furnish to the
Company such periodic and special reports as the Company may reasonably request, to the extent that such reports are not available in
a form reasonably satisfactory to the Company on the Custodian's remote access website.

2.16 <u>Excess Cash Sweep</u>. The Custodian will sweep any net excess cash balances daily into an investment
vehicle or other instrument designated in Proper Instructions.

Section 3. <u>Provisions Relating to Rules 17f-5 and 17f-7</u>

3.1. <u>Definitions</u>. As used throughout this Agreement, the following capitalized terms shall have the
indicated meanings:

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country), prevailing or developing custody and settlement practices, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Eligible Foreign Custodian***" has the meaning set forth in section (a)(1) of Rule 17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

"***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means any of the Company's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Company's transactions in such investments.

Information Classification: Limited Access

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5.

"***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

3.2. <u>The Custodian as Foreign Custody Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 <u>Delegation to the Custodian as Foreign Custody Manager</u>. The Company, by resolution adopted by its Board, hereby delegates to the Custodian, subject to section (b) of Rule 17f-5, the responsibilities set forth in this Section 3.2 with respect to Foreign Assets held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 <u>Countries Covered</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with respect to the countries and custody arrangements for each such country listed on <u>Schedule A</u> to this Agreement, which list of countries may be amended from time to time by the Company with the agreement of the Foreign Custody Manager. The Foreign Custody Manager shall list on <u>Schedule A</u> the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the Company's assets, which list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager. The Foreign Custody Manager will provide amended versions of <u>Schedule A</u> in accordance with Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on <u>Schedule A</u>, and the fulfillment by the Company of the applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by the Board responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation. Execution of this Agreement by the Company shall be deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in each country listed on <u>Schedule A</u>. Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of the Company with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board to the Custodian as Foreign Custody Manager for that country shall be deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager of the Company with respect to that country.

The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Company. Forty five (45) days (or such longer period to which the parties agree in writing) after receipt of any such notice by the Company, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Company with respect to the country as to which the Custodian's acceptance of delegation is withdrawn.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 <u>Scope of Delegated Responsibilities</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Selection of Eligible Foreign Custodians</u>. Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed on <u>Schedule A</u>, as amended from time to time. In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation, the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Contracts with Eligible Foreign Custodians</u>. The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Monitoring</u>. In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a system to monitor, in accordance with Rule 17f-5(c)(3), (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) the performance of the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian. In the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance with Section 3.2.5 hereunder. When the Foreign Custody Manager has selected an alternative Eligible Foreign Custodian in accordance with Section 3.2.3(a) hereof, the Foreign Custody Manager will arrange the transfer of affected Foreign Assets to such Eligible Foreign Custodian as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 <u>Guidelines for the Exercise of Delegated Authority</u>. For purposes of this Section 3.2, the Board shall be deemed to have considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 <u>Reporting Requirements</u>. The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended <u>Schedule A</u> at the end of the calendar quarter in which an amendment to such Schedule has occurred. The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Company described in this Section 3.2 after the occurrence of the material change.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6 <u>Standard of Care as Foreign Custody Manager of the Company</u>. In performing the responsibilities delegated to it (including, without limitation, the reporting responsibilities in Section 3.2.5), the Foreign Custody Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7 <u>Representations with respect to Rule 17f-5</u>. The Foreign Custody Manager represents to the Company that it is a U.S. Bank as defined in section (a)(7) of Rule 17f-5. The Company represents to the Custodian that the Board has determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8 <u>Effective Date and Termination of the Custodian as Foreign Custody Manager</u>. The Board's delegation to the Custodian as Foreign Custody Manager of the Company shall be effective as of the date hereof and shall remain in effect until terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Termination will become effective thirty (30) days after receipt by the non-terminating party of such notice. The provisions of Section 3.2.2 hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Company with respect to designated countries.

3.3 <u>Eligible Securities Depositories</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 <u>Analysis and Monitoring.</u> The Custodian shall (a) provide the Company (or its duly-authorized investment adviser or investment sub-adviser (collectively, the "investment adviser")) with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on <u>Schedule B</u> hereto in accordance with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a continuing basis, and promptly notify the Company (or its duly-authorized investment adviser) of any material change in such risks, in accordance with section (a)(1)(i)(B) of Rule 17f-7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 <u>Standard of Care</u>. The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1.

Section 4. <u>Duties of the Custodian with respect to Property of the Company Held Outside the United States</u>.

4.1 <u>Definitions</u>. As used throughout this Agreement, the following capitalized terms shall have the
indicated meanings:

"***Foreign Securities System***" means an Eligible Securities Depository listed on <u>Schedule B</u> hereto.

"***Foreign Sub-Custodian***" means a foreign banking institution serving as an Eligible Foreign Custodian.

Information Classification: Limited Access

4.2. <u>Holding Securities</u>. The Custodian shall identify on its books as belonging to the Company the foreign
securities (including cash equivalents as may be appropriate) held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian
may hold foreign securities for all of its customers, including the Company, with any Foreign Sub-Custodian in an account that is identified
as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect
to foreign securities of the Company which are maintained in such account shall identify those securities as belonging to the Company
and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities
so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign
Sub-Custodian.

4.3. <u>Foreign Securities Systems</u>. Foreign securities (including cash equivalents as may be appropriate)
shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign
Sub-Custodian, as applicable, in such country.

4.4. <u>Transactions in Foreign Custody Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. <u>Delivery of Foreign Assets</u>. The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities (including cash and cash equivalents as may be appropriate) of the Company held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the sale of such foreign securities for the Company in accordance with commercially reasonable market
practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation
of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing
the operation of the Foreign Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with any repurchase agreement related to foreign securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the depository agent in connection with tender or other similar offers for foreign securities of the
Company;

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise
become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective
Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds,
certificates or other evidence representing the same aggregate face amount or number of units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to brokers, clearing banks or other clearing agents for examination or trade execution in accordance with
market custom; provided that in any such case the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising
from the delivery of such securities prior to receiving payment for such securities except as may arise from the Foreign Sub-Custodian's
own negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities,
or pursuant to any deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of
such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for delivery as security in connection with any borrowing by the Company requiring a pledge of assets
by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) for delivery as initial or variation margin in connection with futures or options on futures contracts
entered into by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in connection with the lending of foreign securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) for any other purpose, but only upon receipt of Proper Instructions specifying the foreign securities
to be delivered and naming the person or persons to whom delivery of such securities shall be made.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Payment of Company Monies</u>. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of the Company in the following cases only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the purchase of foreign securities (including cash equivalents as may be appropriate) for the Company,
unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent
for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase
effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the conversion, exchange or surrender of foreign securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the payment of any expense or liability of the Company, including but not limited to the following
payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, accounting fees, and
other operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for the purchase or sale of foreign exchange or foreign exchange contracts for the Company, including
transactions executed with or through the Custodian or its Foreign Sub-Custodians;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) for payment as initial or variation margin in connection with futures or options on futures contracts
entered into by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) for payment of part or all of the dividends received in respect of securities sold short;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in connection with the borrowing or lending of foreign securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) for any other purpose, but only upon receipt of Proper Instructions specifying the amount of such payment
and naming the person or persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3. <u>Market Conditions</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Company and delivery of Foreign Assets maintained for the account of the Company may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, provided that such practices are generally accepted by Institutional Client, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer. For purposes of this Section 4.4.3, "Institutional Clients" means U.S. registered investment companies, or major, U.S.-based commercial banks, insurance companies, pension funds or substantially similar financial institutions which, as a part of their ordinary business operations, purchase or sell securities and make use of non-U.S. custodial services.

Information Classification: Limited Access

The Custodian shall provide to the Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on <u>Schedule C</u> hereto at the time or times set forth on such Schedule. The Custodian may revise <u>Schedule C</u> from time to time, provided that no such revision shall result in the Board being provided with substantively less information than had been previously provided hereunder.

4.5. <u>Registration of Foreign Securities</u>. The foreign securities (including cash equivalents as may be
appropriate) maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered in the name of the
Company or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and
the Company agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities. The Custodian
or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of the Company under the terms of this Agreement unless
the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.

4.6 <u>Bank Accounts</u>. The Custodian shall identify on its books as belonging to the Company cash (including
cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does
not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained
outside the United States on behalf of the Company with a Foreign Sub-Custodian. All accounts referred to in this Section shall be
subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement
to hold cash received by or from or for the account of the Company. Cash maintained on the books of the Custodian (including its branches,
subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the
laws of, The Commonwealth of Massachusetts.

In accordance with the laws of The Commonwealth of Massachusetts, United States of America, the Custodian shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit made with the Custodian and denominated in a non-U.S. dollar currency, if repayment of such deposit or the use of assets denominated in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of a non-U.S. branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property of the Custodian.

Information Classification: Limited Access

The obligation to repay any such deposit shall not be transferred to and may not be enforced against any other branch of the Custodian. The Custodian shall repay such deposit when and if all circumstances preventing, prohibiting or otherwise blocking repayment cease to exist. All currency transactions are subject to the exchange control regulations of the United States, the laws of the country of the currency or the laws of the branch where the account is maintained.

4.7. <u>Collection of Income</u>. The Custodian shall use reasonable commercial efforts to collect all income
and other payments with respect to the Foreign Assets held hereunder to which the Company shall be entitled and shall credit such income,
as collected, to the Company. In any case in which the Custodian does not receive payment within a reasonable time after it has made proper
demands therefor and in the event that extraordinary measures are required to collect such income, the Custodian shall notify the Company
and they shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.

4.8 <u>Shareholder Rights</u>. With respect to the foreign securities (including cash equivalents as may be
appropriate) held pursuant to this Section 4, the Custodian will use reasonable commercial efforts to facilitate the exercise of
voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where
such securities are issued. The Company acknowledges that local conditions, including lack of regulation, onerous procedural obligations,
lack of notice and other factors may have the effect of severely limiting the ability of the Company to exercise shareholder rights.

4.9. <u>Communications Relating to Foreign Securities</u>. The Custodian shall transmit promptly to the Company
written information with respect to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities
or other property (including cash equivalents as may be appropriate) being held for the account of the Company (including, without limitation,
pendency of calls and maturities of foreign securities and expirations of rights in connection therewith). With respect to tender or exchange
offers, the Custodian shall transmit promptly to the Company written information with respect to materials so received by the Custodian
from issuers of the foreign securities whose tender or exchange is sought or from the party (or its agents) making the tender or exchange
offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with
foreign securities or other property of the Company at any time held by it unless (i) the Custodian or the respective Foreign Sub-Custodian
is in actual or effective possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with
regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date
on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the Company all
written information received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the
account of the Company regarding any class action or other litigation in connection with foreign securities or other assets issued outside
the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Company,
including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of
any termination of this Agreement, the Custodian shall have no responsibility to so transmit any information under this Section 4.9.

Information Classification: Limited Access

4.10. <u>Liability of Foreign Sub-Custodians</u>. Each agreement pursuant to which the Custodian employs a Foreign
Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties,
and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of
or in connection with the Foreign Sub-Custodian's performance of such obligations. At the Company's election, it shall be
entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of
any such loss, damage, cost, expense, liability or claim if and to the extent that the Company has not been made whole for any such loss,
damage, cost, expense, liability or claim.

4.11 <u>Liability of Custodian</u>. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian
to the same extent as set forth with respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained
in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost,
expense, liability or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any
other loss where the Foreign Sub-Custodian has otherwise acted with reasonable care. The Custodian will have no liability for any loss,
damage, cost, expense, liability or claim resulting from the insolvency or other financial default of a sub-custodian that is not an affiliate
of the Custodian except to the extent that such loss, damage, cost, expense, liability or claim are caused by the failure of the Custodian
to exercise reasonable care, prudence and diligence in the selection, monitoring and continued utilization of the sub-custodian.

Section 5. <u>Loan Servicing Provisions</u>.

Section 5.1 <u>General.</u> The following provisions shall apply with respect to investments, property or assets in the nature of loans, or interests or participations in loans, including without limitation interests in syndicated bank loans and bank loan participations, whether in the U.S. or outside the U.S. (collectively, "***Loans***") entered into by the Company.

Section 5.2 <u>Safekeeping</u>. Instruments, certificates, agreements and/or other documents which the Custodian may receive with respect to Loans, if any (collectively "***Financing Documents***"), from time to time, shall be held by the Custodian at its offices in Boston, Massachusetts in a separate account or accounts that physically segregates such Financing Documents of the Company or its subsidiaries from those relating to any other persons.

Information Classification: Limited Access

Section 5.3 <u>Duties of the Custodian</u>. The Custodian shall accept such Financing Documents, if any, with respect to Loans as may be delivered to it from time to time by the Company. The Custodian shall be under no obligation to examine the contents or determine the sufficiency of any such Financing Documents or to provide any certification with respect thereto, whether received by the Custodian as original documents, photocopies, by facsimile or otherwise. Without limiting the foregoing, the Custodian is under no duty to examine any such Financing Documents to determine whether necessary steps have been taken or requirements met with respect to the assignment or transfer of the related Loan or applicable interest or participation in such Loan. The Custodian shall be entitled to assume the genuineness, sufficiency and completeness of any Financing Documents received, and the genuineness and due authority of any signature appearing on such documents. Notwithstanding any term of this Agreement to the contrary, with respect to any Loans, (i) the Custodian shall be under no obligation to determine, and shall have no liability for, the sufficiency of, or to require delivery of, any instrument, document or agreement constituting, evidencing or representing such Loan, other than to receive such Financing Documents, if any, as may be delivered or caused to be delivered to it by the Company (or its investment adviser acting on its behalf), (ii) without limiting the generality of the foregoing, delivery of any such Loan (including without limitation, for purposes of Section 2.10 above) may be made to the Custodian by, and may be represented solely by, delivery to the Custodian of a facsimile or photocopy of an assignment or similar agreement (an "***Assignment Agreement***") or a confirmation or certification from the Company (or the investment adviser) to the effect that it has acquired such Loan and/or has received or will receive, and will deliver to the Custodian, appropriate Financing Documents constituting, evidencing or representing such Loan (such confirmation or certification, together with any Assignment Agreement, collectively, an "***Assignment Agreement or Confirmation***"), in any case without delivery of any promissory note, participation certificate or similar instrument (collectively, an "***Instrument***"), (iii) if an original Instrument shall be or shall become available with respect to any such Loan, it shall be the sole responsibility of the Company (or the investment adviser acting on its behalf) to make or cause delivery thereof to the Custodian, and the Custodian shall be under no obligation at any time or times to determine whether any such original Instrument has been issued or made available with respect to such Loan, and shall not be under any obligation to compel compliance by the Company to make or cause delivery of such Instrument to the Custodian, and (iv) any reference to Financing Documents appearing in this Section 5 shall be deemed to include, without limitation, any such Instrument and/or Assignment Agreement or Confirmation.

If payments with respect to a Loan ("***Loan Payment***") are not received by the Custodian on the date on which they are due, as reflected in the Payment Schedule (as such term is defined in Section 5.4 below) of the Loan ("***Payment Date***"), or in the case of interest payments, not received either on a scheduled interest payable date, as reported to the Custodian by the Company (or the investment adviser acting on its behalf) for the Loan (the "***Interest Payable Date***"), or in the amount of their accrued interest payable, the Custodian shall promptly, but in no event later than one business day after the Payment Date or the Interest Payable Date, notify the Company of such failure and give telephonic notice to the party obligated under the Financing Documents to make such Loan Payment (the "***Obligor***") of its failure to make timely payment. The Custodian shall have no responsibility with respect to the collection of Loan Payments which are past due, other than the duty to promptly notify the Obligor and the Company (or the investment adviser acting on its behalf) as provided herein.

Information Classification: Limited Access

The Custodian shall have no responsibilities or duties whatsoever under this Agreement, with respect to Loans or the Financing Documents, except for such responsibilities as are expressly set forth herein. Without limiting the generality of the foregoing, the Custodian shall have no obligation to preserve any rights against prior parties or to exercise any right or perform any obligation in connection with the Loans or any Financing Documents (including, without limitation, no obligation to take any action in respect of or upon receipt of any consent solicitation, notice of default or similar notice received from any bank agent or Obligor, except that the Custodian shall forward any such notice to the Company or the investment adviser acting on its behalf). In case any question arises as to its duties hereunder, the Custodian may request instructions from the Company and shall be entitled at all times to refrain from taking any action unless it has received Proper Instructions from the Company or the investment adviser and the Custodian shall in all events have no liability, risk or cost for any action taken, with respect to a Loan, pursuant to and in compliance with the Proper Instructions of such parties.

The Custodian shall be only responsible and accountable for Loan Payments actually received by it and identified as for the account of the Company; any and all credits and payments credited to the Company, with respect to Loans, shall be conditional upon clearance and actual receipt by the Custodian of final payment thereon.

The Custodian shall promptly, upon the Company's request, provide to the Company's investment adviser or to any party as the Company or the Company's investment adviser may specify, copies of any Financing Documents being held on behalf of the Company. Without limiting the foregoing, the Custodian shall not be deemed to have or be charged with knowledge of the sale of any Loan, unless and except to the extent it shall have received written notice and instruction from the Company (or the investment adviser acting on its behalf) with respect thereto, and except to the extent it shall have received the sale proceeds thereof.

In no event shall the Custodian be under any obligation or liability to make any advance of its own funds with respect to any Loan.

Section 5.4 <u>Responsibility of the Company</u>. With respect to each Loan held by the Custodian hereunder in accordance with the provisions hereof, the Company shall (a) cause the Financing Documents evidencing such Loan to be delivered to the Custodian; (b) include with such Financing Documents an amortization schedule of payments (the "***Payment Schedule***") identifying the amount and due dates of scheduled principal payments, the Interest Payable Date(s) and related payment amount information, and such other information with respect to the related Loan and Financing Documents as the Custodian reasonably may require in order to perform its services hereunder (collectively, "***Loan Information***"), in such form and format as the Custodian reasonably may require; (c) take, or cause the investment adviser to take, all actions necessary to acquire good title to such Loan (or the participation in such Loan, as the case may be), as and to the extent intended to be acquired; and (d) cause the Custodian to be named as its nominee for payment purposes under the Financing Documents or otherwise provide for the direct payment of the Loan Payments to the Custodian. The Custodian shall be entitled to rely upon the Loan Information provided to it by the Company (or the investment adviser acting on its behalf) without any obligation on the part of the Custodian independently to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness thereof; and the Custodian shall have no liability for any delay or failure on the part of the Company in providing necessary Loan Information to the Custodian, or for any inaccuracy therein or incompleteness thereof. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, Obligor or similar party with respect to the related Loan, and shall be entitled to update its records on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information, provided that the Custodian notifies the Company of such changes.

Information Classification: Limited Access

Section 5.5 <u>Instructions; Authority to Act</u>. The certificate of the Secretary, Assistant Secretary or other authorized officer of the Company, identifying certain individuals authorized to sign any such instructions, may be received and accepted as conclusive evidence of the incumbency and authority of such to act and may be considered by the Custodian to be in full force and effect until it receives written notice to the contrary from the Secretary, Assistant Secretary or other authorized officer of the Company. Notwithstanding any other provision of this Agreement, the Custodian shall have no responsibility to ensure that any investment by the Company with respect to Loans has been authorized.

Section 5.6 <u>Attachment.</u> In case any portion of the Loans or the Financing Documents shall be attached or levied upon pursuant to an order of court, or the delivery or disbursement thereof shall be stayed or enjoined by an order of court, or any other order, judgment or decrees shall be made or entered by any court affecting the property of the Company or any act of the Custodian relating thereto, the Custodian is hereby expressly authorized in its reasonable discretion to obey and comply with all orders, judgments or decrees so entered or issued, without the necessity to inquire whether such court had jurisdiction, and, in case the Custodian obeys or complied with any such order, judgment or decree, it shall not be liable to anyone by reason of such compliance; provided, however, that the Custodian shall promptly notify the Company upon receipt of any such order, judgment or decree.

Section 5A. <u>Foreign Exchange</u>

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| 5A.1 | <u>Generally</u>. Upon receipt of Proper Instructions, which for purposes of this section may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement. |

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Information Classification: Limited Access

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| 5A.2 | <u>Company Elections</u>. Each Company (or its investment adviser acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies ("***SSGM***"), or with a sub-custodian. Where a Company or its investment adviser gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers (the "**Client Publications**"), a Company (or its investment adviser) instructs the Custodian, on behalf of a Company, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in the preceding sentence), trust or fiduciary obligation to any Company, its investment adviser or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by a Company (or its investment adviser acting on its behalf) or the reasonableness of the execution rate on any such transaction. |

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5A.3 <u>Company Acknowledgement</u>. Each Company acknowledges that in connection with all foreign exchange transactions entered into by such Company (or its investment adviser acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

1) shall be acting in a principal capacity and not as broker, agent or fiduciary to the Company or its investment adviser;

2) shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose any such profit to the Company or its investment adviser; and

3) shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing or pricing methodology, (a) agreed with the Company or its investment adviser from time to time or (b) in the case of an indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications with respect to the particular foreign exchange execution services selected by the Company or the investment adviser or (ii) as established by the sub-custodian from time to time.

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| 5A.4 | <u>Transactions by State Street</u>. The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the Companies (or its investment adviser acting on their behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with a Company (or its investment adviser), and shall have no obligation, under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, any Company or the investment adviser. |

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Information Classification: Limited Access

Section 6. <u>Payments for Sales and Repurchases or Redemptions of Shares</u>

The Custodian shall receive from the distributor for the Shares or from the Transfer Agent or the agent bank for the Company and deposit into the Company's account such payments as are received for Shares issued or sold from time to time by the Company. The Custodian will provide timely notification to the Company and the Transfer Agent of any receipt by it of payments for Shares of the Company.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Company, deliver to the Transfer Agent funds in an amount (as set forth in such instructions) sufficient for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares, the Custodian is authorized, upon receipt of instructions from the Company, to wire the amount of funds specified therein to the Transfer Agent, as agent for, and for further distribution to, the redeeming stockholders.

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| Section 7. | <u>Proper Instructions Defined</u> |

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"***Proper Instructions***," as such term is used throughout this Agreement, means a writing signed or initialed by one or more person or persons as the Company shall have from time to time authorized; provided, however that Proper Instructions shall mean a writing signed or initialed by two or more persons as the Board shall have from time to time authorized for purposes of the payment of Company monies pursuant to Section 2.7 of this Agreement. Each such writing shall set forth the specific transaction or type of transaction involved. The Company shall cause all oral instructions to be confirmed in writing to be received by the Custodian by the close of business on the same day the oral instructions are received. Proper Instructions may include communications effected directly between electro-mechanical or electronic devices provided that the Company and the Custodian are satisfied that such procedures afford adequate safeguards for the Company's assets, including, but not limited to, the security procedures selected by the Company via the form of Funds Transfer Addendum attached hereto, the terms of which are hereby agreed to. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any three-party agreement which requires a segregated asset account in accordance with Section 2.10.

Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, the Company shall deliver to the Custodian (1) a certificate, duly certified by a duly authorized officer of the Company, and/or (2) resolutions of the Board, setting forth the names, titles, scope of authority and specimen signatures of all persons authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Company. Such certificate or resolutions may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary.

Information Classification: Limited Access

Section 8. <u>Evidence of Authority</u>

Subject to the limitations set forth in this Agreement, including the limitations on authority set forth in the certificate or resolutions delivered to the Custodian pursuant to Section 7 hereof, the Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonably believed by it to be genuine and to have been properly executed by or on behalf of the Company. The Custodian may receive and accept a copy of a resolution of the Board, certified by the Secretary or an Assistant Secretary of the Company, as conclusive evidence (a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the Board as described in such resolution, and such resolution may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary.

Section 9. <u>Actions without Express Authority</u>

The Custodian may in its discretion, without express authority from the Company:

1) make payments to itself or others for minor expenses of handling securities or other similar items relating to its duties under this Agreement, provided that all such payments shall be accounted for to the Company;

2) surrender securities in temporary form for securities in definitive form;

3) endorse for collection, in the name of the Company, checks, drafts and other negotiable instruments;

4) collect and receive for the account of the Company, all income, dividends, distributions, coupons, option premiums, other payments and similar items;

5) present for payment and collect the amount payable upon all securities which may mature or be called, redeemed, retired or otherwise become payable (on a mandatory basis) on the date such securities become payable;

6) take any action which may be necessary and proper in connection with the collection and receipt of the aforementioned income and other payments; and

7) hold for the Company's account all stock dividends, rights and similar securities issued with respect to any securities held.

Information Classification: Limited Access

In addition, the Custodian may, in its sole discretion, without express authority from the Company in general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of the Company except as otherwise directed by the Company.

Section 10. <u>Duties of Custodian with Respect to the Books of Account and Calculation of Net Asset Value and Net Income</u>

The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Company to keep the books of account of the Company and/or compute the net asset value per Share of the outstanding Shares or, if directed in writing to do so by the Company, shall itself keep such books of account and/or compute such net asset value per Share, but only on a "book basis," and the Custodian shall have no responsibility under this Agreement for determining any tax accounting for the Company with respect to the Company or with respect to any holder's interest in the Company. If so directed, the Custodian shall also calculate the net income of the Company as may be agreed upon by the Custodian and the Company but likewise, only on a book basis, and shall advise the Company of the total amounts of such net income and, if instructed in writing by an officer of the Company to do so, shall advise the Transfer Agent periodically of the division of such net income among its various components. The Company acknowledges and agrees that, with respect to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of information on the number of shares or interests held by it on behalf of the Company and that the Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 10 and in Section 11 hereof; provided, however, that the Custodian shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent. The calculations of the net asset value per Share and the income of the Company shall be made at such time or times as may be agreed upon by the Custodian and the Company.

Section 11. <u>Records</u>

The Custodian shall, with respect to the Company and all Company Subsidiaries, create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of the Company under the 1940 Act, with particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company or its affiliates and the employees or agents of any regulatory authority having jurisdiction over the Company or its affiliates. The Custodian shall, at the Company's request, supply the Company with a tabulation of securities and other property owned by the Company or any Company Subsidiary and held by the Custodian, together with any additional information reasonably requested by the Company.

Information Classification: Limited Access

Section 12. <u>Opinion of Company's Independent Accountant</u>

The Custodian shall cooperate reasonably with the Company's independent accountants. The Custodian shall take all reasonable action, as the Company may from time to time request, to obtain from year to year favorable opinions from the Company's independent accountants with respect to its activities hereunder in connection with the preparation of the Company's Registration Statement on Form 10, and Annual Report on Form 10-K or other applicable periodic reports to the SEC and with respect to any other applicable requirements thereof.

Section 13. <u>Compensation of Custodian</u>

The Custodian shall be entitled to reasonable compensation for its services and expenses as custodian hereunder, as agreed upon from time to time between the Company and the Custodian and set forth in a separate fee schedule executed by the parties (the "***Fee Schedule***").

Section 14. <u>Responsibility of Custodian</u>

So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement. The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without liability to the Company for any action taken or omitted by it in good faith without negligence, bad faith or willful misconduct of the Custodian or its officers or employees, including, without limitation, acting in accordance with any Proper Instruction; provided, however, that the Custodian shall use reasonable care to provide prompt notice to the Company of (i) the circumstances and all pertinent facts of which the Custodian has knowledge giving rise to the claim for indemnification or the reasonable likelihood that such a claim may be made, and (ii) the Custodian's claim for such indemnification. The Company, using counsel of its choice, shall have the option to defend the Custodian against any claim which may be the subject of this indemnification and upon the exercise of such option the Custodian shall not be entitled to indemnification for further legal or other expenses in connection therewith. The Custodian shall in no case confess any claim or make any compromise or settlement in any case in which the Company shall be asked to indemnify the Custodian, except with the prior written consent of the Company. The Custodian shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Company) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.

Information Classification: Limited Access

Except as may arise from the Custodian's negligence, bad faith or willful misconduct, or the negligence, bad faith or willful misconduct of its sub-custodian, nominee or agent, the Custodian shall be without liability to the Company for any loss, damage, cost, expense, liability or claim resulting from or caused by: (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, nationalization or expropriation, imposition of currency controls or restrictions, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, acts of war or terrorism, riots, revolutions, work stoppages, natural disasters or other similar events or acts; (ii) errors by the Company, any other third-party agent of the Company or its investment adviser in their respective instructions to the Custodian, provided such instructions have been in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities purchased or in the remittance or payment made in connection with securities sold; (v) any delay or failure of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian, the Company, the Custodian's sub-custodians, nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt of bonus, dividends and rights and other accretions or benefits; (vi) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; and (vii) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement.

If the Company requires the Custodian to take any action with respect to securities not otherwise contemplated by this Agreement, which action involves the payment of money or which action may, in the reasonable opinion of the Custodian, result in the Custodian or its nominee assigned to the Company being liable for the payment of money or incurring liability of some other form, the Company, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

Except as may be required by applicable law or as otherwise agreed upon by the parties, if the Custodian, or any of its affiliates, subsidiaries or agents, advance cash or securities for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's negligence or willful misconduct, or if the Company fails to compensate the Custodian pursuant to Section 13 hereof, any property then held for the account of the Company or a Company Subsidiary shall be security therefor and should the Company fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of the Company or Company Subsidiary assets to the extent necessary to obtain reimbursement.

Information Classification: Limited Access

Notwithstanding anything to the contrary in this Agreement, each of the Company and the Custodian hereby agrees that in no event shall either the Company, any Company Subsidiary or the Custodian be liable to the other party for indirect, special or consequential damages, or for any damages of a similar nature.

Section 15. <u>Tax Law</u>

The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company or the Custodian as custodian of the Company by the tax law of the United States or of any state or political subdivision thereof. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company or the Custodian as custodian of the Company by the tax law of countries other than those mentioned in the above sentence, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Company with respect to any claim for exemption or refund under the tax law of countries for which the Company has provided such information.

Section 16. <u>Effective Period, Termination and Amendment</u>

This Agreement shall remain in full force and effect for an initial term ending one year from the Effective Date (the "***Initial Term***"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "***Renewal Term***") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has failed to establish a remedial plan to cure that is reasonably acceptable, within forty-five (45) days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction, except, the Custodian may terminate this Agreement upon no less than thirty (30) days' written notice to the Company if the Custodian determines that the Company does not satisfy the Custodian's know your customer/anti-money laundering compliance policies which are designed to implement requirements under applicable law. Upon termination of this Agreement pursuant to this paragraph with respect to the Company, the Company shall pay Custodian its compensation due and shall reimburse Custodian for its costs, expenses and disbursements.

Information Classification: Limited Access

In the event of: (i) a termination of this Agreement by the Company for any reason other than as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to the Company (or its successor), the Company shall pay the Custodian its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by the Custodian hereunder) and shall reimburse the Custodian for its reasonable costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Custodian will deliver the Company's securities and cash as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Company and distribution of the Company's assets as a result of the Board's determination in its reasonable business judgment that the Company is no longer viable, (b) a merger of the Company into, or the consolidation of the Company with, another entity, or (c) the sale by the Company of all, or substantially all, of the Company's assets to another entity, in each of (b) and (c) where the Custodian is retained to continue providing services to the Company (or its successor) on substantially the same terms as this Agreement.

The provisions of Sections 13, 14, 15 and 19.9 of this Agreement shall survive termination of this Agreement for any reason.

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

Section 17. <u>Successor Custodian</u>

If a successor custodian for the Company shall be appointed by the Board, the Custodian shall, upon termination and receipt of Proper Instructions, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all securities or other assets of the Company then held by it hereunder and shall transfer to an account of the successor custodian all of the Company's securities or other assets held in a U.S. Securities System or Foreign Securities System or at an Underlying Transfer Agent. Custodian shall also provide to the successor custodian the Company's records (as described in Section 11 of this Agreement) as reasonably requested by the Company.

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer such securities, funds and other properties in accordance with such Proper Instructions.

In the event that no Proper Instructions designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company of its own selection (which bank or trust company shall be a "bank" as defined in the 1940 Act having an aggregate capital, surplus and undivided profits, as shown by its last published report, of not less than $25,000,000), all securities, funds and other properties held by the Custodian on behalf of the Company or any Company Subsidiary and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of the Company or any Company Subsidiary and to transfer to an account of such successor custodian all of the Company's securities held in any U.S. Securities System or Foreign Securities System or at an Underlying Transfer Agent. Thereafter, such bank or trust company shall be the successor of the Custodian under this Agreement.

Information Classification: Limited Access

In the event that securities, funds and other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of the Company to provide Proper Instructions as aforesaid, the Custodian shall be entitled to compensation for its services as provided herein during such period as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect.

Section 18. <u>Anti-Money Laundering</u>

The Company acknowledges that the Custodian is required to comply with a number of federal regulations and policies concerning matters such as the identity of its customers and the source of funds it handles, including the Bank Secrecy Act and the USA Patriot Act, and all regulations issued thereunder, and the regulations issued by the U.S. Department of Treasury, Office of Foreign Asset Control (together, the "***U.S. Money Laundering and Investor Identification Requirements***"). Accordingly, the Company confirms that it has complied and shall continue to comply with all applicable U.S. Money Laundering and Investor Identity Requirements with respect to the account of the Company, including without limitation maintaining and effecting appropriate procedures to verify suspicious transactions and the source of funds for settlement of transactions.

Section 19. <u>General</u>

Section 19.1 <u>Governing Law.</u> This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

Section 19.2 <u>Prior Contracts.</u> This Agreement supersedes and terminates, as of the date hereof, all prior contracts between the Company and the Custodian relating to the custody of the Company's assets, except for the Fee Schedule, which shall remain in full force and effect until the termination or expiration of this Agreement.

Section 19.3 <u>Assignment.</u> Neither this Agreement nor any rights or obligations hereunder may be assigned by either party, whether voluntarily, involuntarily or by operation of law, without the prior written consent of the other, such consent not to be unreasonably withheld, except to entities controlled by, under common control with or controlling the assigning party, provided that such assignee has financial capacity at least equal to that of the assignor.

Information Classification: Limited Access

Section 19.4 <u>Interpretive and Additional Provisions.</u> In connection with the operation of this Agreement, the Custodian and the Company may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by both parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of the Company's governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

Section 19.5 <u>Remote Access Services Addendum.</u> The Custodian and the Company agree to be bound by the terms of the Remote Access Services Addendum attached as <u>Exhibit A</u> hereto.

Section 19.6 <u>Notices.</u> Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy or other electronic means, including electronic mail, to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To the Company: New FS Specialty Lending Fund

201 Rouse Boulevard

Philadelphia, PA 19112

Attention: Chief Financial Officer

Telephone: (215) 495-1150

Facsimile: (215) 222-4649

To the Custodian: State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Attention: Don Gignac, Senior Vice President

Telephone: (617) 662-7325

Facsimile: (212) 339-2886

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of overnight courier, upon receipt, in the case of cable twenty-four hours after dispatch and, in the case of telex or other electronic means, including electronic mail, immediately upon dispatch and if outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable, telex or telecopy on the business day after the receipt thereof. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

Section 19.7 <u>Counterparts.</u> This Agreement may be executed by the parties hereto on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

Information Classification: Limited Access

Section 19.8 <u>Severability.</u> Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

Section 19.9 <u>Confidentiality</u>. The parties hereto agree that each shall treat confidentially all information provided by each party to the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as otherwise provided under Section 2.8 hereof and as may be required in carrying out this Agreement, shall not be disclosed to any third party.

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, or that is independently derived by any party hereto without the use of any information provided by the other party hereto in connection with this Agreement, (ii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or (iii) where the party seeking to disclose such information has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

The undertakings and obligations contained in this Section 19.9 shall survive the termination or expiration of this Agreement for a period of three (3) years.

Section 19.10 <u>Reproduction of Documents.</u> This Agreement and all schedules, exhibits, addenda, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 19.11 <u>Regulation GG</u>. The Company hereby represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) ("***Regulation GG***"). The Company hereby covenants and agrees that it shall not engage in an Internet gambling business. In accordance with Regulation GG, the Company is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

Information Classification: Limited Access

Section 19.12 <u>Data Privacy</u>. The Custodian will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Company's stockholders, employees, directors and/or officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) drivers license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

Section 19.13. <u>Disaster Recovery and Business Continuity</u>. The Custodian will implement and maintain commercially reasonable disaster recovery and business continuity procedures that are reasonably designed to recover data processing systems, data communications facilities, information, data and other business related functions of the Custodian in a manner and time frame consistent with legal, regulatory and business requirements applicable to the Custodian in its provision of services hereunder.

Section 19.14 <u>Company Subsidiaries</u>. In the event that the Company desires the Custodian to perform services hereunder with respect to any additional subsidiary of the Company or other entity not identified as of the date hereof on Schedule D hereto, the Company shall so notify the Custodian in writing. Upon the consent of the Custodian (such consent not to be unreasonably withheld, conditioned or delayed), and the delivery of an amended Schedule D to this Agreement, such subsidiary shall be deemed a Company Subsidiary hereunder, with all of the rights, privileges and obligations thereof as set forth herein.

Section 19.15 <u>Shareholder Communications.</u> SEC Rule 14b-2 promulgated under the Exchange Act requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs the Company to indicate whether it authorizes the Custodian to provide the Company's name, address, and share position to requesting companies whose stock the Company owns. If the Company tells the Custodian "no", the Custodian will not provide this information to requesting companies. If the Company tells the Custodian "yes" or do not check either "yes" or "no" below, the Custodian is required by the rule to treat the Company as consenting to disclosure of this information for all securities owned by the Company or any funds or accounts established by the Company. For the Company's protection, the Rule prohibits the requesting company from using the Company's name and address for any purpose other than corporate communications. Please indicate below whether the Company consents or objects by checking one of the alternatives below.

YES ◻ The Custodian is authorized to release the Company's name, address, and share positions.

NO ⌧ The Custodian is not authorized to release the Company's name, address, and share positions.

Information Classification: Limited Access

Section 19.16 <u>Delegation.</u> The Custodian shall have the right, without the consent or approval of the Company, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services other than services required by applicable law to be performed by a sub-custodian or U.S Securities System or Foreign Securities System (each, a "Delegate" and collectively, the "Delegates") without the consent or approval of the Company. The Custodian shall be responsible for the services delivered by, and liable for the acts and omissions of, any such Delegate to the same extent as set forth in this Agreement as if the Custodian had provided such services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule, the Custodian shall be responsible for the compensation of its Delegates.

The Custodian will provide the Company with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Custodian that perform or may perform parts of the services (excluding services performed by sub-custodians and Securities Systems), and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Company may reasonably request from time to time.

Nothing in this section shall limit or restrict the Custodian's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

Section 19.17 <u>ERISA.</u> The aggregate interest in any class (or similar designation, if any) of Shares held by benefit plan investors (as such term is interpreted under The Employee Retirement Income Security Act of 1974, as amended ("ERISA")) shall not at any time equal or exceed 25% of the outstanding Shares of such class (or similar designation, if any) without the prior written consent of the Custodian and the Company shall not, without the prior written consent of the Custodian, permit the assets of the Company to be deemed assets of an employee benefit plan which is subject to ERISA. The Company acknowledges and agrees that the Custodian shall not grant its consent in either of the foregoing circumstances unless and until (i) the Company has entered into an amendment to this Agreement in form and substance satisfactory to the Custodian and (ii) the Company's investment adviser has (x) provided the Custodian with satisfactory evidence of its compliance with the requirements of the aforementioned amendment to this Agreement and (y) executed and delivered to the Custodian an indemnification and contribution agreement, in form and substance satisfactory to the Custodian. If for any reason the Company or its investment adviser commits a material breach of the provisions of this Section 19.17, this Agreement may be terminated immediately and without prior notice by the Custodian.

Section 19.18 <u>Use of Data.</u> (a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which term for purposes of this Section 19.18 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Company and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Company and the Custodian or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

Information Classification: Limited Access

(b) Subject to paragraph (d) below, the Custodian and/or its Affiliates may use any confidential information of the Company ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Company and the Custodian or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Company to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Custodian and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Company, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

(c) The Company acknowledges that the Custodian may seek to realize economic benefit from the publication or distribution of the Indicators.

(d) Except as expressly contemplated by this Agreement, nothing in this Section 19.18 shall limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 19.18 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

Information Classification: Limited Access

IN WITNESS WHEREOF, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative as of the date first above-written.

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| |
|:---|
| **New FS Specialty Lending Fund** |
| By: |
| Name: |
| Title: |
| **State Street Bank and Trust Company** |
| By: |
| Name: |
| Title: |

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Information Classification: Limited Access

**Custodian Agreement**

**SCHEDULE A**

**to**

**<u>Custodian Agreement</u>**

See Attached.

Information Classification: Limited Access

**SCHEDULE B**

**to**

**<u>Custodian Agreement</u>**

See Attached.

Information Classification: Limited Access

**SCHEDULE C**

**to**

**<u>Custodian Agreement</u>**

See Attached.

Information Classification: Limited Access

**SCHEDULE D**

**to**

**<u>Custodian Agreement</u>**

Company Subsidiaries

Information Classification: Limited Access

**<u>EXHIBIT A</u>**

**<u>Remote Access Services Addendum to Custody Services Agreement</u>**

ADDENDUM to that certain Custody Services Agreement, between New FS Specialty Lending Fund ("you" or the "Company") and State Street Bank and Trust Company, including its subsidiaries and affiliates ("State Street").

State Street has developed and/or utilizes proprietary or third party accounting and other systems in conjunction with the services that State Street provides to you. In this regard, State Street maintains certain information in databases under State Street ownership and/or control that State Street makes available to customers (the "Remote Access Services").

**<u>The Services</u>**

State Street agrees to provide you, the Company, and your designated employees, investment advisors, consultants or other third parties who agree to abide by the terms of this Addendum ("Authorized Designees") with access to State Street proprietary and third party systems as may be offered by State Street from time to time (each, a "System") on a remote basis.

**<u>Security Procedures</u>**

You agree to comply, and to cause your Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street or its third party vendors for use of the System and access to the Remote Access Services. You are responsible for any use and/or misuse of the System and Remote Access Services by your Authorized Designees. You agree to advise State Street immediately in the event that you learn or have reason to believe that any person to whom you have given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and you will cooperate with State Street in seeking injunctive or other equitable relief. You agree to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by you or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

 **<u>Fees</u>**

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the RAA Fee Schedule in effect from time to time between the parties (the "RAA Fee Schedule"). You shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

Information Classification: Limited Access

**<u>Proprietary Information/Injunctive Relief</u>**

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, knowhow, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to you by State Street as part of the Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street and third party vendors related thereto are the exclusive, valuable and confidential proprietary property of State Street and its relevant licensors and third party vendors (the "Proprietary Information"). You agree on behalf of yourself and your Authorized Designees to keep the Proprietary Information confidential and to limit access to your employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

You agree to use the Remote Access Services only in connection with the proper purposes of this Addendum. You will not, and will cause your employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of yourself, as our customer.

You agree that neither you nor your Authorized Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will you or your Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

You acknowledge that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street or its third party licensors and vendors inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

**<u>Limited Warranties</u>**

State Street represents and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet, and the necessity of relying upon third party sources and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS" without warranty express or implied including as to availability of the System, and you and your Authorized Designees shall be solely responsible for the use of the System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors and third party vendors will not be liable to you or your Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

Information Classification: Limited Access

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

**<u>Infringement</u>**

State Street will defend or, at our option, settle any claim or action brought against you to the extent that it is based upon an assertion that access to or use of State Street proprietary systems by you under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that you notify State Street promptly in writing of any such claim or proceeding and cooperate with State Street in the defense of such claim or proceeding and allow State Street sole control over such claim or proceeding. Should the State Street proprietary system or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for you the right to continue using the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary system becomes noninfringing, or (iii) terminate this Addendum without further obligation. This section constitutes the sole remedy available to you for the matters described in this section.

**<u>Termination</u>**

Either party may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days' prior written notice in the case of notice of termination by State Street to you or thirty (30) days' notice in the case of notice from you to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of any service agreement applicable to you. Your use of any third party System is contingent upon your compliance with any terms and conditions of use of such System imposed by such third party and State Street's continued access to, and use of, such third party System. In the event of termination, you will return to State Street all copies of documentation and other confidential information in your possession or in the possession of your Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

**<u>Miscellaneous</u>**

This Addendum constitutes our entire understanding with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by both of us and shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

Information Classification: Limited Access

## Ex-99.(K)

**Exhibit 99.(k)**

**ADMINISTRATION AGREEMENT**

**BETWEEN**

**NEW FS SPECIALTY LENDING FUND**

**AND**

**[FS ADVISOR, LLC]**

This Administration Agreement (the "***Agreement***") is made this __ day of _____ 2025, by and between NEW FS SPECIALTY LENDING FUND, a Delaware statutory trust (the "***Fund***"), and [FS ADVISOR, LLC], a Delaware limited liability company (the "***Administrator***").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "***Investment Company Act***"); and

WHEREAS, the Fund desires to retain the Administrator to provide the administrative services necessary for the operation of the Fund on the terms and conditions hereinafter set forth, and the Administrator wishes to be retained to provide such services.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1.**  **<u>Duties of the Administrator</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Retention of Administrator</u>. The Fund hereby employs the Administrator to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to the supervision, direction and control of the board of trustees of the Fund (the "***Board***"), the provisions of the Fund's declaration of trust (as may be amended from time to time, the "***Declaration***") and bylaws (as may be amended from time to time, the "***Bylaws***"), and applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Responsibilities of Administrator</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Fund, including providing general ledger accounting, fund accounting, legal services, investor relations and other administrative services. Without limiting the generality of the foregoing, the Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide the Fund with office facilities and equipment, and provide clerical, bookkeeping, accounting and recordkeeping services, legal services, and shall provide all such other administrative services as the Administrator shall from time to time determine to be necessary or appropriate to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on behalf of the Fund, enter into agreements and/or conduct relations with custodians, depositories, transfer agents, distribution disbursing agents, the distribution reinvestment plan administrator, shareholder servicing agents, accountants, auditors, tax consultants, advisers and experts, investment advisers, compliance officers, escrow agents, attorneys, dealer managers, underwriters, brokers and dealers, investor custody and share transaction clearing platforms, marketing, sales and advertising materials contractors, public relations firms, investor communication agents, printers, insurers, banks, third-party pricing or valuation firms, and such other persons in any such other capacity deemed to be necessary or desirable by the Administrator and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) have the authority to enter into one or more sub-administration agreements with other service providers (each, a "***Sub-Administrator***") pursuant to which the Administrator may obtain the services of the service providers in fulfilling its responsibilities hereunder. Any such sub-administration agreements shall be in accordance with the requirements of the Investment Company Act, and other applicable federal and state law, and shall contain a provision requiring the Sub-Administrator to comply with Sections 1(e) and 2 below as if it were the Administrator. The Administrator and not the Fund shall be responsible for any compensation payable to any Sub-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as may be requested, make reports to the Board of its performance of obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as the Administrator reasonably shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not pursuant to this Agreement, provide any advice or recommendation relating to the securities or other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) assist the Fund in the preparation of and maintaining the financial and other records that the Fund is required to maintain and the preparation, printing and dissemination of reports that the Fund is required to furnish to shareholders, and reports and other materials filed with the Securities and Exchange Commission (the "***SEC***"), and states and jurisdictions, if any, where any offering of the Fund's common shares of beneficial interest ("***Shares***") is registered or otherwise reported and there is a duty to file information with one or more states on a one-time or ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) assist the Fund in determining and publishing the Fund's net asset value, oversee the preparation and filing of the Fund's tax returns, and generally oversee and monitor the payment of the Fund's expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) oversee the performance of administrative and other professional services rendered to the Fund by others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) coordinate services in connection with any repurchase of Shares pursuant to the Fund's share repurchase program or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Acceptance of Employment</u>. The Administrator hereby accepts such employment and agrees during the term hereof to render the services described herein, subject to the reimbursement of costs and expenses provided for below, and subject to the limitations contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Independent Contractor Status</u>. The Administrator, and any others with whom the Administrator subcontracts to provide the services set forth herein, shall, for all purposes herein provided, be deemed to be independent contractors and, except as expressly provided or authorized herein or by written agreement of the Fund and the Administrator, shall have no authority to act for or represent the Fund in any way or otherwise be deemed agents of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Record Retention</u>. Subject to review by, and the overall control of, the Board, the Administrator shall maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the Administrator hereunder as required under the Investment Company Act. The Administrator shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and state law, and shall make such records available for inspection by the Board and its authorized agents, at any time and from time to time during normal business hours. The Administrator agrees that all records that it maintains for the Fund are the property of the Fund and shall surrender promptly to the Fund any such records upon the Fund's request and upon termination of this Agreement pursuant to Section 7, provided that the Administrator may retain a copy of such records. The Administrator further agrees that the records which it maintains for the Fund will be preserved in the manner and for the periods prescribed by the Investment Company Act, unless any such records are earlier surrendered as provided above.

**2.**  **<u>The Fund's Responsibilities and Expenses Payable by the Fund</u>.** 

Subject to the limitations on reimbursement of the Administrator as set forth in Section 3 below, the Fund, either directly or through reimbursement to the Administrator, shall bear all other costs and expenses of its operations and transactions, including (without limitation): expenses related to the organization, offering, capitalization, operation, regulatory compliance or administration of the Fund; the cost of calculating the Fund's net asset value, including the cost of any third-party pricing or valuation services; the cost of effecting sales and repurchases of the Fund's common shares and other securities; investment advisory fees; fees payable to third parties including, without limitation, agents, consultants or other advisors, relating to, or associated with, making investments, monitoring investments and valuing investments, including fees and expenses associated with performing due diligence reviews of prospective investments; interest payments on the Fund's debt or related obligations; transfer agent and custodial fees; research and market data (including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of obtaining such research and market data); fees and expenses associated with marketing efforts; federal and state registration or notification fees; federal, state and local taxes; fees and expenses of the Independent Trustees (as defined below); costs of proxy statements, shareholders' reports, notices and other filings; fidelity bond, trustees and officers errors and omissions liability insurance and other insurance premiums; direct costs such as printing, mailing, long distance telephone and staff costs; fees and expenses associated with accounting, corporate governance, independent audits and outside legal costs; costs associated with the Fund's reporting and compliance obligations under the Investment Company Act and applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002, as amended; all costs of registration and listing the Fund's common shares or other securities of the Fund on any securities exchange; brokerage commissions for the Fund's investments; all other expenses incurred by the Administrator or the Fund in connection with administering the Fund's business, including expenses incurred by the Administrator in performing administrative services for the Fund and administrative personnel paid by the Administrator, to the extent they are not controlling persons of the Administrator or any of its affiliates; and any expenses incurred outside of the ordinary course of business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses as provided for in the Declaration or the Bylaws.

**3.**  **<u>No Fee; Reimbursement of Expenses; Limitations on Reimbursement of Expenses</u>.** 

In full consideration for the provisions of the services provided by the Administrator under this Agreement, the parties acknowledge that there shall be no separate fee paid in connection with the services provided, notwithstanding that the Fund shall reimburse the Administrator no less than quarterly, for all expenses of the Fund incurred by the Administrator as well as the actual cost of goods and services used for or by the Fund and obtained from entities not affiliated with the Administrator.

The Administrator shall be reimbursed for the administrative services performed by it on behalf of the Fund; provided, however, that such costs are reasonably allocated to the Fund on the basis of assets, revenues, time allocations or other method conforming with generally accepted accounting principles.

**4.**  **<u>Other Activities of the Administrator.</u>** 

The services provided by the Administrator to the Fund are not exclusive, and the Administrator may engage in any other business or render similar or different services to others, so long as its services to the Fund hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, member (including its members and the owners of its members), officer or employee of the Administrator to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director or trustee of, or providing consulting services to, one or more of the Fund's portfolio companies, subject to applicable law). The Administrator assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees, officers, employees and shareholders of the Fund are or may become interested in the Administrator and its affiliates, as directors, officers, employees, partners, interestholders, members, managers or otherwise, and that the Administrator and directors, officers, employees, partners, interestholders, members and managers of the Administrator and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

**5.**  **<u>Responsibility of Dual Trustees, Officers and/or Employees</u>.** 

If any person who is a manager, partner, member, officer or employee of the Administrator is or becomes a trustee, officer and/or employee of the Fund and acts as such in any business of the Fund, then such manager, partner, member, officer and/or employee of the Administrator shall be deemed to be acting in such capacity solely for the Fund, and not as a manager, partner, member, officer or employee of the Administrator or under the control or direction of the Administrator, even if paid by the Administrator.

**6.**  **<u>Indemnification</u>.** 

The Administrator (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Administrator) shall not be liable to the Fund for any action taken or omitted to be taken by the Administrator or such other person in connection with the performance of any of its duties or obligations under this Agreement or otherwise as the administrator of the Fund with respect to the receipt of compensation for services and the Fund shall indemnify, defend and protect the Administrator (and its officers, managers, partners, members (and their members, including the owners of their members), agents, employees, controlling persons and any other person or entity affiliated with the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "***Indemnified Parties***") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as an administrator of the Fund, to the extent such damages, liabilities, costs and expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the laws of the State of Delaware or the Declaration. Notwithstanding the preceding sentence of this Section 6 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its shareholders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder).

**7.**  **<u>Effectiveness, Duration and Termination of Agreement</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term and Effectiveness</u>. This Agreement shall become effective as of the date set forth above. This Agreement shall remain in effect with respect to the Fund for two years, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by: (a) the vote of the Board; and (b) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days' written notice to the other party. This Agreement and the rights and duties of a party hereunder may not be assigned, including by operation of law, by a party without the prior consent of the other party. The provisions of Section 6 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payments to and Duties of Administrator Upon Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) After the termination of this Agreement, the Administrator shall not be entitled to compensation for further services provided hereunder, except that it shall be entitled to receive from the Fund within 30 days after the effective date of such termination all unpaid reimbursements due and payable to the Administrator prior to termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrator shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Deliver to the Board all assets and documents of the Fund then in custody of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Cooperate with the Fund to provide an orderly administrative transition.

**8.**  **<u>Notices</u>.** 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

**9.**  **<u>Amendments</u>.** 

This Agreement may be amended in writing by mutual consent of the parties hereto, subject to the provisions of the Investment Company Act.

**10.**  **<u>Entire Agreement; Governing Law</u>.** 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is regulated as a closed-end management investment company registered under the Investment Company Act or regulated as a business development company under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control.

**11.**  **<u>Severability</u>.** 

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

**14.**  **<u>Counterparts; Electronic Signatures</u>** 

This Agreement may be executed in one or more counterparts and by exchange of original and/or electronic (PDF and/or DocuSign) signature pages, all of which shall be considered but one and the same agreement and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the date written above.

---

| | |
|:---|:---|
| NEW FS SPECIALTY LENDING FUND | NEW FS SPECIALTY LENDING FUND |
| By: |  |
|  | Name: |
|  | Title: |
| [FS ADVISOR, LLC] | [FS ADVISOR, LLC] |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to Administration Agreement]

## Ex-99.(R)

**Exhibit 99.(r)** 

**[FS SPECIALTY LENDING ADVISOR, LLC]**

**CODE OF BUSINESS CONDUCT AND ETHICS**

i

**TABLE OF CONTENTS**

<u>Page</u>

---

| | |
|:---|:---|
| INTRODUCTION | 1 |
| PURPOSE OF THIS CODE | 1 |
| PRINCIPLES OF BUSINESS CONDUCT | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Opportunities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Dealing | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection and Proper Use of Assets | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Applicable Laws, Rules, Regulations and Agreements | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equal Opportunity; Harassment | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gifts and Entertainment | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accuracy of Adviser Records | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retaining Business Communications | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance Training | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outside Employment | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service as a Director/Trustee | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political Contributions | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Relations | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intellectual Property Information | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet and E-Mail Policy | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Violations and Complaint Handling | 5 |
| CODE OF ETHICS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scope of the Code of Ethics | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standards of Conduct | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prohibited Transactions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of the Restricted List | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procedures to Implement this Code of Ethics | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting Requirements | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Clearance Request Policy | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Holdings Reports | 11 |

---

ii

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Certifications | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Certification | 12 |
| ADMINISTRATION OF THIS CODE | 12 |
| APPLICATION/WAIVERS | 12 |
| RECORDS | 12 |
| REVISIONS AND AMENDMENTS | 13 |

---

**<u>Appendices</u>**

**<u>Appendix A – Sanctions</u>**

**<u>Appendix B – Statement on the Prohibition of Insider Trading</u>**

iii

**INTRODUCTION**

Ethics are important to the investment adviser (the "***Adviser***", ***and collectively*** "***our***", "***us***", or "***we***"). We are committed to the highest ethical standards and to conducting business with the highest level of integrity.

All Access Persons and associated persons of the Adviser are responsible for maintaining this level of integrity and for complying with the policies contained in this Code of Business Conduct and Ethics (this "***Code***"). If you have a question or concern about what is proper conduct for you or anyone else, please raise these concerns with the Adviser's Chief Compliance Officer or any member of Adviser's management, or follow the procedures outlined in applicable sections of this Code.

The Adviser is an investment adviser registered with the U.S. Securities and Exchange Commission (the "***SEC***") under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***"). The Adviser acts as the investment adviser to New FS Specialty Lending Fund (the "***Company***") that is subject to regulation under the Investment Company Act of 1940, as amended (the "***1940 Act***"). The Adviser may, subject to any limitations described in the investment advisory and administrative services agreement between the Adviser and Company, advise BDCs or other investment companies, private investment funds, institutional investors or other persons or entities (collectively, with the Company, "***Clients***").

This Code has been adopted by the Adviser and approved by the board of directors or trustees, as applicable, of the Company (the "***Board***") in accordance with Rule 17j-l(c) under the 1940 Act, Rule 204A-1 under the Advisers Act, and the May 9, 1994, Report of the Advisory Group on Personal Investing by the Investment Company Institute. Rule 17j-l of the 1940 Act generally describes fraudulent or manipulative practices with respect to purchases or sales of securities held or to be acquired by investment companies if effected by access persons of such investment companies. Rule 204A-1 of the Advisers Act requires that all Adviser personnel comply with all applicable federal securities laws.

**PURPOSE OF THIS CODE**

This Code is intended to:

&nbsp;&nbsp;&nbsp;&nbsp;· help you recognize ethical issues and take the appropriate steps to resolve
these issues;

&nbsp;&nbsp;&nbsp;&nbsp;· deter ethical violations to avoid any abuse of a position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;· maintain the confidentiality of our business activities;

&nbsp;&nbsp;&nbsp;&nbsp;· assist you in complying with applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;· assist you in reporting any unethical or illegal conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;· reaffirm and promote our commitment to a corporate culture that values honesty,
integrity and accountability.

Further, it is the policy of the Adviser that no affiliated person of our organization shall, in connection with the purchase or sale, directly or indirectly, by such person of any security held or to be acquired by any Client of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud us or such Client;

&nbsp;&nbsp;&nbsp;&nbsp;· make any untrue statement of a material fact or omit to state to us a material
fact necessary in order to make the statement made, in light of the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business which operates or would
operate as a fraud or deceit upon us or any Client; or

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practices with respect to our business activities.

All Access Persons, as defined herein, and associated persons of the Adviser, as a condition of employment or continued employment or affiliation with the Adviser, will acknowledge annually, in writing, that they have received a copy of this Code, read it, and understand that the Code contains our expectations regarding their conduct.

The Chief Compliance Officer is responsible for obtaining three **<u>quarterly</u>** certifications, along with **<u>one annual</u>** certification, from each Access Person and each Supervised Person, acknowledging that he/she has acted in accordance with the policies and procedures set forth in this Code during the time period and that each Access Person and Supervised Person has read and understands the Code.

We are committed to fostering a culture of compliance. We, therefore, urge any Access Person or Supervised Person to contact the Chief Compliance Officer for any reason. No employee will be penalized, and their employment status will not be jeopardized by communicating with the Chief Compliance Officer. Reports of violations or suspected violations also may be submitted anonymously to the Chief Compliance Officer, by calling the employee hotline at 844-995-4986. Any retaliatory action taken against any person who reports a violation, or a suspected violation of this Code is itself a violation of this Code and cause for appropriate corrective action, including dismissal.

**PRINCIPLES OF BUSINESS CONDUCT**

All Access Persons and associated persons of the Adviser will be subject to the following guidelines covering business conduct, except as noted below:

**Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;· You must avoid any conflict, or the appearance
of a conflict, between your personal interests, our interests and the interests of our Clients. A conflict exists when your personal interests
in any way interfere with our interests or the interests of our Clients, or when you take any action or have any interests that may make
it difficult for you to perform your job objectively and effectively.

**Corporate Opportunities**

Each of us has a duty to advance the legitimate interests of the Adviser and our Clients when the opportunity to do so presents itself. Therefore, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;· take for yourself personally opportunities, including investment opportunities,
discovered through the use of your position with us or any of our Clients, or through the use of either's property or information;

&nbsp;&nbsp;&nbsp;&nbsp;· use our or any of our Clients' property, information, or position for
your personal gain or the gain of a family member; or

&nbsp;&nbsp;&nbsp;&nbsp;· compete, or prepare to compete, with us or any of our Clients.

**Confidentiality**

You must not disclose confidential information regarding us, any of our Clients, or either of our or their affiliates, lenders or other business partners, unless such disclosure is authorized or required by law. Confidential information includes all non-public information that might be harmful to, or useful to the competitors of, the Adviser, our Clients, or any of our or their affiliates, lenders or other business partners. This obligation will continue until the information becomes publicly available, even after you leave Future Standard, as defined below.

**Fair Dealing**

You must endeavor to deal fairly with our Clients and business partners, and any other companies or individuals with whom we or our Clients do business or come into contact, including fellow employees and our competitors. You must not take unfair advantage of these or other parties by means of:

&nbsp;&nbsp;&nbsp;&nbsp;· manipulation;

&nbsp;&nbsp;&nbsp;&nbsp;· concealment;

&nbsp;&nbsp;&nbsp;&nbsp;· abuse of privileged information;

&nbsp;&nbsp;&nbsp;&nbsp;· misrepresentation of material facts; or

&nbsp;&nbsp;&nbsp;&nbsp;· any other unfair-dealing practice.

**Protection and Proper Use of Assets**

Our assets and those of our Clients are to be used only for legitimate business purposes. You should protect our assets and those of our Clients and ensure that they are used efficiently.

Incidental personal use of telephones, cell phones, fax machines, copy machines, digital scanners, personal or work computers or tablets and similar equipment is generally allowed if there is no significant added cost to us, it does not interfere with your work duties, and is not related to an illegal activity or to any outside business.

**Compliance with Applicable Laws, Rules, Regulations and Agreements**

Each of us has a duty to comply with all laws, rules and regulations that apply to our business. The Adviser has an insider trading policy with which officers, principals and Access Persons of the Adviser must comply. A copy of such Statement on the Prohibition of Insider Trading is included as Appendix B. Please talk to our Chief Compliance Officer if you have any questions about how to comply with the above regulations and other laws, rules and regulations.

In addition, we expect you to comply with all of our policies and procedures that apply to you. We may modify or update our policies and procedures in the future and may adopt new policies and procedures from time to time. Access persons who are employees of Franklin Square Holdings, L.P. ("FS", and with its FS affiliates, "Future Standard") are also expected to observe the terms of the Franklin Square Holdings, L.P. Code of Business Conduct and Ethics.

**Equal Opportunity; Harassment**

We are committed to providing equal opportunity in all of our employment practices including selection, hiring, promotion, transfer, and compensation of all qualified applicants and employees without regard to race, color, sex or gender, sexual orientation, religion, age, national origin, disability, citizenship status, marital status or any other status protected by law. With this in mind, there are certain behaviors that will not be tolerated. These include harassment, violence, intimidation, and discrimination of any kind involving race, color, sex or gender, sexual orientation, religion, age, national origin, disability, citizenship status, marital status, or any other status protected by law.

**Gifts and Entertainment**

Gifts can appear to compromise the integrity and honesty of our personnel. On the other hand, business colleagues often wish to provide small gifts to others as a way of demonstrating appreciation or interest. We have attempted to balance these considerations in the policy which follows.

No Access Person or associated person of the Adviser shall accept a gift that is over $200 or invitation that involves entertainment that is over $500 on a per person, per event basis from any person or entity that does business with, is likely to do business with, or is soliciting business from, the Adviser or its Clients, except as follows: (i) payment of out-of-town accommodation expenses by a sponsor of an industry, company or business conference held within the United States involving multiple attendees from outside the firm where your expenses are being paid by the sponsor on the same basis as those other attendees (Access Persons are required to obtain approval from the Chief Compliance Officer, prior to accepting out-of-town accommodations or travel expenses);(ii) a business gift given to an Access Person from a business or corporate gift list on the same basis as other recipients of the sponsor and not personally selected for such Access Person (e.g., holiday gifts); and (iii) gifts from a sponsor to celebrate or acknowledge a transaction or event that are given to a wide group of recipients and not personally selected for the Access Person (e.g., closing dinner gifts, gifts given at an industry conference or seminar). As a general rule, Access Persons may not accept an invitation that is excessive (over $500 on a per person basis) or not usual and customary. If an Access Person believes the meal or entertainment might be excessive, he or she must obtain approval from the Chief Compliance Officer. Gifts to the Adviser as a whole or to an entire department (for example, accounting, analysts, etc.) may exceed the $200 limitation, but such gifts must be approved by the Chief Compliance Officer.

Standards for giving gifts/entertainment are identical to those governing the acceptance of gifts/entertainment (that is gifts given should be restricted to items worth $200 or less and entertainment provided should be restricted to amounts of $500 or less, subject to pre-approval from the Chief Compliance Officer, as applicable). On the whole, good taste and judgment must be exercised in both the receipt and giving of gifts/entertainment. Every person subject to this Code must avoid gifts or entertainment that would compromise the Adviser's or its Clients' standing or reputation. If you are offered or receive any gift which is either prohibited or questionable, you must inform the Chief Compliance Officer.

All gifts/entertainment received over a de minimus amount of $25 shall be reflected in the gift log (for FS employees using the online compliance portal on FS Inside) and must contain a basic description of the gift, a good faith estimate of the value of the gift, and the date the gift was received or entertainment attended.

Solicitation of gifts is strictly prohibited. The direct or indirect giving of, offering to give or promising to give, money or anything of value to a foreign official, a foreign political party or party official, or any candidate for foreign political office in order to corruptly obtain or retain a business benefit, is generally prohibited and is subject to additional requirements and limitations. If you intend to give, offer or promise such a gift, you must inform the Chief Compliance Officer, immediately.

**Accuracy of Adviser Records**

We require honest and accurate recording and reporting of information in order to make responsible business decisions. This requirement includes such data as quality, safety, and personnel records, as well as financial records.

All financial books, records and accounts must accurately reflect transactions and events and conform both to required accounting principles and to our system of internal controls.

**Retaining Business Communications**

The law requires us to maintain certain types of corporate records, usually for specified periods of time. Failure to retain those records for those minimum periods could subject us to penalties and fines, cause the loss of rights, obstruct justice, place us in contempt of court, or seriously disadvantage us in litigation.

From time to time, we establish retention or destruction policies in order to ensure legal compliance. We expect you to fully comply with any published records retention or destruction policies, provided that you should note the following exception: If you believe, or we inform you, that our records are relevant to any litigation or governmental action, or any potential litigation or action, then you must preserve those records until we determine the records are no longer needed. This exception supersedes any previously or subsequently established destruction policies for those records. If you believe that this exception may apply or have any questions regarding the possible applicability of this exception, please contact the Chief Compliance Officer.

Please also note that Ring Central is the Firm's only approved texting functionality. All business communications sent via text message must be sent through the Ring Central functionality.

**Compliance Training**

An integral part of the Future Standard compliance program is the periodic compliance training that is provided to all employees. It is important that you complete all such compliance training in a timely and thorough manner.

**Outside Employment**

Without the written consent of the Chief Compliance Officer of the Adviser, or his/her designee and your manager, no Access Person or associated person of the Adviser is permitted to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be engaged in any other financial services business for profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be employed or compensated by any other business for work performed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· have a significant (more than 5% equity) interest in any other financial
services business, including, but not limited to, banks, brokerages, investment advisers, insurance companies or any other similar business.

Requests for outside employment waivers should be made in writing to the Chief Compliance Officer through the ComplySci portal on FS Inside. Such requests should also include the written approval of your manager.

**Service as a Director/Trustee**

No Access Person or associated person of the Adviser shall serve as a director/trustee (or member of a similar governing body) or officer of any organization, without prior written authorization from the Chief Compliance Officer. Any request to serve on the board of such an organization must include the name of the entity and its business, the names of the other board members, and a general reason for the request. Such requests must be submitted through the online compliance portal on FS Inside.

**Political Contributions**

Persons associated with the Adviser or any of its affiliated organizations, including the Companies, are subject to Franklin Square Holdings' Political Contributions and Pay-to-Play Political Activity Policy. Please consult this policy for specific requirements relating to any proposed political contribution.

**Media Relations**

We must speak with a unified voice in all dealings with the press and other media. As a result, our Chief Executive Officer, or his or her designee, is the sole contact for media seeking information about the Adviser. Any requests from the media must be referred to our Chief Executive Officer, or his designee.

**Intellectual Property Information**

Information generated in our business is a valuable asset. Protecting this information plays an important role in our growth and ability to compete. Such information includes but is not limited to business and research plans; objectives and strategies; trade secrets; unpublished financial information; salary and benefits data; and lender and other business partner lists. Officers, principals and Access Persons of the Adviser who have access to our intellectual property information and that of our Clients are obligated to safeguard it from unauthorized access and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not disclose this information to persons outside of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use this information for personal benefit or the benefit of persons outside
of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not share this information with other officers, principals and Access Persons
of the Adviser except on a legitimate "need to know" basis.

**Internet and E-Mail Policy**

Future Standard provides an e-mail system and Internet access to its employees to help them do their work. You may use the e-mail system and the Internet only for legitimate business purposes in the course of your duties. Incidental and occasional personal use is permitted, but never for personal gain or any improper or illegal use. Further, you are permitted to post information on public forums, such as blogs or social networking sites (e.g., Facebook®, Twitter® or LinkedIn®) outside of work, but you should consider how the use of social media can reflect upon Future Standard. You are required to comply, at all relevant times, with the Acceptable Use Policy and the Social Media Policy adopted by Franklin Square Capital Partners, L.P. and applicable to each Adviser.

**Reporting Violations and Complaint Handling**

You are responsible for compliance with the rules, standards and principles described in this Code. In addition, you should be alert to possible violations of this Code by the Adviser's Access Persons or associated persons, and you are expected to report any violation promptly. Normally, reports should be made to your immediate supervisor. Under some circumstances, it may be impractical, or you may feel uncomfortable raising a matter with your supervisor. In those instances, you are encouraged to contact our Chief Compliance Officer who will investigate and report the matter to our Chief Executive Officer and the governing body of any affected Client, as the circumstance dictates. You will also be expected to cooperate in any investigation of a violation.

Anyone who has a concern about our conduct, the conduct of an Access Person or associated person of the Adviser or our accounting, internal accounting controls or auditing matters, may communicate that concern to our Chief Compliance Officer. All reported concerns relating to or affecting a Client shall be promptly forwarded to the applicable governing body of such Client by our Chief Compliance Officer and will be simultaneously addressed by our Chief Compliance Officer in the same way that other concerns are addressed by us. The status of all outstanding concerns forwarded to any Clients will be reported to the appropriate parties on a quarterly basis by our Chief Compliance Officer.

All reports will be investigated and whenever possible, requests for confidentiality shall be honored. While anonymous reports will be accepted, please understand that anonymity may hinder or impede the investigation of a report. All cases of questionable activity or improper actions will be reviewed for appropriate action, discipline or corrective actions. Whenever possible, we will keep confidential the identity of Access Persons, officers or principals who are accused of violations, unless or until it has been determined that a violation has occurred.

There will be no reprisal, retaliation or adverse action taken against any officer, principal or Access Person who, in good faith, reports or assists in the investigation of, a violation or suspected violation, or who makes an inquiry about the appropriateness of an anticipated or actual course of action.

For reporting concerns about the Adviser's conduct, the conduct of an Access Person or associated person of the Adviser, or about the Adviser's accounting, internal accounting controls or auditing matters, you may contact the Adviser at the address set forth below:

**ADDRESS: Chief Compliance Officer**

**Future Standard**

**201 Rouse Boulevard**

**Philadelphia, PA 19112**

In the case of a confidential, anonymous submission, employees should set forth their concerns in writing and forward them in a sealed envelope to the Chief Compliance Officer, such envelope to be labeled with a legend such as: "To be opened by the Chief Compliance Officer only." In the alternative, the Adviser maintains a Whistleblower Hotline which allows employees to submit, on a confidential basis, comments related to suspected violations of applicable laws, rules and regulations or the Adviser's Code of Business Conduct and Ethics. The Whistleblower Hotline may be accessed at (844) 995- 4986. Rule 21F-17(a) under the Securities Exchange Act of 1934, as amended, states that no person may take any action to impede an individual from communicating directly with the SEC about a possible securities act violation. Accordingly, if an employee of the Company or the Adviser prefers to do so, such employee may report suspected securities law violations directly to the SEC.

An Access Person's violation of this Code and related requirements may result in certain sanctions, as described more fully in Exhibit A.

**CODE OF ETHICS**

The persons specified in the following discussion will be subject to the provisions of this Code.

**Scope of the Code of Ethics**

In order to prevent the Adviser's Access Persons, as defined below, from engaging in any of these prohibited acts, practices or courses of business, the Adviser has adopted this Code which has been approved by the Board of the related fund.

**Definitions**

**Access Person.** "Access Person" includes all associated persons, officers, principals and certain interested directors of the Adviser. It also includes any of the Adviser's Supervised Persons (as defined below) who have access to non-public information regarding any Client's purchase or sale of a Covered Security (as defined below), or non-public information regarding the portfolio holdings of any Client, or who is involved in making securities recommendations to Clients, or who has access to such recommendations that are non-public. Disinterested Trustees are not included in the definition of Access Person.

Access Persons will be classified under one of the following three categories:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** A **Tier 1 Access Person** ("Tier 1 Access Person") is defined as an individual, including Supervised Persons, engaged
in portfolio management, trading, investment management and/or investment decision-making, and has access to non-public information, as
well as information regarding the pipeline(s), purchases or sales of securities of one or more Clients. These roles include, but are not
limited to, portfolio analysts, portfolio managers, and traders.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** A **Tier 2 Access Person** ("Tier 2 Access Person") is defined as an individual who has access to non-public information,
but is not involved in portfolio management, trading, investment management and/or investment decision-making of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** A **Tier 3 Access Person** ("Tier 3 Access Person") is defined as an individual who does not meet the criteria of a
Tier 1 Access Person or a Tier 2 Access Person, defined above.

**Automatic Investment Plan**. "Automatic Investment Plan" refers to any program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan.

**Beneficial Interest**. "Beneficial Interest" includes any entity, person, trust, or account with respect to which an Access Person exercises investment discretion or provides investment advice. A beneficial interest shall be presumed to include all accounts in the name of or for the benefit of the Access Person, his or her spouse, dependent children, or any person living with him or her or to whom he or she contributes economic support.

**Beneficial Ownership**. "Beneficial Ownership" shall be determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), except that the determination of direct or indirect Beneficial Ownership shall apply to all securities, and not just equity securities, that an Access Person has or acquires. Rule 16a-1(a)(2) under the Exchange Act provides that the term "beneficial owner" means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect pecuniary interest in any equity security. Therefore, an Access Person may be deemed to have Beneficial Ownership of securities held by members of his or her immediate family sharing the same household, or by certain partnerships, trusts, corporations, or other arrangements.

**Blackout Period**. As applicable to each Company in accordance with its offering documents, "Blackout Period" shall mean that timeframe in which the Adviser or an Access Person is not permitted to purchase or sell the securities of any Company. The Blackout Period is in effect at all times of any calendar year, except during the Window Period (as defined below). Notwithstanding this prohibition, an Access Person may purchase securities of a Company during a Blackout Period, if such transactions are made pursuant to a pre-existing written plan, contract, instruction or arrangement under Rule 10b5-1 ("Approved 10b5-1 Plan"), as that term is defined in the Statement on the Prohibition of Insider Trading, attached as Appendix B. Only Tier 1 and Tier 2 Access Persons shall be subject to the Blackout Period and the corresponding Window Period.

**Control**. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security**. "Covered Security" means a security as defined in Section 2(a)(36) of the 1940 Act, except that it does not include: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments including repurchase agreements; (iii) shares issued by a registered open-end investment company (i.e., mutual funds), other than a fund sponsored by Future Standard; and

(iv) exchange traded funds structured as unit investment trusts or open-end funds. A Covered Security includes any cryptocurrency derivative and any currency forward transaction.

**Disinterested Trustee.** A "Disinterested Trustee" is a trustee of a fund who is not an "interested person" of the fund within the meaning of Section 2(a)(19) of the 1940 Act.

**Initial Public Offering**. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, as amended (the "***Securities Act***"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**Limited Offering**. "Limited Offering" means an offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rules 504, 505 or 506 under the Securities Act.

**Purchase or Sale of a Covered Security**. "Purchase or Sale of a Covered Security" is broad and includes, among other things, the writing of an option to purchase or sell a Covered Security, or the use of a derivative product to take a position in a Covered Security.

**Restricted List**. The Restricted List identifies those securities which the Adviser or its Access Persons may not trade due to some restriction under the securities laws whereby the Adviser or its Access Persons may be deemed to possess material non-public information about the issuer of such securities.

**Supervised Person**. A "Supervised Person" means any partner, principal, officer, director (or other person occupying a similar status or performing similar functions), or employee of any entity that provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser.

**Window Period**. As applicable to each Company in accordance with its offering documents, "Window Period" shall mean that timeframe in which an Access Person is permitted to purchase or sell securities of the Company. Typically, the Window Period begins at the opening of trading on the second business day following the earlier of the date on which the Company publicly releases financial results designated by our Chief Compliance Officer or Chief Financial Officer, working together with the Adviser's legal department, as sufficient to open the window period or the filing with the SEC of the Company's annual and semi-annual certified shareholder reports on Form N-CSR or the Company's Regulation S-X compliant portfolio schedule listing holdings as of March 31 or September 30 quarter ends attached as an exhibit to Form N-PORT and extends for thirty (30) calendar days thereafter, provided, however, that the window period of any quarter will end not later than the tenth (10th) calendar day prior to the beginning of the next quarter. As a result, it is possible that the Window Period for any quarter may, at times, be shorter than thirty (30) calendar days or not open at all. Should the end of the "window period" fall on a weekend, such window will be extended through the close of business on the following business day.

**Standards of Conduct**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Access Person shall engage, directly or indirectly, in any business transaction or arrangement for personal profit that is not in the best interests of the Adviser or its Clients; nor shall he or she make use of any confidential information gained by reason of his or her employment by or affiliation with the Adviser, or any of its affiliates or Clients, in order to derive a personal profit for himself or herself or for any Beneficial Interest, in violation of the fiduciary duty owed to the Adviser and its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A Tier 1 Access Person recommending or authorizing the purchase or sale of a Covered Security by any Client of the Adviser shall, at the time of such recommendation or authorization, disclose any Beneficial Interest in, or Beneficial Ownership of, such Covered Security or the issuer thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No Access Person shall dispense any information concerning securities holdings or securities transactions of any of the Adviser's Clients to anyone outside the Adviser without obtaining prior written approval from our Chief Compliance Officer, or such person or persons as our Chief Compliance Officer may designate to act on his or her behalf. Notwithstanding the preceding sentence, such Access Person may dispense such information without obtaining prior written approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· when there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· when such information is dispensed in accordance with compliance procedures
established to prevent conflicts of interest between the Adviser and its Clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in the ordinary course of his or her duties on behalf of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Adviser owes its Clients a duty of undivided loyalty. As an investment adviser, the Adviser has a fiduciary responsibility to its Clients. Clients' interests must always be placed first. Thus, the Adviser's personnel must conduct their personal securities transactions in a manner that does not interfere, or appear to interfere, with any transaction for a Client or otherwise takes unfair advantage of a Client relationship. All personal securities transactions should be conducted consistent with this Code and in such manner as to avoid actual or potential conflicts of interest, the appearance of a conflict of interest, or any abuse of an individual's position of trust and responsibility within the Adviser. All Adviser personnel must adhere to these fundamental principles as well as comply with the specific provisions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A pre-clearance of an Access Person's personal security transaction shall be effective for two (2) business days following the receipt of the pre-clearance request. After such timeframe if the transaction is not completed, an Access Person shall be required to submit a new pre-clearance request through the ComplySci portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All Access Persons are required to comply with all of the provisions of the Code, as applicable. Only Tier 1 Access Persons and Tier 2 Access Persons shall be subject to the [Fund Board] reporting requirements, as applicable.

**Prohibited Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General Prohibition**. No Access Person shall purchase or sell, directly or indirectly, any Covered Security (including any security issued by the issuer of such Covered Security) in which he or she has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership and which such Access Person knows or should have known at the time of such purchase or sale that such Covered Security is being considered for purchase or sale by a Client of the Adviser, or is held in the portfolio of a Client of the Adviser, unless such Access Person shall have obtained prior written approval for such purpose from our Chief Compliance Officer. An Access Person who becomes aware that any Client of an Adviser is considering the purchase or sale of any Covered Security must immediately notify our Chief Compliance Officer of any interest that such Access Person may have in any outstanding Covered Security (including any security issued by the issuer of such Covered Security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Access Person shall similarly notify our Chief Compliance Officer of any
other interest or connection that such Access Person might have in or with such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Once an Access Person becomes aware that any Client of the Adviser is considering
the purchase or sale of a Covered Security in its portfolio, such Access Person may not engage in any transaction in such Covered Security
(including any security issued by the issuer of such Covered Security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The foregoing notifications or permission may be provided orally but should
be confirmed in writing as soon and with as much detail as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Securities Appearing on the Portfolio and Pipeline Reports and Restricted List**. The holdings of the Adviser's Clients are detailed in the Portfolio Report that will be updated as necessary. The Adviser may also maintain a pipeline report of investments under consideration for purchase. The Adviser also maintains a restricted list of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Initial Public Offerings and Limited Offerings**. Access Persons of the Adviser must obtain approval from our Chief Compliance Officer before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Securities Under Review**. No Access Persons shall execute a securities transaction in any security issued by an entity that any of the Adviser's Clients own or are considering for purchase or sale unless such Access Person shall have obtained prior written approval through the ComplySci portal for such purpose from our Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Trading in the Company's Securities**. No Access Person may purchase or sell (tender) the Company's securities during a Blackout Period unless the purchase or sale is made pursuant to an Approved 10b5-1 Plan as that term is defined in the Company's *Statement on the Prohibition of Insider Trader* (see Appendix B). All other purchases and sales of the Company's securities can only occur during an open Window Period. All purchases and sales of the Company's securities during an open Window Period must be pre-cleared by the Chief Compliance Officer, using the online compliance portal on FS Inside.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Adviser Acquisition of Shares in Companies that Access Persons Hold Through Limited Offerings**. Access Persons who have been authorized to acquire securities in a Limited Offering must disclose that investment to our Chief Compliance Officer when they are involved in the Adviser's subsequent consideration of an investment in the issuer on behalf of any Client, and the Adviser's decision or recommendation to purchase such securities on behalf of any Client must be independently reviewed by Access Persons with no personal interest in that issuer.

**Management of the Restricted List**

Our Chief Compliance Officer will manage placing and removing names from the Restricted List. Should an Access Person learn of material non-public information concerning the issuer of any security, that information must be provided to our Chief Compliance Officer so that the issuer can be included on the Restricted List. The Chief Compliance Officer will note the nature of the information learned, the time the information was learned and the other persons in possession of this information. The Chief Compliance Officer will maintain this information in a log. Upon the receipt of such information, our Chief Compliance Officer will revise the Restricted List.

Any non - discretionary sub-advisers to the Adviser, or affiliated investment advisers, will be directed to advise the Adviser when they have obtained information that causes them to be restricted from trading in the securities of any of the names appearing on the Pipeline and Portfolio Reports (as discussed above). This information will be provided to our Chief Compliance Officer who will add the name(s) to the Restricted List. Any non - discretionary sub-advisers, or affiliated investment advisers, will also be required to notify the Adviser's Chief Compliance Officer if they are restricted from trading in the securities of any of the issuers discussed with the Adviser for possible inclusion in the portfolio of any of the Adviser's Clients.

The contents of the Restricted List are highly confidential and must not be disclosed to any person or entity outside of the Adviser, absent approval of our Chief Compliance Officer or the Chief Executive Officer.

**Procedures to Implement this Code of Ethics**

The following reporting procedures have been established to assist Access Persons in avoiding a violation of this Code, and to assist the Adviser in preventing, detecting and imposing sanctions for violations of this Code. Every Access Person must follow these procedures. Questions regarding these procedures should be directed to our Chief Compliance Officer.

All Access Persons are subject to the reporting requirements set forth in the next section, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· with respect to transactions effected for, and
Covered Securities (including any security issued by the issuer of such Covered Security) held in, any account over which the Access Person
has no direct or indirect influence or control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· those transactions effected pursuant to an Automatic
Investment Plan.

**Reporting Requirements**

The Adviser shall appoint a Chief Compliance Officer who shall furnish each Access Person and associated person with a copy of this Code, along with the other sections of this Code, and any amendments, upon commencement of employment by or affiliation with the Adviser and may distribute any updates to the Code via electronic means thereafter.

Each Access Person and associated person of each Adviser is required to certify, through a written acknowledgment, within 10 days of commencement of employment by or affiliation with the Adviser, that he or she has received, read and understands all aspects of this Code and recognizes that he or she is subject to the provisions and principles detailed therein. In addition, our Chief Compliance Officer shall notify each Access Person of his or her obligation to submit an initial holdings report, quarterly transaction reports, and annual holdings reports, as described below.

**Pre-Clearance Request Policy**

Future Standard and its personnel are subject to certain laws and regulations governing personal securities trading. The pre-clearance request process is designed to reasonably mitigate personal securities transactions from, intentionally or unintentionally, interfering or conflicting with the investment directives of FS, its clients, and/or business partners.

All Access Persons (as defined herein) of any Company, all Access Persons of any Adviser, employees of Franklin Square Holdings L.P., and employees of FS Investment Solutions, LLC are required to abide by the following pre-clearance policy.

<u>Please note</u>: Disinterested Trustees (as defined herein) of the Company are not required to pre-clear securities transactions.

Pre-clearance approval from the Chief Compliance Officer or his/her designee must be obtained prior to entering into **any securities transaction**, unless such purchase or sale is made in the following plan or account type:

&nbsp;&nbsp;&nbsp;&nbsp;· An approved 10b5-1 plan (as defined in the *Statement on the Prohibition on Insider Trading*).

&nbsp;&nbsp;&nbsp;&nbsp;· A variable insurance contract held exclusively
in a sub-account of an insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;· An account in which you have no direct or indirect
influence or control over the account, or the securities held therein (such as, a managed account where you do not maintain discretion)
is also exempt from the pre-clearance request requirements.

Regardless of how owned, the following securities and investments do not require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;· A bankers' acceptances, bank certificates
of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;· A money market instrument.

&nbsp;&nbsp;&nbsp;&nbsp;· An open-end fund/mutual fund (other than any
Company).  **<u>Please be reminded that any product sponsored by Future Standard, regardless of its structure, must be pre-cleared and certain products sponsored by Future Standard may be subject to a black-out window.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;· An exchange-traded fund.

&nbsp;&nbsp;&nbsp;&nbsp;· A U.S. government security.

**Pre-clearance requests should be submitted using the online compliance portal, ComplySci, that can be accessed via *FS Inside ("ComplySci portal").***

The pre-clearance request shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Name;

&nbsp;&nbsp;&nbsp;&nbsp;· Date of the pre-clearance request;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker who will execute the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of the security and the type of security and estimated trade value
in dollars;

&nbsp;&nbsp;&nbsp;&nbsp;· Whether the transaction is a purchase or sale.

In determining whether to approve the transaction, the Chief Compliance Officer or his/her designee will consider whether the opportunity to purchase or sell such securities creates an actual or potential conflict of interest or whether you are being offered the opportunity because of your position. The Chief Compliance Officer or designee will document and communicate the approval or disapproval of each such request via the ComplySci portal.

**Initial Holdings Reports**

Each Access Person must, no later than 10 days after the person becomes an Access Person, submit to our Chief Compliance Officer or other designated person a report of the Access Person's current securities holdings. The information provided must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. The report must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title and type of the security and, as applicable,
the exchange ticker symbol or CUSIP number, the number of shares held for each security, and the principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with which
the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the Access Person submits the report.

An example of the type of information that is required to be included on Initial Holdings Reports is provided in the ComplySci portal.

**Quarterly Certifications**

Each Access Person must, no later than 30 days after the end of each calendar quarter, confirm to our Chief Compliance Officer or other designated person all of the Access Person's transactions involving a Covered Security (including any security issued by the issuer of such Covered Security) in which the Access Person had, or as a result of the transaction acquired, any direct or indirect Beneficial Ownership, during the calendar quarter most recently ending. The Access Person must confirm quarterly the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title and, as applicable, the exchange ticker
symbol or CUSIP number, of each reportable security involved, the interest rate and maturity date of each reportable security involved,
the number of shares of each reportable security involved, and the principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the nature of the transaction (i.e., purchase, sale or other type of acquisition
or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer or bank with or through which the transaction
was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the Access Person confirms such transactions.

With respect to any account established by an Access Person during the reporting quarter in which any Covered Securities were held for the direct or indirect benefit of the Access Person, the Access Person must report (a) the name of the broker, dealer or bank with whom the Access Person established the account, (b) the date the account was established, and (c) the date the information is submitted.

This certification will be sent to each Access Person via the ComplySci portal.

**Annual Certification**

Each Access Person must confirm to our Chief Compliance Officer or other designated person an annual holdings report reflecting holdings as of a date no more than 45 days before the confirmation is submitted. The Annual Certification must be submitted at least once every 12 months, on a date to be designated by the Adviser. Our Chief Compliance Officer will notify every Access Person of the date. Each report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title and, as applicable, the exchange ticker
symbol or CUSIP number, of each reportable security involved, the interest rate and maturity date of each reportable security involved,
the number of shares of each reportable security involved, and the principal amount of each reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with which
the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the Access Person confirms the report.

The annual certification will be distributed to each Access Person via the ComplySci portal.

All Access Persons must also annually certify, through a written acknowledgment, to our Chief Compliance Officer that: (1) they have read, understood and agree to abide by this Code; (2) they have complied with all applicable requirements of this Code; and (3) they have reported all transactions and holdings that they are required to report under this Code.

**ADMINISTRATION OF THIS CODE**

Our Chief Compliance Officer has overall responsibility for administering this Code and reporting on the administration of and compliance with this Code and related matters to our Chief Executive Officer and the applicable governing bodies of our Clients.

Our Chief Compliance Officer shall review all reports to determine whether any transactions recorded therein constitute violations of this Code. Before making any determination that a violation has been committed by a person subject to this Code, such person shall be given an opportunity to supply additional explanatory material. Our Chief Compliance Officer shall maintain copies of the reports as required by the Advisers Act.

No less frequently than annually our Chief Compliance Officer must furnish to our Chief Executive Officer and the applicable governing bodies of our Clients, as necessary, and our Chief Executive Officer and the applicable governing bodies of our Clients, as necessary, must consider, a written report that describes any issues arising under this Code or its procedures since the last report, including, but not limited to, information about material violations of this Code or its procedures and any sanctions imposed in response to material violations. This report should also certify that the Adviser has adopted procedures reasonably designed to prevent persons subject to this Code from violating this Code.

**APPLICATION/WAIVERS**

All of the Access Persons and associated persons of the Adviser are subject to this Code.

Insofar as other policies or procedures of the Adviser govern or purport to govern the behavior or activities of all persons who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.

**RECORDS**

The Adviser shall maintain records with respect to this Code in the manner and to the extent set forth below, which records may be maintained on microfilm or electronic storage media under the conditions described in Rule 31a-2(f) under the 1940 Act and shall be available for examination by representatives of the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code and any other code of ethics of the Adviser that is, or at any time within the past five years has been, in effect shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of this Code and of any action taken as a result of such violation shall be maintained in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person or duplicate account statement received pursuant to this Code, shall be maintained for a period of not less than five years from the end of the fiscal year in which it is made, or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of all persons who are, or within the past five years have been, required to make reports pursuant to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each report made to our Chief Executive Officer and the applicable governing bodies of our Clients shall be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A record of any decision and the reasons supporting the decision, to approve the direct or indirect acquisition by an Access Person of Beneficial Ownership in any securities in an Initial Public Offering or a Limited Offering shall be maintained for at least five years after the end of the fiscal year in which the approval is granted.

**REVISIONS AND AMENDMENTS**

This Code may be revised, changed or amended at any time with the approval of the Adviser. Following any material revisions or updates, an updated version of this Code will be distributed to you and will supersede the prior version of this Code effective upon distribution. We may ask you to sign an acknowledgement confirming that you have read and understood any revised version of this Code, and that you agree to comply with the provisions thereof.

**APPENDIX A SANCTIONS**

Code of Business Conduct and Ethics Sanctions

Upon discovering a violation of the Code of Ethics (Code), Future Standard (FS) may impose sanctions as it deems appropriate, including, without limitation, a letter warning, disgorgement of profits, termination of trading privileges or suspension or termination of the Access Person, dependent, in part, on the materiality of the violation. A Material Violation includes any active trading violations (i.e., failure to pre-clear a trade, short-term trading, etc.). A Non-Material violation includes any reporting violations (e.g., not disclosing a new account within the required time frame, not certifying to transactions by the deadline).

The schedule below is not all inclusive and is intended to serve as a guideline for the imposition of a sanction. Violations will be aggregated during a 12-month time period:

<u>Non-Material Violations:</u>

1<sup>st</sup> Violation: Recorded warning to the Access Person that the Code has been violated and a review of the requirements of the Code.

2<sup>nd</sup> Violation: Written notification to the Access Person, with a copy to the Access Person's supervisor and a review of the requirements of the Code.

3<sup>rd</sup> Violation: Written notification to the Access Person, Access Person's Supervisor and to the CEO and CIO of the FS, as well as another review of the requirements of the Code.

<u>Material Violations:</u>

1<sup>st</sup> Violation: Written notification to the Access Person that the Code has been violated, with a copy to the Access Person's supervisor and a review of the requirements of the Code.

2<sup>nd</sup> Violation: Written notification to the Access Person, Access person's Supervisor, CEO and CIO, as well as a 5-business day suspension of trading privileges. Compliance will review, with the Access Person, the requirements of the Code.

3<sup>rd</sup> Violation: Written notification to the Access Person, Access person's Supervisor, CEO and CIO, as well as a 10-business day suspension of trading privileges. At this point, it will be up to the CCO, CIO, and CEO to determine whether one or more of the following are appropriate: a disgorgement of profits (such disgorgement to be donated to a mutually agreed-upon charity), termination of trading privileges, termination of the Access Person, and/or any other additional sanctions deemed appropriate.

Effective July 31, 2022

**APPENDIX B**

**Statement on the Prohibition of Insider Trading**

**<u>STATEMENT ON THE PROHIBITION OF INSIDER TRADING</u>**

This Statement on the Prohibition of Insider Trading applies to each of the business development companies listed on Schedule I hereto (each, the "***Company***") and the investment adviser also listed on Scheduled I hereto, (each, the "***Adviser***"). All capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Company's Rule 38a-1 Compliance Manual.

**<u>Introduction</u>**

Failure by you to recognize the importance of safeguarding information and using information appropriately is greatly detrimental both to your future and to the Company's. The information below should provide a useful guide about what constitutes insider trading and material inside information and the Company's policy against insider trading. Any questions regarding this policy should be directed to the Chief Compliance Officer or his or her designee.

It is illegal for any person, either personally or on behalf of others, to trade in securities on the basis of material, non-public information. It is also illegal to communicate (or "tip") material, non-public information to others who may trade in securities on the basis of that information. These illegal activities are commonly referred to as "insider trading."

Potential penalties for insider trading violations include imprisonment and can have other very serious repercussions for both the Company and the employee. Violators may be censured by the government or self-regulatory organizations, suspended, barred from the securities business and/or subject to civil and criminal fines. In addition, violations may result in liability under the federal securities laws, including the Insider Trading Sanctions Act of 1984 and the Insider Trading and Securities Fraud Enforcement Act of 1988. The Company's actions with respect to any violations will be swift and forceful, since it is the victim of any such abuse.

A violation of the Company's policies and procedures regarding confidential information, disclosure and the use of confidential information may result in dismissal, suspension without pay, loss of pay or bonus, loss of severance benefits, demotion or other sanctions, whether or not the violation of the Company's policy or procedure also constituted a violation of law. Trading while in possession of or tipping on the basis of non-public information could also result in civil or criminal liability which could lead to imprisonment, fines and/or a requirement of disgorgement of any profits realized and, as a result of the violation, to an injunction prohibiting the violator from being employed in the securities industry. The Company may initiate or cooperate in proceedings resulting in such penalties.

In the unlikely event that you come into possession of information that is not publicly available, either through your work with the Company or outside of the workplace, you will be required to adhere to this Statement on the Prohibition of Insider Trading (this "***Statement***") as set forth in the following pages. You will also be subject to certain reporting requirements in connection with complying with the Code of Ethics beginning with the requirement to notify our Chief Compliance Officer or his or her designee.

**<u>Statement of Policy</u>**

It is the policy of the Company that no officer, manager, director, trustee or employee (including any temporary employee or consultant) of the Company or the Adviser who is aware of material, non-public information relating to the Company may, directly or through family members or other persons or entities, (a) buy or sell securities of the Company (other than pursuant to a pre-approved trading plan that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended), or engage in any other action to take personal advantage of that information, or (b) pass that information on to others outside of Company, including family and friends.

In addition, it is the policy of the Company that no officer, manager, director or employee (including a temporary employee or consultant) of the Company or the Adviser who, in the course of working for the Company or the Adviser, learns of material, non-public information regarding a portfolio company of the Company, may trade in that company's securities until the information becomes public or is no longer material.<sup>2223</sup>

**<u>Background</u>**

The securities laws and the rules and regulations of the self-regulatory organizations are designed to ensure that the securities markets are fair and honest, that material information regarding a company is publicly available, and that a security's price and volume are determined by the free interplay of economic forces. The anti-fraud rules of the federal securities laws prohibit, in connection with the purchase or sale of a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· making an untrue statement of a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· omitting to state a material fact necessary to make the statements made not
misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engaging in acts, practices or courses of business which would be fraudulent
or deceptive.

While the law concerning insider trading is not rigid, it generally is understood to prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading by an insider, while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading by a non-insider while in possession
of material non-public information where the information either was disclosed to the non-insider in violation of an insider's duty
to keep it confidential or was misappropriated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· communicating material non-public information to others.

The elements of a claim for insider trading and the penalties for unlawful conduct are described below.

**<u>Who is an Insider?</u>**

The concept of an "insider" is broad. It includes officers, directors and employees of a company, as well as anyone who has access to material non-public information regarding a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and, as a result, is given access to information solely for the company's purposes. A temporary insider can include, by way of example, attorneys, accountants, consultants, bank lending officers and employees of such organizations. According to the U.S. Supreme Court, a company must expect the outsider to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

**<u>What is Material Information?</u>**

Trading on information is not a basis for liability unless the information is material. Information generally is considered "material" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision, or if the information is reasonably certain to have a substantial effect on the price of a company's securities. Information that should be considered material includes but is not limited to dividend changes; earnings estimates not previously disseminated; material changes in previously released earnings estimates; significant merger or acquisition proposals or agreements; major litigation; liquidation problems; and extraordinary management developments.

<sup>22</sup> The Company may, from time to time, receive or have the opportunity to receive information regarding a portfolio company that has not been disseminated or fully disseminated in the marketplace. If this situation arises and the Company has an opportunity to opt to receive the information, the officer, manager, director, trustee or employee of the Company or the Adviser that encounters this situation will raise the situation with his or her supervisor and the Chief Compliance Officer or their designee to decide whether to opt to receive the information or decline to receive the information. If the Company received material non-public information regarding a portfolio company, the Chief Compliance Officer or their designee will update the Restricted List as it is discussed in the Code of Ethics.

Material information does not have to relate to a company's business. For example, in <u>Carpenter v. United States</u> 108 S. Ct. 316 (1987), the U.S. Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Wall Street Journal and whether or not those reports would be favorable.

Any questions that you may have as to whether information is material must be addressed with our Chief Compliance Officer or his or her designee before acting in any way on such information.

**<u>What is Non-public Information?</u>**

Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is public. For example, information found in a report filed with the SEC, or appearing in Reuters, Bloomberg or a Dow Jones publication or in any other publication of general circulation would generally be considered "public." In certain instances, information disseminated to certain segments of the investment community may be deemed "public" (e.g., research communicated through institutional information dissemination services such as First Call). The fact that information has been disclosed to a few members of the public does not make it public for insider trading purposes. To be "public" the information must have been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information. Even after public disclosure of information, you must wait until the close of business on the second trading day after the information was publicly disclosed before you can treat the information as public.

**<u>Bases for Liability</u>**

Described below are circumstances under which a person or entity may be deemed to have traded on inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Fiduciary Duty Theory</u>. In 1980, the U.S. Supreme Court found that there is no general duty to disclose before trading on material non-public information, but that such a duty arises where there is a fiduciary relationship between the parties to the transaction. In such case, one party has a right to expect that the other party will not disclose any material non-public information and will refrain from trading. <u>Chiarella v. U.S.</u>, 445 U.S. 22 (1980).

Insiders such as employees of an issuer are ordinarily considered to have a fiduciary duty to the issuer and its shareholders. In <u>Dirks v. SEC</u>, 463 U.S. 646 (1983), the U.S. Supreme Court stated alternative theories by which such fiduciary duties are imposed on non-insiders: (1) they can enter into a confidential relationship with the company (e.g., attorneys and accountants, etc.) ("temporary insiders"); or (2) they can acquire a fiduciary duty to the company's shareholders as "tippees" if they are aware or should have been aware that they have been given confidential information by an insider or temporary insider who has violated his or her fiduciary duty to the company's shareholders.

In the "tippee" situation, a breach of duty occurs only if the insider or temporary insider personally benefits, directly or indirectly, from the disclosure. The benefit does not have to be of a financial nature, but can be a gift, a reputational benefit that will translate into future earnings, or even evidence of a relationship that suggests a quid pro quo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Misappropriation Theory</u>. Another basis for insider trading liability is the "misappropriation" theory, where liability is established when trading occurs on material non-public information that was stolen or misappropriated from another person. In <u>Carpenter v. United States</u>, the U.S. Supreme Court found that a columnist defrauded The Wall Street Journal by communicating information prior to its publication to another person who used the information to trade in the securities markets. It should be noted that the misappropriation theory can be used to reach a variety of individuals not previously thought to be encompassed under the fiduciary duty theory.

**<u>Penalties for Insider Trading</u>**

Penalties for trading on or communicating material non-public information are severe, both for individuals involved in such conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· civil injunction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· treble damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disgorgement of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fines for the person who committed the violation of up to three times the
profit gained, or loss avoided, whether or not the person actually benefited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fines for the employer or other controlling person of up to the greater of
$1,000,000 or three times the amount of the profit gained, or loss avoided.

**<u>Controlling the Flow of Sensitive Information</u>**

The following procedures have been established to assist the officers, directors and employees of the Company in controlling the flow of sensitive information so as to avoid the possibility of trading on material non- public information either on behalf of the Company or for themselves and to assist the Company and its supervisory personnel in surveilling for, and otherwise preventing and detecting, insider trading. Every officer, manager, director, trustee and employee (including a temporary employee or consultant) of the Company or the Adviser must follow these procedures or risk serious sanctions by one or more regulatory authorities and/or the Company, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures, you should consult our Chief Compliance Officer or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Identifying Inside Information</u>. Before trading for yourself or others in the securities of the Company or a company about which you have what, you believe to be inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is the information non-public? To whom has this information been provided?
Has the information been effectively communicated to the marketplace? To what extent, for how long, and by what means has the information
been disseminated? If information is non-public, it normally may not be used in connection with effecting securities transactions; however,
if you have any doubts whatsoever as to whether the information is non-public, you must ask our Chief Compliance Officer or his or her
designee prior to trading on or communicating (except in accordance with the procedures and requirements herein) such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is the information material? Is this information that an investor would consider
important in making his or her investment decision? Is this information that would substantially affect the market price of the securities
if generally disclosed?

If, after consideration of the above, you believe that the information may be material and non-public, or if you have questions in that regard, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Report the matter immediately to our Chief Compliance Officer or his or her
designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not purchase or sell the securities on behalf of yourself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Do not communicate the information inside or outside of the Company, other
than to our Chief Compliance Officer or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· After our Chief Compliance Officer or his or her designee has reviewed the
issue, you will be instructed to continue the prohibitions against trading and communication, or you will be allowed to communicate the
information and then trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restricting Access to Material Non-Public Information</u>. Information in your possession that you identify as material and non-public may not be communicated to anyone, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed and access to computer files containing material non-public information should be restricted. In addition, it may be necessary from time-to-time, for legitimate business reasons, to disclose material information to persons outside of the Company. Such persons might include commercial bankers, investment bankers or other companies with whom the Company may be pursuing a joint project. In such situations, material non-public information should not be conveyed until an express understanding, typically in the form of a nondisclosure agreement ("***NDA***"), has been reached that such information may not be used for trading purposes and may not be further disclosed other than for legitimate business reasons. Please contact our Chief Compliance Officer or his or her designee before disclosing any material non-public information regarding the Company to a third party or entering into an NDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Leak of Material Information</u>. If anyone becomes aware of a leak of material information, whether inadvertent or otherwise, he or she should report such leak immediately to our Chief Compliance Officer or his or her designee. Any insider who "leaks" inside information to a "tippee" may be equally liable with the tippee to third parties for any profit of the tippee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Personal Security Trading</u>. All officers, directors and employees must trade in accordance with the provisions of the Company's Code of Business Conduct and Ethics as well as this Statement in order to assist the Company with monitoring for violations of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restricted List</u>. As defined in the Company's Code of Business Conduct and Ethics, our Chief Compliance Officer will maintain a Restricted List. The Restricted List is inclusive of all restricted securities relating to the Company and may include securities in which Holdings is invested or otherwise considering. Disclosure outside of the Company as to what issuers and/or securities are on the Restricted List could, therefore, constitute tipping and is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** <u>Supervision/Investigation</u>. Should our Chief Compliance Officer learn, through regular review of personal trading documents, or from any other source, that a violation of this Statement is suspected, our Chief Compliance Officer shall alert the Chief Executive Officer of the Company. Together these parties will determine who should conduct further investigation, if they determine one is necessary.

**<u>Policy and Procedures for Trading in Company Securities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Window Period</u>. All directors, trustees, managers, officers and employees (including temporary employees and consultants) of the Company, the Adviser and their respective immediate family members (collectively, the "***Covered Personnel***") may purchase or sell securities of the Company only during a designated "window period." In general, **the "window period" begins at the opening of trading on the second business day following the earlier of the date on which the Company publicly releases or the filing with the SEC of the Company's annual and semi-annual certified shareholder reports on the Form N-CSR or the Company's Regulation S-X compliant portfolio schedule listing holdings as of March 31<sup>st</sup> or September 30 quarter ends attached as an exhibit to Form N-PORT, and extends for thirty (30) calendar days thereafter, provided that the window period in any quarter of any fiscal year will end not later than the tenth (10<sup>th</sup>) calendar day prior to the beginning of the next quarter.** As a result, it is possible that the window period in the first fiscal quarter may, at times, be shorter than (30) thirty calendar days or not open at all. Should the end of the "window period" fall on a weekend, such window will be extended through the close of business on the following business day. Significantly, however, even during a "window period," Covered Personnel may not engage in transactions involving securities of the Company if he or she is in possession of material non-public information on the trade date. Furthermore, the Company may alter the "window period" due to particular events or other circumstances (e.g., maintain an event- driven "blackout period" during which trading by Covered Personnel cannot take place).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Clearance of Transactions</u>. Notwithstanding any window period, the Company requires that all purchases and sales of the Company's securities by all Covered Personnel be cleared by our Chief Compliance Officer, or his or her designee, prior to placing any order related to such transactions (other than purchases and sales of securities under an Approved 10b5-1 Plan (as defined below)). If you wish to seek clearance to purchase or sell securities of the Company, please submit your pre-clearance request by using the Company's online compliance portal that can be accessed via "*FSInside*", the intranet website provided and maintained by Holdings, the Company's sponsor. If you do not have access to the online compliance portal, you may email our Chief Compliance Officer, or his or her designee. In either case the pre-clearance request should include your name, the name of any immediate family member seeking to buy or sell securities of the Company (if applicable), contact information, the number of securities of the Company you (or such immediate family member) wish to buy or sell and the proposed date on which you (or such immediate family member) would like to complete the sale or purchase. Our Chief Compliance Officer, or his or her designee, will review your request and respond as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Avoidance of Speculative Transactions</u>. Certain types of transactions as well as the timing of trading may raise an inference of the improper use of inside information. In order to avoid even the appearance of impropriety, the Company discourages trades by Covered Personnel that are of a short-term, speculative nature rather than for investment purposes. Accordingly, Covered Personnel are prohibited from engaging in the following transactions in the Company's securities, unless advance approval is obtained from our Chief Compliance Officer or his or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) *Short sales*. Covered Personnel may not sell the Company's securities short;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Options trading*. Covered Personnel may not buy or sell puts or calls or other derivative securities on the Company's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Trading on margin*. Covered Personnel may not hold Company securities in a margin account or pledge the Company's securities as collateral for a loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Hedging*. Covered Personnel may not enter into hedging or monetization transactions or similar arrangements with respect to the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Rule 10b5-1 Plans</u>. Covered Personnel may implement a so-called Rule 10b5-1 plan, which generally is a written plan for trading securities that is designed in accordance with Rule 10b5-1(c) under the Exchange Act. A Rule 10b5-1 plan that is established in good faith at a time when a person is unaware of material non-public information and operated in good faith provides such person with an affirmative defense against accusations of insider trading when such person executes pre-planned trades. Covered Personnel are required to consult with and receive the approval of our Chief Compliance Officer, or his or her designee, prior to entry into a Rule 10b5-1 plan with respect to the purchase or sale of securities of the Company.

Accordingly, notwithstanding paragraph 2 above, Covered Personnel may purchase or sell securities of the Company outside a designated "window period" if such transactions are made pursuant to a pre-existing written plan, contract, instruction, or arrangement under Rule 10b5-1 (an "***Approved 10b5-1 Plan***") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has been reviewed and approved at least fifteen (15) days in advance of any trades thereunder by our Chief Compliance Officer or his or her designee (or, if revised or amended, such revisions or amendments have been reviewed and approved by our Chief Compliance Officer or his or her designee at least fifteen (15) days in advance of any subsequent trades);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was entered into in good faith by the Covered Personnel at a time when the Covered Personnel was not in possession of material non-public information regarding the Company and in the case of directors and officers, includes a representation that (a) they are not aware of any material non-nonpublic information; and (b) they are adopting the plan in good faith and not as part of a plan or scheme to evade the prohibitions in Rule 10b-5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) gives a third party the discretionary authority to execute such purchases and sales, outside the control of the Covered Personnel, so long as such third party does not possess any material non-public information about the Company; or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) includes a cooling off period before trading can commence that, for directors and officers, ends on the later of 90 days after the adoption of the Rule 10b5-1 plan or two business days following the disclosure of the Company's financial results in an SEC periodic report for the fiscal quarter in which the plan was adopted (but in any event, the required cooling-off period is subject to a maximum of 120 days after adoption of the plan), and for persons other than directors or officers, 30 days following the adoption or modification of a Rule 10b5-1 plan.

In addition, a person may not enter into overlapping Rule 10b5-1 plans (subject to certain exceptions) and may only enter into one single-trade Rule 10b5-1 plan during any 12-month period.