# EDGAR Filing Document

**Accession Number:** 0002052250
**File Stem:** 0001193125-25-138528
**Filing Date:** 2025-6
**Character Count:** 1270440
**Document Hash:** 2c5f3319690d0cefdc0edc29c39e7fa7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-138528.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001193125-25-138528

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GoldenTree Opportunistic Credit Fund
- **CENTRAL INDEX KEY:** 0002052250

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24046
- **FILM NUMBER:** 251038038

**BUSINESS ADDRESS:**
- **STREET 1:** 300 PARK AVENUE, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-847-3500

**MAIL ADDRESS:**
- **STREET 1:** 300 PARK AVENUE, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GoldenTree Opportunistic Credit Fund
- **CENTRAL INDEX KEY:** 0002052250

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284624
- **FILM NUMBER:** 251038037

**BUSINESS ADDRESS:**
- **STREET 1:** 300 PARK AVENUE, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-847-3500

**MAIL ADDRESS:**
- **STREET 1:** 300 PARK AVENUE, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

?xml version='1.0' encoding='ASCII'? GoldenTree Opportunistic Credit Fund

As filed with the Securities and Exchange Commission on June 10, 2025

Securities Act File No. 333-284624

Investment Company Act File No. 811-24046

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-2

REGISTRATION STATEMENT

UNDER

---

| | |
|:---|:---|
| THE SECURITIES ACT OF 1933 | ☒ |
| PRE-EFFECTIVE AMENDMENT NO. 2 | ☒ |
| POST-EFFECTIVE AMENDMENT NO. [ ] | ☐ |

---

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940 ☒ <br> AMENDMENT NO. 2 ☒

## GoldenTree Opportunistic Credit Fund
(Exact name of registrant as specified in charter)

300 Park Avenue, 21<sup>st</sup> Floor

New York, New York 10022

212-847-3500

(Address and telephone number, including area code, of principal executive offices)

Peter Alderman

300 Park Avenue, 21<sup>st</sup> Floor

New York, New York 10022

(Name and address of agent for service)

COPIES TO:

William J. Bielefeld, Esq.

Alexander C. Karampatsos, Esq.

Dechert LLP

1900 K Street NW

Washington, DC 20006

(202) 261-3386

Approximate Date of Commencement of Proposed Public Offering:

As soon as practicable after the effective date of this Registration Statement.

☐ 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.

☐ immediately upon filing pursuant to paragraph (b) of Rule 486.

☐ on (date) pursuant to paragraph (b) of Rule 486.

☐ 60 days after filing pursuant to paragraph (a) of Rule 486.

☐ on (date) pursuant to paragraph (a) of Rule 486.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

☐ 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:

☒ 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).

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such dates as the Commission, acting pursuant to said Section 8(a), may determine.

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The information in this preliminary prospectus is not complete and may be changed. The Fund may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION

Preliminary Prospectus Dated June 10, 2025

PROSPECTUS

GOLDENTREE OPPORTUNISTIC CREDIT FUND

CLASS I SHARES, CLASS A SHARES, CLASS C SHARES, CLASS T SHARES, CLASS U SHARES AND

CLASS U-2 SHARES

OF BENEFICIAL INTEREST

[ ], 2025

GoldenTree Opportunistic Credit Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that will make periodic repurchase offers for its securities, subject to certain conditions. The Fund is managed by GoldenTree Asset Management Credit Advisor LLC (the "Adviser"), which is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC"). The Fund intends to elect to be treated, and to qualify annually, as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code").

Investment Objective and Principal Investment Strategy. The Fund's investment objective is to seek to achieve attractive risk-adjusted total returns by investing dynamically across a broad range of public and private credit markets. In pursuing its investment objective, the Fund will seek income in addition to capital appreciation.

The Fund seeks to achieve its investment objective by investing opportunistically across credit markets, focusing primarily on credit investments and credit-related investments (collectively, "Credit Investments"). The Fund focuses on the following types of Credit Investments: private credit, public corporate credit, structured credit, and distressed investments. The Fund will allocate to investments which the Adviser believes offer compelling risk-adjusted return potential and will dynamically adjust allocations over time based on the market environment. Under normal circumstances, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in Credit Investments, which include foreign instruments (e.g., Credit Investments issued by developed and emerging market issuers) and illiquid and restricted securities. The Fund may invest all or substantially all of its assets in illiquid or restricted securities. Although the Fund primarily makes investments denominated in U.S. dollars, the Fund may make investments denominated in other currencies.

The Fund may invest all or substantially all of its assets in Credit Investments that are rated below investment grade by rating agencies or would be rated below investment grade if they were rated. Credit Investments that are rated below investment grade (commonly referred to as "high yield" securities or "junk bonds") are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Because of the risks associated with investing in high yield securities, an investment in the Fund should be considered speculative. Some of the Credit Investments will have no credit rating at all.

For a further discussion of the Fund's principal investment strategies, see "Investment Objective, Opportunities and Strategies."

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The Fund may borrow funds to make investments. As a result, the Fund would be exposed to the risk of borrowing (also known as leverage), which may be considered a speculative investment technique. Leverage increases the volatility of investments and magnifies the potential for loss on amounts invested, thereby increasing the risk associated with investing in the Fund's shares of beneficial interest ("Shares"). See "Risk Factors — Risks Related to the Fund's Investments — The Fund may leverage the Fund's portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in the Fund."

Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Before buying any Shares, you should read the discussion of the principal risks of investing in the Fund, which are summarized in "Summary of Terms—Principal Risk Factors" beginning on page 15 and in "Risk Factors" beginning on page 42.

Interval Fund. The Fund is designed primarily for long-term investors and not as a trading vehicle. The Fund is an "interval fund" (defined below) pursuant to which it, subject to applicable law, will conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding Shares at net asset value, or "NAV." In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase the minimum amount of 5% of its outstanding Shares. It is possible that a repurchase offer may be oversubscribed, with the result that the holders of Fund Shares (the "Shareholders") may only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to seek to provide liquidity to Shareholders, you should consider the Shares to be illiquid. Written notification of each quarterly repurchase offer (the "Repurchase Offer Notice") is sent to Shareholders at least 21 calendar days and no more than 42 calendar days before the date by which Shareholders can tender their Shares in response to a repurchase offer (the "Repurchase Request Deadline"). The Fund expects to determine the NAV applicable to repurchases no later than the close of regular trading on the New York Stock Exchange ("NYSE") on a day to be determined but no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (the "Repurchase Pricing Date"). The Repurchase Pricing Date shall occur no later than the 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day. The Fund will distribute payment to Shareholders no later than seven calendar days after the Repurchase Pricing Date. The Fund will make repurchase offers in the months of March, June, September and December and expects to make its initial repurchase within two full quarters after commencement of operations, with payment being distributed to Shareholders within the time period discussed above. See "Repurchases of Shares."

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Per Class<br>I Share | Per Class<br>A Share | Per Class<br>C Share | Per Class<br>T Share | Per Class<br>U Share | Per Class<br>U-2 Share | Total<sup>(1)</sup> |
| Public Offering Price | At<br>current<br>NAV | At current<br>NAV plus<br>any<br>applicable<br>sales load | At current<br>NAV plus<br>any<br>applicable<br>sales load | At<br>current<br>NAV | At<br>current<br>NAV | At current<br>NAV plus<br>any<br>applicable<br>sales load | Unlimited |
| Sales Load<sup>(1)</sup> as a percentage of purchase amount |  | Up to<br>3.00% | Up to<br>1.00% |  |  | Up to<br>2.50% | Up to<br>3.00% |
| Proceeds to the Fund Before Expenses<sup>(2)</sup> | Current<br>NAV | Current<br>NAV | Current<br>NAV | Current<br>NAV | Current<br>NAV | Current<br>NAV | Unlimited |

---

(1) Investors purchasing Class A Shares may be charged a sales load of up to 3.00% of the investment amount. Investors purchasing Class C Shares may be charged a deferred sales load of up to 1.00% of the investment amount. Investors purchasing Class U-2 Shares may be charged a sales load of up to 2.50% of the investment amount. The sales load may be reduced. Please see " Plan of Distribution " for more details. The table assumes the maximum sales load is charged. While Class T and Class U Shares do not impose a front-end sales charge, if you purchase Class T or Class U Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.

------

(2) The Fund's estimated organizational and offering expenses (including pre-effective expenses) for the initial 12-month period of investment operations are $936,240 or approximately $0.02 per share. The Adviser or its affiliates may bear the Fund's organizational costs and offering expenses pursuant to an Expense Limitation Agreement. Pursuant to the Expense Limitation Agreement, the Fund may be obligated to reimburse the Adviser for any such payments. See " Fund Expenses ."

The Fund is offering an unlimited number of Shares on a continuous basis at the NAV per Share plus any applicable sales loads.

Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best efforts basis, subject to various conditions. The Distributor may enter into selected dealer agreements with various brokers-dealers and other financial intermediaries ("Selling Agents"), some of which may be affiliates of the Adviser, that have agreed to participate in the distribution of the Shares. Investments in the Class A Shares are subject to a sales load of up to 3.00% of the investment amount. Investments in the Class U-2 Shares are subject to a sales load of up to 2.50% of the investment amount. Class C, Class I, Class T and Class U Shares are not subject to an upfront sales load, however, investments in the Class C Shares may be subject to a deferred sales load of up to 1.00% of the investment amount. The Adviser and a Selling Agent (each as defined herein) may, as mutually agreed and stated in the applicable agreement, waive all or a portion of the sales load for certain investors. The minimum initial investment for Class I Shares is $1,000,000, and there is no minimum additional investment in Class I Shares. The minimum initial investment for Class A, Class C, Class T, Class U and Class U-2 Shares is $2,500. The minimum additional investment in Class A, Class C, Class T, Class U and Class U-2 Shares by any investor is $500. The Fund reserves the right to waive investment minimums. The Fund and/or any Selling Agent may impose additional eligibility requirements for investors who purchase Shares through such Selling Agent. See "Plan of Distribution."

Investing in the Fund should be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment. See "Risk Factors" beginning on page 42 to read about the risks you should consider before buying Shares, including the risk of leverage.

• Shares will not be publicly traded and you should not expect to be able to sell your Shares regardless of how the Fund performs.

• Shares are not currently listed on any securities exchange, and the Fund does not expect a secondary market in the Shares to develop in the foreseeable future, if ever.

• The Fund intends to provide liquidity through quarterly offers to repurchase a limited amount of the Fund's Shares (expected to be 5% of the Fund's Shares outstanding per quarter). See "Repurchases of Shares."

• An investment in the Fund is not suitable for investors that require short-term liquidity. See "Repurchases of Shares."

• Because you will be unable to sell Shares through a securities exchange, you will be unable to reduce your exposure on any market downturn.

• The amount of distributions that the Fund may pay, if any, is uncertain. See " Distributions ."

• The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to Shareholders through distributions will be distributed after the accrual of fees and expenses.

• A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Shares, even if such Shares are sold at a loss relative to the Shareholder's original investment.

------

• The Fund's distributions may result from expense reimbursements from the Adviser, which are subject to repayment by the Fund. See " Fund Expenses—Expense Limitation Agreement ." Shareholders should understand that any such distributions are not based on the Fund's investment performance and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Adviser continues to make such expense reimbursements. Shareholders should also understand that the Fund's future repayments will reduce the distributions that a Shareholder would otherwise receive.

• An investor in Class A Shares will pay a sales load of up to 3.00% on the amounts it invests and an investor in Class U-2 Shares will pay a sales load of up to 2.50% of the amounts it invests. If you pay the maximum aggregate 3.00% or 2.50% sales load, as applicable, you must experience a total return on your net investment of 3.09% and 2.56%, respectively, in order to recover these expenses.

This Prospectus concisely provides the information that a prospective investor should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including a statement of additional information ("SAI") dated [ ], 2025, has been filed with the SEC. The SAI is incorporated by reference into, and is legally considered part of, this Prospectus. The Fund will produce both annual and semi-annual reports that will contain important information about the Fund. The SAI and the annual and semi-annual reports (when available), as well as additional information about the Fund are available upon request and without charge on the Fund's website, at www.goldentreefunds.com or by calling 212-847-3500. The SAI, and other information about the Fund, is also available on the SEC's website (<u>http://www.sec.gov</u>). The address of the SEC's Internet site is provided solely for the information of prospective investors and is not intended to be an active link.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined that this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

You should rely only on the information contained in this Prospectus. The Fund has not authorized anyone to provide you with different information.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [SUMMARY OF TERMS](#pro826733_1) | 6.0 |
| [SUMMARY OF FEES AND EXPENSES](#pro826733_2) | 30.0 |
| [FINANCIAL HIGHLIGHTS](#pro826733_3) | 32.0 |
| [THE FUND](#pro826733_4) | 32.0 |
| [USE OF PROCEEDS](#pro826733_5) | 33.0 |
| [SENIOR SECURITIES](#pro826733_6) | 33.0 |
| [INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES](#pro826733_7) | 34.0 |
| [RISK FACTORS](#pro826733_8) | 42.0 |
| [LIMITS OF RISK DISCLOSURES](#pro826733_9) | 96.0 |
| [MANAGEMENT](#pro826733_10) | 97.0 |
| [FUND EXPENSES](#pro826733_11) | 100.0 |
| [DETERMINATION OF NET ASSET VALUE](#pro826733_12) | 104.0 |
| [CONFLICTS OF INTEREST](#pro826733_13) | 105.0 |
| [CHOOSING A SHARE CLASS](#pro826733_14) | 109.0 |
| [REPURCHASES OF SHARES](#pro826733_15) | 111.0 |
| [DESCRIPTION OF CAPITAL STRUCTURE](#pro826733_16) | 114.0 |
| [U.S. FEDERAL INCOME TAX MATTERS](#pro826733_17) | 119.0 |
| [ERISA CONSIDERATIONS](#pro826733_18) | 133.0 |
| [PLAN OF DISTRIBUTION](#pro826733_19) | 134.0 |
| [INVESTOR RELATIONS SERVICES](#pro826733_20) | 139.0 |
| [DISTRIBUTIONS](#pro826733_21) | 140.0 |
| [DISTRIBUTION REINVESTMENT PLAN](#pro826733_22) | 141.0 |
| [REGULATION AS A CLOSED-END MANAGEMENT INVESTMENT COMPANY](#pro826733_23) | 142.0 |
| [ADDITIONAL INFORMATION ABOUT THE FUND](#pro826733_24) | 144.0 |
| [INQUIRIES](#pro826733_25) | 145.0 |

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v

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SUMMARY OF TERMS

This is only a summary and does not contain all of the information that a prospective investor should consider before investing in the Fund. Before investing, a prospective investor in the Fund should carefully read the more detailed information appearing elsewhere in this Prospectus and the Statement of Additional Information.

The Fund GoldenTree Opportunistic Credit Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company.

Securities Offered by the Fund The Fund is offering six separate classes of shares of beneficial interest ("Shares") designated as Class I, Class A, Class C, Class T, Class U and Class U-2 Shares on a continuous basis at the net asset value ("NAV") per Share plus any applicable sales loads.

The Adviser GoldenTree Asset Management Credit Advisor LLC (the "Adviser") serves as the Fund's investment adviser. The Adviser is registered as an investment adviser with the Securities and Exchange Commission ("SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

The Adviser is a wholly-owned subsidiary of GoldenTree Asset Management LP (collectively, with the Adviser, "GoldenTree"), which is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high-yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, private equity and credit-themed equities. GoldenTree was founded in 2000 by Steven Tananbaum and is one of the largest independent asset managers focused on credit. GoldenTree believes it has assembled one of the most accomplished and experienced investment teams in the market, comprising of nearly 100 professionals in New York, West Palm Beach, Charlotte, London, Dublin and Singapore with 16 years of experience on average. GoldenTree's organizational structure ensures its investment professionals work collaboratively, providing the firm a broad opportunity set across sector, industry and geography. Some of the firm's most successful investments have resulted from broad collaboration across the firm's Industry Specialists, Structured Products Team, Restructuring and Turnaround professionals, Private Credit and Capital Markets, and Trading Team.

GoldenTree's fundamental, value-based investment approach is catalyst-driven with a focus on margin of safety and rigorous relative value analysis. A catalyst driven approach means that a potential investment has an identifiable catalyst to drive the asset to its fair value. Examples of catalysts can include an acquisition, asset sale or divesture, refinancing or achieving operational and/or restructuring milestones. GoldenTree has a differentiated track record spanning 25 years capturing value across a large, diverse universe of credit instruments. GoldenTree believes its strategy stands apart from its peers due to GoldenTree's disciplined investment process and experienced investment team that enable the Fund to opportunistically <br>

------

invest across credit sectors, deploying capital to sectors and securities which GoldenTree believes offer the most attractive risk-adjusted returns. GoldenTree's specialist expertise across corporate credit, structured credit, and distressed credit is critical in implementing an opportunistic credit strategy. <br>

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| | |
|:---|:---|
| Investment Objective  | The Fund's investment objective is to seek to achieve attractive risk-adjusted total returns by investing dynamically across a broad range of public and private credit markets. In pursuing its investment objective, the Fund will seek income in addition to capital appreciation. |

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| | |
|:---|:---|
| Investment Opportunities and Principal Strategies  | The Fund seeks to achieve its investment objective by investing opportunistically across credit markets, focusing primarily on credit investments and credit-related investments, which include the debt investment and certain equity investments discussed below (collectively, "Credit Investments"). The Fund focuses on the following types of Credit Investments: private credit, public corporate credit, structured credit, and distressed investments. The Fund will allocate to investments which GoldenTree believes offer compelling risk-adjusted return potential and will dynamically adjust allocations over time based on the market environment. Under normal circumstances, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in Credit Investments, which include foreign instruments (e.g., Credit Investments issued by developed and emerging market issuers) and illiquid and restricted securities. The Fund may invest all or substantially all of its assets in illiquid or restricted securities. Although the Fund primarily makes investments denominated in U.S. dollars, the Fund may make investments denominated in other currencies. |

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The Fund's private credit strategy seeks attractive risk-adjusted returns by investing in private credit assets made to performing borrowers, characterized by what the Adviser believes to offer an attractive margin of safety and total return profile. The Fund will seek to capitalize on GoldenTree's ability to provide a broad range of solutions to issuers and sponsors. The Fund's private credit investments are typically financing solutions to companies with EBITDA of $100 million to $1 billion. This market segment represents issuers with longer track records and more consistent earnings profiles than smaller issuers. The Fund's private credit exposure is expected to be primarily in first lien senior secured loans, second lien loans, unsecured bonds or preferred securities, with the largest geographic exposure to be to issuers domiciled in North America, followed by Western Europe.

The Fund's public corporate credit strategy seeks compelling risk-adjusted returns across bond and loan investments that are more liquid and tradeable in nature. The Fund is generally focused on issuers with enterprise values of $500 million or greater and instruments which have more than 1.5x asset coverage and a catalyst <br>

------

to drive total return. These investments will include below-investment grade (commonly referred to as "high yield" securities or "junk bonds") and non-rated debt, including first lien loans, second lien loans, revolving loans, below-investment grade senior secured or unsecured bonds, convertible bonds, preferred stock and mezzanine loans. These investments may also include debt investments in issuers that are experiencing balance sheet stress or other special, complex situations that causes their debt to trade at an attractive discount to the Adviser's analysis of its fair value. <br>

The Fund's structured credit strategy includes securitizations across a diverse set of asset types such as corporate, residential, consumer and commercial assets. These investments may be more liquid tradeable instruments or investments that are more bespoke in nature, including collateralized loan obligations and certain other pooled investment vehicles. In line with the Adviser's investment process, the Fund's structured credit investments typically have catalysts to drive attractive total returns.

The Fund's distressed investments strategy seeks compelling risk-adjusted returns by investing in distressed investments in companies undergoing balance sheet restructurings and operational turnarounds. This may include debt, equity, or other securities of companies undergoing, or that have recently completed, bankruptcies, reorganizations, insolvencies, liquidations or other fundamental changes (i.e., special situation and stressed investments). The Fund may invest all or substantially all of its assets in Credit Investments that are rated below investment grade by rating agencies or would be rated below investment grade if they were rated. Credit Investments that are rated below investment grade (commonly referred to as "high yield" securities or "junk bonds") are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Because of the risks associated with investing in high yield securities, an investment in the Fund should be considered speculative. Some of the Credit Investments will have no credit rating at all.

The Fund may utilize various derivative strategies (both long and short positions) involving the purchase or sale of futures and forward contracts (including foreign currency exchange contracts), credit default swaps, call and put options, total return swaps, basis swaps and other swap agreements and other derivative instruments for investment purposes, leveraging purposes or in an attempt to hedge against market, credit, interest rate, currency and other risks in the portfolio.

The Fund is a non-diversified investment company under the 1940 Act and expects to hold a narrower range of investments than a diversified fund under the 1940 Act.

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| | |
|:---|:---|
| Management Fee  | Under the investment advisory agreement (the "Investment Advisory Agreement"), the Fund will pay a management fee (the "Management Fee"), at the annual rate of 1.85% of the Fund's Gross Assets (as defined below). The Management Fee will be payable monthly in  |

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arrears based on the average daily value of the Fund's Gross Assets. Gross Assets includes without limitation assets attributable to any borrowings, preferred shares that may be outstanding, reverse repurchase agreements, and the notional value of assets financed via total return swaps ("Gross Assets"). See "Management — Management Fee." <br>

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| | |
|:---|:---|
| Manner of Offering  | The Fund's Shares are offered on a daily basis at NAV per Share. Shares are being offered through the Fund's Distributor (as defined below) at an offering price equal to the Fund's then-current NAV per Share, plus any applicable sales load. See "Plan of Distribution" for purchase instructions and additional information. |

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| Use of Proceeds  | The Fund intends to use the proceeds from the sale of the Fund's securities pursuant to this prospectus to acquire investments in accordance with the Fund's investment objectives and strategies described in this prospectus, to make distributions to the holders of the Fund's Shares (the "Shareholders") and for general working capital purposes. In addition, the Fund may also use all or a portion of the net proceeds from the sale of securities to repay any outstanding indebtedness or preferred shares at the time of the offering, if applicable. See "Use of Proceeds." |

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Distributions The Fund's distribution policy is to make monthly distributions to shareholders. The level of distributions (including any return of capital) is not fixed, and the distribution policy is subject to change.

The Fund also intends to make at least annual distributions of all or a portion of "net capital gains" (which is the excess of net long-term capital gains over net short-term capital losses). At times, in order to maintain a stable level of distributions, the Fund may distribute less than all of its net investment income, distribute accumulated undistributed income or make a distribution comprised in full or in part of a return of capital in addition to current net investment income. See "Distributions."

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| Distribution Reinvestment Plan  | The Fund operates under a distribution reinvestment plan (the "DRIP") administered by State Street Bank and Trust Company ("State Street"). Under the DRIP, the Fund's cash distributions are reinvested in the same class of Shares of the Fund. Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the DRIP on behalf of such participating Shareholder. Shareholders who do not wish to have distributions automatically reinvested should notify State Street, the Fund's transfer agent, in writing at the address listed in the "Distribution Reinvestment Plan" on page 141. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the NAV per Share of the applicable class. See "Distribution Reinvestment Plan." |

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Leverage The Fund may use leverage as and to the extent permitted by the 1940 Act. The Fund is permitted to obtain leverage using any form of

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financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred stock and leverage attributable to reverse repurchase agreements or similar transactions.

With respect to senior securities representing indebtedness, other than temporary borrowings as defined under the 1940 Act, the Fund is required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness. With respect to senior securities that are stocks, the Fund is required to have an asset coverage of at least 200%, as measured at the time of the issuance of any such shares of preferred stock and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding shares of preferred stock.

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| Board of Trustees | The Fund has a Board of Trustees (each member a "Trustee" and, collectively, the "Board" or "Board of Trustees") that has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Trustees are not "interested persons" (as defined by the 1940 Act) of the Fund or the Adviser. See "Management." |

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| Fees and Expenses  | The Fund will bear all expenses incurred in the business of the Fund, including any charges, allocations and fees to which the Fund is subject as an investor. The Fund will also bear organizational and ongoing offering costs associated with the Fund's continuous offering of Shares. The Fund's offering expenses may include underwriter compensation. See "Summary of Fees and Expenses"and "Fund Expenses." |

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| Plan of Distribution | Foreside Fund Services LLC, (the "Distributor"), Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best efforts basis, subject to various conditions. The Fund's Shares are offered through the Distributor at NAV plus any applicable sales charge. The Distributor also may enter into selling agreements with broker dealers and other financial intermediaries ("Selling Agents") for the sale and distribution of the Fund's Shares. |

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The Distributor is not required to offer any specific number or dollar amount of the Fund's Shares, but will use its best efforts to distribute Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares.

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| Expense Limitation Agreement  | The Fund and the Adviser have entered into an Expense Limitation Agreement (the "Expense Limitation Agreement"), under which the Adviser has contractually agreed to reimburse expenses to limit total annual operating expenses (excluding management fees, distribution and/or servicing fees, investment-related expenses, borrowing costs, borrowing-related costs, taxes, brokerage expenses, litigation expenses, acquired fund fees and expenses, and extraordinary expenses) to no more than 0.80% of the Fund's average daily Gross Assets. This contractual arrangement will remain in effect for at least one year from the effective date of the Fund's registration statement on Form N-2 unless the Fund's Board of Trustees approves its earlier termination. The Adviser may recoup from the Fund any waived amount or reimbursed expenses with respect to the Fund pursuant to the Expense Limitation Agreement if such recoupment does not cause the Fund to exceed the current expense limit or the expense limit in place at the time of the waiver or reimbursement (whichever is lower) and the recoupment is made within three years from the date the amount was initially waived or reimbursed. See "Fund Expenses — Expense Limitation Agreement." |

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| Management Fee Waiver Agreements | Pursuant to a Management Fee Waiver Agreement between the Fund and the Adviser (the "One-Year Management Fee Waiver Agreement"), the Adviser has contractually agreed to waive the Fund's management fee in the amount of 0.375% of the Fund's average daily Gross Assets on an annualized basis through the last day of the twelfth full month following the Fund's commencement of operations. The Adviser may not seek reimbursement from the Fund with respect to the management fees waived pursuant to the One-Year Management Fee Waiver Agreement. |

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Pursuant to an additional Management Fee Waiver Agreement between the Fund and the Adviser (the "Six-Month Management Fee Waiver Agreement"), the Adviser has contractually agreed to waive the Fund's management fee in the amount of 0.375% of the Fund's average daily Gross Assets on an annualized basis through the last day of the sixth full month following the Fund's commencement of operations. The Adviser may not seek reimbursement from the Fund with respect to the management fees waived pursuant to the Six-Month Management Fee Waiver Agreement. See "Fund Expenses — Management Fee Waiver."

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| Purchase of Shares | The Fund's Shares are offered on a daily basis at NAV per Share. Shares are being offered through the Distributor at an offering price equal to the Fund's then-current NAV per Share, plus any applicable sales load. See "Plan of Distribution" for purchase instructions and additional information. |

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With respect to Class I Shares, the minimum initial investment is $1,000,000 for all accounts; subsequent investments may be made with any amounts. With respect to Class A, Class C, Class T, Class U and Class U-2 Shares, the minimum initial investment is $2,500 for <br>

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all accounts; subsequent investments may be made with at least $500, except for purchases made pursuant to the Fund's DRIP or as otherwise permitted by the Fund. The Fund reserves the right to waive investment minimums. See "Plan of Distribution." <br>

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| Investor Suitability | An investment in the Fund involves a considerable amount of risk. See "Risk Factors."A Shareholder may lose money. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to the investor's investment objectives and personal situation and (ii) consider factors such as the investor's personal net worth, income, age, risk tolerance and liquidity needs. The Fund is an illiquid investment. Shareholders have no right to require the Fund to redeem their Shares in the Fund. See "Other Risks of the Fund — Closed-end Interval Fund; Liquidity Risk." |

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In addition, Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly. See "Repurchases of Shares — Repurchases of Shares."

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| Valuation | Generally, there is no public market for a portion of the Fund's investments. As a result, the Adviser values these securities at fair value in accordance with the requirements of the 1940 Act. Because such valuations, and particularly valuations of securities that are not publicly traded like those the Fund holds, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The Adviser's determinations of fair value may differ materially from the values that would have been used if an active public market for these securities existed. The Adviser's determinations of the fair value of the Fund's investments have a material impact on the Fund's net earnings through the recording of unrealized appreciation or depreciation of investments and may cause the Fund's NAV on a given date to understate or overstate, possibly materially, the value that the Fund may ultimately realize on one or more of the Fund's investments. |

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| Unlisted Closed-End Fund Interval Structure; Repurchases of Shares by the Fund  | The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis. To meet daily redemption requests, mutual funds are subject to more stringent regulatory limitations than closed-end funds. |

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To provide some liquidity to Shareholders, the Fund will be structured as an "interval fund" and conduct quarterly repurchase offers for a limited amount of the Fund's Shares (at least 5%). An investment in the Fund is suitable only for investors who can bear the <br>

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risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. See "Other Risks of the Fund — Closed-end Interval Fund; Liquidity Risk."

The Fund does not currently intend to list its Shares on any securities exchange and does not expect any secondary market for them to develop in the foreseeable future. Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof. Shareholders may not exchange their Shares of the Fund for shares of any other registered investment company. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks. See "Repurchases of Shares."

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and intends to conduct quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase the minimum amount of 5% of its outstanding Shares. The offer to purchase Shares on a quarterly basis is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). The Repurchase Offer Notice is sent to Shareholders at least 21 calendar days and no more than 42 calendar days before the Repurchase Request Deadline. The Fund expects to determine the NAV applicable to repurchases no later than the Repurchase Pricing Date. The Fund will distribute payment to Shareholders no later than seven calendar days after the Repurchase Pricing Date. The quarterly repurchases will commence in the months of March, June, September and December, and expects to make its initial repurchase within two full quarters after commencement of operations, with payment being distributed to Shareholders within the time period discussed above. Repurchases of Shares by the Fund will generally be paid in cash except that any Shareholder, subject to applicable law, may elect to receive its repurchase proceeds in kind by checking the corresponding box on the repurchase request form. The Fund will, subject to applicable law, seek to distribute a pro rata slice of the entire portfolio to such Shareholder to the extent practicable. See "Repurchases of Shares."

The Fund also has the right to repurchase all of a Shareholder's Shares at any time if the aggregate value of such Shareholder's Shares is, at the time of such compulsory repurchase, less than the minimum

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initial investment applicable for the Fund. See "Repurchases of Shares."

The Board of Trustees, or a committee thereof, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given repurchase offer. The Repurchase Offer Amount, however, will be no less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional number of Shares not to exceed 2% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. See "Repurchases of Shares."

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| Summary of Taxation  | The Fund intends to elect to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. For each taxable year that the Fund so qualifies, the Fund will generally not be subject to U.S. federal income tax on its taxable income and gains that it distributes as dividends for U.S. federal income tax purposes to Fund Shareholders. The Fund intends to distribute its income and gains in a way that it should not be subject to an entity-level income tax on certain undistributed amounts. These distributions generally will be taxable as ordinary income or capital gains to the Shareholders, whether or not they are reinvested in Shares. U.S. federally tax-exempt investors generally will not recognize unrelated business taxable income with respect to an investment in Shares as long as they do not borrow to make such investment. |

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If the Fund fails to qualify as a RIC or fails to distribute dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of the sum of its net ordinary income and net short-term capital gains to Shareholders in any taxable year, the Fund would be subject to tax as an ordinary corporation on its taxable income (even if such income and gains were distributed to its Shareholders) and all distributions out of earnings and profits to Shareholders generally would be characterized as ordinary dividend income. In addition, the Fund could be required to recognize unrealized gains, incur substantial entity-level taxes and make certain distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

A Shareholder that is not subject to U.S. federal income tax on its income as a result of an exemption accorded under Section 501 of the Code generally will not be subject to tax on amounts distributed to it by the Fund, provided that such Shareholder's acquisition of its Shares is not debt-financed within the meaning of Section 514 of the <br>

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Code. The Fund will inform Shareholders of the amount and character of its distributions to Shareholders. See "U.S. Federal Income Tax Matters." <br>

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| ERISA Plans and Similar Tax-Exempt Entities | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section 4975 of the Code, including employee benefit plans, individual retirement accounts (each, an "IRA"), and 401(k) and Keogh Plans may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund are not considered to be "plan assets" of such plans investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules of ERISA and the Code. Thus, the Adviser will not be a fiduciary within the meaning of ERISA with respect to the assets of any ERISA Plan (as defined below) that becomes a Shareholder, solely as a result of the ERISA Plan's investment in the Fund. See "ERISA Considerations." |

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| Reports to Shareholders  | The Fund furnishes to Shareholders as soon as practicable after the end of each calendar year information on Form 1099-DIV or Form 1099-B, as appropriate, and as required by law, to assist the Shareholders in preparing their tax returns. The Fund prepares, and transmits or makes available to Shareholders, an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. |

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Term The Fund's term is perpetual.

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| Principal Risk Factors  | The value of the Fund's assets, as well as the net asset value of the Fund's Shares, will fluctuate. An investment in the Fund should be considered risky, and you may lose all or part of your investment in the Fund. Investors should consider their financial situation and needs, other investments, investment goals, investment experience, time horizons, liquidity needs and risk tolerance before investing in the Fund's securities. An investment in the Fund should be considered speculative in that it involves a high degree of risk and should not be considered a complete investment program. The Fund is designed primarily as a long-term investment vehicle, and the Fund is not an appropriate investment for a short-term trading strategy. The Fund can offer no assurance that returns, if any, on its investments will be commensurate with the risk of investment in the Fund, nor can the Fund provide any assurance that enough appropriate investments that meet the Fund's investment criteria will be available. |

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The following is a summary of the principal risks of an investment in the Fund. See "Risk Factors" for a more complete discussion of the risks of investing in the Fund, including certain risks not summarized below.

• Risks of Investing in Certain Pooled Issuers and other Structured Debt Securities. CLOs and other structured finance securities are generally backed by a pool of credit-related assets

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that serve as collateral. Accordingly, such securities present risks similar to those of other types of credit investments, including default (credit), interest rate and prepayment risks. In addition, such may be governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. There is also a risk that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. CLOs are also inherently leveraged vehicles and are subject to leverage risk. <br>

• Ability to Extend Financing on Advantageous Terms; Competition and Supply. The success of the Fund's investment program will depend in part on the ability of the Fund to obtain access to potentially scarce investments on advantageous terms. In extending financing to borrowers, lenders will compete with a broad spectrum of competitors, some of which may be willing to lend money on terms more favorable to borrowers. Such competing lenders may include private investment funds, public funds, commercial and investment banks, commercial financing companies and other entities. Some competitors may have a lower cost of funds or access to additional funding sources. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships. Also, the Adviser may ultimately choose not to compete for investment opportunities based on interest rates. Ultimately, increased competition for, or a diminution in the available supply of, qualifying borrowers may result in lower yields on financing extended to such borrowers, which could reduce returns to the Fund.

• Investments in Unsecured Debt. Certain of the Fund's investments are expected to constitute unsecured debt. While unsecured debt ranks senior to common stock or preferred equity of an issuer, unsecured debt effectively ranks subordinate in priority of payment to secured debt and may not have the benefit of financial covenants common for secured debt. Unlike secured debt, unsecured debt does not have the benefit of a lien with respect to specific collateral. In any liquidation, dissolution, bankruptcy or similar proceeding involving an issuer, the holders of the issuer's secured debt may assert rights against the assets pledged to secure that debt in order to receive full payment of their debt before the assets may be used to pay other creditors of the issuer, including the Fund. Accordingly, unsecured debt typically involves a heightened level of risk of loss of principal.

• Investments in Secured Debt . The assets of the portfolio of the Fund may include secured debt, which involve various degrees of risk of a loss of capital. The factors affecting an issuer's secured debt, and its overall capital structure, are complex. Some secured loans may not necessarily have priority over all other debt of an issuer. For example, some secured loans may permit

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other secured obligations (such as overdrafts, swaps or other derivatives made available by members of the syndicate to the company), or involve secured loans only on specified assets of an issuer. Issuers of secured loans may have two tranches of secured debt outstanding each with secured debt on separate collateral. In the event of Chapter 11 filing by an issuer, the U.S. Bankruptcy Reform Act of 1978, as amended, authorizes the issuer to use a creditor's collateral and to obtain additional credit by grant of a priority lien on its property, senior even to liens that were first in priority prior to the filing, as long as the issuer provides what the presiding bankruptcy judge considers to be "adequate protection" which may but need not always consist of the grant of replacement or additional liens or the making of cash payments to the affected secured creditor. The imposition of priority liens on the Fund's collateral would adversely affect the priority of the liens and claims held by the Fund and could adversely affect the Fund's recovery on the affected debt. Any secured debt is secured only to the extent of its lien and only to the extent of underlying assets or incremental proceeds on already secured assets. Moreover, underlying assets are subject to credit, liquidity, and interest rate risk. <br>

• Subordinated Securities Risk. Certain debt securities in which the Fund may invest are subordinated to more senior tranches of debt. Accordingly, such debt securities are subject to increased risks of default relative to the holders of superior priority interests in the same issuer. In addition, certain securities are under-collateralized in that the face amount of the issuer's debt and equity exceeds its total assets. With respect to certain investments that the Fund expects to acquire, the Fund will be in a first loss or subordinated position with respect to realized losses on the underlying assets held by the issuers of such securities.

• Below Investment-Grade Investments Risk. Securities that are rated below investment-grade are sometimes referred to as "high yield" or "junk." It is likely that many of the debt instruments in which the Fund invests may be unrated, and whether or not rated, the debt instrument are regarded as having predominantly speculative characteristics. The issuers of such instruments may face significant ongoing uncertainties and exposure to adverse conditions that may undermine the issuer's ability to make timely payment of interest and principal. Such instruments are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions.

• Leverage Risk. The use of leverage can create risks. Leverage can increase market exposure, increase volatility in the Fund, magnify investment risks, and cause losses to be realized more quickly. The use of leverage may cause the Fund to liquidate portfolio positions to satisfy its obligations or to meet asset

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coverage requirements when it may not be advantageous to do so. To the extent that the Fund issues indebtedness or preferred shares of beneficial interest in the future (i.e., senior securities), the Fund's common shareholders would be subordinated to the rights of such senior security holders. In particular, dividends, distributions and other payments to common shareholders would be subject to prior payments due to such senior security holders. In addition, the 1940 Act provides preferred shareholders and, in certain cases, debt holders, with voting rights that are equal or superior to the voting rights of the Fund's common shareholders. <br>

• Credit Risk. The Fund will invest primarily in credit and credit-related instruments and derivatives. Such investments generally fluctuate in value based upon broader market factors, such as changes in interest rates, and also based on developments affecting the perceived creditworthiness and ability of the borrower to repay the principal and interest owed with respect to the underlying indebtedness. If a credit investment in the Fund's portfolio declines in price and/or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status, the Fund's NAV and/or income would be adversely impacted.

• Special Situations and Stressed Investments Risk. The Fund may invest in special situation investments. Although such investments may result in significant returns for the Fund, they are speculative and involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment and/or may be required to accept payment over an extended period of time. Among the risks inherent in investments in a troubled company is that it may be difficult to obtain accurate information as to the financial condition of such company. Troubled company investments and other distressed asset-based investments require active monitoring.

The Fund's investments in stressed issuers may include issuers that the Adviser believes are reasonably likely to make an exchange offer or be the subject of a plan of reorganization pursuant to which the Fund will receive new securities in return for a special situation investment. There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in the special situation investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the special <br>

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situation investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the extent the Fund seeks capital appreciation through investment in special situation investments, the Fund's ability to achieve current income for its Shareholders may be diminished. The Fund also will be subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by special situation investments will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the special situation investments or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is made or plan of reorganization is adopted with respect to special situation investments held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made or even no value. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. Similarly, if the Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of special situation investments, the Fund may be restricted from disposing of such securities. <br>

• Investments in Distressed Securities Risk. The Fund may invest in obligations of issuers in weak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, including companies involved in bankruptcy or other reorganization and liquidation proceedings. These obligations are likely to be particularly risky investments although they also may offer the potential for correspondingly high returns. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments may also be adversely affected by laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability and the bankruptcy court's power to disallow, reduce, subordinate, recharacterize debt as equity or disenfranchise particular claims. Such companies' obligations should be considered speculative, and the ability of such companies to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such companies. In addition, there is no minimum credit standard that is a prerequisite to the Fund's investments in any financial instrument, and a significant portion of the obligations in which

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the Fund invests may be less than investment grade. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that value of the assets collateralizing the Fund's investments will be sufficient or that prospects for a successful reorganization or similar action will become available. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than its original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Fund's investments may not compensate the Shareholders adequately for the risks assumed. In addition, under certain circumstances, payments and distributions may be disgorged if any such payment is later determined to have been a fraudulent conveyance or a preferential payment. <br>

• Risks of Default on Underlying Assets. A default and any resulting loss on an underlying asset will reduce its fair value and, consequently, the fair value of the related investment and the Fund's portfolio. A wide range of factors could adversely affect the ability of the issuer of an underlying asset to make interest or other payments on that asset. Any defaults and losses will have a negative impact on the fair value of the Fund's investments and will reduce the cash flows that the Fund receives from its investments.

• No Prior Operating History . The Fund is a non-diversified, closed-end management investment company with no prior operating history as such. While the Adviser has a multi-year track record investing in credit investments, prospective investors have a limited track record and history on which to base their investment decision in this Fund. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve the Fund's investment objective, achieve the Fund's desired portfolio composition, or raise sufficient capital.

• Competition; Availability of Investments. While the Fund believes that there are currently available investments of the type in which the Fund may invest, there can be no assurance that such investments will continue to be available for the Fund's investment activities, or that available investments will meet the Fund's investment criteria.

The activity of identifying, completing and realizing attractive investments is highly competitive and involves a high degree of uncertainty. The Fund expects to encounter competition from other funds or similar market participants having a similar investment program or similar investment strategies and others pursuing the same or similar investment opportunities. Alternative asset management vehicles worldwide are making global competition <br>

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increasingly intense. As a result, there can be no assurance that the Adviser will be able to identify or successfully pursue attractive investment opportunities. It is possible that competition for appropriate investment opportunities could increase further, thus reducing the number of opportunities available to the Fund, and adversely affecting the terms upon which investments can be made and increasing the costs to the Fund in order to remain competitive. The Fund will from time to time incur bid, due diligence or other costs (including deposits which may not be refundable) on investments which are not consummated or are otherwise not successful. As a result, the Fund will not recover from such investments all of its costs, which will detract from the Fund's returns. There can be no assurance that the Fund will be able to locate, complete or exit Credit Investments satisfying its investment criteria or that such Credit Investments will satisfy the Fund's investment program. Likewise, there can be no assurance that the Fund will be able to realize the values of its investments or that it will be able to invest its capital. <br>

• Inability to Raise Sufficient Capital. The offering is being made on a "best efforts" basis, meaning that the Distributor is only required to use its best efforts to distribute Shares and has no firm commitment or obligation to purchase any Shares in the offering. As a result, the amount of proceeds the Fund raises in the offering may be substantially less than the amount the Fund would need to create its desired portfolio of investments, and it may not achieve the economies of scale necessary to operate in a cost effective manner. Further, the Fund will have certain fixed operating expenses, including certain expenses as a closed-end management investment company, regardless of whether the Fund is able to raise substantial funds in this offering. The Fund's inability to raise substantial funds would increase its fixed operating expenses as a percentage of gross income, causing Shareholders to incur higher fees and reducing the Fund's net income and limiting its ability to make distributions.

• Personnel Risk . The Fund is dependent upon certain personnel of the Adviser for its future success.

• Conflicts of Interest Risk . The Fund's executive officers and Trustees, and the Adviser and certain of its affiliates and their officers and employees have several conflicts of interest as a result of the other activities in which they engage. See " Conflicts of Interest ."

• Prepayment Risk. Loans are generally prepayable in whole or in part at any time at the option of the obligor at par plus accrued and unpaid interest thereon, and occasionally plus a prepayment premium. Prepayments on loans may be caused by a variety of factors which are often difficult to predict. Consequently, there exists a risk that loans purchased at a price greater than par may experience a capital loss as a result of such a prepayment. When credit market conditions become more attractive to obligors, the rate of prepayment of the Fund's assets would be expected to

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increase as obligors refinance to take advantage of such improved conditions, which may negatively impact the Fund.

• Liquidity Risk. Generally, there is no public market for a portion of the Fund's investments. As such, the Fund may not be able to sell such investments quickly, or at all. If the Fund is able to sell such investments, the prices the Fund receives may not reflect the Adviser's assessment of their fair value or the amount paid for such investments by the Fund.

• Real Estate Investment-Related Risks. The Fund may invest in securities or instruments issued by REITs or other real estate-related issuers, which generally will be subject to the risks incident to the ownership and operation of commercial real estate and/or risks incident to the making of nonrecourse mortgage loans secured by real estate, including (i) risks associated with both the domestic and international general economic climate; (ii) local real estate conditions; (iii) risks due to dependence on cash flow; (iv) risks and operating problems arising out of the absence of certain construction materials; (v) changes in supply of, or demand for, competing properties in an area (as a result, for instance, of over-building); (vi) the financial condition of tenants, buyers and sellers of properties; (vii) changes in availability of debt financing; (viii) energy and supply shortages; (ix) changes in the tax, real estate, environmental and zoning laws and regulations; (x) various uninsured or uninsurable risks; (xi) natural disasters; and (xii) the ability of the Fund or third-party borrowers to manage the real properties. With respect to investments in real estate related equity or debt securities, the Fund will in large part be dependent on the ability of third parties to successfully operate the underlying real estate assets. There is no assurance that there will be a ready market for resale of investments because investments in real estate generally are not liquid.

• Fair Valuation of the Fund's Portfolio Investments. Generally, there is no public market for a portion of the Fund's investments. As a result, the Adviser values these securities at fair value in accordance with the requirements of the 1940 Act. The Adviser's determinations of the fair value of the Fund's investments have a material impact on the Fund's net earnings through the recording of unrealized appreciation or depreciation of investments and may cause the Fund's NAV on a given date to understate or overstate, possibly materially, the value that the Fund ultimately realizes on one or more of the Fund's investments.

• Non-Diversification Risk. The Fund is non-diversified, which means it is permitted to invest a greater portion of its assets in a smaller number of issuers than a "diversified" fund. For this reason, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely. The Fund may also be subject to greater market fluctuation and price volatility than a more broadly diversified fund.

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• Market Risk. Political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Fund's investments. A disruption or downturn in the capital markets and the credit markets could impair the Fund's ability to raise capital, reduce the availability of suitable investment opportunities for the Fund or adversely and materially affect the value of the Fund's investments, any of which would negatively affect the Fund's business. These risks may be magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide.

• Banking Relationships. The Adviser and the Fund will hold cash and other assets in accounts with one or more banks, custodians or depository or credit institutions (collectively, "Banking Institutions"), which may include both U.S. and non-U.S. Banking Institutions from time to time. The Fund may also enter into financing arrangements and have other relationships with Banking Institutions. The distress, impairment, or failure of, or a lack of investor or customer confidence in, any of such Banking Institutions may limit the ability of each of the Adviser and the Fund to access, transfer or otherwise deal with its assets, utilize established financing resources, or rely upon any of such other relationships, in a timely manner or at all, and may result in other market volatility and disruption, including by affecting other Banking Institutions. All of the foregoing could have a negative impact on the Fund. For example, in such a scenario, the Fund could be forced to delay or forgo an investment or a distribution, including in connection with a redemption, withdrawal or distribution, or generate cash to fund such investment or distribution from other sources (including by disposing of other investments or making other borrowings) in a manner that it would not have otherwise considered desirable. Furthermore, in the event of the failure of a Banking Institution, access to a depository account with that institution could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC (and similar considerations may apply to Banking Institutions in other jurisdictions not subject to FDIC protection). In such a case, the Adviser, the Fund, as applicable, may not recover all or a portion of such excess uninsured amounts and could instead have an unsecured or other type of impaired claim against the Banking Institution (alongside other unsecured or impaired creditors). The Adviser does not expect to be in a position to reliably identify in advance all potential solvency or stress concerns with respect to the Fund's banking relationships, and there can be no assurance that the Adviser or the Fund will be able to easily establish alternative relationships with and transfer assets to other Banking Institutions in the event a Banking Institution comes under stress or fails.

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• Mortgage-Backed and Other Asset-Backed Securities Risk. The investment characteristics of mortgage-backed securities and asset-backed securities differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be prepaid at any time.

• Currency Risk. The Fund may make investments denominated in currencies other than U.S. dollars. The Fund's investments denominated in currencies other than U.S. dollars will be subject to the risk that the value of such currency will decrease in relation to the U.S. dollar. The Fund may or may not hedge currency risk.

• Hedging Risk. Hedging transactions seeking to reduce risks may result in poorer overall performance than if the Fund had not engaged in such hedging transactions. Additionally, such transactions may not fully hedge the relevant risks.

• Interest Rate Risk . The price of certain of the Fund's investments, particularly debt or preferred equity investments with a fixed coupon or dividend rate, may be significantly affected by changes in interest rates. In general, rising interest rates will negatively affect the price of a fixed rate instrument and falling interest rates will have a positive effect on the price of a fixed rate instrument. If general interest rates rise, there is a risk that the Fund's floating rate investments (or an issuer's underlying obligors) will be unable to pay escalating interest amounts, which could result in a default under their loan documents and credit losses to the Fund. Rising interest rates could also cause issuers 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. If interest rates fall, the Fund's floating rate investments would generally be expected to generate a lower rate of income.

• Refinancing Risk. If the Fund incurs debt financing and subsequently refinances such debt, the replacement debt may be at a higher cost and on less favorable terms and conditions. If the Fund fails to extend, refinance or replace such debt financings prior to their maturity on commercially reasonable terms, the Fund's liquidity will be lower than it would have been with the benefit of such financings, which would limit the Fund's ability to grow, and holders of Fund Shares would not benefit from the potential for increased returns on equity that incurring leverage creates.

• Tax Risk. If the Fund fails to qualify for tax treatment as a RIC under Subchapter M of the Code for any reason, or otherwise become subject to corporate income tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the

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amount of income available for distributions to Shareholders, and the amount of income available for payment of the Fund's other liabilities. <br>

• Derivatives Risk. Derivative instruments in which the Fund may invest may be volatile and involve various risks different from, and in certain cases greater than, the risks presented by other instruments. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage, volatility, over-the-counter ("OTC") trading, market, operational and legal risks. In addition, a small investment in derivatives could have a large potential impact on the Fund's performance, effecting a form of investment leverage on the Fund's portfolio. In certain types of derivative transactions, the Fund could lose the entire amount of the Fund's investment; in other types of derivative transactions the potential loss is theoretically unlimited.

• Counterparty Risk. The Fund may be exposed to counterparty risk, which could make it difficult for the Fund or the investments in which the Fund holds to collect on obligations, thereby resulting in potentially significant losses.

• Global Economy Risk. Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.

• Non-U.S. Investments Risk. The Fund is expected to invest in portfolio companies that have operations or assets located outside of the U.S. Investing in non-U.S. assets or companies with operations or assets located outside the U.S. may involve greater risks than investing in U.S. financial instruments or companies that operate (or whose assets are located) solely within the U.S. In particular, the value of the Fund's investments with non-U.S. exposure may be significantly affected by changes in currency exchange rates, which may be volatile. Although the Adviser may attempt to hedge against foreign currency exchange rate risks by utilizing spot and forward foreign exchange contracts, foreign currency options or other instruments, there can be no assurance that the Adviser will be able to do so successfully or cost-effectively, and the Adviser may decide not to hedge against such risks or to do so only incompletely. Additional risks include: (i) risks of economic dislocations in the host country; (ii) greater difficulty of enforcing legal rights in a foreign jurisdiction; (iii) exposure to fluctuations in interest rates payable with respect to the instruments in which the Fund invests; (iv) differences in conventions relating to documentation, settlement, corporate actions, stakeholder rights and other matters; (v) differences between the U.S. and non-U.S. securities markets, including potential price volatility in and relative illiquidity of some non-U.S. securities markets; (vi) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and differences in government supervision and regulation; (vii) certain economic

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and political risks, including potential exchange control regulations, potential restrictions on foreign investments and repatriation of capital and the risks associated with political, economic or social instability, diplomatic developments and the possibility of expropriation or confiscatory taxation; (viii) the possible imposition of non-U.S. taxes on income and gains recognized with respect to such financial instruments; (ix) the application of complex U.S. and non-U.S. tax rules to cross-border investments; (x) possible non-U.S. tax return filing requirements for the Fund; (xi) differing and potentially less well-developed or well-tested corporate laws regarding stakeholder rights, creditors' rights (including the rights of secured parties), fiduciary duties and the protection of investors; (xii) political hostility to investments by foreign or private equity investors; and (xiii) less publicly available information. While the Adviser will take these factors into consideration in making investment decisions for the Fund and intends to manage the Fund in a manner to minimize exposure to the foregoing risks, there can be no assurance that the Adviser will be able to evaluate the risks accurately or that adverse developments with respect to such risks will not adversely affect the value or realization of investments that are held by the Fund in certain countries. <br>

• Investments in Emerging Markets. Investing in emerging markets involves additional risks and special considerations not typically associated with investing in other more established economies or markets. Countries in the emerging markets may have their own history of default on external debt when their economies experience a downturn. These risks of sovereign default could adversely affect the value of the Fund's portfolio even in circumstances when the investment has not performed poorly. Further, emerging markets are generally heavily dependent upon international trade or the health of particular economies and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. The economies of certain emerging markets may be based predominantly on only a few industries and may be vulnerable to changes in trade conditions and may have higher levels of debt or inflation. In particular, certain commodities may occupy a prominent position in the economies of emerging markets and such economies are therefore sensitive to fluctuations in commodity prices. Further, emerging markets generally are not as efficient as those in developed countries. In some cases, a market for the security may not exist locally and transactions may need to be made on a non-local exchange. Volume and liquidity levels in emerging markets are lower than in developed countries. In addition, accounting, auditing and financial reporting standards, practices and disclosure requirements that prevail in emerging markets generally are not

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as high as standards in developed countries. Specifically, valuation of assets, depreciation, exchange differences, deferred taxation, contingent liabilities and consolidation may be treated differently from accounting standards in more developed countries and there is an increased risk of fraud or other deceptive practices. Further, the quality and reliability of official data published by the government or securities exchanges in emerging markets may not accurately reflect the actual circumstances being reported. The issuers of some non-U.S. securities, such as banks and other financial institutions, may be subject to less stringent regulations than would be the case for issuers in developed countries and, therefore, potentially carry greater risk. Consequently, less information is typically available concerning companies located in emerging markets. Accordingly, the Fund's abilities to conduct effective due diligence in connection with its emerging market investments and to monitor such investments may be adversely affected by these factors. In addition, the Fund's investment opportunities in certain emerging markets may be restricted by legal limits on foreign investment in local securities or restrictions on the ability to convert currency or to take currencies out of certain countries. <br>

Due to the foregoing risks and complications, the costs associated with investments in emerging market securities generally are higher than for securities of issuers based in developed countries.

• Distribution Policy Risk. If the Fund's investments do not generate sufficient income, the Fund may liquidate a portion of its portfolio to fund these distributions. Accordingly, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares.

• Price Risk. Investors who buy Shares at different times will likely pay different prices.

• Shares Not Listed; No Market for Shares . The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

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• Closed-end Interval Fund; Liquidity Risk . The Fund is a non-diversified, closed-end management investment company structured as an "interval fund" and designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There is no secondary market for the Fund's Shares and the Fund expects that no secondary market will develop. You should not invest in the Fund if you need a liquid investment. Closed-end funds differ from open-end management investment companies, commonly known as mutual funds, in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV. Although the Fund, as a fundamental policy, will make quarterly offers to repurchase at least 5% and up to 25% of its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. If Shareholders tender for repurchase more than the repurchase offer amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional number of Shares not to exceed 2% of the outstanding Shares of the Fund on the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). In connection with any given repurchase offer, the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. Hence, you may not be able to sell your Shares when and/or in the amount that you desire.

• Repurchase Risks . As described under "Repurchases of Shares," the Fund is an "interval fund" and, to provide some liquidity to Shareholders, makes quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. The Fund believes that these repurchase offers are generally beneficial to the Fund's Shareholders, and generally are funded from available cash or sales of portfolio securities. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratio. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities, and may limit the ability of the Fund to participate in new investment opportunities. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment

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income. Certain Shareholders may from time to time own or control a significant percentage of the Fund's Shares. Repurchase requests by these Shareholders of their Shares of the Fund may cause repurchases to be oversubscribed, with the result that Shareholders may only be able to have a portion of their Shares repurchased in connection with any repurchase offer. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if Shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. Shareholders will be subject to the risk of NAV fluctuations during that period. Thus, there is also a risk that some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. The NAV of Shares tendered in a repurchase offer may fluctuate between the date a Shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The NAV on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a Shareholder submits a repurchase request. Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly. See "Repurchases of Shares." <br>

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SUMMARY OF FEES AND EXPENSES

The following table is intended to assist you in understanding the costs and expenses that an investor in Shares will bear directly or indirectly. Actual expenses will depend on the number of Shares the Fund sells in this offering and the amount of leverage the Fund employs, if any. The following table should not be considered a representation of the Fund's future expenses. Actual expenses may be greater or less than shown.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Shareholder Transaction Expenses: | Class I<br>Shares | Class A<br>Shares | Class C<br>Shares | Class T<br>Shares | Class U<br>Shares | Class U-2<br>Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales load (as a percentage of the offering price)<sup>(1)</sup> |  | 3.00% |  | None<sup>(2)</sup> | None<sup>(2)</sup> | 2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Early Withdrawal Charge (as a percentage of original purchase price)<sup>(</sup><sup>3</sup><sup>)</sup> |  |  | <br>1.00% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution reinvestment plan fees<sup>(</sup><sup>4</sup><sup>)</sup> |  |  |  |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Annual Fund Expenses (as a percentage of net assets attributable to Shares):<sup>(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee<sup>(</sup><sup>6</sup><sup>)</sup> | 2.17% | 2.17% | 2.17% | 2.17% | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expenses on borrowed funds<sup>(</sup><sup>7</sup><sup>)</sup> | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses<sup>(</sup><sup>8</sup><sup>)</sup> | 0.93% | 1.43% | 1.93% | 1.68% | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fee |  | 0.50% | 0.75% | 0.75% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fee |  |  | 0.25% |  | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Other Expenses | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
| Total annual expenses | 4.22% | 4.72% | 5.22% | 4.97% | 4.97% |
| Fee Waiver and/or Expense Reimbursement<sup>(</sup><sup>9</sup><sup>)</sup> | (0.44)% | (0.44)% | (0.44)% | (0.44)% | (0.44)% |
| Total Annual Fund Expenses After Fee Waiver and/or Expense Reimbursement<sup>(</sup><sup>9</sup><sup>)</sup> | 3.78% | 4.28% | 4.78% | 4.53% | 4.53% |

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(1) Investors purchasing Class A Shares may be charged a sales load of up to 3.00% of the investment amount. Investors purchasing Class U-2 Shares may be charged a sales load of up to 2.50% of the investment amount. The table assumes the maximum sales load is charged. The Fund and/or a Selling Agent may, in its discretion, waive all or a portion of the sales load for certain investors.

(2) While Class T and Class U Shares do not impose a front-end sales charge, if you purchase Class T or Class U Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. See " Plan of Distribution. "

(3) Class C Shares that have been held less than one year (365 days) from the purchase date will be subject to an early withdrawal charge of 1.00% of the original purchase price.

(4) Each holder of at least one full share will be able to "opt out" of the Fund's dividend reinvestment plan ("DRIP"). The expenses of administering the DRIP are included in "Other expenses." See " Distribution Reinvestment Plan ."

(5) "Annual Fund Expenses" are estimated based on projected amounts for the Fund's first full year of operations and assume that the Fund (i) has $400,000,000 in net assets and (ii) incurs leverage in an amount equal to 17% of the Fund's net assets.

(6) The Fund pays the Adviser the Management Fee in consideration of the investment advisory services that the Adviser provides to the Fund at the annual rate of 1.85% of the Fund's Gross Assets. The Management Fee amount in the table above is greater than 1.85% because it is computed as a percentage of the Fund's net assets for presentation therein pursuant to SEC requirements. The Adviser has contractually agreed to waive the Fund's management fee in the amount of 0.375% of the Fund's average daily Gross Assets on an annualized basis through the last day of the sixth full month following the Fund's commencement of operations. The Adviser has also contractually agreed to waive the Fund's management fee in the amount of 0.375% of the Fund's average daily Gross Assets on an annualized basis through the last day of the twelfth full month following the Fund's commencement of operations. See "Management — Management Fee."

(7) "Interest payments on borrowed funds" assumes the issuance of preferred shares and/or indebtedness in an amount equal to 17% of the Fund's net assets, including dividends and/or interest payable on such preferred shares and/or indebtedness at an assumed interest rate of 6.00%, which is based on comparable preferred and debt offerings with a similar borrower profile and includes the amortization of cost associated with

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obtaining borrowings and unused commitment fees. In the event that the Fund were to issue additional preferred shares or debt securities, the Fund's borrowing costs, and correspondingly its total annual expenses, including, in the case of such preferred shares, the management fee as a percentage of the Fund's net assets attributable to the Shares, would increase.

(8) "Other expenses" includes the Fund's overhead expenses, including payments under the Administration Agreement based on the Fund's allocable portion of overhead and other expenses incurred by the Adviser and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. See "Management — The Administrator." "Other expenses" also includes the ongoing expenses to the independent accountants and legal counsel of the Fund, compensation of Independent Trustees, tax compliance costs, transfer agent costs, valuation agent costs, printer costs, custody costs, insurance costs, organizational and offering costs, and cost and expenses relating to rating agencies. See " Fund Expenses. "

(9) The Adviser has contractually agreed to reimburse expenses to limit total annual operating expenses (excluding management fees, distribution and/or servicing fees, investment-related expenses, borrowing costs, borrowing-related costs, taxes, brokerage expenses, litigation expenses, acquired fund fees and expenses, and extraordinary expenses) to no more than 0.80% of the Fund's average daily Gross Assets. This contractual arrangement will remain in effect at least one year from the effective date of the Fund's registration statement on Form N-2 unless the Fund's Board of Trustees approves its earlier termination. The Adviser may recoup from the Fund any waived amount or reimbursed expenses with respect to the Fund pursuant to the Expense Limitation Agreement if such recoupment does not cause the Fund to exceed the current expense limit or the expense limit in place at the time of the waiver or reimbursement (whichever is lower) and the recoupment is made within three years from the date the amount was initially waived or reimbursed. The Adviser has contractually agreed to waive the Fund's management fee in the amount of 0.375% of the Fund's average daily Gross Assets on an annualized basis through the last day of the twelfth full month following the Fund's commencement of operations.

EXAMPLE:

The following example is furnished in response to the requirements of the SEC and illustrates the various costs and expenses that you would pay, directly or indirectly, on a $1,000 investment in Shares for the time periods indicated. The Example also assumes that your investment has a 5% return each year, that all dividends and distributions are reinvested at NAV, and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be\*:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 year | 3 years | 5 years | 10 years |
| Class I Shares | $38 | $119 | $202 | $417 |
| Class A Shares | $72 | $160 | $249 | $475 |
| Class C Shares | $48 | $148 | $248 | $499 |
| Class T Shares | $45 | $141 | $237 | $479 |
| Class U Shares | $45 | $141 | $237 | $479 |
| Class U-2 Shares | $69 | $163 | $256 | $492 |

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If, at the end of each period, your Shares are repurchased in full, your costs would be\*:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 year | 3 years | 5 years | 10 years |
| Class C Shares | $58 | $148 | $248 | $499 |

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\* The example should not be considered a representation of future returns or expenses, and actual returns and expenses may be greater or less than those shown. The example assumes that the estimated "other expenses" set forth in the Annual Fund Expenses table are accurate, and that all dividends and distributions are reinvested at NAV. The Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example. 

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FINANCIAL HIGHLIGHTS

Because the Fund is newly organized and its Shares have not previously been offered, the Fund does not have any financial history as of the date of its last fiscal period. Additional information about the Fund's investments will be available in the Fund's annual and semi-annual reports when they are prepared.

THE FUND

The Fund is an externally managed, non-diversified closed-end management investment company that has registered as an investment company under the 1940 Act. As a registered closed-end management investment company, the Fund is required to meet certain regulatory tests. See "Regulation as a Closed-End Management Investment Company." In addition, the Fund intends to elect to be treated, and to qualify annually, as a RIC under Subchapter M of the Code, commencing with the Fund's tax year ending on December 31, 2025.

The Fund's investment activities are managed by the Adviser and supervised by the Fund's Board of Trustees. Under the Investment Advisory Agreement, the Fund has agreed to pay the Adviser an annual management fee based on the Fund's Managed Assets. See "Management — Management Fee."

The Fund offers six classes of Shares: Class I Shares, Class A Shares, Class C Shares, Class T Shares, Class U Shares and Class U-2 Shares. An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the minimum investment amounts, sales loads, if applicable, and ongoing fees and expenses for each Share class may be different. The fees and expenses for the Fund are set forth in "Summary of Fees and Expenses." The details of each class of Shares are set forth in "Plan of Distribution." The Fund may offer additional classes of Shares in the future.

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USE OF PROCEEDS

Unless otherwise specified in this prospectus, the Fund intends to use the proceeds from the sale of securities pursuant to this prospectus to acquire investments in accordance with its investment objectives and strategies described in this prospectus, to make distributions to Shareholders and for general working capital purposes. In addition, the Fund may also use all or a portion of the net proceeds from the sale of securities to repay any outstanding indebtedness or preferred shares at the time of the offering, if applicable.

The Fund currently anticipates that it will generally take approximately three to six months after the receipt of proceeds from the offering of securities to invest substantially all of the net proceeds of the offering in the Fund's targeted investments or otherwise utilize such proceeds, although such period may vary and depends on the size of the offering and the availability of appropriate investment opportunities consistent with the Fund's investment objectives and market conditions. There is no assurance that the Fund will achieve its targeted investment pace, which may negatively impact the Fund's returns. Until appropriate investments or other uses can be found, the Fund will invest in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less, which the Fund expects will have returns substantially lower than the returns that the Fund anticipates earning from the Fund's targeted investments. Investors should expect, therefore, that before the Fund has fully invested the proceeds of the offering in accordance with the Fund's investment objective and strategies, the Fund's income may not exceed its expenses. To the extent that the net proceeds from an offering have not been fully invested in accordance with the Fund's investment objective and strategies, a portion of the proceeds may be used to pay distributions and may represent a return of capital.

SENIOR SECURITIES

The Fund had no senior securities outstanding as of June 1, 2025.

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INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES

Investment Objective

The Fund's investment objective is to seek to achieve attractive risk-adjusted total returns by investing dynamically across a broad range of public and private credit markets. In pursuing its investment objective, the Fund will seek income in addition to capital appreciation.

Investment Opportunities and Strategies

The Fund seeks to achieve its investment objective by investing opportunistically across credit markets, focusing primarily on credit investments and credit-related investments, which include the debt investment and certain equity investments discussed below (collectively, "Credit Investments"). The Fund focuses on the following types of Credit Investments: private credit, public corporate credit, structured credit, and distressed investments. The Fund will allocate to investments which GoldenTree believes offer compelling risk-adjusted return potential and will dynamically adjust allocations over time based on the market environment. Under normal circumstances, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in Credit Investments, which include foreign instruments (e.g., Credit Investments issued by developed and emerging market issuers) and illiquid and restricted securities. The Fund may invest all or substantially all of its assets in illiquid or restricted securities. Although the Fund primarily makes investments denominated in U.S. dollars, the Fund may make investments denominated in other currencies.

The Fund's 80% policy with respect to investments in Credit Investments is not fundamental and may be changed by the Board without shareholder approval. Shareholders will be provided with sixty (60) days' notice in the manner prescribed by the SEC before any change in the Fund's policy to invest at least 80% of its net assets in the particular type of investment suggested by its name. The Fund's investments in derivatives, other investment companies and other instruments are counted towards the Fund's 80% investment policy to the extent they have economic characteristics similar to the investments included within that policy.

Private Credit

The Fund will seek attractive risk-adjusted returns by investing in private credit assets made to performing borrowers, characterized by what GoldenTree believes to be an attractive margin of safety and total return profile. GoldenTree assesses an investment's quantitative margin of safety by comparing the issuer's enterprise value to the market value of its debt. The Fund will seek to capitalize on GoldenTree's ability to provide a broad range of solutions to issuers and sponsors.

Fund's private credit investments are typically financing solutions to companies with EBITDA of $100 million to $1 billion. This market segment represents issuers with longer track records and more consistent earnings profiles than smaller issuers. The Fund's private credit exposure is expected to be primarily in first lien senior secured loans, second lien loans, unsecured bonds or preferred securities, with the largest geographic exposure to be to issuers domiciled in North America, followed by Western Europe.

GoldenTree has made over $8 billion in private credit investments across nearly 20 industries over the last decade. GoldenTree's success in private credit investing has been a result of its differentiated investment process, collaborative team structure, and senior investment team that has executed across a variety of market and economic environments. GoldenTree's competitive advantages include its range of industry expertise, ability to structure financings across an issuer's capital structure and for various uses, ability to analyze more complex opportunities, and sourcing through its broad capital markets relationships and current portfolio companies.

GoldenTree executes a multi-channel sourcing approach to its private credit investments. This includes leveraging relationships through its corporate issuers, financial sponsors, control investments, restructuring

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and legal advisors, and various private and public capital markets participants such as banks. Borrowers value GoldenTree's speed, size, sophistication, and independence. GoldenTree seeks to structure strong covenant packages and important terms that include limiting incremental secured debt, restricting dividend payments, limiting the ability for the issuer to sell certain assets, and cash flow sweep mechanisms that enhance margin of safety. GoldenTree will often secure important economics that can enhance the return profile of the investment. This includes original issue discounts, improved coupon spread and call protection at prices above par.

Public Corporate Credit

The Fund's public corporate credit strategy seeks compelling risk-adjusted returns across bond and loan investments that are more liquid and tradeable in nature. The Fund is generally focused on issuers with enterprise values of $500 million or greater and instruments which have more than 1.5x asset coverage and a catalyst to drive total return. These investments will include below-investment grade (commonly referred to as "high yield" securities or "junk bonds") and non-rated debt, including first lien loans, second lien loans, revolving loans, below-investment grade senior secured or unsecured bonds, convertible bonds, preferred stock and mezzanine loans. These investments may also include debt investments in issuers that are experiencing balance sheet stress or other special, complex situations that causes their debt to trade at an attractive discount to the Adviser's analysis of its fair value.

GoldenTree's fundamental, value driven investment process allows the Adviser to identify the best value across an issuer's capital structure, focusing on securities which GoldenTree believes have an attractive margin of safety, catalysts to drive total return, and compelling relative value. GoldenTree's investment process has been successfully implemented for over 30 years across market cycles (25 at GoldenTree and 10 at MacKay Shields). GoldenTree's investment team includes industry specialists that have a comprehensive understanding of their respective industries and significant experience investing across capital structures. The investment team generates proprietary company, industry, sector and country specific research – critical inputs to identifying and underwriting investment opportunities to fit GoldenTree's process. Proprietary systems allow GoldenTree to constantly perform relative value analysis and re-evaluate the existing portfolio alongside new opportunities.

Structured Credit

The Fund's structured credit strategy includes securitizations across a diverse set of asset types such as corporate, residential, consumer and commercial assets. These investments may be more liquid tradeable instruments or investments that are more bespoke in nature, including collateralized loan obligations and certain other pooled investment vehicles. In line with the Adviser's investment process, the Fund's structured credit investments typically have catalysts to drive attractive total returns.

GoldenTree believes that the Fund's structured Credit Investments will benefit from GoldenTree's broad resources and expertise across its portfolio management, trading, legal, and operational teams. GoldenTree believes its collaborative approach and broad-based credit expertise allows the firm to react quickly and be a solution provider to issuers and counterparties which can differentiate it from its peers, and allows the Adviser to invest in unique opportunities.

GoldenTree utilizes highly-customized systems to analyze its structured Credit Investments. The Adviser has committed significant resources to developing and customizing proprietary technology to analyze structural and portfolio-level characteristics, return expectations and margin of safety. GoldenTree's differentiated structuring, sourcing and underwriting expertise creates a broad opportunity set and allows GoldenTree to capitalize on various themes in the asset class. This includes technical dislocations driven by market volatility and forced selling, accessing underbanked asset classes, structuring capital relief transactions for banks, and establishing partnerships with best-in-class originators to source high quality assets.

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Distressed

The Fund's distressed investments strategy seeks compelling risk-adjusted returns by investing in distressed investments in companies undergoing balance sheet restructurings and operational turnarounds. This may include debt, equity, or other securities of companies undergoing, or that have recently completed, bankruptcies, reorganizations, insolvencies, liquidations or other fundamental changes (i.e., special situation and stressed investments).

GoldenTree has made nearly $35 billion in distressed investments globally across 20 sectors since 2000. GoldenTree seeks to create value through its leadership in all facets of the company's restructuring and operational turnaround. This includes efforts aimed at optimizing the company's capital structure, improving governance, backstopping new capital, and working with management to execute strategies for growth. For each distressed investment, GoldenTree's Industry Specialists partner with its Restructuring & Turnaround professionals. This process begins with determining the discount relative to its intrinsic value for which GoldenTree is creating the position. In determining the pro forma enterprise value, the industry specialist will evaluate factors such as revenue and margin growth, cost structure, competitive positioning, industry dynamics and peer valuations. The team also analyzes legal, jurisdictional, and governance-related risks that can impact a successful outcome.

GoldenTree's dedicated Restructuring & Turnaround Team is comprised of professionals with significant legal, financial, operational, and M&A expertise. Through its differentiated resources and capital, GoldenTree drives important elements of the process that include negotiating restructuring agreements, reconstituting a portfolio company's board of directors, installing new management, and providing various sources of capital. Post restructuring, GoldenTree takes an active role in helping the portfolio company execute its operational turnaround to drive sustainable, long-term growth. This includes identifying accretive growth acquisitions, divesting non-core assets, or other strategic transactions. Identifying potential exit strategies is a critical component of GoldenTree's initial underwriting of investments, and the Adviser employs various strategies to return capital, such as opportunistic sales, asset divestitures, dividends, and a full sale of the business.

GoldenTree's investment process and risk management for distressed investments focuses heavily on determining a company's enterprise value through proprietary issuer-specific underwriting by industry specialists. This involves evaluating broader industry considerations and comparing the investment's relative value to other opportunities. GoldenTree utilizes its nearly 15-person Restructuring and Turnaround team to analyze legal, jurisdictional and creditor specific risks. This includes engaging external legal, restructuring, financial and policy advisors to augment the Firm's in-house resources. GoldenTree actively seeks to create value in distressed investments by optimizing the company's capital structure, improving governance, and executing strategic operational turnarounds. They strive to install strong boards and management teams, ensuring effective corporate governance to support sustainable earnings growth and long-term value creation. Their restructuring professionals, based in the U.S. and Europe, have extensive experience with financial, legal, and operational components of restructuring, and many have hands-on operating experience and have served as board directors. GoldenTree's size and expertise ensure a critical leadership position on creditor committees, negotiating restructuring agreements, reconstituting boards, hiring new management, and developing operating strategies.

The Fund intends to invest, at times, in securities and other financial instruments of U.S. and non-U.S. entities and other assets, including all types of debt obligations and may have varying terms with respect to collateralization, seniority or subordination, purchase price, convertibility, interest payments and maturity, and may consist of (i) public and private below-investment grade and nonrated debt, including, but not limited to, first lien bank debt, second lien bank debt, revolving loans, below-investment grade senior secured or unsecured bonds, convertible bonds, preferred stock, mezzanine loans, trade claims, liquidating trusts, and assignments; (ii) debt and equity tranches of collateralized loan obligations ("CLOs"); structured credit; residential mortgage-backed securities; asset-backed securities ("ABS") (including, student loans, auto loans and manufactured housing); debt and equity tranches of ABS collateralized debt obligations ("CDO") (e.g., commercial real estate

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CDOs); monoline-related securities; esoteric ABS (including, airplane leased-back securitizations, revenue securitizations (e.g., toll road and franchise fees), securitizations, whole business securitizations and trust preferred security CDOs); and any assets underlying the foregoing instruments; (iii) any other securities with fixed-income characteristics, including, without limitation, investment grade debt, debentures, notes, deferred interest, pay-in-kind ("PIK") or zero coupon, equipment lease and trust certificates and commercial paper; (iv) distressed debt or equity securities, including those acquired in connection with bankruptcies and reorganizations of issuers; (v) treasury and government and agency bonds issued by the U.S. and foreign governments, money markets, bank deposits or commercial paper; (vi) registered investment companies (subject to applicable law); (vii) equity securities (public and/or private), including common and preferred stocks; convertible securities; rights and warrants; depositary receipts; and pooled investment vehicles, such as real estate investment trusts, other investment companies, such as exchange-traded funds ("ETFs"), non-ETF exchange-traded vehicles, and partnership interests; (viii) interest rate, currency, commodity, equity and other derivative products, including (a) futures contracts (and options thereon) relating to stock indices, currencies, U.S. Government securities and securities of non-U.S. governments, other financial instruments and all other commodities, (b) swaps, options, swaptions, warrants, caps, collars, floors and forward rate agreements, (c) spot and forward currency transactions and (d) agreements relating to or securing such transactions; and (ix) any other obligations and instruments or evidences of indebtedness of whatever kind or nature that exist now or are hereafter created, in each case, of any person, whether or not publicly traded or readily marketable.

The Fund may utilize various derivative strategies (both long and short positions) involving the purchase or sale of futures and forward contracts (including foreign currency exchange contracts), credit default swaps, call and put options, total return swaps, basis swaps and other swap agreements and other derivative instruments for investment purposes, leveraging purposes or in an attempt to hedge against market, credit, interest rate, currency and other risks in the portfolio.

Under normal market conditions, the Fund may also invest up to 20% of its net assets in any combination of the following: (i) equity or equity-related securities; (ii) swaps and other derivative instruments that do not have economic characteristics similar to those included in the Fund's 80% investment policy (including total return, index and interest rate swaps, options, warrants, forward contracts, futures contracts and options on futures contracts); and (iii) foreign currencies.

The Fund is a non-diversified investment company under the 1940 Act and expects to hold a narrower range of investments than a diversified fund under the 1940 Act.

The Adviser believes that the Fund will benefit from GoldenTree's broad platform and experience across global credit markets in sourcing unique opportunities and identifying attractive relative value across asset classes. The Fund will be diversified by sector and invest globally with the largest expected geographic exposures to issuers domiciled in North America followed by Western Europe.

GoldenTree's senior investment team has on average more than 20 years of experience in creating value through its investments across market cycles. The Adviser believes its global investment team of Industry Specialists, Restructuring and Turnaround professionals, Capital Markets and Origination professionals, Structured Products Specialists, and Emerging Markets Specialists well-positions GoldenTree to deliver differentiated returns across market environments.

Risk Management

Risk management is an integral part of the approach to portfolio management at GoldenTree. GoldenTree's Macro Committee comprises the most senior investors at the GoldenTree. The Committee monitors and analyzes financial market stress, liquidity conditions, policy changes and economic factors globally to determine portfolio impact. The Macro Committee's primary responsibilities include establishing the GoldenTree's macroeconomic view, identifying primary risk factors, determining our target level of risk tolerance, and executing portfolio

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hedging as relevant. The Fund expects to benefit from the insights of GoldenTree's Macro Committee, which develops GoldenTree's view on a variety of macroeconomic factors such as GDP, employment and rate assumptions. These views are universally incorporated into GoldenTree's industry and asset class specialists' models.

Investment Process

GoldenTree's investment process has successfully captured opportunities across credit sectors and market cycles by utilizing the following investment approach:

• Robust fundamental analysis to determine enterprise value: GoldenTree believes that the initial and critical stage in evaluating an investment is an accurate and conservative determination of an issuer's enterprise value.

• Analysis of capital structure to ensure attractive margin of safety: After GoldenTree determines the valuation of the enterprise, it will then analyze the issuer's capital structure to seek to ensure the investment has a sufficient margin of safety. An individual investment typically has at least 1.5x of asset value relative to its outstanding debt. GoldenTree's determination of asset value includes an independent underwriting of the issuer's enterprise value, incorporating industry-specific factors and peer group valuations. GoldenTree's industry specialists also conduct due diligence to develop a detailed qualitative assessment of the issuer's management and industry position.

• Identify catalysts to drive total return: Following an enterprise value and margin of safety analysis of an investment, GoldenTree identifies a catalyst to drive total return and relies on a stringent sell discipline to realize value. Each investment has an identifiable catalyst which may include accelerating earnings, expense reductions, equity issuance or injection, refinancing, call features, structural deleveraging, restructuring or assets sales. A target sale price is established at the time of purchase and the asset is sold (in whole or in part(s)) as it approaches that level, unless changes in circumstance dictate a revised target. Absent any meaningful change in credit fundamentals, the investment process requires strict adherence to sell targets.

• Monitor and perform real-time rigorous relative value analysis: GoldenTree has developed proprietary relative value systems, which enable the investment team to compare a potential investment's total return and risk characteristics versus current investments within the portfolio. The Adviser's proprietary systems capture a wide variety of data points, enabling a constant evaluation of existing investments compared to new opportunities and allow for a reevaluation of the portfolio on a regular basis. Such data points include key inputs from the industry specialists' proprietary fundamental models including enterprise value, asset coverage, EBITDA, free cash flow, and price targets. In addition, the system captures market sourced data including price and rating.

Competitive Advantages

GoldenTree believes that the Fund differentiates itself from peers given GoldenTree's competitive advantages. The breadth and depth of GoldenTree's investment team, its broad platform and collaborative team structure give the Adviser what GoldenTree believes to be an advantage in sourcing, evaluating, and executing a broad range of investment opportunities across credit markets. Please see below for more details:

• Broad Range and Platform. GoldenTree manages assets across a diverse set of asset classes including high yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, private equity, and credit-themed equities. The Adviser's broad platform and daily investment activity across credit markets and sectors allows GoldenTree to source unique opportunities, influence transactions, and capture attractive relative value.

• Long Track Record Across Multiple Market Cycles. GoldenTree has a nearly 25-year track record of delivering differentiated, top-quartile returns across market environments. GoldenTree manages

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more than 10 strategies with an average track record of nearly 15 years, captured in a variety of fund structures including evergreen, open-ended fund structures and private equity style funds.

• Rigorous Investment Process. GoldenTree's investment process – which has been executed for over 25 years – is focused on fundamental analysis and relative value. The process compares securities of varying seniority, rating, leverage, industry and geography to seek to efficiently identify the best risk-adjusted return opportunities across asset classes.

• Highly Experienced Investment Team. GoldenTree's nearly 100 person investment team benefits from significant experience, with on average more than 16 years of experience and the Partners, which represent the most senior professionals, have nearly 30 years of experience on average. The team has invested across numerous economic and credit cycles, providing them expertise to identify opportunities as market dynamics change.

• Collaborative Culture Across a Breadth of Expertise. GoldenTree's investment team includes experienced individuals across corporate industries, structured credit, restructuring and turnarounds, emerging markets, and capital markets and origination. The breadth and depth of GoldenTree's investment team enables GoldenTree to capitalize on complex and proprietary investment opportunities that require varied expertise to source, evaluate, and execute.

Investment Restrictions. The Fund's investment objectives and investment policies and strategies, except for the nine fundamental policies described in the SAI, are not fundamental and may be changed by the Board of Trustees without Shareholder approval.

Other Investment Techniques

Leverage. The Fund may use leverage as and to the extent permitted by the 1940 Act. The Fund is permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred shares and leverage attributable to reverse repurchase agreements, total return swaps or similar transactions. Certain instruments that create leverage are considered to be senior securities under the 1940 Act. With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, the Fund is required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness. With respect to senior securities that are equity (i.e. preferred shares), the Fund is required to have an asset coverage of at least 200%, as measured at the time of the issuance of any such preferred shares and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares. Although the Fund has no intention of issuing preferred shares within one year of the date of this Prospectus, the Fund may offer preferred shares as a means of providing leverage to the Fund.

The Fund expects that it will, or that it may need to, raise additional capital in the future to fund its continued growth, and the Fund may do so by entering into a credit facility, issuing preferred shares or debt securities or through other leveraging instruments. Subject to the limitations under the 1940 Act, the Fund may incur additional leverage opportunistically or not at all and may choose to increase or decrease its leverage. The Fund may use different types or combinations of leveraging instruments at any time based on the Adviser's assessment of market conditions and the investment environment, including forms of leverage other than preferred shares, debt securities and/or credit facilities. The Fund currently intends to enter into a credit facility within one year of the date of this Prospectus based on current market conditions and assuming that the Fund is able to obtain suitable terms; however, the Fund is not obligated to do so. In addition, the Fund may borrow for temporary, emergency or other purposes as permitted under the 1940 Act, which indebtedness would generally not be subject to the asset coverage requirements described above. By leveraging the Fund's investment

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portfolio, the Fund may create an opportunity for increased net income and capital appreciation. However, the use of leverage also involves significant risks and expenses, which will be borne entirely by Fund Shareholders, and the Fund's leverage strategy may not be successful. For example, the more leverage is employed, the more likely a substantial change will occur in the Fund's NAV per share of the Shares. See "Risk Factors — Risks Related to the Fund's Investments — The Fund may leverage the Fund's portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in the Fund."

To the extent the income derived from investments purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income from the securities purchased with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the Fund's return will be less than if leverage had not been used, and therefore the amount available for distribution to holders of the Fund's Shares of beneficial interest as dividends and other distributions will be reduced or potentially eliminated. The Adviser may determine to maintain the Fund's leveraged position if it expects that the long-term benefits of maintaining the leveraged position will outweigh the current reduced return. The Fund may be required to maintain minimum average balances in connection with borrowings or to pay a commitment or other fee to maintain a line of credit. Either of these requirements will increase the cost of borrowing over the stated interest rate. In addition, capital raised through borrowing will be subject interest costs that may or may not exceed the income and appreciation on the assets purchased.

In connection with any credit facility, the lender may impose specific restrictions as a condition to borrowing. The credit facility fees may include up front structuring fees and ongoing commitment fees (including fees on amounts undrawn on the facility) in addition to the traditional interest expense on amounts borrowed. The credit facility may involve a lien on the Fund's assets. Similarly, to the extent the Fund issues notes, the Fund may be subject to fees, covenants and investment restrictions required by a national securities rating agency, as a result. Such covenants and restrictions imposed by a rating agency or lender may include asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. While it is not anticipated that these covenants or restrictions will significantly impede the Adviser in managing the Fund's portfolio in accordance with the Fund's investment objectives and policies, if these covenants or guidelines are more restrictive than those imposed by the 1940 Act, the Fund would not be able to utilize as much leverage as the Fund otherwise could have, which could reduce the Fund's investment returns. In addition, the Fund expects that any notes the Fund issues or credit facility the Fund enters into would contain covenants that may impose geographic exposure limitations, credit quality minimums, liquidity minimums, concentration limitations and currency hedging requirements on the Fund. These covenants would also likely limit the Fund's ability to pay distributions in certain circumstances, incur additional debt, change fundamental investment policies and engage in certain transactions, including mergers and consolidations. Such restrictions could cause the Adviser to make different investment decisions than if there were no such restrictions and could limit the ability of the Board of Trustees and the Fund's Shareholders to change fundamental investment policies.

The Fund's willingness to utilize leverage, and the amount of leverage the Fund incurs, will depend on many factors, the most important of which are investment outlook, market conditions and interest rates. Successful use of a leveraging strategy may depend on the Fund's ability to predict correctly interest rates and market movements, and there is no assurance that a leveraging strategy will be successful during any period in which it is employed. Any leveraging cannot be achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Fund's investment objectives and policies. See "Risk Factors — Risks Related to the Fund's Investments — The Fund may leverage the Fund's portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in the Fund."

Derivatives and other Related Techniques. The Fund may engage in derivative transactions and may sell securities short from time to time. To the extent the Fund engages in derivative transactions, it expects to do so for investment purposes (e.g., to obtain synthetic exposure to any of the Fund's target asset classes) or for risk-management purposes (e.g., to hedge against interest rate risks, credit risks, currency risks or other risks). Among other derivative instruments, the Adviser expects that the Fund may purchase or sell exchange-listed and OTC

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options, futures, options on futures, swaps and similar instruments, various interest rate transactions, such as swaps, caps, floors or collars, and credit transactions and credit default swaps. The Fund also may purchase and sell derivative instruments that combine features of these instruments. Collectively, the Fund refers to these financial management techniques as "Derivative Transactions." The Fund's use of Derivative Transactions, if any, will generally be deemed to create leverage for the Fund and involves significant risks. No assurance can be given that the Fund's strategy and use of derivatives will be successful, and the Fund's investment performance could diminish compared with what it would have been if Derivative Transactions were not used. See "Risk Factors — Risks of Investments Generally."

The Adviser with respect to the Fund has filed a notice of eligibility for exclusion from the definition of the term "commodity pool operator" with the CFTC and the National Futures Association (the "NFA"), which regulate trading in the futures markets. Pursuant to CFTC Regulation 4.5, the Adviser and the Fund are not subject to regulation as a commodity pool or commodity pool operator under the Commodity Exchange Act, as amended (the "CEA"). See "Risk Factors — Risks Relating to the Fund's Business and Structure — The Fund is subject to the risk of legislative and regulatory changes impacting the Fund's business or the markets in which the Fund invests."

Rule 18f-4 under the 1940 Act permits the Fund to enter into derivatives and other transactions that create future payment or delivery obligations, including short sales, notwithstanding the senior security provisions of the 1940 Act if the Fund complies with certain VaR leverage limits, implement a derivatives risk management program and are subject to board oversight and reporting requirements, or otherwise comply with a "limited derivatives users" exception. Rule 18f-4 also permits the Fund to enter into reverse repurchase agreements or similar financing transactions notwithstanding the senior security provisions of the 1940 Act if the Fund aggregates the amount of indebtedness associated with reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratios as discussed above or treat all such transactions as Derivatives Transactions for all purposes under Rule 18f-4.

Illiquid Transactions. Generally, investments will be purchased or sold by the Fund in private markets, including securities that are not publicly traded or that are otherwise illiquid and securities acquired directly from the issuer.

Co-Investment with Affiliates. In certain instances, the Fund co-invests on a concurrent basis with other accounts managed by certain of the Adviser's affiliates, subject to compliance with applicable exemptive relief, regulations and regulatory guidance and the Adviser's written allocation procedures. Exemptive relief granted by the SEC permits the Fund to participate in certain negotiated co-investments alongside other accounts managed by certain of the Adviser's affiliates, subject to certain conditions including (i) that a majority of the Fund's Trustees who have no financial interest in the transaction and a majority of the Fund's Trustees who are not "interested persons," as defined in the 1940 Act, of the Fund approve the co-investment and (ii) the price, terms and conditions of the co-investment are the same for each participant, subject to the terms of the applicable exemptive order.

Subsidiaries. The Fund may invest in one or more wholly owned subsidiaries (each, a "Subsidiary" and collectively, the "Subsidiaries.") The Fund may form a Subsidiary in order to, among other things, pursue its investment objective and strategy in a more tax-efficient manner or for the purpose of facilitating its use of permitted borrowings. Except as otherwise provided, references to the Fund's investments will also refer to any Subsidiary's investments.

The Fund will comply with provisions of Section 8 and Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with any Subsidiary. The Fund and any Subsidiary will comply with provisions of Section 17 of the 1940 Act related to affiliated transactions and custody.

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RISK FACTORS

Investing in the Fund involves a number of significant risks. In addition to the other information contained in this prospectus, you should consider carefully the following information before making an investment in the Fund. The risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not presently known to the Fund or not presently deemed material by the Fund might also impair the Fund's operations and performance and the value of the Fund's securities. If any of the following events occur, the Fund's business, financial condition and results of operations could be materially adversely affected and the value of the Fund's securities may be impaired. In such case, the price of the Fund's securities could decline, and you may lose all or part of your investment.

Risks Related to the Fund's Investments

Risks of Investments Generally.

All investments risk the loss of capital. Such investments are subject to investment-specific price fluctuations as well as to macro-economic, market and industry-specific conditions, including but not limited to national and international economic conditions, domestic and international financial policies and performance, conditions affecting particular investments such as the financial viability, sales and product lines of corporate issuers, national and international politics and governmental events, and changes in income tax laws. No guarantee or representation is made that the Fund's investment program will be successful. The Fund's investment program involves, without limitation, risks associated with limited diversification, leverage, investments in speculative assets and the use of speculative investment strategies and techniques, interest rates, volatility, tracking risks in hedged positions, credit deterioration or default risks, systems risks and other risks inherent in the Fund's activities. Certain investment techniques of the Fund (e.g., use of direct leverage or indirectly through leveraged investments) can, in certain circumstances, magnify the impact of adverse market moves to which the Fund may be subject. In addition, the Fund's investments may be materially affected by conditions in real estate markets, the financial markets and overall economic conditions occurring globally and in particular markets where the Fund may invest its assets.

The Fund's methods of minimizing such risks may not accurately predict future risk exposures. Risk management techniques are based in part on the observation of historical market behavior, which may not predict market divergences that are larger than historical indicators. Also, information used to manage risks may not be accurate, complete or current, and such information may be misinterpreted.

Competition; Availability of Investments

While the Fund believes that there are currently available investments of the type in which the Fund may invest, there can be no assurance that such investments will continue to be available for the Fund's investment activities, or that available investments will meet the Fund's investment criteria.

The activity of identifying, completing and realizing attractive investments is highly competitive and involves a high degree of uncertainty. The Fund expects to encounter competition from other funds or similar market participants having a similar investment program or similar investment strategies and others pursuing the same or similar investment opportunities. Alternative asset management vehicles worldwide are making global competition increasingly intense. As a result, there can be no assurance that the Adviser will be able to identify or successfully pursue attractive investment opportunities. It is possible that competition for appropriate investment opportunities could increase further, thus reducing the number of opportunities available to the Fund, and adversely affecting the terms upon which investments can be made and increasing the costs to the Fund in order to remain competitive. The Fund will from time to time incur bid, due diligence or other costs (including deposits which may not be refundable) on investments which are not consummated or are otherwise not successful. As a result, the Fund will not recover from such investments all of its costs, which will detract from

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the Fund's returns. There can be no assurance that the Fund will be able to locate, complete or exit Credit Investments satisfying its investment criteria or that such Credit Investments will satisfy the Fund's investment program. Likewise, there can be no assurance that the Fund will be able to realize the values of its investments or that it will be able to invest its capital.

Expedited Transactions.

Investment analyses and decisions by the Adviser may be undertaken on an expedited basis in order to make it possible for the Fund to take advantage of short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate or incomplete. Furthermore, the Adviser is unlikely to have sufficient time to fully evaluate information which is available. There is a significantly increased risk of making poor investments when they are made on an expedited basis.

Credit Investments.

The Fund will invest primarily in credit and credit-related instruments and derivatives. Such investments generally fluctuate in value based upon broader market factors, such as changes in interest rates, and also based on developments affecting the perceived creditworthiness and ability of the borrower to repay the principal and interest owed with respect to the underlying indebtedness. If a credit investment in the Fund's portfolio declines in price and/or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status, the Fund's NAV and/or income would be adversely impacted.

Risks Associated with Directly Originated Senior Secured Loans.

The Fund's portfolio is expected to include directly originated senior secured loans, including unitranche loans of middle market companies ("Senior Capital Debt Securities"), which are subject to liquidity, market value, credit, interest rate, reinvestment and other risks. There can be no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could negatively affect the value or performance of such assets. These risks could be exacerbated if the portfolio is concentrated in one or more particular types of assets.

The value of the Fund's assets is expected to be volatile and may fluctuate due to a variety of factors that are inherently difficult to predict and are outside the control of the Fund and the Adviser, including changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic or international economic or political events, developments or trends in any particular industry, or the financial condition of the obligors of the Fund's assets. In particular, the market for Senior Capital Debt Securities has experienced periods of volatility in the supply and demand for such loans, resulting in volatility in, among other things, spreads, interest rate floors, purchase price discounts, leverage, covenants, structure, and other terms. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly those in currencies and financial instrument options. Such intervention often is intended to influence prices directly and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. Additionally, Senior Capital Debt Securities generally have significant liquidity and market value risks since they are not generally traded in organized markets, but are traded (if at all) by banks and other institutional investors in privately negotiated transactions. Because loans are privately syndicated and loan agreements are privately negotiated and customized, loans are not purchased or sold as easily as publicly traded securities. In addition, historically the trading volume in the loan market, especially in the middle market, has been low relative to the high-yield debt securities market.

Senior Capital Debt Securities investments made by the Fund could, in certain cases, provide a first priority lien over some, but not all, of the assets of the relevant borrower, or permit other secured obligations (such as overdrafts, swaps or other derivatives made available by members of a syndicate to the borrower). In addition, a borrower could have two tranches of first-lien debt outstanding, each with first liens on separate collateral. Any

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secured debt held by the Fund will be secured only to the extent of its liens and only to the extent of underlying assets or incremental proceeds on already secured assets. The Fund cannot guarantee the adequacy of the protection of the Fund's interests in connection with any investment including the validity or enforceability of a loan and the maintenance of the anticipated priority and perfection of applicable security interests. Under certain circumstances, collateral securing an investment could be released without the consent of the Fund. The Fund's security interest with respect to investments in secured debt could be unperfected for a variety of reasons, including the failure to make required filings by lenders, and, as a result, the Fund would not have priority over other creditors as anticipated. Furthermore, the Fund cannot assure that claims will not be asserted that could interfere with enforcement of the Fund's rights.

The obligors of the Fund's assets will include privately owned middle market businesses. There is generally no publicly available information about these businesses. Some obligors may not meet net income, cash flow and other coverage tests typically imposed by lenders. Numerous factors may affect an obligor's ability to repay its related obligations, including the failure to meet its business plan, a downturn in its industry or continuing negative economic conditions. A deterioration in an obligor's financial condition and prospects may be accompanied by deterioration in the collateral securing the Fund's assets. Such deterioration might impair the ability of such obligor to obtain refinancing or force it to seek to have the Fund's asset restructured.

Senior Capital Debt Securities are generally considered speculative in nature and may end up in default for a variety of reasons. A defaulted asset may become subject to either substantial workout negotiations or a restructuring, which may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of principal, and a substantial change in the terms, conditions and covenants with respect to such defaulted asset. In addition, such negotiations or restructuring may be quite extensive, protracted and costly over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery on such defaulted asset. The liquidity of a defaulted asset will be limited, and if a defaulted asset is sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon.

Loans to middle market businesses generally carry more inherent risks than loans to larger, publicly traded businesses. These middle market companies generally have more limited access to capital and higher financing costs, may be in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from public capital markets or from traditional sources, such as commercial banks. Middle market businesses typically have narrower product lines and smaller market shares than larger businesses. Therefore, they tend to be more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These businesses may also experience substantial variations in operating results. Typically, the success of a middle market business also depends on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of such persons could have a material adverse impact on the obligor and its ability to repay its obligations. In addition, middle market businesses often need substantial additional capital to expand or compete and will often have borrowed money from other lenders and may need additional capital to survive any economic downturns. Accordingly, loans made to middle market companies involve higher risks than loans made to companies that have larger businesses, greater financial resources or who are otherwise able to access traditional credit sources.

There can be no assurance as to the levels of defaults or the amount or timing of recoveries that may be experienced with respect to the Fund's assets. Any increase in default levels or decrease in recovery rates, or delays in receipt of recoveries, could adversely affect distributions, if any, to Shareholders.

Second-Lien Loans.

The Fund is expected to invest in loans that are secured by a second lien on assets. Second lien loans have been a developed market for a relatively short period of time, and there is limited historical data on the performance of second lien loans in adverse economic circumstances. In addition, second lien loan products are subject to intercreditor arrangements with the holders of first lien indebtedness, pursuant to which the second lien

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holders have waived many of the rights of a secured creditor, and some rights of unsecured creditors, including rights in bankruptcy, which can adversely affect recoveries. While there is broad market acceptance of some second lien intercreditor terms, no clear market standard has developed for certain other material intercreditor terms for second lien loan products. This variation in key intercreditor terms may result in dissimilar recoveries across otherwise similarly situated second lien loans in insolvency or distressed situations. While uncertainty of recovery in an insolvency or distressed situation is inherent in all debt instruments, second lien loan products carry more risks than certain other debt products.

For reasons not necessarily attributable to any of the risks set forth herein (for example, supply/demand imbalances or other market forces), the prices of the debt instruments in which the Fund invests may decline substantially. It may not be possible to predict, or to hedge against, such "spread-widening" risk. Additionally, the perceived discount in pricing described herein may still not reflect the true value of the assets underlying debt instruments in which the Fund invests, and therefore further deteriorations in value with respect thereto may occur following the Fund's investment therein. In fact, after mid-2007, the market for many loan instruments, including second lien loans, contracted significantly, which made virtually all leveraged loan instruments, particularly second lien loan instruments, less liquid or illiquid. Many participants ceased underwriting and purchasing certain second lien loan instruments. There can be no assurance that the market for second lien loans will not experience future contractions.

Investing in senior secured loans indirectly through securities of pooled issuers involves particular risks.

The Fund obtains exposure to underlying senior secured loans and other debt instruments through the Fund's investments but may obtain such exposure directly or indirectly through other means from time to time. Such debt instruments may become nonperforming or impaired for a variety of reasons. For example, nonperforming or impaired loans may require substantial workout negotiations or restructuring that may entail a substantial reduction in the interest rate and/or a substantial write-down of the principal of the loan. In addition, because of the unique and customized nature of a loan agreement and the private syndication of a loan, certain loans may not be purchased or sold as easily as publicly traded securities, and, historically, the trading volume in the loan market has been small relative to other markets. Loans may encounter trading delays due to their unique and customized nature, and transfers may require the consent of an agent bank and/or borrower. Risks associated with senior secured loans include the fact that prepayments generally may occur at any time without premium or penalty.

In addition, the portfolios of certain issuers in which the Fund invests may contain middle market loans (such as certain CLOs and certain private credit vehicles) or other higher-risk assets. Loans to middle market companies may carry more inherent risks than loans to larger, publicly traded entities. These companies generally have more limited access to capital and higher funding costs, may be in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from public capital markets or from traditional sources, such as commercial banks. Middle market companies typically have narrower product lines and smaller market shares than large companies. Therefore, they tend to be more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies may also experience substantial variations in operating results. The success of a middle market business may also depend on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on the obligor. Accordingly, loans made to middle market companies may involve higher risks than loans made to companies that have greater financial resources or are otherwise able to access traditional credit sources. Middle market loans are less liquid and have a smaller trading market than the market for broadly syndicated loans and may have default rates or recovery rates that differ (and may be better or worse) than has been the case for broadly syndicated loans or investment grade securities. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced with respect to middle market loans or other higher-risk assets in any issuer in which the Fund may invest. As a consequence of the forgoing factors, the securities issued by pooled vehicles that primarily invest in middle market loans (or hold significant portions thereof) or other higher-risk assets are generally considered to be a riskier investment than securities issued by vehicles that primarily invest in broadly syndicated loans.

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Covenant-lite loans may comprise a significant portion of the senior secured loans underlying the issuers in which the Fund invests. Over the past decade, the senior secured loan market has evolved from one in which covenant-lite loans represented a minority of the market to one in which such loans represent a significant majority of the market. Generally, covenant-lite loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent that the issuers that the Fund invests in hold covenant-lite loans, such issuers may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

The Fund's investments in structured finance securities involve certain risks.

The Fund's investments will include structured finance securities. Structured finance securities are generally backed by an asset or a pool of assets (typically senior secured loans and other credit-related assets in the case of a CLO) that serve as collateral. The Fund and other investors in structured finance securities ultimately bear the credit risk of the underlying collateral. Most structured finance securities are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of junior tranches which are the focus of the Fund's investment strategy, and scheduled payments to junior tranches have a priority in right of payment to subordinated/equity tranches.

Structured finance securities may present risks similar to those of the other types of debt obligations and, in fact, such risks may be of greater significance. For example, investments in structured vehicles, including CBOs and equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities, such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage related securities, trust preferred securities and emerging market debt. The pool of high yield securities underlying CBOs is typically separated into tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates, whereas the lower tranches, with greater risk, pay higher interest rates.

General Risks Related to CLOs.

The Fund may invest in CLOs. Accordingly, the Fund may be exposed to the risks of investments in CLOs, which may be substantial. Such risks include, without limitation, (i) risks associated with the deterioration of the performance of the collateral obligations underlying the relevant CLOs, including risks relating to defaults of the CLO collateral and inability to recover such collateral, (ii) risks relating to the withdrawal of CLO senior tranches (including the negative impact such withdrawals may have on the holders of a CLO's equity and mezzanine debt), (iii) risks relating to the price volatility of CLO collateral and a CLO's securities (particularly its equity), (iv) risks relating to the principal payments payable on a CLO's equity, (v) risks relating to complying with regulations applicable to CLOs and their managers (including risk retention regulations applicable under the laws of certain jurisdictions), (vi) interest rate risk, (vii) risks relating to investing in a "warehousing facility" established in respect of a CLO, (viii) general risks of investing in loans and debt securities, including below investment-grade investments and high-yield securities and (ix) tax implications of investing in CLOs.

The Fund's portfolio of investments may lack diversification among structured finance securities which may subject the Fund to a risk of significant loss if one or more of these securities experience a high level of defaults on collateral.

The Fund's portfolio may hold investments in a limited number of structured finance securities. Beyond the asset diversification requirements associated with the Fund's qualification as a RIC under the Code, the Fund

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will not have fixed guidelines for diversification, the Fund will not have any limitations on the ability to invest in any one structured finance security, and the Fund's investments may be concentrated in relatively few structured finance securities. As the Fund's portfolio may be less diversified than the portfolios of some larger funds, the Fund is more susceptible to risk of loss if one or more of the securities in which the Fund is invested experiences a high level of defaults on its collateral. Similarly, the aggregate returns the Fund realizes may be significantly adversely affected if a small number of investments perform poorly or if the Fund needs to write down the value of any one investment. The Fund may also invest in multiple structured finance securities managed by the same issuer, thereby increasing the Fund's risk of loss in the event the issuer were to fail, experience the loss of key portfolio management employees or sell its business.

The structured finance securities in which the Fund invests may hold loans that are concentrated in a limited number of industries.

The structured finance securities in which the Fund invests may hold loans that are concentrated in a limited number of industries. As a result, a downturn in the industry or in any particular industry that the structured finance securities in which the Fund invests are concentrated could significantly impact the aggregate returns the Fund realizes.

Failure by a structured finance security in which the Fund is invested to satisfy certain tests will harm the Fund's operating results.

The failure by an issuer of a structured finance security in which the Fund invests to satisfy financial covenants, including with respect to adequate collateralization and/or interest coverage tests, would lead to a reduction in its payments to the Fund. In the event that a structured finance security fails certain tests, holders of senior debt would be entitled to additional payments that would, in turn, reduce the payments the Fund, as holder of junior debt or equity tranches, would otherwise be entitled to receive. Separately, the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting structured finance security or any other investment the Fund may make. If any of these occur, it could materially and adversely affect the Fund's operating results and cash flows.

Negative loan ratings migration may also place pressure on the performance of certain of the Fund's structured finance securities investments.

Per the terms of a structured finance security's indenture, assets rated "CCC+" or lower or their equivalent in excess of applicable limits typically do not receive full par credit for purposes of calculation of the structured finance security's overcollateralization tests. As a result, negative rating migration could cause a CLO to be out of compliance with its overcollateralization tests. This could cause a diversion of cash flows away from the structured finance security junior debt tranches in favor of the more senior debt tranches until the relevant overcollateralization test breaches are cured. This could have a negative impact on the Fund's NAV and cash flows.

The Fund's investments in certain investment vehicles result in additional expenses to the Fund.

The Fund invests in structured finance securities and may invest, to the extent permitted by law, in the securities and other instruments of other investment companies, including private funds, and, to the extent the Fund so invests, will bear the Fund's ratable share of any such investment expenses, including management and performance fees. In addition to the management and performance fees borne by the Fund's investments, the Fund also remains obligated to pay management fees to the Adviser with respect to the assets invested in the securities and other instruments of other investment vehicles. With respect to each of these investments, each holder of the Fund's Shares bears his or her share of the management fee of the Adviser as well as indirectly bearing the management and performance fees charged by the underlying advisor and other expenses of any investment vehicles in which the Fund invests.

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In the course of the Fund's investing activities, the Fund pays management fees to the Adviser and reimburses the Adviser for certain expenses it incurs. As a result, investors in the Fund's securities invest on a "gross" basis and receive distributions on a "net" basis after expenses, potentially resulting in a lower rate of return than an investor might achieve through direct investments.

The Fund's investments may be less transparent to the Fund and the Fund's Shareholders than direct investments in the collateral.

The Fund intends to invest in certain pooled vehicles other related investments. Generally, there may be less information available to the Fund regarding the collateral held by such vehicles than if the Fund had invested directly in the debt of the underlying obligors. As a result, the Fund's Shareholders do not know the details of the collateral of certain of the issuers in which the Fund invests or receive reporting issued with respect to such issuers. In addition, certain of the information contained in periodic reports and other financial information furnished to the Fund as investor is unaudited. The Fund's investments are also subject to the risk of leverage associated with the debt issued by such issuers and, in some cases, the repayment priority of senior debt holders in such issuers.

Mortgage-Backed Securities and ABS—Generally.

The investment characteristics of mortgage-backed securities and ABS differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be prepaid at any time.

Mortgage-Backed Securities

Commercial Mortgage-Backed Securities. The Fund's portfolio may include commercial mortgage-backed securities, which are securities backed by obligations (including certificates of participation in obligations) that are principally secured by interests in real property having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. Commercial mortgage-backed securities have been issued in public and private transactions by a variety of public and private issuers using a variety of structures, including senior and subordinated classes. Commercial mortgage loans generally lack standardized terms, tend to have shorter maturities than residential mortgage loans and may provide for the repayment of all or substantially all of the principal only at maturity. All of these factors increase the risk involved with commercial real estate lending. Commercial properties tend to be unique and are more difficult to value than one-to-four family residential properties. Commercial lending is generally viewed as exposing a lender to a greater risk of loss than residential one-to-four family lending since it typically involves larger loans to a single borrower than residential one-to-four family lending.

Commercial mortgage lenders typically look to the debt service coverage ratio of a loan secured by income-producing property as an important measure of the risk of default on a loan. Commercial property values and net operating income are subject to volatility, and net operating income may be sufficient or insufficient to cover debt service on the related mortgage loan at any given time. The repayment of loans secured by income-producing properties is typically dependent upon the successful operation of the related real estate project as well as upon the liquidation value of the underlying real estate. The value of commercial real estate is also subject to a number of laws and regulations, such as regulations and laws regarding environmental clean-up and limitations on remedies imposed by bankruptcy laws and state laws regarding foreclosures and rights of redemption.

Most commercial mortgage loans underlying mortgage-backed securities are effectively non-recourse obligations of the borrower, meaning that there is no recourse against the borrower's assets other than the collateral. If borrowers are not able or willing to refinance or dispose of encumbered property to pay the principal and interest owed on such mortgage loans, payments on the subordinated classes of the related mortgage-backed

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securities are likely to be adversely affected. The ultimate extent of the loss, if any, to the subordinated classes of mortgage-backed securities may only be determined after a negotiated discounted settlement, restructuring or sale of the mortgage note, or the foreclosure (or deed in lieu of foreclosure) of the mortgage encumbering the property and subsequent liquidation of the property. Foreclosure can be costly and delayed by litigation and/or bankruptcy. Factors such as the property's location, the legal status of title to the property, its physical condition and financial performance, environmental risks, and governmental disclosure requirements with respect to the condition of the property may make a third-party unwilling to purchase the property at a foreclosure sale or to pay a price sufficient to satisfy the obligations with respect to the related mortgage-backed securities. Revenues from the assets underlying such mortgage-backed securities may be retained by the borrower and the return on investment may be used to make payments to others, maintain insurance coverage, pay taxes or pay maintenance costs. Such diverted revenue is generally not recoverable without a court-appointed receiver to control collateral cash flow.

Commercial mortgage-backed securities may pay fixed or floating rates of interest. Fixed-rate commercial mortgage-backed securities, like all fixed income securities, generally decline in value as rates rise. Moreover, although generally the value of fixed income securities increases during periods of falling interest rates, the inverse relationship may not be as marked in the case of commercial mortgage-backed securities due to the increased likelihood of prepayments during periods of falling interest rates. This effect is mitigated to some degree for mortgage loans providing for a period during which no prepayments may be made.

Certain commercial mortgage-backed securities lack regular amortization of principal, resulting in a single "balloon" payment due at maturity. If the underlying mortgage borrower experiences business problems, or other factors limit refinancing alternatives, such balloon payment mortgages are likely to experience payment delays or even default.

Residential Mortgage-Backed Securities. The Fund's portfolio may include residential mortgage-backed securities ("RMBS"). Holders of RMBS bear various risks, including credit, market, interest rate, structural and legal risks. RMBS represent interests in pools of residential mortgage loans secured by one to four family residential mortgage loans. Such loans may be prepaid at any time. Residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity, although such loans may be securitized by government agencies and the securities issued are guaranteed. The rate of defaults and losses on residential mortgage loans will be affected by a number of factors, including general economic conditions and those in the geographic area where the mortgaged property is located, the terms of the mortgage loan, the borrower's "equity" in the mortgaged property and the financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure of such residential mortgage loan may be a lengthy and difficult process and may involve significant expenses. Furthermore, the market for defaulted residential mortgage loans or foreclosed properties may be very limited.

Further, each underlying residential mortgage loan in an issue of RMBS may have a balloon payment due on its maturity date. Balloon residential mortgage loans involve a greater risk to a lender than self-amortizing loans, because the ability of a borrower to pay such amount will normally depend on its ability to obtain refinancing of the related mortgage loan or sell the related mortgaged property at a price sufficient to permit the borrower to make the balloon payment, which will depend on a number of factors prevailing at the time such refinancing or sale is required, including the strength of the residential real estate markets, tax laws, the financial situation and operating history of the underlying property, interest rates, conditions in credit markets and general economic conditions. If the borrower is unable to make such balloon payment, the related issue of RMBS may experience losses.

Certain mortgage loans may be of sub-prime credit quality. Originators of loans make sub-prime mortgage loans to borrowers that typically have limited access to traditional mortgage financing for a variety of reasons, including impaired or limited past credit history, lower credit scores, high loan-to-value ratios or high debt-to-income ratios. As a result of these factors, delinquencies and liquidation proceedings are more likely with

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sub-prime mortgage loans than with mortgage loans that satisfy customary credit standards. Another factor that may result in higher delinquency rates is the increase in monthly payments on adjustable-rate mortgage loans.

From time to time, the residential mortgage market in the United States has experienced a variety of difficulties and changed economic conditions. Such difficulties and conditions, if they occur, may adversely affect the performance and market value of RMBS and collateralized-debt obligation securities backed by RMBS, including through causing delinquencies and losses with respect to residential mortgage loans to occur and/or increase and/or causing housing prices and appraisal values in many states to decline or stop appreciating. Any such decline or extended flattening of those values may result in increases in delinquencies and losses on RMBS generally.

Asset-Backed Securities.

ABS generally refer to securities backed by assets other than mortgages, mortgage-backed securities, or other mortgage-related assets. Credit card receivables, automobile, boat and recreational vehicle installment sales contracts, commercial and industrial bank loans, home equity loans and lines of credit, manufactured housing loans, corporate debt securities, student loans and various types of accounts receivable commonly support ABS. However, there can be no assurance that innovation in the relevant markets will not transform ABS by adding new classes of assets, new structures, or other features not now familiar in the asset-backed markets.

ABS present certain risks that are not presented by mortgage-backed securities. Primarily, these securities do not have the benefit of the same security interest in the related collateral. Credit card receivables, for example, are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer loan laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. Most issuers of automobile receivables permit the servicers to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related automobile receivables. In addition, because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the automobile receivables may not have a proper security interest in all of the obligations backing such receivables. Therefore, there is a possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities. Student loans receivables are highly susceptible to prepayment risk and extension risk due to actions taken by individual borrowers and other variables beyond the issuer's control. For example, student loans may be extended as a result of grace periods, deferment periods and, under some circumstances, forbearance periods, which may lengthen the remaining term of the student loans and delay principal payments. The risk of investing in ABS is ultimately dependent upon payment of consumer loans by the debtor.

The collateral supporting ABS is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments. As with mortgage-backed securities, ABS are often backed by a pool of assets representing the obligations of a number of different parties and may use credit enhancement techniques such as letters of credit, guarantees or preference rights. The value of an asset-backed security is affected by changes in the market's perception of the asset backing the security and the creditworthiness of the servicing agent for the loan pool, the originator of the loans or the financial institution providing any credit enhancement, as well as by the expiration or removal of any credit enhancement.

Nature of Investment in Subordinated Debt Instruments

The Fund may also make investments in subordinated debt which would be unsecured and rank behind the issuer's secured indebtedness. While such subordinated debt investments may benefit from similar financial and other covenants as those enjoyed by the indebtedness ranking ahead of the investments and may benefit from cross-default provisions, some or all of such terms may not be part of particular investments. Moreover, the ability of the Fund to influence an issuer's affairs, especially during periods of financial distress or following

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insolvency, is likely to be substantially less than that of senior creditors. For example, under typical subordination terms, secured creditors are able to block the acceleration of the debt or the exercise by debt holders of other rights or remedies they may have as creditors for a period of time. Accordingly, the Fund may not be able to take steps to protect its investments in a timely manner or at all. In addition, the unsecured debt in which the Fund may invest may not be protected by financial covenants or limitations upon additional indebtedness, could have limited liquidity and may not be rated by a credit rating agency. Further, upon any distribution to an issuer's creditors in a bankruptcy, liquidation or reorganization or similar proceeding, the holders of such issuer's senior and/or secured indebtedness (to the extent of the collateral securing such obligation) will be entitled to be paid in full before any payment may be made with respect to the Fund's subordinated debt investments. In the event of a bankruptcy, liquidation or reorganization or similar proceeding relating to an issuer, the Fund would participate with all other holders of such issuer's indebtedness in the assets remaining after the issuer has paid all of its senior and/or secured indebtedness (to the extent of the collateral securing such obligation). An issuer may not have sufficient funds to pay all of its creditors and the Fund may receive nothing, or less, ratably, than the holders of senior and/or secured indebtedness of such issuer or the holders of indebtedness that is not subordinated.

Risks Associated with Below Investment-Grade Investments

The Fund may invest in private and government debt financial instruments, which may be unrated or below investment grade. Securities that are rated below investment-grade are sometimes referred to as "high yield" or "junk." It is likely that many of the debt instruments in which the Fund invests may be unrated, and whether or not rated, the debt instrument may have speculative characteristics. The issuers of such instruments may face significant ongoing uncertainties and exposure to adverse conditions that may undermine the issuer's ability to make timely payment of interest and principal. Such instruments are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations and involve major risk exposure to adverse conditions.

In addition, the Fund may invest in bonds of issuers that do not have publicly traded equity securities, making it more difficult to hedge the risks associated with such investments. Financial instruments that are below investment grade or unrated face ongoing uncertainties and exposure to adverse business, financial or economic conditions which could lead to the issuer's inability to meet timely interest and principal payments. The market values of certain of these lower-rated and unrated debt financial instruments tend to reflect individual corporate developments to a greater extent than do higher-rated financial instruments, which react primarily to fluctuations in the general level of interest rates and tend to be more sensitive to economic conditions than higher-rated financial instruments. As a result (and as noted above), the market prices of such financial instruments can be subject to abrupt and erratic market movements and changes in liquidity and above-average price volatility, and the spread between the bid and asked prices of such financial instruments may be greater than those prevailing in other securities markets. Companies that issue such financial instruments are often highly leveraged and may not have available to them more traditional methods of financing. It is possible that a major economic recession could disrupt severely the market for such financial instruments and may have an adverse impact on the value of such financial instruments. In addition, it is possible that any such economic downturn could adversely affect the ability of the issuers of such financial instruments to repay principal and pay interest thereon and increase the incidence of default of such financial instruments. The potentially concentrated nature of the Fund's investment program could magnify the effects of such risks.

Liquidity of Fixed Income Markets.

At times, certain sectors of the fixed income markets (such as the ABS and mortgage-backed securities markets) have in the past experienced significant falloffs in liquidity. While such events may sometimes be attributable to changes in interest rates or other factors, the cause is not always apparent. During such periods of market illiquidity, the Fund may not be able to sell assets in its portfolio or may only be able to do so at unfavorable prices. Such "liquidity risk" could adversely impact the value of the Fund's portfolio, and may be difficult or impossible to hedge against.

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Bank Loans.

The Fund's investment program may include investments in bank loans and participations. These obligations are subject to unique risks, including: (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws; (ii) so-called lender-liability claims by the issuer of the obligations; (iii) environmental liabilities that may arise with respect to collateral securing the obligations; and (iv) limitations on the ability of the Fund to directly enforce its rights with respect to participations. In analyzing each bank loan or participation, the Adviser compares the relative significance of the risks against the expected benefits of the investment. Successful claims by third parties arising from these and other risks will be borne by the Fund.

As secondary market trading volumes increase, new loans are frequently adopting standardized documentation to facilitate loan trading, which may improve market liquidity. There can be no assurance, however, that future levels of supply and demand in loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue. Because of the provision to holders of such loans of confidential information relating to the borrower, the unique and customized nature of the loan agreement, and the private syndication of the loan, loans are not as easily purchased or sold as a publicly traded security, and historically the trading volume in the loan market has been small relative to other markets.

Investing in Mezzanine Debt Securities Involves Particular Risks.

The Fund may invest in mezzanine debt. Mezzanine debt typically is junior to the obligations of an issuer to senior creditors, trade creditors and employees. The ability of the Fund to influence such issuer's affairs, especially during periods of financial distress or following an insolvency, will be substantially less than that of senior creditors. Mezzanine debt instruments are often issued in connection with leveraged acquisitions or recapitalizations in which an issuer incurs a substantially higher amount of indebtedness than the level at which it previously had operated. Default rates for mezzanine debt instruments historically have been higher than for investment-grade instruments. In the event of the insolvency of an issuer or similar event, the Fund's debt investment therein will be subject to fraudulent conveyance, subordination and preference laws.

Investing in Investment Grade Debt Securities Involves Particular Risks.

Certain credit investments in which the Fund intends to invest are may be rated investment-grade (or otherwise exhibit characteristics similar to investment-grade rated fixed income debt securities). The credit ratings on investment grade debt securities are intended to reflect (but will not necessarily reflect) relatively less credit and liquidity risk than non-investment grade securities such as high-yield debt securities or mezzanine debt securities. Risks of investment grade debt securities may include (among others): (i) marketplace volatility resulting from changes in prevailing interest rates; (ii) the absence, in many instances, of collateral security; (iii) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the Fund to reinvest premature redemption proceeds in lower-yielding debt obligations; and (iv) the declining creditworthiness and the greater potential for insolvency of the issuer of such investment debt securities during periods of rising credit spreads or interest rates or economic downturn.

Special Situations and Stressed Investments Risk.

The Fund may invest in special situation investments. Although such investments may result in significant returns for the Fund, they are speculative and involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment and/or may be required to accept payment over an extended period of time. Among the risks inherent in

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investments in a troubled company is that it may be difficult to obtain accurate information as to the financial condition of such company. Troubled company investments and other distressed asset-based investments require active monitoring.

The Fund's investments in stressed issuers may include issuers that the Adviser believes are reasonably likely to make an exchange offer or will be the subject of a plan of reorganization pursuant to which the Fund will receive new securities in return for a special situation investment. There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in the special situation investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the special situation investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the extent the Fund seeks capital appreciation through investment in special situation investments, the Fund's ability to achieve current income for its Shareholders may be diminished. The Fund also will be subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by special situation investments will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the special situation investments or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is made or plan of reorganization is adopted with respect to special situation investments held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made or even no value. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. Similarly, if the Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of special situation investments, the Fund may be restricted from disposing of such securities.

Risks Associated with Investments in Distressed Securities.

The Fund may invest in obligations of issuers in weak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, including companies involved in bankruptcy or other reorganization and liquidation proceedings. These obligations are likely to be particularly risky investments although they also may offer the potential for correspondingly high returns. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments may also be adversely affected by laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability and the bankruptcy court's power to disallow, reduce, subordinate, recharacterize debt as equity or disenfranchise particular claims. Such companies' obligations should be considered speculative, and the ability of such companies to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such companies. In addition, there is no minimum credit standard that is a prerequisite to the Fund's investments in any financial instrument, and a significant portion of the obligations in which the Fund invests may be less than investment grade. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that value of the assets collateralizing the Fund's investments will be sufficient or that prospects for a successful reorganization or similar action will become available. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than its original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Fund's investments may not compensate the Shareholders adequately for the risks assumed. In addition, under certain circumstances, payments and

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distributions may be disgorged if any such payment is later determined to have been a fraudulent conveyance or a preferential payment.

In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (for example, until various liabilities, actual or contingent, have been satisfied) or will result in a distribution of cash or a new security the value of which will be less than the purchase price to the Fund of the security in respect to which such distribution was made.

In certain transactions, the Fund may not be "hedged" against market fluctuations or, in liquidation situations, may not accurately value the assets of the company being liquidated. This can result in losses, even if the proposed transaction is consummated.

Troubled companies and other asset-based investments also require active monitoring and may, at times, require participation in business strategy or reorganization proceedings by the Adviser. To the extent that the Adviser become involved in such proceedings, the Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. In addition, involvement by the Fund in an issuer's reorganization proceedings could result in the imposition of restrictions limiting the Fund's ability to liquidate its positions in the issuer.

Risks of Litigation.

Investing in distressed securities can be a contentious and adversarial process. Different investor groups may have qualitatively different, and frequently conflicting, interests. The Fund's investment activities may include activities that are hostile in nature and will subject the Fund to the risks of becoming involved in litigation by third parties. This risk may be greater where the Fund exercises control or significant influence over a company's direction. The expense of defending against claims against the Fund by third parties and paying any amounts pursuant to settlements or judgments would be borne by the Fund and would reduce net assets. The Adviser will be indemnified by the Fund in connection with such litigation, subject to certain conditions.

Risks Associated with Bankruptcy Cases.

Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, there can be no assurance that a bankruptcy court would not approve actions that may be contrary to the interests of the Fund. Furthermore, there are instances where creditors and equity holders lose their ranking and priority as such when they take over management and functional operating control of a debtor. In those cases where the Fund, by virtue of such action, are found to exercise "domination and control" of a debtor, the Fund may lose its priority if the debtor can demonstrate that its business was adversely impacted or other creditors and equity holders were harmed by the Fund.

Generally, the duration of a bankruptcy case can only be roughly estimated. Unless the Fund's claim in such case is secured by assets having a value in excess of such claim, no interest will be permitted to accrue and, therefore, the Fund's return on investment can be adversely affected by the passage of time during which the plan of reorganization of the debtor is being negotiated, approved by the creditors, and confirmed by the bankruptcy court. The risk of delay is particularly acute when a creditor holds unsecured debt or when the collateral value underlying secured debt does not equal the amount of the secured claim. Under most circumstances, unless the debtor is proved to be solvent, no interest or fees are permitted to accrue after the commencement of the debtor's case, as a matter of U.S. bankruptcy law. Reorganizations outside of bankruptcy are also subject to unpredictable and potentially lengthy delays.

U.S. bankruptcy law permits the classification of "substantially similar" claims in determining the classification of claims in a reorganization for the purpose of voting on a plan of reorganization. Because the

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standard for classification is vague, there exists a significant risk that the Fund's influence with respect to a class of securities can be lost by the inflation of the number and the amount of claims in, or other alteration of, the class.

The administrative costs in connection with a bankruptcy proceeding are frequently high and will be paid out of the debtor's estate prior to any return to creditors (other than out of assets or proceeds hereof, which are subject to valid and enforceable liens and other security interests) and equity holders. In addition, certain claims that have priority by law (for example, claims for taxes) may be quite high.

The Adviser, on behalf of the Fund, may seek representation on creditors' committees, equity holders' committees or other groups to ensure preservation or enhancement of the Fund's position as a creditor or equity holder. A member of any such committee or group may owe certain obligations generally to all parties similarly situated that the committee represents. If the Adviser concludes that its obligations owed to the other parties as a committee or group member potentially conflict with its duties owed to the Fund, it may resign from that committee or group, and the Fund may not realize the benefits, if any, of participation on the committee or group. In addition and also as discussed above, if the Fund is represented on a committee or group, it may be restricted or prohibited under applicable law from disposing of its respective investments in such company while it continues to be represented on such committee or group.

The Fund may purchase creditor claims subsequent to the commencement of a bankruptcy case. Under judicial decisions, it is possible that such purchase may be disallowed by the bankruptcy court if the court determines that the purchaser has taken unfair advantage of an unsophisticated seller, which may result in the rescission of the transaction (presumably at the original purchase price) or forfeiture by the purchaser.

Fixed Income Securities and Loans

The Fund may invest in bonds or other fixed income financial instruments of U.S. and non-U.S. issuers, including bank debt, bonds, notes, debentures and commercial paper, as well as derivatives thereon. Fixed income financial instruments pay fixed, variable or floating rates of interest. The value of fixed income financial instruments in which the Fund invests will change in response to fluctuations in interest rates. In addition, the value of certain fixed-income financial instruments and bank loans can fluctuate in response to perceptions of creditworthiness, foreign exchange rates, political stability or soundness of economic policies. Fixed income financial instruments and bank loans are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk).

U.S. Government Debt Securities Risk.

U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. Like other debt securities, however, the values of U.S. government debt securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund's NAV. Since the magnitude of these fluctuations will generally be greater at times when the Fund's average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. The maximum potential liability of the issuers of some U.S. government obligations may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. In addition, the secondary market for certain participations in loans made to foreign governments or their agencies may be limited. In the absence of a suitable secondary market, such participations are generally considered illiquid. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could impact the creditworthiness of the United States and could impact the liquidity of the U.S. Government securities markets and ultimately the Fund.

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Corporate Debt Securities.

Corporate debt securities exist in great variety, differing from one another in quality, maturity, and call or other provisions. Lower-grade bonds, whether rated or unrated, usually offer higher interest income, but also carry increased risk of default. Corporate bonds may be secured or unsecured, senior to or subordinated to other debt of the issuer, and, occasionally, may be guaranteed by another entity. In addition, they may carry other features, such as those described under "—Convertible Securities Risks," or have special features such as the right of the holder to shorten or lengthen the maturity of a given debt instrument, rights to purchase additional securities, rights to elect from among two or more currencies in which to receive interest or principal payments, or provisions permitting the holder to participate in earnings of the issuer or to participate in the value of some specified commodity, financial index, or other measure of value.

Non-U.S. Investments

The Fund is expected to invest in portfolio companies that have operations or assets located outside of the U.S. Investing in non-U.S. assets or companies with operations or assets located outside the U.S. may involve greater risks than investing in U.S. financial instruments or companies that operate (or whose assets are located) solely within the U.S. In particular, the value of the Fund's investments with non-U.S. exposure may be significantly affected by changes in currency exchange rates, which may be volatile. Although the Adviser may attempt to hedge against foreign currency exchange rate risks by utilizing spot and forward foreign exchange contracts, foreign currency options or other instruments, there can be no assurance that the Adviser will be able to do so successfully or cost-effectively, and the Adviser may decide not to hedge against such risks or to do so only incompletely. Additional risks include: (i) risks of economic dislocations in the host country; (ii) greater difficulty of enforcing legal rights in a foreign jurisdiction; (iii) exposure to fluctuations in interest rates payable with respect to the instruments in which the Fund invests; (iv) differences in conventions relating to documentation, settlement, corporate actions, stakeholder rights and other matters; (v) differences between the U.S. and non-U.S. securities markets, including potential price volatility in and relative illiquidity of some non-U.S. securities markets; (vi) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and differences in government supervision and regulation; (vii) certain economic and political risks, including potential exchange control regulations, potential restrictions on foreign investments and repatriation of capital and the risks associated with political, economic or social instability, diplomatic developments and the possibility of expropriation or confiscatory taxation; (viii) the possible imposition of non-U.S. taxes on income and gains recognized with respect to such financial instruments; (ix) the application of complex U.S. and non-U.S. tax rules to cross-border investments; (x) possible non-U.S. tax return filing requirements for the Fund; (xi) differing and potentially less well-developed or well-tested corporate laws regarding stakeholder rights, creditors' rights (including the rights of secured parties), fiduciary duties and the protection of investors; (xii) political hostility to investments by foreign or private equity investors; and (xiii) less publicly available information. While the Adviser will take these factors into consideration in making investment decisions for the Fund and intends to manage the Fund in a manner to minimize exposure to the foregoing risks, there can be no assurance that the Adviser will be able to evaluate the risks accurately or that adverse developments with respect to such risks will not adversely affect the value or realization of investments that are held by the Fund in certain countries.

Investments in Emerging Markets.

Investing in emerging markets involves additional risks and special considerations not typically associated with investing in other more established economies or markets. Countries in the emerging markets may have their own history of default on external debt when their economies experience a downturn. These risks of sovereign default could adversely affect the value of the Fund's portfolio even in circumstances when the investment has not performed poorly. Further, emerging markets are generally heavily dependent upon international trade or the health of particular economies and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and

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other protectionist measures imposed or negotiated by the countries with which they trade. The economies of certain emerging markets may be based predominantly on only a few industries and may be vulnerable to changes in trade conditions and may have higher levels of debt or inflation. In particular, certain commodities may occupy a prominent position in the economies of emerging markets and such economies are therefore sensitive to fluctuations in commodity prices. Further, emerging markets generally are not as efficient as those in developed countries. In some cases, a market for the security may not exist locally and transactions may need to be made on a non-local exchange. Volume and liquidity levels in emerging markets are lower than in developed countries. In addition, accounting, auditing and financial reporting standards, practices and disclosure requirements that prevail in emerging markets generally are not as high as standards in developed countries. Specifically, valuation of assets, depreciation, exchange differences, deferred taxation, contingent liabilities and consolidation may be treated differently from accounting standards in more developed countries and there is an increased risk of fraud or other deceptive practices. Further, the quality and reliability of official data published by the government or securities exchanges in emerging markets may not accurately reflect the actual circumstances being reported. The issuers of some non-U.S. securities, such as banks and other financial institutions, may be subject to less stringent regulations than would be the case for issuers in developed countries and, therefore, potentially carry greater risk. Consequently, less information is typically available concerning companies located in emerging markets. Accordingly, the Fund's abilities to conduct effective due diligence in connection with its emerging market investments and to monitor such investments may be adversely affected by these factors. In addition, the Fund's investment opportunities in certain emerging markets may be restricted by legal limits on foreign investment in local securities or restrictions on the ability to convert currency or to take currencies out of certain countries. Sometimes, emerging markets may lack or be in the relatively early development of legal structures governing private and foreign investments and private property, and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) and investors (e.g., the Fund) to bring actions against bad actors may be limited. As a result of these legal structures and limitations, the Fund faces the risk of being unable to enforce its rights with respect to its investments in emerging markets, which may cause losses to the Fund.

Due to the foregoing risks and complications, the costs associated with investments in emerging market securities generally are higher than for securities of issuers based in developed countries.

Bridge Financings.

From time to time, the Fund may invest in loans made to companies, single-purpose or limited-purpose entities or natural persons on a short-term, senior or subordinated basis or otherwise invest on an interim basis in portfolio companies in anticipation of a future issuance of equity or long-term debt securities or other financing or syndication. Such bridge loans would typically be convertible into or refinanced by a more permanent, long-term financing. However, for reasons not always in the Fund's control, such long-term securities issuance or other financing or syndication may not occur and such bridge loans and interim investments may remain outstanding. In such event, economic provisions of such loans or the terms of such interim investments may not adequately reflect the risk associated with the position by the Fund.

Investing in Synthetic Securities Involves Particular Risks.

In addition to the credit risks associated with directly or indirectly holding senior bank loans and high-yield debt securities, with respect to synthetic securities, the Fund will usually have a contractual relationship only with the counterparty of such synthetic security, and not with the reference obligor of the reference obligation. The Fund generally will have no right to directly enforce compliance by the reference obligor with the terms of the reference obligation nor will it have any rights of setoff against the reference obligor or rights with respect to the reference obligation. The Fund will not directly benefit from the collateral supporting the reference obligation and will not have the benefit of the remedies that would normally be available to a holder of such reference obligation. In addition, in the event of the insolvency of the counterparty, the Fund may be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference obligation. Consequently,

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the Fund will be subject to the credit risk of the counterparty as well as that of the reference obligor. As a result, concentrations of synthetic securities in any one counterparty subject the Fund to an additional degree of risk with respect to defaults by such counterparty as well as by the reference obligor.

Derivative Instruments Generally.

The Fund may, directly or indirectly, use various derivative instruments, including for hedging and investment purposes. Use of derivative instruments presents various risks, which include the following:

• Tracking . When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the derivative instrument and the underlying investment sought to be hedged may prevent the Fund from achieving the intended hedging effect or expose the Fund to the risk of loss.

• Liquidity . Derivative instruments, especially when traded in large amounts, may not be liquid in all circumstances, so that in volatile markets the Fund may not be able to close out a position without incurring a loss. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Fund may conduct its transactions in derivative instruments may prevent prompt liquidation of positions, subjecting the Fund to the potential of greater losses.

• Leverage . Use of derivative instruments can result in large amounts of leverage, which could magnify the gains and losses experienced by the Fund and could cause the Fund's NAV to be subject to wider fluctuations than would be the case if the Fund did not use the leverage feature in derivative instruments.

• Over-the-Counter Trading . Derivative instruments that may be purchased or sold by the Fund may include instruments not traded on an exchange. The risk of non-performance by the obligor on such an instrument may be greater and the ease with which the Fund can dispose of or enter into closing transactions with respect to such an instrument may be less than in the case of an exchange-traded instrument. In addition, significant disparities may exist between "bid" and "asked" prices for derivative instruments that are not traded on an exchange. Derivative instruments not traded on exchanges are also not subject to the same type of government regulation as exchange-traded instruments, and many of the protections afforded to participants in a regulated environment may not be available in connection with such transactions.

• Counterparty and Credit Risk . If contracts for investment are entered into between the Fund and a market counterparty as principal (and not as agent), the Fund will be exposed to the risk that the market counterparty may, in an insolvency or similar event, be unable to meet its contractual obligations to the Fund.

Because certain of such transactions will involve instruments that are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Fund will be subject to the risk that a counterparty will not perform its obligations under the related contracts. Although the Fund intends to pursue its remedies under any such contracts, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction as a result. The Fund will also be subject to the risk that a decrease in the NAV of the Fund resulting from portfolio performance, distributions or both, could result in the Fund defaulting under such contracts and losses to the Fund.

Use of Swap Agreements.

The Fund may invest in equity, credit, credit default, contingent recovery, interest rate, index, total return, commodity and currency swap agreements as well as enter contracts for difference and swap-type agreements on derivatives and complex instruments. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specified assets, such as the return on, or increase in value of,

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a particular dollar amount invested at a particular interest rate, in a particular non-U.S. currency or in a "basket" of securities representing a particular index. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary securities transactions. Interest rate swaps, for example, do not typically involve the delivery of securities, other underlying assets or principal. Accordingly, the market risk of loss with respect to an interest rate swap is often limited to the amount of interest payments that the Fund is contractually obligated to make on a net basis.

Swap Execution Facilities. Swaps subject to central clearing must be traded on an exchange or swap execution facility, unless no exchange or swap execution facility "makes the swap available to trade." These platforms require the Fund to subject itself to regulation by these venues and subject the Fund to the jurisdiction of the CFTC. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free.

Margin Requirements for Non-Cleared Swaps. Rules issued by U.S., EU and other regulators globally (the "Margin Rules") impose various margin requirements on all swaps that are not centrally cleared, including the establishment of minimum amounts of initial margin that must be posted. Although the Margin Rules are intended to increase the stability of the derivatives market, the overall amount of margin that the Fund will be required to post to swap counterparties may increase by a material amount, and as a result the Fund may not be able to deploy capital as effectively.

Use of Options.

The Fund may buy or sell (write) both call options and put options (either exchange-traded, over-the-counter or issued in private transactions), and when it writes options it may do so on a "covered" or an "uncovered" basis. A call option is "covered" when the writer owns securities of the class and amount of those as to which the call option applies. A put option is covered when the writer has an open short position in securities of the relevant class and amount. The Fund's options transactions may be part of a hedging tactic (i.e., offsetting the risk involved in another securities position) or a form of leverage, in which the Fund has the right to benefit from price movements in many securities with a small commitment of capital. These activities involve risks that can be large, depending on the circumstances. In general, the principal risks involved in options trading can be described as follows, without taking into account other positions or transactions the Fund may enter into.

When the Fund sells (writes) an option, the risk can be substantially greater than when it buys an option. The seller of an uncovered call option bears the risk of an increase in the market price of the underlying security above the exercise price. Theoretically, the risk of loss is unlimited unless the option is "covered." If it is covered, an increase in the market price of the security above the exercise price would cause the Fund to lose the opportunity for gain on the underlying security—assuming it bought the security for less than the exercise price. If the price of the underlying security were to drop below the exercise price, the premium received on the option (after transaction costs) would provide profit that would reduce or offset any loss the Fund might suffer as a result of owning the security.

The seller of an uncovered put option theoretically could lose an amount equal to the entire aggregate exercise price of the option, if the underlying security were to become valueless. If the option were covered with a short position in the underlying security, this risk would be limited, but a drop in the security's price below the exercise price would cause the Fund to lose some or all of the opportunity for profit on the "covering" short position—assuming the Fund sold short for more than the exercise price. If the price of the underlying security were to increase above the exercise price, the premium on the option (after transaction costs) would provide profit that would reduce or offset any loss the Fund might suffer in closing out its short position.

Warrants.

The Fund may receive or purchase warrants or rights. Warrants and rights generally give the holder the right to receive, upon exercise, a security of the issuer at a stated price. Risks associated with the use of warrants and

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rights are generally similar to risks associated with the use of options. Unlike most options, however, warrants and rights are issued in specific amounts, and warrants generally have longer terms than options. Warrants and rights are not likely to be as liquid as exchange-traded options backed by a recognized clearing agency. In addition, the terms of warrants or rights may limit the Fund's ability to exercise the warrants or rights at such time, or in such quantities, as the Fund would otherwise wish.

Futures Contracts.

The value of futures contracts depends upon the price of the underlying instrument. The prices of futures contracts are highly volatile, and price movements of futures contracts can be influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. In addition, investments in futures contracts also are subject to the risk of the failure of any of the exchanges on which the Fund's positions trade or of its clearinghouses or counterparties.

Futures positions are often illiquid because certain commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Under such daily limits, during a single trading day, no trades may be executed at prices beyond such daily limits. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Such daily limits could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses or prevent it from entering into desired trades. In extraordinary circumstances, a futures exchange or the CFTC could suspend trading in a particular futures contract, or order liquidation or settlement of all open positions in such futures contract.

Forward Trading.

Forward contracts and options thereon, unlike futures contracts, generally are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. There is no limitation on daily price movements and speculative position limits are not applicable to forward trading (to the extent forward contracts are not traded on exchanges) and "cash" trading. The principals who deal in the forward markets are not required to continue to make markets in the currencies or commodities they trade and these markets can experience periods of illiquidity, sometimes of significant duration. There have been periods during which certain participants in these markets have refused to quote prices for certain currencies or commodities or have quoted prices with an unusually wide spread between the price at which they were prepared to buy and that at which they were prepared to sell. Disruptions can occur in any market traded by the Fund due to unusually high trading volume, political intervention or other factors. The imposition of controls by government authorities might also limit such forward (and futures) trading to less than that which the Adviser would otherwise recommend, to the possible detriment of the Fund. Market illiquidity or disruption could result in major losses to the Fund.

Currency Exchange Exposure and Currency Hedging.

The Fund may invest a portion of its assets in the securities of non-U.S. issuers and other instruments denominated in non-U.S. currencies, the prices of which are determined with reference to currencies other than the U.S. dollar. The Fund, however, values its securities and other assets in U.S. dollars. The Fund may seek to hedge its non-U.S. currency exposure from time to time, but it may not always be practicable to do so. To the extent unhedged, the value of the Fund's positions in non-U.S. investments will fluctuate with U.S. dollar exchange rates as well as the price changes of the investments in the various local markets and currencies. In such cases, an increase in the value of the U.S. dollar compared to the other currencies in which the Fund makes its investments will reduce the effect of any increases and magnify the effect of any decreases in the prices of the Fund's securities in their local markets and may result in a loss to the Fund. Conversely, a decrease in the value of the U.S. dollar will have the opposite effect on the Fund's non-U.S. dollar investments.

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Furthermore, the Fund may incur costs in connection with conversions between various currencies. Non-U.S. currency exchange dealers realize a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer normally will offer to sell currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire immediately to resell that currency to the dealer. The Fund conducts its currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the currency exchange market, or through entering into forward, futures or commodity options contracts to purchase or sell non-U.S. currencies. Most of the Fund's currency exchange transactions occur at the time securities are purchased and are executed through the local broker or custodian acting for the Fund.

The Fund may seek to protect the value of some portion or all of its portfolio holdings against currency fluctuations by engaging in hedging transactions, but there can be no assurance that such hedging transactions will be effective. The Fund may enter into a number of different types of hedging transactions including, without limitation, forward contracts on currencies and entering into foreign currency borrowings. There can be no guarantee that instruments suitable for hedging currency or market shifts will be available at the time the Fund wishes to use them or will be able to be liquidated when the Fund wishes to do so. In addition, the Fund may choose not to enter into hedging transactions with respect to some or all of its positions.

Equity Risks.

The Fund invests in equity and equity derivative securities. The value of these securities generally will vary with the performance of the issuer and movements in the equity markets generally and for specific sectors. As a result, the Fund may suffer losses if it invests in equity securities of issuers whose performance falls below market expectations or if equity markets generally or specific sectors decline and the Fund has not hedged against such a decline. In its equity derivatives and private placements businesses, the Fund is exposed to risks that issuers will not fulfill their contractual obligations to the Fund, such as delivering marketable common stock upon conversions of convertible securities, registering restricted securities for public resale and maintaining listings on exchanges.

Convertible Securities.

Convertible securities are 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 entitles the holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases.

The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity.

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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 the Fund is called for redemption, the Fund 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 objective.

Short Selling.

Short selling involves selling securities which may or may not be owned and borrowing the same securities for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. Short selling allows the investor to profit from declines in securities prices. A short sale creates the risk of a theoretically unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Fund of buying those securities to cover the short position. There can be no assurance that the security necessary to cover a short position will be available for purchase. Additionally, certain market participants could accumulate such securities in a "short squeeze," which would reduce the available supply, and thus increase the cost, of such securities. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss.

Without limiting the generality of the foregoing, even though the Fund secures a "good borrow" of the security sold short at the time of execution, the lending institution may recall the lent security at any time, thereby forcing the Fund to purchase the security at the then-prevailing market price, which may be higher than the price at which such security was originally sold short by the Fund. In addition, the Fund may be required to provide additional margin to its counterparties, including its prime brokers, on short notice if the price of a security underlying a short position suddenly rises. If the Fund is unable to deliver the additional margin required, the Fund may need to prematurely close out the short position at unattractive prices, thereby resulting in a substantial loss. Depending on the timing and magnitude of a price increase in respect of an open short position, the Fund may be required to liquidate long positions to meet margin requirements, thereby further increasing the losses (or decreasing the gains) of the Fund. Further, fees charged to the Fund for borrowing securities may be substantial, and will decrease any gains (or increase losses) associated with a short position.

While the Adviser intends to employ short selling principally as a hedging technique, such short sales may nonetheless be characterized as "naked," meaning that the Fund does not own the security being sold short. The Adviser will have sole discretion in determining when, whether and in what manner to engage in short selling.

Other Investment Companies.

The Fund may invest in securities of other open- or closed-end investment companies (including ETFs and business development companies ("BDCs")), subject to applicable regulatory limits, that invest primarily in securities the types of which the Fund may invest directly. The market value of the shares of other investment companies may differ from their NAV. As a shareholder in an investment company, the Fund will bear its ratable share of that investment company's expenses, and will remain subject to payment of the Fund's advisory and other fees and expenses with respect to assets so invested. Shareholders will therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. The Adviser will take expenses into account when evaluating the investment merits of an investment in an investment company relative to other available investments.

The securities of other investment companies, including ETFs or BDCs, in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies, including ETFs or BDCs, that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund's long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

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The Fund may invest in ETFs, which may involve substantial risks and may be subject to wide and sudden fluctuations in market value, with a resulting fluctuation in the amount of profits and losses. ETFs represent shares of ownership in either funds or unit investment trusts that hold portfolios of common stocks, bonds or other instruments, which are designed to generally correspond to the price and yield performance of an underlying index. A primary risk factor relating to ETFs is that the general level of stock or bond prices may decline, thus affecting the value of an equity or fixed income ETF, respectively. An ETF may also be adversely affected by the performance of the specific sector or group of industries on which it is based. Moreover, although index ETFs are designed to provide investment results that generally correspond to the price and yield performance of their underlying indices, ETFs may not be able to exactly replicate the performance of the indices because of various sources of tracking error, including their expenses and a number of other factors.

Licensing Requirements.

Certain federal and local banking and regulatory bodies or agencies may require the Fund, the Adviser and/or certain employees of the Adviser to obtain licenses or authorizations to engage in many types of lending activities. There can be no assurance that any such licenses or authorizations will be granted. Additionally, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for the issuer and/or any relevant borrower, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license. The inability of the Fund or the Adviser to obtain necessary licenses or authorizations, the structuring of an originated investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect the Fund's ability to implement its investment program and achieve its intended results.

Fraud.

Of paramount concern in extending financing or investing in credit investments in the primary market is the possibility of material misrepresentation or omission on the part of the borrower. Such inaccuracy or incompleteness may adversely affect the valuation of the assets supporting credit investments or, in the case of secured financing, may adversely affect the ability of the Fund to perfect or effectuate a lien on underlying collateral securing the financing. The Fund and Adviser will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness.

Risks of Default on Underlying Assets.

A default and any resulting loss on an underlying asset will reduce its fair value and, consequently, the fair value of the related investment and the Fund's portfolio. A wide range of factors could adversely affect the ability of the issuer of an underlying asset to make interest or other payments on that asset. Any defaults and losses will have a negative impact on the fair value of the Fund's investments and will reduce the cash flows that the Fund receives from its investments.

Credit Risk.

If a credit investment in the Fund's portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor experiences a decline in its financial status the Fund's income may be adversely impacted. Non-payment would result in a reduction of income and a reduction in the value of the applicable credit investment experiencing non-payment. With respect to investments in credit investments that are secured, there can be no assurance that liquidation of collateral would satisfy the issuer's obligation in the event of non-payment of scheduled dividend, interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, there could be delays or limitations with respect to its ability to realize the benefits of any collateral securing a credit investment. To the extent that the credit rating assigned to a security is downgraded, the market price and liquidity of such security may be adversely affected. With respect to

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investments in credit investments that are unsecured, such unsecured debt effectively ranks subordinate to the issuer's secured debt, and there can be no assurance that the issuer will have sufficient assets to repay its unsecured debt after it has repaid its secured debt. The Fund may experience a loss of some or all of its investment.

Prepayment Risk.

Loans are generally prepayable in whole or in part at any time at the option of the obligor at par plus accrued and unpaid interest thereon, and occasionally plus a prepayment premium. Prepayments on loans may be caused by a variety of factors which are often difficult to predict. Consequently, there exists a risk that loans purchased at a price greater than par may experience a capital loss as a result of such a prepayment. When credit market conditions become more attractive to obligors, the rate of prepayment of the Fund's assets would be expected to increase as obligors refinance to take advantage of such improved conditions, which may negatively impact the Fund.

In general, "premium" securities (securities whose market values exceed their principal or par amounts) are adversely affected by faster than anticipated prepayments, and "discount" securities (securities whose principal or par amounts exceed their market values) are adversely affected by slower than anticipated prepayments. Since many mortgage-backed securities and ABS will be discount securities when interest rates are high and will be premium securities when interest rates are low, these mortgage-backed securities and ABS may be adversely affected by changes in prepayments in any interest rate environment. The adverse effects of prepayments may impact the Fund's portfolio in two ways. First, particular investments may experience outright losses, as in the case of an interest-only security in an environment of faster actual or anticipated prepayments. Second, particular investments may underperform relative to hedges that the Adviser may have constructed for these investments, resulting in a loss to the Fund's overall portfolio. In particular, prepayments (at par) may limit the potential upside of many mortgage-backed securities and ABS to their principal or par amounts, whereas their corresponding hedges often have the potential for unlimited loss.

Bankruptcy Risk.

The Fund may hold investments in obligors that are experiencing, or are expected to experience, severe financial difficulties, which may never be overcome and may lead to uncertain outcomes. The bankruptcy courts of the various jurisdictions in which any such obligor may file bankruptcy would have broad discretion to control the terms of a reorganization, and political factors may be of significant importance in high profile bankruptcies or bankruptcies in particular jurisdictions.

There are a number of significant risks inherent in the bankruptcy process. While creditors are generally given an opportunity to object to significant actions, there can be no assurance that a bankruptcy court, in the exercise of its broad powers, would not approve actions that would be contrary to the interests of the Fund. For example, in order to protect net operating losses of an obligor in bankruptcy, a bankruptcy court might take any number of actions, including prohibiting or limiting the transfer of claims held by certain classes of creditors. Such a prohibition could have a material adverse effect on the value of certain investments made by the Fund. For example, the Fund might be prohibited from liquidating investments which are declining in value.

In addition, under certain circumstances, a lender that has inappropriately exercised control of the management and policies of an obligor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions. In addition, under certain circumstances, payments to the Fund and distributions by the Fund to the Shareholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, a preferential payment or similar transaction under applicable bankruptcy or other insolvency laws. Furthermore, investments may be adversely affected by statutes related to, among other things, fraudulent conveyances, voidable preferences, lender liability or the bankruptcy court's discretionary power to disallow, subordinate or disenfranchise particular claims or re-characterize investments made in the form of debt as equity contributions.

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Generally, the duration of a bankruptcy case can only be roughly estimated. Unless the Fund's claim in such case is secured by assets having a value in excess of such claim, no interest will be permitted to accrue and, therefore, the Fund's return on investment can be adversely affected by the passage of time during which the plan of reorganization of the debtor is being negotiated, approved by the creditors, and confirmed by the bankruptcy court. The risk of delay is particularly acute when a creditor holds unsecured debt or when the collateral value underlying secured debt does not equal the amount of the secured claim. Under most circumstances, unless the debtor is proved to be solvent, no interest or fees are permitted to accrue after the commencement of the debtor's case, as a matter of U.S. bankruptcy law. Reorganizations outside of bankruptcy are also subject to unpredictable and potentially lengthy delays.

U.S. bankruptcy law permits the classification of "substantially similar" claims in determining the classification of claims in a reorganization for the purpose of voting on a plan of reorganization. Because the standard for classification is vague, there exists a significant risk that the Fund's influence with respect to a class of securities can be lost by the inflation of the number and the amount of claims in, or other alteration of, the class.

The administrative costs in connection with a bankruptcy proceeding are frequently high and will be paid out of the debtor's estate prior to any return to creditors (other than out of assets or proceeds hereof, which are subject to valid and enforceable liens and other security interests) and equity holders. In addition, certain claims that have priority by law (for example, claims for taxes) may be quite high.

The Adviser, on behalf of the Fund, may seek representation on creditors' committees, equity holders' committees or other groups to ensure preservation or enhancement of the Fund's position as a creditor or equity holder. A member of any such committee or group may owe certain obligations generally to all parties similarly situated that the committee represents. If the Adviser concludes that its obligations owed to the other parties as a committee or group member potentially conflict with its duties owed to the Fund, it may resign from that committee or group, and the Fund may not realize the benefits, if any, of participation on the committee or group. In addition, if the Fund is represented on a committee or group, it may be restricted or prohibited under applicable law from disposing of its respective investments in such company while it continues to be represented on such committee or group.

The possibility of litigation among the participants to a reorganization is another consideration that makes any evaluation of the outcome of an investment uncertain. Such uncertainties may also be increased by legal or other factors that limit the ability of the Adviser to obtain reliable or timely information concerning material developments affecting an obligor or that may lengthen a reorganization or liquidation proceeding.

Lender Liability Considerations and Equitable Subordination.

There currently exist a number of judicial decisions in the United States that have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed "lender liability"). Generally, such lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in a creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of certain of the Fund's investments, the Fund could be subject to allegations of lender liability.

In addition, under principles that in some cases form the basis for lender liability claims, if a lending institution (a) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court may subordinate the claim of the offending lending institution to the claims of the disadvantaged creditor

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or creditors, which is referred to as "equitable subordination." Because of the nature of certain of the Fund's investments, the Fund could be subject to claims from creditors of an obligor that the Fund's investments issued by such obligor that are held by the Fund should be equitably subordinated. The Fund's investments may involve investments in which the Fund would not be the lead creditor. It is, accordingly, possible that lender liability or equitable subordination claims affecting the investments could arise without the direct involvement of the Fund.

Subordinated Securities.

Investments in subordinated mortgage-backed and ABS involve greater credit risk of default than the senior classes of the issue or series. Many of the default-related risks of whole loan mortgages will be magnified in subordinated securities. Default risks may be further pronounced in the case of mortgage-backed securities secured by, or evidencing an interest in, a relatively small or less diverse pool of underlying mortgage loans. Certain subordinated securities ("first loss securities") absorb all losses from default before any other class of securities is at risk, particularly if such securities have been issued with little or no credit enhancement or equity. Such securities therefore possess some of the attributes typically associated with equity investments.

Recharacterization.

Under Title 11 of the Bankruptcy Code, a court may use its equitable powers to "recharacterize" the claim of a lender, i.e., notwithstanding the characterization by the lender and borrower of a loan advance as a "debt," to find that the advance was in fact a contribution in exchange for equity. Typically, recharacterization occurs when an equity holder asserts a claim based on a loan made by the equity holder to the borrower at a time when the borrower was in such poor financial condition so that other lenders would not make such a loan. In effect, a court that recharacterizes a claim makes a determination that the original circumstance of the contribution warrants treating the holder's advance not as debt but rather as equity. In determining whether recharacterization is warranted in any given circumstance, courts may look at the following factors: (i) the names given to the instruments (if any) evidencing the indebtedness; (ii) the presence or absence of a fixed maturity or scheduled payment; (iii) the presence or absence of a fixed rate of interest and interest payments; (iv) the source of repayments; (v) the adequacy or inadequacy of capital; (vi) the identity of interest between the creditor and the equity holders; (vii) the security (if any) for the advances; (viii) the borrower's ability to obtain financing from outside lending institutions; (ix) the extent to which the advances were subordinated to the claims of outside creditors; (x) the extent to which the assets were used to acquire capital assets; and (xi) the presence or absence of a sinking fund to provide for repayment. These factors are reviewed under the circumstances of each case, and no one factor is controlling. The Fund may be subject to claims from creditors of an obligor that debt obligations of such obligor held by the Fund should be recharacterized.

Risks Associated with Foreclosure.

Certain investments held by the Fund may be secured by collateral. To the extent the Fund needs to foreclose on such credit investments the Fund may, directly or indirectly, own such collateral and may be subject to the risks incident to the ownership and operation of such assets. In addition, the Fund may, directly or indirectly, incur the burdens of ownership. There is no assurance that there will be a ready market for resale of such assets or that such collateral will be sufficient to satisfy such defaulted loan obligation.

Real Estate Investment-Related Risks.

The Fund may invest in securities or instruments issued by REITs or other real estate-related issuers, which generally will be subject to the risks incident to the ownership and operation of commercial real estate and/or risks incident to the making of nonrecourse mortgage loans secured by real estate, including (i) risks associated with both the domestic and international general economic climate; (ii) local real estate conditions; (iii) risks due to dependence on cash flow; (iv) risks and operating problems arising out of the absence of certain construction materials; (v) changes in supply of, or demand for, competing properties in an area (as a result, for instance, of

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over-building); (vi) the financial condition of tenants, buyers and sellers of properties; (vii) changes in availability of debt financing; (viii) energy and supply shortages; (ix) changes in the tax, real estate, environmental and zoning laws and regulations; (x) various uninsured or uninsurable risks; (xi) natural disasters; and (xii) the ability of the Fund or third-party borrowers to manage the real properties. With respect to investments in real estate related equity or debt securities, the Fund will in large part be dependent on the ability of third parties to successfully operate the underlying real estate assets. There is no assurance that there will be a ready market for resale of investments because investments in real estate generally are not liquid.

Banking Relationships.

The Adviser and the Fund will hold cash and other assets in accounts with one or more banks, custodians or depository or credit institutions (collectively, "Banking Institutions"), which may include both U.S. and non-U.S. Banking Institutions from time to time. The Fund may also enter into financing arrangements and have other relationships with Banking Institutions. The distress, impairment, or failure of, or a lack of investor or customer confidence in, any of such Banking Institutions may limit the ability of each of the Adviser and the Fund to access, transfer or otherwise deal with its assets, utilize established financing resources, or rely upon any of such other relationships, in a timely manner or at all, and may result in other market volatility and disruption, including by affecting other Banking Institutions. All of the foregoing could have a negative impact on the Fund. For example, in such a scenario, the Fund could be forced to delay or forgo an investment or a distribution, including in connection with a redemption, withdrawal or distribution, or generate cash to fund such investment or distribution from other sources (including by disposing of other investments or making other borrowings) in a manner that it would not have otherwise considered desirable. Furthermore, in the event of the failure of a Banking Institution, access to a depository account with that institution could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC (and similar considerations may apply to Banking Institutions in other jurisdictions not subject to FDIC protection). In such a case, the Adviser, the Fund, as applicable, may not recover all or a portion of such excess uninsured amounts and could instead have an unsecured or other type of impaired claim against the Banking Institution (alongside other unsecured or impaired creditors). The Adviser does not expect to be in a position to reliably identify in advance all potential solvency or stress concerns with respect to the Fund's banking relationships, and there can be no assurance that the Adviser or the Fund will be able to easily establish alternative relationships with and transfer assets to other Banking Institutions in the event a Banking Institution comes under stress or fails.

Limited Diversification and Focused Portfolio Risk.

The Adviser may concentrate the Fund's investments in particular instruments, companies, sectors, countries and regions. Losses incurred in the portfolio's more concentrated positions could have a materially adverse effect on the Fund's overall financial condition. In addition, if the price of any of the Fund's investments decreases, and the Adviser is unable for any reason to liquidate the position quickly or at a relatively advantageous price, the effect of such decrease on the Fund's portfolio would be greater if the Fund had concentrated its assets in such a position. Such effects could have the result of decreasing the Fund's returns.

Some concentration with respect to particular obligors, regions and sectors is expected to exist in the Fund's investment portfolio, and such concentration could, at any one time, be significant. In addition, because redemptions and repayments of assets will occur, a concentration in any one obligor, region or sector may occur or increase over time. Any such concentration can be expected to subject the Fund to a greater degree of risk with respect to the impact of a default by such obligor, or a greater degree of risk related to adverse business conditions in such region or sector.

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The Fund and the Fund's investments are subject to interest rate risk.

Since the Fund may incur leverage (including through preferred shares and/or debt securities) to make investments, the Fund's net investment income depends, in part, upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests those funds.

Interest rates may increase or decrease due to governmental actions, among other factors. In a rising interest rate environment, any additional leverage that the Fund incurs may bear a higher interest rate than the Fund's current leverage. There may not, however, be a corresponding increase in the Fund's investment income. Any reduction in the level of rate of return on new investments relative to the rate of return on the Fund's current investments, and any reduction in the rate of return on the Fund's current investments, could adversely impact the Fund's net investment income, reducing the Fund's ability to service the interest obligations on, and to repay the principal of, the Fund's indebtedness, as well as the Fund's capacity to pay distributions to the Fund's Shareholders.

The fair value of certain of the Fund's investments, particularly debt or preferred equity investments with a fixed coupon or dividend rate, may be significantly affected by changes in interest rates. In general, rising interest rates will negatively affect the price of a fixed rate instrument and falling interest rates will have a positive effect on the price of a fixed rate instrument. In the event of a significantly rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may adversely affect the cash flows from investments held in the Fund and/or such investments' fair value.

Although senior secured loans are generally floating rate instruments, the Fund's investments in senior secured loans (directly or indirectly) are sensitive to interest rate levels and volatility. Furthermore, in the event of a significantly rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may adversely affect the Fund's cash flow, fair value of the Fund's assets and operating results. In the event that the Fund's interest expense were to increase relative to income, or sufficient financing became unavailable, the Fund's return on investments and cash available for distribution to Shareholders or to make other payments on the Fund's securities would be reduced. In addition, future investments in different types of instruments may carry a greater exposure to interest rate risk.

SOFR Risk. Since the discontinuation of London Interbank Offered Rate ("LIBOR"), CLOs (and the collateral they hold) have generally issued debt based on Term SOFR. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level data collected from various sources. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). Term SOFR is a forward-looking term rate determined with reference to certain SOFR derivatives. Changes in the levels of Term SOFR will affect the amount of interest payable on the CLO debt securities, the distributions on the CLO equity and the trading price of the CLO securities.

Both SOFR and Term SOFR are fundamentally different from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR or related derivatives markets, like Term SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR or such SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates like Term SOFR, cannot be predicted based on SOFR's history or otherwise.

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Levels of SOFR or Term SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

Risks of Replacement Rates. If the applicable rate of interest on any CLO security is calculated with reference to a tenor which is discontinued, such rate of interest will then be determined by the provisions of the affected CLO security, which may include determination by the relevant calculation agent in its discretion. The administrator of a reference rate will not have any involvement in the affected CLOs or loans and may take any actions in respect of such rate without regard to the effect of such actions on the CLOs or loans.

Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace the reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued regulations regarding the tax consequences of the transition from an interbank offered rate ("IBOR") (such as LIBOR) to a new reference rate in debt instruments and non-debt contracts. Under the regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the regulations) including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

Interest Rate Environment. The senior secured loans in which the Fund may invest (or the loans comprising the collateral of certain vehicles in which the Fund invests) typically have floating interest rates. A rising interest rate environment may increase loan defaults, resulting in losses for the instruments in which the Fund invests. In addition, increasing interest rates may lead to higher prepayment rates, as corporate borrowers look to avoid escalating interest payments or refinance floating rate loans. See "— Risks Related to the Fund's Investments — Prepayment Risk." Further, a general rise in interest rates will increase the financing costs of certain investments.

For detailed discussions of the risks associated with a rising interest rate environment, see "— Risks Related to the Fund's Investments — Risks Associated with Below Investment-Grade Investments."

The Fund may leverage the Fund's portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in the Fund.

The Fund may incur leverage, directly or indirectly, through one or more special purpose vehicles, indebtedness for borrowed money, as well as leverage in the form of Derivative Transactions, preferred shares, debt securities and other structures and instruments, in significant amounts and on terms that the Adviser and the Board of Trustees deem appropriate, subject to applicable limitations under the 1940 Act. Such leverage may be used for the acquisition and financing of the Fund's investments, to pay fees and expenses and for other purposes. Such leverage may be secured and/or unsecured. Any such leverage does not include leverage embedded or inherent in the structures in which the Fund invests or in derivative instruments in which the Fund may invest. Accordingly, there is a layering of leverage in the Fund's overall structure.

The more leverage the Fund employs, the more likely a substantial change will occur in the Fund's NAV. Accordingly, any event that adversely affects the value of an investment would be magnified to the extent leverage is utilized. For instance, any decrease in the Fund's income would cause net income to decline more sharply than it would have had the Fund not borrowed. Such a decline could also negatively affect the Fund's ability to make distributions and other payments to the Fund's securityholders. Leverage is generally considered a speculative investment technique. The Fund's ability to service any debt that the Fund incurs will depend largely on the Fund's financial performance and will be subject to prevailing economic conditions and competitive pressures. The cumulative effect of the use of leverage with respect to any investments in a market that moves adversely to such investments could result in a substantial loss that would be greater than if the Fund's investments were not leveraged.

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As a registered closed-end management investment company, the Fund is required to meet certain asset coverage requirements, as defined under the 1940 Act, with respect to any senior securities. With respect to senior securities representing indebtedness (i.e., borrowings or deemed borrowings), other than temporary borrowings as defined under the 1940 Act, the Fund is required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness. With respect to senior securities that are equity (i.e., preferred shares), the Fund is required to have an asset coverage of at least 200%, as measured at the time of the issuance of any such preferred shares and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares. If legislation were passed that modifies this section of the 1940 Act and increases the amount of senior securities that the Fund may incur, the Fund may increase its leverage to the extent then permitted by the 1940 Act and the risks associated with an investment in the Fund may increase.

If the Fund's asset coverage declines below 300% (or 200%, as applicable), the Fund would not be able to incur additional debt or issue preferred shares, and could be required by law to sell a portion of the Fund's investments to repay some debt or redeem preferred shares when it is disadvantageous to do so, which could have a material adverse effect on the Fund's operations, and the Fund may not be able to make certain distributions or pay dividends of an amount necessary to continue to be subject to tax as a RIC. The amount of leverage that the Fund employs will depend on the Adviser's and the Board of Trustees' assessment of market and other factors at the time of any proposed borrowing. The Fund cannot assure you that the Fund will be able to obtain credit at all or on terms acceptable to the Fund. To the extent that the Fund issues indebtedness or preferred shares of beneficial interest in the future (i.e., senior securities), the Fund's common shareholders would be subordinated to the rights of such senior security holders. In particular, dividends, distributions and other payments to common shareholders would be subject to prior payments due to such senior security holders. In addition, the 1940 Act provides preferred shareholders and, in certain cases, debt holders, with voting rights that are equal or superior to the voting rights of the Fund's common shareholders.

In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict the Fund's business activities, including limitations that could hinder the Fund's ability to finance additional loans and investments or to make the distributions required to maintain the Fund's ability to be subject to tax as a RIC under Subchapter M of the Code.

The Fund is subject to risks associated with loan assignments and participations.

The Fund may acquire interests in loans either directly (by way of assignment ("Assignment")) or indirectly (by way of participation) or through the acquisition of synthetic securities or interests in lease agreements that have the general characteristics of loans and are treated as loans for withholding tax purposes. The purchaser by an Assignment of a loan obligation typically succeeds to all the rights and obligations of the selling institution and becomes a lender under the loan or credit agreement with respect to the debt obligation. In contrast, participations ("Participations") acquired by the Fund in a portion of a debt obligation held by a selling institution (the "Selling Institution") typically result in a contractual relationship only with such Selling Institution, not with the obligor. The Fund would have the right to receive payments of principal, interest and any fees to which it is entitled under the Participation only from the Selling Institution and only upon receipt by the Selling Institution of such payments from the obligor. In purchasing a Participation, the Fund generally will have no right to enforce compliance by the obligor with the terms of the loan or credit agreement or other instrument evidencing such debt obligation, nor any rights of setoff against the obligor, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the Participation. As a result, the Fund would assume the credit risk of both the obligor and the Selling Institution. In the event of the insolvency of the Selling Institution, the Fund will be treated as a general creditor of the Selling Institution in respect of the Participation and may not benefit from any setoff between the Selling Institution and the obligor.

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The holder of a Participation in a debt obligation may not have the right to vote to waive enforcement of any default by an obligor. Selling Institutions commonly reserve the right to administer the debt obligations sold by them as they see fit and to amend the documentation evidencing such debt obligations in all respects. However, most participation agreements with respect to bank loans provide that the Selling Institution may not vote in favor of any amendment, modification or waiver that (1) forgives principal, interest or fees, (2) reduces principal, interest or fees that are payable, (3) postpones any payment of principal (whether a scheduled payment or a mandatory prepayment), interest or fees or (4) releases any material guarantee or security without the consent of the participant (at least to the extent the participant would be affected by any such amendment, modification or waiver).

A Selling Institution voting in connection with a potential waiver of a default by an obligor may have interests different from the Fund's, and the Selling Institution might not consider the Fund's interests in connection with its vote. In addition, many participation agreements with respect to bank loans that provide voting rights to the participant further provide that, if the participant does not vote in favor of amendments, modifications or waivers, the Selling Institution may repurchase such Participation at par. An investment by the Fund in a synthetic security related to a loan involves many of the same considerations relevant to Participations.

Purchasers of loans are predominately commercial banks, investment funds and investment banks. As secondary market trading volumes increase, new loans frequently contain standardized documentation to facilitate loan trading that may improve market liquidity. There can be no assurance, however, that future levels of supply and demand in loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue. Because holders of such loans are offered confidential information relating to the borrower, the unique and customized nature of the loan agreement, and the private syndication of the loan, loans are not purchased or sold as easily as publicly traded securities are purchased or sold.

The lack of liquidity in the Fund's investments may adversely affect the Fund's business.

High-yield investments, including many of the securities in which the Fund expects to invest, will have limited liquidity. Prices of high-yield investments have at times experienced significant and rapid decline when a substantial number of holders (or a few holders of a significantly large "block" of the securities) decided to sell. In addition, the Fund (or the investments in which the Fund holds) may have difficulty disposing of certain high-yield investments because there may be a thin trading market for such securities. To the extent that a secondary trading market for non-investment grade high-yield investments does exist, it would not be as liquid as the secondary market for highly rated investments. Reduced secondary market liquidity would have an adverse impact on the fair value of the securities and on the Fund's direct or indirect ability to dispose of particular securities in response to a specific economic event such as deterioration in the creditworthiness of the issuer of such securities.

As secondary market trading volumes increase, new loans frequently contain standardized documentation to facilitate loan trading that may improve market liquidity. There can be no assurance, however, that future levels of supply and demand in loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue. Because holders of such loans are offered confidential information relating to the borrower, the unique and customized nature of the loan agreement, and the private syndication of the loan, loans are not purchased or sold as easily as publicly traded securities are purchased or sold. Although a secondary market may exist, risks similar to those described above in connection with an investment in high-yield debt investments are also applicable to investments in lower rated loans.

Certain of the securities in which the Fund intends to invest are subject to certain transfer restrictions that impose certain financial and other eligibility requirements on prospective transferees. Other investments that the Fund may purchase in privately negotiated transactions may also be illiquid or subject to legal restrictions on their transfer. As a result of this illiquidity, the Fund's ability to sell certain investments quickly, or at all, in response to changes in economic and other conditions and to receive a fair price when selling such investments may be limited, which could prevent the Fund from making sales to mitigate losses on such investments.

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The Fund may be exposed to counterparty risk.

The Fund may be exposed to counterparty risk, which could make it difficult for the Fund or the funds and other investment vehicles in which the Fund invests to collect on the obligations represented by investments and result in significant losses.

The Fund may hold investments (including synthetic securities) that would expose the Fund to the credit risk of the Fund's counterparties or the counterparties of the issuers in which it invests. In the event of a bankruptcy or insolvency of such a counterparty, the Fund or an issuer in which such an investment is held could suffer significant losses, including the loss of that part of the Fund's or the issuer's portfolio financed through such a transaction, declines in the value of the Fund's investment, including declines that may occur during an applicable stay period, the inability to realize any gains on the Fund's investment during such period and fees and expenses incurred in enforcing the Fund's rights. If the issuer enters into or owns synthetic securities, the issuer may fall within the definition of "commodity pool" under CFTC rules, and the manager of the issuer may be required to register as a commodity pool operator with the CFTC, which could increase costs for the issuer and reduce amounts available to pay interest or principal on the Fund's investment.

In addition, with respect to certain swaps and synthetic securities, neither an issuer nor the Fund usually has a contractual relationship with the entities, referred to as "Reference Entities" whose payment obligations are the subject of the relevant swap agreement or security. Therefore, neither the issuers nor the Fund generally has a right to directly enforce compliance by the Reference Entity with the terms of this kind of underlying obligation, any rights of set-off against the Reference Entity or any voting rights with respect to the underlying obligation. Neither the issuers nor the Fund will directly benefit from the collateral supporting the underlying obligation and will not have the benefit of the remedies that would normally be available to a holder of such underlying obligation.

Furthermore, the Fund may invest in unsecured notes which are linked to loans or other assets held by a bank or other financial institution on its balance sheet (so called "credit-linked notes"). Although the credit-linked notes are tied to the underlying performance of the assets held by the bank, such credit-linked notes are not secured by such assets, and the Fund has no direct or indirect ownership of the underlying assets. Thus, as a holder of such credit-linked notes, the Fund would be subject to counterparty risk of the bank which issues the credit-linked notes (in addition to the risk associated with the assets themselves). To the extent the relevant bank experiences an insolvency event or goes into receivership, the Fund may not receive payments on the credit-linked notes, or such payments may be delayed.

The Fund is subject to risks associated with defaults on an underlying asset held by the issuers in which the Fund invests.

A default and any resulting loss on an underlying asset held by an issuer in which the Fund invests may reduce the fair value of the Fund's corresponding investment. A wide range of factors could adversely affect the ability of the borrower of an underlying asset to make interest or other payments on that asset. To the extent that actual defaults and losses on the collateral of an investment exceed the level of defaults and losses factored into its purchase price, the value of the anticipated return from the investment will be reduced. The more deeply subordinated the tranche of securities in which the Fund invests, the greater the risk of loss upon a default.

In addition, the collateral of the Fund's portfolio companies may require workout negotiations or restructuring in the event of a default or liquidation. Any such workout or restructuring is likely to lead to a substantial reduction in the interest rate of such asset and/or a substantial write-down or write-off of all or a portion the principal of such asset. Any such reduction in interest rates or principal could negatively affect the fair value of the Fund's portfolio.

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Payment-In-Kind and Original Issue Discount.

To the extent that the Fund invests in OID instruments, including PIK loans and zero coupon bonds, investors will be exposed to the risks associated with the inclusion of such non-cash income in taxable and accounting income prior to receipt of cash, including the following risks:

• the interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan;

• the interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments;

• market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash;

• PIK instruments may have unreliable valuations because the accruals require judgments about ultimate collectability of the deferred payments and the value of the associated collateral; and

• for U.S. federal income tax purposes, the Fund may be required to make distributions of OID income without receiving any cash and such distributions may have to be paid from offering proceeds or the sale of assets without investors being given any notice of this fact.

Investors will bear indirectly the fees and expenses of the CLO equity securities in which the Fund invests.

Investors will bear indirectly the fees and expenses (including management fees and other operating expenses) of the CLO equity securities in which the Fund invests. CLO collateral manager fees are charged on the total assets of a CLO but are assumed to be paid from the residual cash flows after interest payments to the CLO senior debt tranches. Therefore, these CLO collateral manager fees (which generally range from 0.35% to 0.50% of a CLO's total assets) are effectively much higher when allocated only to the CLO equity tranche. The calculation does not include any other operating expense ratios of the CLOs, as these amounts are not routinely reported to shareholders on a basis consistent with this methodology; however, it is estimated that additional operating expenses of 0.30% to 0.70% could be incurred. In addition, CLO collateral managers may earn fees based on a percentage of the CLO's equity cash flows after the CLO equity has earned a cash-on-cash return of its capital and achieved a specified "hurdle" rate.

Any unrealized losses the Fund experiences on the Fund's portfolio may be an indication of future realized losses, which could reduce the Fund's income available for distribution or to make payments on the Fund's other obligations.

As a registered closed-end management investment company, the Fund is required to carry the Fund's investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by the Adviser. Decreases in the market values or fair values of the Fund's investments are recorded as unrealized depreciation. Any unrealized losses in the Fund's portfolio could be an indication of an issuer's inability to meet its repayment obligations to the Fund with respect to the affected investments. This could result in realized losses in the future and ultimately in reductions of the Fund's income available for distribution or to make payments on the Fund's other obligations in future periods.

If the Fund's distributions exceed the Fund's taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to the Fund's Shareholders. A return of capital distribution will generally not be taxable to the Fund's Shareholders. However, a return of capital distribution will reduce a Shareholder's cost basis in the Shares on which the distribution was received, thereby potentially resulting in a higher reported capital gain or lower reported capital loss when those Shares are sold or otherwise disposed of.

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A portion of the Fund's income and fees may not be qualifying income for purposes of the income source requirement.

Some of the income and fees that the Fund may recognize will not satisfy the qualifying income requirement applicable to RICs. In order to ensure that such income and fees do not disqualify the Fund as a RIC for a failure to satisfy such requirement, the Fund may need to recognize such income and fees indirectly through one or more entities classified as corporations for U.S. federal income tax purposes. Such corporations will be subject to U.S. corporate income tax on their earnings, which ultimately will reduce the Fund's return on such income and fees.

The Fund's turnover rate may result in additional costs.

The Fund will not be restricted in effecting transactions by any limitation with regard to its portfolio turnover rate. Higher turnover may result in higher transaction costs such as brokerage commissions, markups, fees and other transaction-related costs.

Risks Relating to an Investment in the Fund's Securities

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

The Fund or the Adviser could become the target of securities class action litigation or other similar claims. The outcome of any such proceedings could materially adversely affect the Fund's business, financial condition, and/or operating results and could continue without resolution for long periods of time. Any litigation or other similar claims could consume substantial amounts of the Fund's 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 the Fund against litigation and other similar claims, and these expenses could be material to the Fund's earnings in future periods.

The Fund's Distribution Policy may result in all or a portion of a distribution consisting of a return of capital.

If the Fund's investments do not generate sufficient income, the Fund may liquidate a portion of its portfolio to fund these distributions. Accordingly, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares.

Legislative or regulatory tax changes could adversely affect the Fund, Shareholders, and the Fund's investments.

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the Fund's ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to the Fund, its Shareholders or the Fund's investments. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in the Fund's Shares or the value or the resale potential of the Fund's investments. You are urged to consult with your tax advisor with respect to the impact of any such legislation or other regulatory or administrative developments and proposals and their potential effect on your investment in the Fund.

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The Fund's preferred shares (if any) and debt securities (if any) may cause the NAV of the Fund's Shares to be more volatile.

To the extent that the Fund issues preferred shares or debt securities, such preferred shares or debt securities may cause the NAV of the Fund's Shares to become more volatile. If the dividend rate on the Fund's outstanding preferred shares or interest rate payable on indebtedness were to approach the net rate of return on the Fund's investment portfolio, the benefit of leverage to the common shareholders would be reduced. If the dividend rate on the preferred shares or interest rate payable on indebtedness were to exceed the net rate of return on the Fund's portfolio, the leverage would result in a lower rate of return to the Shareholders than if the Fund had not issued preferred shares. Any decline in the NAV of the Fund's investments would be borne entirely by Shareholders. Therefore, if the market value of the Fund's portfolio were to decline, the leverage would result in a greater decrease in NAV to Shareholders than if the Fund was not leveraged through the issuance of preferred shares and debt securities. The Fund might be in danger of failing to maintain the required asset coverage of the preferred shares or indebtedness or of losing the Fund's ratings, if any, on the preferred shares or indebtedness or, in an extreme case, the Fund's current investment income might not be sufficient to meet the dividend requirements on the preferred shares or interest rate payable on indebtedness. In order to counteract such an event, the Fund might need to liquidate investments in order to fund a redemption of some or all of the preferred shares or debt. In addition, the Fund would pay (and Shareholders would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares or indebtedness, including higher advisory fees if the Fund's total return exceeds the dividend rate on the preferred shares.

Risks Relating to The Fund's Business and Structure

The Fund's investment portfolio is recorded at fair value in accordance with the 1940 Act. 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 there is no readily available market value, at fair value as determined by the Adviser in accordance with written valuation policies and procedures, subject to oversight by the Board of Trustees, in accordance with Rule 2a-5 under the 1940 Act. Typically, there is no public market for a portion of the Fund's investments. The Fund expects a majority of the Fund's investments to be categorized as Level 2 and Level 3 assets. The Fund values these securities based on relevant information compiled by the Adviser and third-party pricing services (when available), and with the oversight of the Board of Trustees.

The determination of fair value and, consequently, the amount of unrealized gains and losses in the Fund's portfolio, are to a certain degree subjective and dependent on a valuation process approved and overseen by the Board of Trustees. Certain factors that may be considered in determining the fair value of the Fund's investments include non-binding indicative bids and the number of trades (and the size and timing of each trade) in an investment. Valuation of certain investments is also based, in part, upon third-party valuation models which take into account various market inputs. Investors should be aware that the models, information and/or underlying assumptions utilized by the Adviser or such models will not always correctly capture the fair value of an asset. Because such valuations, and particularly valuations of securities that are not publicly traded like those the Fund holds, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The Adviser's determinations of fair value may differ materially from the values that would have been used if an active public market for these securities existed. The Adviser's determinations of the fair value of the Fund's investments have a material impact on the Fund's net earnings through the recording of unrealized appreciation or depreciation of investments and may cause the Fund's NAV on a given date to understate or overstate, possibly materially, the value that the Fund may ultimately realize on one or more of the Fund's investments.

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The Fund's financial condition and results of operations depend on the Adviser's ability to effectively manage and deploy capital.

The Fund's ability to achieve the Fund's investment objectives depends on the Adviser's ability to effectively manage and deploy capital, which depends, in turn, on the Adviser's ability to identify, evaluate and monitor, and the Fund's ability to acquire, investments that meet the Fund's investment criteria.

Accomplishing the Fund's investment objectives on a cost-effective basis is largely a function of the Adviser's handling of the investment process, its ability to provide competent, attentive and efficient services and the Fund's access to investments offering acceptable terms, either in the primary or secondary markets. Even if the Fund is able to grow and build upon the Fund's investment operations, any failure to manage the Fund's growth effectively could have a material adverse effect on the Fund's business, financial condition, results of operations and prospects. The results of the Fund's operations will depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if the Fund cannot successfully operate the Fund's business or implement the Fund's investment policies and strategies as described in this prospectus, it could adversely impact the Fund's ability to pay dividends or make distributions. In addition, because the trading methods employed by the Adviser on the Fund's behalf are proprietary, Shareholders will not be able to determine details of such methods or whether they are being followed.

The Fund has no prior operating history as a closed-end investment company.

The Fund is a non-diversified, closed-end management investment company with no prior operating history. As a result, the Fund does not have significant financial information on which you can evaluate an investment in the Fund or the Fund's prior performance. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve the Fund's investment objectives, achieve its desired portfolio composition, or raise sufficient capital and that the value of your investment could decline substantially or become worthless. The Fund currently anticipates investing proceeds from the sale of its Shares within three to six months of the receipt of such proceeds, depending on the availability of appropriate investment opportunities consistent with the Fund's investment objectives and market conditions. During this period, the Fund will invest in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. The Fund expects will have returns substantially lower than the returns that the Fund anticipates earning from the Fund's targeted investments.

Reliance on Certain Management Personnel

The success of the Fund will depend, in large part, upon the skill and expertise of the management of the Adviser. There is no assurance that the principals, investment professionals or certain other members of the management of the Adviser will continue to be employed by the Adviser for any period. In the event of the death, disability or departure of any such individuals, the business and the performance of the Fund may be adversely affected. If the Fund was to incur substantial losses the revenues of the Adviser may decline substantially. Such losses and/or withdrawals and resulting declining revenues may impair the Adviser's ability to provide the same level of service to the Fund as it has in the past and continue operations. The loss of the services of the Adviser could have a material adverse effect on the Fund.

Further, the success of the Fund will depend, in large part, on the Adviser's ability to identify and willingness to provide acceptable compensation to attract, retain and motivate talented investment professionals and other employees. There can be no assurance that the Adviser's investment professionals will continue to be associated with the Adviser throughout the life of the Fund, and the failure to attract or retain such investment professionals could have a material adverse effect on the Fund. Competition in the financial services industry for qualified employees is intense and there is no guarantee that, if lost, the talents of the Adviser's investment professionals could be replaced.

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If the Fund is unable to raise sufficient capital, a Shareholder's investment will be impacted and it may lead to higher fees.

The offering is being made on a "best efforts" basis, meaning that the Distributor is only required to use its best efforts to distribute Shares and has no firm commitment or obligation to purchase any Shares in the offering. As a result, the amount of proceeds the Fund raises in the offering may be substantially less than the amount the Fund would need to create its desired portfolio of investments, and it may not achieve the economies of scale necessary to operate in a cost effective manner. If the Fund is unable to raise substantial funds, the Fund will make fewer investments resulting in less diversification in terms of the type, number and size of investments that it makes. As a result, the value of a shareholder's investment may be reduced in the event the Fund's assets under-perform. Moreover, the potential impact of any single asset's performance on the overall performance of the portfolio increases. In addition, the Fund's ability to achieve its investment objective could be hindered, which could result in a lower return on the investments. Further, the Fund will have certain fixed operating expenses, including certain expenses as a closed-end management investment company, regardless of whether the Fund is able to raise substantial funds in this offering. The Fund's inability to raise substantial funds would increase its fixed operating expenses as a percentage of gross income, causing Shareholders to incur higher fees and reducing the Fund's net income and limiting its ability to make distributions.

Proprietary Trading May Result in Competition for Investment Opportunities.

The Adviser and its principals, affiliates and employees may trade in the securities and derivatives markets for their own accounts and the accounts of their clients, and in doing so may take positions opposite to, or ahead of, those held by the Fund or may be competing with the Fund for positions in the marketplace. Such trading may result in competition for investment opportunities or create other conflicts of interest on behalf of one or more such persons in respect of their obligations to the Fund.

Evolving and New Investment Approaches.

The Adviser's investment approach and trading techniques will be continually evolving, and the investment positions reflecting new strategies and trading techniques will be incorporated into the Fund's portfolio from time to time. The Adviser is not restricted from using the Fund's capital to develop or incubate new strategies or approaches, even if the Adviser has limited experience in the type of markets or instruments involved. The strategies and approaches developed by the Adviser may not be successful and the resources devoted to the implementation of new approaches or strategies may diminish the effectiveness of the Adviser's implementation of the Adviser's established approaches or strategies. In addition, any new investment strategy or hedging technique developed by, or security type purchased by, the Adviser may be more speculative than current strategies, techniques and security types, and may subject the Fund to additional risks.

Reliance on Industry Data Sources and Quantitative Models.

The Adviser may rely on the financial information made available by the issuers, servicers, counterparties, intermediaries, third-party modeling firms, third-party data providers, or trustees of securities in which the Fund will invest or other sources for both valuation and investment purposes. Investors such as the Fund could incur material losses as a result of the difficulty in creating or sourcing useable data in order to create adequate investment models. The Adviser is expected to utilize third-party data sources in connection with its use of third-party and proprietary financial models to aid in the selection and monitoring of investments and to determine the risk profile of the Fund. The success of the Fund's investment and trading activities will depend on the viability of this data and these analytical models, among other factors. There can be no assurance that the models are currently viable, or, if the models are currently viable, that they will remain viable during the existence of the Fund. The Adviser utilizes this data and creates models based upon its best estimate of the impact of macroeconomic market factors on the markets in which the Fund may invest. Also, there can be no assurance that the investment professionals utilizing the models will be able to (i) determine that any model is or will become

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not viable, or not completely viable, (ii) ensure that the models will accurately capture these relationships between asset classes and types and continue to do so over time or (iii) notice, predict or adequately react to any change in the viability of a model. The use of a model that is not viable or not completely viable could, at any time, have a material adverse effect on the performance of the Fund. In addition, the use of quantitative models could be adversely impacted by unforeseeable software or hardware malfunction and other technological failures, power loss, software bugs, malicious code such as "worms," viruses or system crashes or various other events or circumstances within or beyond the control of the Adviser. Certain of these events or circumstances may be difficult to detect.

The Adviser has the right to resign on 90 days' notice, and the Fund may not be able to find a suitable replacement within that time, resulting in a disruption in the Fund's operations that could adversely affect the Fund's financial condition, business and results of operations.

The Adviser has the right, under the Investment Advisory Agreement and under the Administration Agreement, to resign at any time upon 90 days' written notice, whether the Fund has found a replacement or not. If the Adviser resigns, the Fund may not be able to find a new investment adviser or hire internal management, or find a new administrator, as the case may be, with similar expertise and ability to provide the same or equivalent services on acceptable terms within 90 days, or at all. If the Fund is unable to do so quickly, the Fund's operations are likely to experience a disruption, the Fund's financial condition, business and results of operations, as well as the Fund's ability to make distributions to Shareholders and other payments to securityholders, are likely to be adversely affected. In addition, the coordination of the Fund's internal management and investment activities is likely to suffer if the Fund is unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser and its affiliates. Even if the Fund is able to retain comparable management and administration, whether internal or external, the integration of such management and their lack of familiarity with the Fund's investment objectives and operations would likely result in additional costs and time delays that may adversely affect the Fund's financial condition, business and results of operations.

There are significant actual and potential conflicts of interest which could impact the Fund's investment returns.

The Fund's executive officers and interested Trustees, and the Adviser and certain of its affiliates and their officers and employees have several conflicts of interest as a result of the other activities in which they engage. For example, the members of the Adviser's investment team are and may in the future become affiliated with entities engaged in business activities similar to the Fund's and may have conflicts of interest in allocating their time. Moreover, each member of the investment team is engaged in other business activities which divert their time and attention. The professional staff of the Adviser will devote as much time to the Fund as such professionals deem appropriate to perform their duties in accordance with the Investment Advisory Agreement. However, such persons may be committed to providing investment advisory and other services for other clients, and engage in other business ventures in which the Fund has no interest. As a result of these separate business activities, the Adviser has conflicts of interest in allocating management time, services and functions among the Fund, other advisory clients and other business ventures. See "Conflicts of Interest."

The Fund's Management Fee is directly impacted by the Fund's leverage.

Leverage will directly impact the total Management Fee which is calculated based of the Fund's Gross Assets. Therefore, any increase in leverage will increase the Management Fee. In addition, the fact that the Management Fee is payable based upon the Fund's Gross Assets, which would include any borrowings for investment purposes, creates an incentive for the Adviser to cause the Fund to use leverage to make additional investments, including when it may not be appropriate to do so.

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

Under the Investment Advisory Agreement, the Adviser does not assume any responsibility to the Fund other than to render the services called for under the agreement, and it is not responsible for any action of the Board of Trustees in following or declining to follow the Adviser's advice or recommendations. The Adviser maintains a contractual and fiduciary relationship with the Fund. Under the terms of the Investment Advisory Agreement, the Adviser, its officers, managers, partners, agents, employees and other affiliates are not liable to the Fund for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser's duties under the Investment Advisory Agreement. In addition, the Fund has agreed to indemnify the Adviser and each of its officers, managers, members, agents, employees and other affiliates from and against all damages, liabilities, costs and expenses (including reasonable legal fees and other amounts reasonably paid in settlement) incurred by such persons arising out of or based on performance by the Adviser of its obligations under the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser's duties under the 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.

Opportunistic Investments.

The Fund may make investments on an opportunistic basis seeking outsized returns. The profit or losses from such opportunistic positions could have a material impact on the Fund's performance.

The Adviser may not be able to achieve the same or similar returns as those achieved by other portfolios managed by the members of the investment team.

Although the members of the investment team manage other investment portfolios, including accounts using investment objectives, investment strategies and investment policies similar to the Fund's, the Fund cannot assure you that the Fund will be able to achieve the results realized by such portfolios.

The Fund may experience fluctuations in the Fund's NAV and operating results.

The Fund could experience fluctuations in the Fund's NAV due to a number of factors, including the timing of distributions to Shareholders, fluctuations in the value of the securities that the Fund holds, the Fund's ability or inability to make investments that meet the Fund's investment criteria, the interest and other income earned on the Fund's investments, the level of the Fund's expenses (including any interest or dividend rate payable on the debt securities or preferred shares the Fund may issue), 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, the Fund's NAV and results for any period should not be relied upon as being indicative of the Fund's NAV and results in future periods.

The Board of Trustees may change the Fund's operating policies and strategies without shareholder approval, the effects of which may be adverse.

The Board of Trustees has the authority to modify or waive the Fund's current operating policies, investment criteria and strategies, other than those that the Fund has deemed to be fundamental, without prior shareholder approval. The Fund cannot predict the effect any changes to the Fund's current operating policies, investment criteria and strategies would have on the Fund's business, NAV, operating results and value of the Fund's securities. However, the effects of any such changes could adversely impact the Fund's ability to pay dividends and cause you to lose all or part of your investment.

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The Fund will be subject to corporate-level income tax if the Fund is unable to maintain the Fund's RIC status for U.S. federal income tax purposes.

The Fund can offer no assurance that the Fund will be able to maintain RIC status. To obtain and maintain RIC tax treatment under the Code, the Fund must meet certain annual distribution, income source and asset diversification requirements.

The annual distribution requirement for a RIC will be satisfied if the Fund distributes dividends to Shareholders each tax year of an amount generally at least equal to 90% of the sum of the Fund's net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because the Fund uses debt financing, the Fund is subject to certain asset coverage requirements under the 1940 Act and may be subject to financial covenants that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the distribution requirement. 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 income tax.

The income source requirement will be satisfied if the Fund obtains at least 90% of the Fund's income for each tax year from dividends, interest, gains from the sale of the Fund's securities or similar sources.

The asset diversification requirement will be satisfied if the Fund meets certain asset composition requirements at the end of each quarter of the Fund's tax year. Failure to meet those requirements may result in the Fund's having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of the Fund's investments are expected to be in securities for which there will likely be no active public market, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If the Fund fails to qualify for RIC tax treatment for any reason and remain or become 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.

The Fund may have difficulty paying the Fund's required distributions if the Fund recognizes income before or without receiving cash representing such income.

For federal income tax purposes, the Fund will include in income certain amounts that the Fund has not yet received in cash, such as OID or market discount, which may arise if the Fund acquires a debt security at a significant discount to par, or PIK interest, which represents contractual interest added to the principal amount of a debt security and due at the maturity of the debt security. The Fund also may be required to include in income certain other amounts that the Fund has not yet, and may not ever, receive in cash. The Fund's investments in PIK interest may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the issuer of the security could still default when the Fund's actual collection is scheduled to occur upon maturity of the obligation.

Since, in certain cases, the Fund may recognize income before or without receiving cash representing such income, the Fund may have difficulty meeting the annual distribution requirement necessary to maintain RIC tax treatment under the Code.

Accordingly, the Fund may have to sell some of the Fund's 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. Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash. Further, the interest rates on PIK loans may be higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments. 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.

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The Fund's cash distributions to Shareholders may change and a portion of the Fund's distributions to Shareholders may be a return of capital.

The amount of the Fund's cash distributions may increase or decrease at the discretion of the Board, based upon its assessment of the amount of income generated, the amount of cash available to the Fund for this purpose and other factors. Unless the Fund is able to generate sufficient cash through the successful implementation of the Fund's investment strategy, the Fund may not be able to sustain a given level of distributions and may need to reduce the level of the Fund's cash distributions in the future. Further, to the extent that the portion of the cash generated from the Fund's investments that is recorded as interest income for financial reporting purposes is less than the amount of the Fund's distributions, all or a portion of one or more of the Fund's future distributions, if declared, may comprise a return of capital. Accordingly, Shareholders should not assume that the sole source of any of the Fund's distributions is net investment income. See "— Risks Related to The Fund's Investments — Prepayment Risk" and "— Any unrealized losses the Fund experiences on the Fund's portfolio may be an indication of future realized losses, which could reduce the Fund's income available for distribution or to make payments on the Fund's other obligations."

The Fund's Shareholders may receive additional Shares as distributions, which could result in adverse tax consequences to them.

In order to satisfy certain annual distribution requirements to maintain RIC tax treatment under Subchapter M of the Code, the Fund may, if the Fund has the ability to, declare a large portion of a distribution in additional Shares instead of in cash even if a shareholder has opted out of participation in the DRIP. As per IRS guidance applicable to publicly offered RICs, as long as at least 20% of such distribution is paid in cash and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a shareholder generally would be subject to tax on 100% of the fair market value of the distribution on the date the distribution is received by the shareholder in the same manner as a cash distribution, even though most of the distribution was paid in Shares.

Because the Fund expects to distribute substantially all of the Fund's ordinary income and net realized capital gains to the Fund's Shareholders, the Fund may need additional capital to finance the acquisition of new investments and such capital may not be available on favorable terms, or at all.

In order to maintain the Fund's RIC status, the Fund is required to distribute at least 90% of the sum of the Fund's net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. As a result, these earnings will not be available to fund new investments, and the Fund will need additional capital to fund growth in the Fund's investment portfolio. If the Fund fails to obtain additional capital, the Fund could be forced to curtail or cease new investment activities, which could adversely affect the Fund's business, operations and results. Even if available, if the Fund is not able to obtain such capital on favorable terms, it could adversely affect the Fund's net investment income.

A disruption or downturn in the capital markets and the credit markets could impair the Fund's ability to raise capital and negatively affect the Fund's business.

The Fund may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors in which the Fund invests or operate, including conditions affecting interest rates and the availability of credit. Unexpected volatility, illiquidity, governmental action, currency devaluation or other events in the global markets in which the Fund directly or indirectly holds positions could impair the Fund's ability to carry out the Fund's business and could cause the Fund to incur substantial losses. These factors are outside the Fund's control and could adversely affect the liquidity and value of the Fund's investments, and may reduce the Fund's ability to make attractive new investments.

In particular, economic and financial market conditions significantly deteriorated for a significant part of the past decade as compared to prior periods. Global financial markets experienced considerable declines in the

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valuations of equity and debt securities, an acute contraction in the availability of credit and the failure of a number of leading financial institutions. As a result, certain government bodies and central banks worldwide, including the U.S. Treasury Department and the U.S. Federal Reserve, undertook unprecedented intervention programs, the effects of which remain uncertain. Although certain financial markets have improved, to the extent economic conditions experienced during the past decade recur, they may adversely impact the Fund's investments. Signs of deteriorating sovereign debt conditions in Europe and elsewhere and uncertainty regarding the U.S. economy more generally could lead to further disruption in the global markets. Trends and historical events do not imply, forecast or predict future events, and past performance is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Adviser will prove correct, and actual events and circumstances may vary significantly.

The Fund may be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as "systemic risk" and may adversely affect financial intermediaries with which the Fund interacts in the conduct of the Fund's business.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which it invests. For example, if a bank in which the Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to the Fund or an issuer fails, the Fund or the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by the Fund and issuers in which the Fund invests remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The Fund also may be subject to risk arising from a broad sell off or other shift in the credit markets, which may adversely impact the Fund's income and NAV. In addition, if the value of the Fund's assets declines substantially, the Fund may fail to maintain the minimum asset coverage imposed upon the Fund by the 1940 Act. See "— Risks Related to The Fund's Investments — The Fund may leverage the Fund's portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in the Fund" and "Regulation as a Closed-End Management Investment Company." Any such failure would affect the Fund's ability to issue preferred shares, debt securities and other senior securities, including borrowings, and may affect the Fund's ability to pay distributions on the Fund's equity, which could materially impair the Fund's business operations. The Fund's liquidity could be impaired further by an inability to access the capital markets or to obtain additional debt financing. For example, the Fund cannot be certain that it would be able to obtain debt financing on commercially reasonable terms, if at all. See "— If the Fund is unable to obtain, and/or refinance debt capital, the Fund's business could be materially adversely affected." In previous market cycles, many lenders and institutional investors have previously reduced or ceased lending to borrowers. In the event of such type of market turmoil and tightening of credit, increased market volatility and widespread reduction of business activity could occur, thereby limiting the Fund's investment opportunities. Moreover, the Fund is unable to predict when economic and market conditions may be favorable in future periods. Even if market conditions are broadly favorable over the long term, adverse conditions in particular sectors of the financial markets could adversely impact the Fund's business.

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If the Fund is unable to obtain and/or refinance debt capital, the Fund's business could be materially adversely affected.

The Fund may obtain debt financing in order to obtain funds to make additional investments and grow the Fund's portfolio of investments. Such debt capital may take the form of a term credit facility with a fixed maturity date or other fixed term instruments, and the Fund may be unable to extend, refinance or replace such debt financings prior to their maturity. If the Fund is unable to obtain or refinance debt capital on commercially reasonable terms, the Fund's liquidity will be lower than it would have been with the benefit of such financings, which would limit the Fund's ability to grow the Fund's business. In addition, holders of the Fund's Shares would not benefit from the potential for increased returns on equity that incurring leverage creates. Any such limitations on the Fund's ability to grow and take advantage of leverage may decrease the Fund's earnings, if any, and distributions to Shareholders. In addition, in such event, the Fund may need to liquidate certain of the Fund's investments, which may be difficult to sell if required, meaning that the Fund may realize significantly less than the value at which the Fund has recorded the Fund's investments. Furthermore, to the extent the Fund is not able to raise capital and are at or near the Fund's targeted leverage ratios, the Fund may receive smaller allocations, if any, on new investment opportunities under the Adviser's allocation policy.

Debt capital that is available to the Fund in the future, if any, including upon the refinancing of then-existing debt prior to its maturity, may be at a higher cost and on less favorable terms and conditions than costs and other terms and conditions at which the Fund can currently obtain debt capital. In addition, if the Fund is unable to repay amounts outstanding under any such debt financings and are declared in default or are unable to renew or refinance these debt financings, the Fund may not be able to make new investments or operate the Fund's business in the normal course. These situations may arise due to circumstances that the Fund may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects third parties or the Fund, and could materially damage the Fund's business.

The Fund may be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.

The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund can invest a greater portion of the Fund's assets in obligations of a single issuer than a "diversified" fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence. In particular, because the Fund's portfolio of investments may lack diversification among the issuers of securities and related investments, the Fund is susceptible to a risk of significant loss if one or more of these issuers and related investments experience a high level of defaults on the collateral that they hold.

Regulations governing the Fund's operation as a registered closed-end management investment company affect the Fund's ability to raise additional capital and the way in which the Fund does so. The raising of debt capital may expose the Fund to risks, including the typical risks associated with leverage.

Under the provisions of the 1940 Act, the Fund is permitted, as a registered closed-end management investment company, to issue senior securities (including debt securities, preferred shares and/or borrowings from banks or other financial institutions); provided the Fund meets certain asset coverage requirements (i.e., 300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred shares under current law). See "— Risks Related to The Fund's Investments — The Fund may leverage the Fund's portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in the Fund" for details concerning how asset coverage is calculated. If the value of the Fund's assets declines, the Fund may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of the Fund's investments and, depending on the nature of the Fund's leverage, repay a portion of the Fund's indebtedness at a time when such sales or redemptions may be disadvantageous. Also, any amounts that the Fund

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uses to service or repay the Fund's indebtedness would not be available for distributions to the Fund's Shareholders.

The Fund is not generally able to issue and sell Shares at a price below the then current NAV per share (exclusive of any distributing commission or discount). The Fund may, however, sell Shares at a price below the then current NAV per share (1) in connection with a rights offering to the Fund's existing Shareholders, (2) with the consent of the majority of the Fund's Shareholders, (3) upon the conversion of a convertible security in accordance with its terms or (4) under such circumstances as the SEC may permit.

Significant Shareholders may control the outcome of matters submitted to the Fund's Shareholders or adversely impact the Fund and the Fund's Shareholders.

To the extent any shareholder, individually or acting together with other Shareholders, controls a significant number of the Fund's voting securities (as defined in the 1940 Act) or any class of voting securities, they may have the ability to control the outcome of matters submitted to the Fund's Shareholders for approval, including the election of Trustees and any merger, consolidation or sale of all or substantially all of the Fund's assets, and may cause actions to be taken that you may not agree with or that are not in your interests or those of other securityholders.

The Adviser has entered into, and may in the future enter into additional, business arrangements with certain of the Fund's shareholders, including granting indirect ownership in limited liability company interests in the Adviser. In such cases, such shareholders may have an incentive to vote Shares held by them in a manner that takes such arrangements into account (subject to any contractual voting restrictions or other similar arrangements). As a result of these relationships and separate business activities, the Adviser has conflicts of interest in allocating management time, services and functions among the Fund, other advisory clients and other business activities.

The Fund is subject to the risk of legislative and regulatory changes impacting the Fund's business or the markets in which the Fund invests.

Legal and regulatory changes. Legal and regulatory changes could occur and may adversely affect the Fund and the Fund's ability to pursue the Fund's investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations may be imposed by the CFTC, the SEC, the U.S. Federal Reserve, other banking regulators, other governmental regulatory authorities or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund. In particular, these agencies are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this prospectus and may result in the Fund's investment focus shifting from the areas of expertise of the members of the investment team to other types of investments in which the investment team 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 results of operations and the value of your investment.

Derivatives Investments. The derivatives investments in which the Fund may invest are subject to comprehensive statutes, regulations and margin requirements. In particular, certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the "Dodd-Frank Act," require certain standardized derivatives to be cleared through a central counterparty and executed on a regulated market, which may result in increased margin requirements and costs for the Fund. The CFTC, SEC, and other federal regulators established minimum margin requirements on certain uncleared derivatives which may result in the Fund and the Fund's counterparties posting higher margin amounts for uncleared derivatives.

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In addition, the Adviser with respect to the Fund has filed a notice of eligibility for exclusion from the definition of the term "commodity pool operator" with the CFTC and the NFA, which regulate trading in the futures markets. Pursuant to CFTC Regulation 4.5, the Adviser and the Fund are not subject to regulation as a commodity pool or commodity pool operator under the CEA. If the Adviser or the Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.

Under SEC Rule 18f-4, related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies, the Fund is permitted to enter into derivatives and other transactions that create future payment or delivery obligations, including short sales, notwithstanding the senior security provisions of the 1940 Act if the Fund complies with certain value-at-risk leverage limits and derivatives risk management program and board oversight and reporting requirements or comply with a "limited derivatives users" exception. Rule 18f-4 also permits the Fund to enter into reverse repurchase agreements or similar financing transactions notwithstanding the senior security provisions of the 1940 Act if the Fund aggregates the amount of indebtedness associated with the Fund's reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratios as discussed above or treat all such transactions as Derivative Transactions for all purposes under Rule 18f-4. In addition, the Fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security under the 1940 Act, provided that (i) the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). The Fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, the Fund is permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time the Fund enters into such agreement, that the Fund will have sufficient cash and cash equivalents to meet the Fund's obligations with respect to all such agreements as they come due. The Fund cannot predict the effects of these requirements. The Adviser intends to monitor developments and seek to manage the Fund's assets in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require its direct participants (which generally would be a bank or broker-dealer) to submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which the direct participant is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.

The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the mandatory clearing requirement. Currently, the Fixed Income Clearing Corporation ("FICC") is the only CCA for U.S. Treasury securities.

Market participants, absent an exemption, will be required to clear Treasury repo transactions under the rule as of June 30, 2026. The clearing mandate is expected to result in a Fund being required to clear all or substantially all of its Treasury repo transactions as of the compliance date, and a Fund may incur costs in connection with entering into new agreements (or amending existing agreements) with direct participants of a CCA and potentially other market participants and taking other actions to comply with the new requirements. In addition, upon the compliance date taking effect, the costs and benefits of entering into Treasury repo transactions to the Fund may be impacted as compared to Treasury repo transactions the Fund may enter prior to the compliance date. The Adviser will monitor developments in the Treasury repo transactions market as the implementation period progresses.

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Loan Securitizations. Section 619 of the Dodd-Frank Act, commonly referred to as the "Volcker Rule," generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund, or "covered funds," (which have been broadly defined in a way which could include many CLOs). Given the limitations on banking entities investing in CLOs that are covered funds, the Volcker Rule may adversely affect the market value or liquidity of any or all of the investments held by the Fund. Although the Volcker Rule and the implementing rules exempt "loan securitizations" from the definition of covered fund, not all CLOs will qualify for this exemption.

In June 2020, the five federal agencies responsible for implementing the Volcker Rule adopted amendments to the Volcker Rule's implementing regulations, including changes relevant to the treatment of securitizations (the "Volcker Changes"). Among other things, the Volcker Changes ease certain aspects of the "loan securitization" exclusion, create additional exclusions from the "covered fund" definition, and narrow the definition of "ownership interest" to exclude certain "senior debt interests." Also, under the Volcker Changes, a debt interest would no longer be considered an "ownership interest" solely because the holder has the right to remove or replace the manager following a cause-related default. The Volcker Changes were effective October 1, 2020. It is currently unclear how, or if, the Volcker Changes will affect the CLO securities in which the Fund invests.

U.S. Risk Retention. In October 2014, six federal agencies (the Federal Deposit Insurance Corporation, or the "FDIC," the Comptroller of the Currency, the Federal Reserve Board, the SEC, the Department of Housing and Urban Development and the Federal Housing Finance Agency) adopted joint final rules implementing certain credit risk retention requirements contemplated in Section 941 of the Dodd-Frank Act, or the "Final U.S. Risk Retention Rules." These rules were published in the Federal Register on December 24, 2014. With respect to the regulation of CLOs, the Final U.S. Risk Retention Rules require that the "sponsor" or a "majority owned affiliate" thereof (in each case as defined in the rules), will retain an "eligible vertical interest" or an "eligible horizontal interest" (in each case as defined therein) or any combination thereof in the CLO in the manner required by the Final U.S. Risk Retention Rules.

The Final U.S. Risk Retention Rules became fully effective on December 24, 2016, or the "Final U.S. Risk Retention Effective Date," and to the extent applicable to CLOs, the Final U.S. Risk Retention Rules contain provisions that may adversely affect the return of the Fund's investments. On February 9, 2018, a three judge panel of the United States Court of Appeals for the District of Columbia Circuit, or the "DC Circuit Court," rendered a decision in The Loan Syndications and Trading Association v. Securities and Exchange Commission and Board of Governors of the Federal Reserve System, No. 1:16-cv-0065, in which the DC Circuit Court held that open market CLO collateral managers are not "securitizers" subject to the requirements of the Final U.S. Risk Retention Rules, or the "DC Circuit Ruling." Thus, collateral managers of open market CLOs are no longer required to comply with the Final U.S. Risk Retention Rules at this time. As such, it is possible that some collateral managers of open market CLOs will decide to dispose of the notes (or cause their majority owned affiliates to dispose of the notes) constituting the "eligible vertical interest" or "eligible horizontal interest" they were previously required to retain, or decide to take other action with respect to such notes that is not otherwise prohibited by the Final U.S. Risk Retention Rules. To the extent either the underlying collateral manager or its majority-owned affiliate divests itself of such notes, this will reduce the degree to which the relevant collateral manager's incentives are aligned with those of the noteholders of the CLO (which may include the Fund as a CLO noteholder), and could influence the way in which the relevant collateral manager manages the CLO assets and/or makes other decisions under the transaction documents related to the CLO in a manner that is adverse to the Fund.

There can be no assurance or representation that any of the transactions, structures or arrangements currently under consideration by or currently used by CLO market participants will comply with the Final U.S. Risk Retention Rules to the extent such rules are reinstated or otherwise become applicable to open market CLOs. The ultimate impact of the Final U.S. Risk Retention Rules on the loan securitization market and the

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leveraged loan market generally remains uncertain, and any negative impact on secondary market liquidity for securities comprising a CLO may be experienced due to the effects of the Final U.S. Risk Retention Rules on market expectations or uncertainty, the relative appeal of other investments not impacted by the Final U.S. Risk Retention Rules and other factors.

EU/UK Risk Retention. The securitization industry in both European Union ("EU") and the United Kingdom ("UK") has also undergone a number of significant changes in the past few years. Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardized securitization (as amended by Regulation (EU) 2021/557 and as further amended from time to time, the "EU Securitization Regulation") applies to certain specified EU investors, and Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardised securitization in the form in effect on 31 December 2020 (which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA")) (as amended by the Securitization (Amendment) (EU Exit) Regulations 2019 and as further amended from time to time, the "UK Securitization Regulation" and, together with the EU Securitization Regulation, the "Securitization Regulations") applies to certain specified UK investors, in each case, who are investing in a "securitisation" (as such term is defined under each Securitization Regulation).

The due diligence requirements of Article 5 of the EU Securitization Regulation (the "EU Due Diligence Requirements") apply to each investor that is an "institutional investor" (as such term is defined in the EU Securitization Regulation), being an investor which is one of the following: (a) an insurance undertaking as defined in Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast) ("Solvency II"); (b) a reinsurance undertaking as defined in Solvency II; (c) subject to certain conditions and exceptions, an institution for occupational retirement provision falling within the scope of Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (the "IORP Directive"), or an investment manager or an authorised entity appointed by an institution for occupational retirement provision pursuant to the IORP Directive; (d) an alternative investment fund manager ("AIFM") as defined in Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers that manages and/or markets alternative investment funds in the EU; (e) an undertaking for the collective investment in transferable securities ("UCITS") investment manager, as defined in Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (the "UCITS Directive"); (f) an internally managed UCITS, which is an investment company authorised in accordance with the UCITS Directive and which has not designated an investment manager authorised under the UCITS Directive for its management; or (g) a credit institution as defined in Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (the "CRR") for the purposes of the CRR, or an investment firm as defined in the CRR, in each case, such investor an "EU Institutional Investor."

The due diligence requirements of Article 5 of the UK Securitization Regulation (the "UK Due Diligence Requirements" and, together with the EU Due Diligence Requirements, the "Due Diligence Requirements") apply to each investor that is an "institutional investor" (as such term is defined in the UK Securitization Regulation), being an investor which is one of the following: (a) an insurance undertaking as defined in the Financial Services and Markets Act 2000 (as amended, the "FSMA"); (b) a reinsurance undertaking as defined in the FSMA; (c) an occupational pension scheme as defined in the Pension Schemes Act 1993 that has its main administration in the UK, or a fund manager of such a scheme appointed under the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorised under the FSMA; (d) an AIFM (as defined in the Alternative Investment Fund Managers Regulations 2013 (the "AIFM Regulations")) which markets or manages AIFs (as defined in the AIFM Regulations) in the UK; (e) an investment manager as defined in the FSMA; (f) a UCITS as defined by the FSMA, which is an authorised open ended investment company as defined in the FSMA; (g) a FCA investment firm as defined by the CRR as it forms part of UK domestic law by

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virtue of EUWA (the "UK CRR"); or (h) a CRR investment firm as defined in the UK CRR, in each case, such investor a "UK Institutional Investor" and, such investors together with EU Institutional Investors, "Institutional Investors."

Among other things, the applicable Due Diligence Requirements require that prior to holding a "securitisation position" (as defined in each Securitization Regulation) an Institutional Investor (other than the originator, sponsor or original lender) has verified that:

(1) the originator, sponsor or original lender will retain on an ongoing basis a material net economic interest which, in any event, shall be not less than five per cent. in the securitization, determined in accordance with Article 6 of the applicable Securitization Regulation, and has disclosed the risk retention to such Institutional Investor;

(2) (in the case of each EU Institutional Investor only) the originator, sponsor or securitization special purpose entity ("SSPE") has, where applicable, made available the information required by Article 7 of the EU Securitization Regulation in accordance with the frequency and modalities provided for thereunder;

(3) (in the case of each UK Institutional Investor only) the originator, sponsor or SSPE:

(i) if established in the UK has, where applicable, made available the information required by Article 7 of the UK Securitization Regulation (the "UK Transparency Requirements") in accordance with the frequency and modalities provided for thereunder; or

(ii) if established in a country other than the UK, where applicable, made available information which is substantially the same as that which it would have made available under the UK Transparency Requirements if it had been established in the UK, and has done so with such frequency and modalities as are substantially the same as those with which it would have made information available under the UK Transparency Requirements if it had been established in the UK; and

(4) in the case of each Institutional Investor, where the originator or original lender either (i) is not a credit institution or an investment firm (each as defined in the applicable Securitization Regulation) or (ii) is established in a third country (being (x) in respect of the EU Securitization Regulation, a country other than an EU member state, or (y) in respect of the UK Securitization Regulation, a country other than the UK), the originator or original lender grants all the credits giving rise to the underlying exposures on the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits and has effective systems in place to apply those criteria and processes in order to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness.

The Due Diligence Requirements further require that prior to holding a securitisation position, an Institutional Investor, other than the originator, sponsor or original lender, carry out a due diligence assessment which enables it to assess the risks involved, including but not limited to (a) the risk characteristics of the individual securitisation position and the underlying exposures; and (b) all the structural features of the securitization that can materially impact the performance of the securitisation position, including the contractual priorities of payment and priority of payment-related triggers, credit enhancements, liquidity enhancements, market value triggers, and transaction-specific definitions of default.

In addition, pursuant to the applicable Due Diligence Requirements, while holding a securitization position, an Institutional Investor, other than the originator, sponsor or original lender, is subject to various ongoing monitoring obligations, including but not limited to: (a) establishing appropriate written procedures to monitor compliance with the Due Diligence Requirements and the performance of the securitisation position and of the underlying exposures; (b) performing stress tests on the cash flows and collateral values supporting the underlying exposures or, in the absence of sufficient data on cash flows and collateral values, stress tests on loss assumptions, having regard to the nature, scale and complexity of the risk of the securitisation position;

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(c) ensuring internal reporting to its management body so that the management body is aware of the material risks arising from the securitisation position and so that those risks are adequately managed; and (d) being able to demonstrate to its competent authorities, upon request, that it has a comprehensive and thorough understanding of the securitisation position and underlying exposures and that it has implemented written policies and procedures for the risk management of the securitisation position and for maintaining records of (i) the verifications and due diligence in accordance with the applicable Due Diligence Requirements and (ii) any other relevant information.

Any Institutional Investor that fails to comply with the applicable Due Diligence Requirements in respect of a securitization position which it holds may become subject to a range of regulatory sanctions including, in the case of a credit institution, investment firm, insurer or reinsurer, a punitive regulatory capital charge with respect to such securitization position, or, in certain other cases, a requirement to take corrective action.

CLOs issued in Europe are generally structured in compliance with the Securitization Regulations so that prospective investors subject to the Securitization Regulations can invest in compliance with such requirements. To the extent a CLO is structured in compliance with the Securitization Regulations, the Fund's ability to invest in the residual tranches of such CLOs could be limited, or the Fund could be required to hold the Fund's investment for the life of the CLO. If a CLO has not been structured to comply with the Securitization Regulations, it will limit the ability of Institutional Investors to purchase CLO securities, which may adversely affect the price and liquidity of the securities (including the residual tranche) in the secondary market. Additionally, the Securitization Regulations and any regulatory uncertainty in relation thereto may reduce the issuance of new CLOs and reduce the liquidity provided by CLOs to the leveraged loan market generally. Reduced liquidity in the loan market could reduce investment opportunities for collateral managers, which could negatively affect the return of the Fund's investments. Any reduction in the volume and liquidity provided by CLOs to the leveraged loan market could also reduce opportunities to redeem or refinance the securities comprising a CLO in an optional redemption or refinancing and could negatively affect the ability of obligors to refinance of their collateral obligations, either of which developments could increase defaulted obligations above historic levels.

Japanese Risk Retention. The Japanese Financial Services Agency (the "JFSA") published a risk retention rule as part of the regulatory capital regulation of certain categories of Japanese investors seeking to invest in securitization transactions (the "JRR Rule"). The JRR Rule mandates an "indirect" compliance requirement, meaning that certain categories of Japanese investors will be required to apply higher risk weighting to securitization exposures they hold unless the relevant originator commits to hold a retention interest equal to at least 5% of the exposure of the total underlying assets in the transaction (the "Japanese Retention Requirement") or such investors determine that the underlying assets were not "inappropriately originated." The Japanese investors to which the JRR Rule applies include banks, bank holding companies, credit unions (shinyo kinko), credit cooperatives (shinyo kumiai), labor credit unions (rodo kinko), agricultural credit cooperatives (nogyo kyodo kumiai), ultimate parent companies of large securities companies and certain other financial institutions regulated in Japan (such investors, "Japanese Affected Investors"). Such Japanese Affected Investors may be subject to punitive capital requirements and/or other regulatory penalties with respect to investments in securitizations that fail to comply with the Japanese Retention Requirement.

The JRR Rule became effective on March 31, 2019. At this time, there are a number of unresolved questions and no established line of authority, precedent or market practice that provides definitive guidance with respect to the JRR Rule, and no assurances can be made as to the content, impact or interpretation of the JRR Rule. In particular, the basis for the determination of whether an asset is "inappropriately originated" remains unclear and, therefore, unless the JFSA provides further specific clarification, it is possible that CLO securities the Fund has purchased may contain assets deemed to be "inappropriately originated" and, as a result, may not be exempt from the Japanese Retention Requirement. The JRR Rule or other similar requirements may deter Japanese Affected Investors from purchasing CLO securities, which may limit the liquidity of CLO securities and, in turn, adversely affect the price of such CLO securities in the secondary market. Whether and to what extent the JFSA may provide further clarification or interpretation as to the JRR Rule is unknown.

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Private Funds Rule. The SEC recently adopted new and amended rules under the Investment Advisers Act of 1940, as amended, that will significantly reform the scope of reporting, disclosure and other obligations imposed on investment advisers to private funds. These requirements may increase the cost of doing business for the Fund (and thereby decrease the value of a shareholder's interest in the Fund over time) and/or adversely affect the issuers in which the Fund invests. The effects of these requirements on the Fund and the extent of such effects cannot be predicted at this time.

Sanctions.

The Fund's operations are or may become subject to economic sanctions laws and regulations of various jurisdictions. At any given time, whether under applicable law, by contractual commitment or as a voluntary risk management measure, the Fund may be required, or elect, to comply with various sanctions programs, including but not limited to, the Specially Designated Nationals and Blocked Persons List, the Chinese Military Companies Sanctions, and Sectoral Sanctions programs administered by OFAC, the sanctions regimes administered by subsidiary organs of the United Nations Security Council, the Sanctions Orders of the Cayman Islands (including sanctions regimes of the government of the United Kingdom as extended to the Cayman Islands from time to time by statutory instrument), and the Restrictive Measures adopted by the European Union. Some sanctions that may apply to the Fund prohibit or restrict dealings with particular identified persons. Other potentially applicable sanctions programs broadly prohibit or restrict dealings in certain countries or territories or with individuals and entities located in such countries or territories. Furthermore, sanctions may lead to events of default under financing arrangements and other third party arrangements. In addition to such current sanctions, additional sanctions may be imposed in the future. Such sanctions may be imposed with little or no advance warning or "safe harbor" for compliance and may be ambiguous, including as to the scope of financial activities that regulators may ultimately deem to be covered by the sanctions.

Depending on the scope and duration of a particular sanctions program, compliance by the Fund may result in a material adverse effect on the Fund. The Adviser and the Fund may be subject to heightened or targeted regulatory scrutiny and information requests as a result of such sanctions. If the Adviser or the Fund were to violate or be deemed in violation of any such sanction, it could face significant legal and monetary penalties. Sanctions may negatively impact the Fund's ability to effectively implement its investment strategy and have a material adverse impact on the Fund's investments in various ways, including by preventing or inhibiting the Fund from making certain investments, forcing the Fund to divest from investments previously made, and leading to substantial reductions in the revenues, profits and value of the Fund's investments. Finally, sanctions may have broader economic implications, such as influencing the price of certain commodities, which may have adverse effects on inflation and the value of the U.S. dollar, which may adversely affect investment objectives and strategies of the Fund.

The SEC staff could modify its position on certain non-traditional investments, including investments in structured finance securities and funds and other investment vehicles.

The staff of the SEC from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in structured finance securities and investments in certain types of funds and other investment vehicles. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in certain securities could adversely impact the Fund's ability to implement the Fund's investment strategy and/or the Fund's ability to raise capital through public offerings, or could cause the Fund to take certain actions that may result in an adverse impact on Shareholders, the Fund's financial condition and/or the Fund's results of operations. The Fund is unable at this time to assess the likelihood or timing of any such regulatory development.

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General Risk Factors

General Economic and Financial Conditions May Negatively Affect the Fund's Investment Activity.

The success of any investment activity is influenced by general economic and financial conditions that may affect the level and volatility of equity prices, interest rates and the extent and timing of investor participation in the markets for both equity and interest-rate-sensitive securities. Unexpected volatility, illiquidity, governmental action, currency devaluation or other events in the global markets in which the Fund directly or indirectly holds positions could impair the Fund's ability to carry out its business and could cause the Fund (and therefore the Funds) to incur substantial losses.

Inflation.

Inflation and rapid fluctuations in inflation rates, as has recently occurred in the U.S., have had in the past, and may in the future have, negative effects on economies and financial markets. Wage and price controls have been imposed at times in certain countries in an attempt to control inflation, which could significantly affect the operation of the issuers of securities or other investments in which the Fund invests. Governmental efforts to curb inflation often have negative effects on the level of economic activity. As such, inflation and rapid fluctuations in inflation rates can adversely affect the financial performance of the Fund (and therefore the Funds). In addition, the market value of the Fund's investments may decline in times of higher inflation rates given that the most commonly used methodologies for valuing investments (e.g., discounted cash flow analysis) are sensitive to rising inflation and real interest rates. There can be no assurance that inflation will not continue to be a serious problem and have an adverse impact on the performance of the Fund (and therefore the Funds) and its investments. Were significant inflation to continue, the effect on the Adviser's strategy could be materially adverse.

Terrorist actions, natural disasters, outbreaks or pandemics may disrupt the market and impact the Fund's operations.

Terrorist acts, acts of war, natural disasters, outbreaks or pandemics may disrupt the Fund's operations, as well as the operations of the businesses in which the Fund invests. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. For example, many countries have experienced outbreaks of infectious illnesses in recent decades, including swine flu, avian influenza, SARS and COVID-19.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. The responses to viral illnesses outbreaks have varied as has their impact on human health, local economies and the global economy, and it is impossible at the outset of any such outbreak to estimate accurately what the ultimate impact of any such outbreak will be. Protective measures taken by governments and the private sector to mitigate the spread of such illness, including travel restrictions and outright bans, quarantines, and work-at-home arrangements, and the spread of any such illness within the Fund's offices and the offices of the Fund's service providers, could seriously impair the Fund's operational capabilities, potentially harming the Fund's business and the Fund's operating results.

Cybersecurity Risk.

As part of its business, the Adviser processes, stores and transmits large amounts of electronic information, including information relating to the transactions of the Fund and personally identifiable information of the Shareholders. Similarly, service providers of the Adviser and the Fund may process, store and transmit such information. The Adviser has procedures and systems in place that it believes are reasonably designed to protect such information and prevent data loss and security breaches. However, such measures cannot provide absolute security. The techniques used to obtain unauthorized access to data, disable or degrade service, or sabotage

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systems change frequently and may be difficult to detect for long periods of time. Hardware or software acquired from third parties may contain defects in design or manufacture or other problems that could unexpectedly compromise information security. Network connected services provided by third parties to the Adviser may be susceptible to compromise, leading to a breach of the Adviser's network. The Adviser's systems or facilities may be susceptible to employee error or malfeasance, government surveillance, or other security threats. On-line services provided by the Adviser may also be susceptible to compromise. Breach of the Adviser's information systems may cause information relating to the transactions of the Fund and personally identifiable information of the Shareholders to be lost or improperly accessed, used or disclosed.

The service providers of the Adviser and the Fund are subject to the same electronic information security threats as the Adviser. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to the transactions of the Fund and personally identifiable information of the Shareholders may be lost or improperly accessed, used or disclosed.

The loss or improper access, use or disclosure of the Adviser's or the Fund's proprietary information may cause the Adviser or the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events could have a material adverse effect on the Fund.

Other Risks of the Fund

Shares Not Listed; No Market for Shares. The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

Closed-end Interval Fund; Liquidity Risk. The Fund is a non-diversified, closed-end management investment company structured as an "interval fund" and designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There is no secondary market for the Fund's Shares and the Fund expects that no secondary market will develop. You should not invest in the Fund if you need a liquid investment. Closed-end funds differ from open-end management investment companies, commonly known as mutual funds, in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV. Although the Fund, as a fundamental policy, will make quarterly offers to repurchase at least 5% and up to 25% of its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. If Shareholders tender for repurchase more than the repurchase offer amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional number of Shares not to exceed 2% of the outstanding Shares of the Fund on the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). In connection with any given repurchase offer, the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. Hence, you may not be able to sell your Shares when and/or in the amount that you desire.

Repurchase Risks. As described under "Repurchases of Shares," the Fund is an "interval fund" and, to provide some liquidity to Shareholders, makes quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. The Fund believes that these repurchase offers are generally beneficial to the Fund's Shareholders, and generally are funded from available cash or sales of portfolio securities. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratio. Repurchase offers and the need to fund

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repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities, and may limit the ability of the Fund to participate in new investment opportunities. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income. Certain Shareholders may from time to time own or control a significant percentage of the Fund's Shares. Repurchase requests by these Shareholders of their Shares of the Fund may cause repurchases to be oversubscribed, with the result that Shareholders may only be able to have a portion of their Shares repurchased in connection with any repurchase offer. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if Shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. Shareholders will be subject to the risk of NAV fluctuations during that period. Thus, there is also a risk that some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. The NAV of Shares tendered in a repurchase offer may fluctuate between the date a Shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The NAV on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a Shareholder submits a repurchase request. Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly. See "Repurchases of Shares."

Substantial Repurchases. Substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable in order to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material adverse effect on the net asset value of the Fund. To the extent the Fund obtains repurchase proceeds by disposing of its interest in certain more liquid investments, the Fund will thereafter hold a larger proportion of its assets in illiquid investments. This could adversely affect the ability of the Fund to fund subsequent repurchase requests of shareholders or to conduct future repurchases at all. In addition, substantial repurchases of Shares could result in a sizeable decrease in the Fund's net assets, resulting in an increase in the Fund's total annual operating expense ratio.

Possible Exclusion of a Shareholder Based on Certain Detrimental Effects. The Fund may repurchase and/or redeem Shares in accordance with the terms of its Agreement and Declaration of Trust and subject to the 1940 Act and the rules thereunder, including Rules 23c-1 and 23c-2, held by a Shareholder or other person acquiring Shares from or through a Shareholder, if:

• ownership of the Shares by the Shareholder or other person likely will cause the Fund to be in violation of, require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

• continued ownership of the Shares by the Shareholder or other person may be harmful or injurious to the business or reputation of the Fund, the Board of Trustees, the Adviser or any of their affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences;

• any of the representations and warranties made by the Shareholder or other person in connection with the acquisition of the Shares was not true when made or has ceased to be true;

• the Shareholder is subject to special regulatory or compliance requirements, such as those imposed by the U.S. Bank Holding Company Act of 1956, as amended, certain Federal Communications Commission regulations, or ERISA (as hereinafter defined) (collectively, "Special Laws or

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Regulations"), and the Fund determines that the Shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of continuing to hold the Shares;

• the beneficial owner's estate submits a tender request and proof of owner's death; or

• the disabled beneficial owner's legal representative submits tender request and proof of qualified disability.

The effect of these provisions may be to deprive an investor in the Fund of an opportunity for a return even though other investors in the Fund might enjoy such a return.

Distribution Payment Risk. The Fund cannot assure investors that the Fund will achieve investment results that will allow the Fund 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 may depend on the Fund's earnings, the Fund's net investment income, the Fund's financial condition, maintenance of the Fund's and the Fund's RIC status, compliance with applicable regulations and such other factors as the Board may deem relevant from time to time.

In the event that the Fund encounters delays in locating suitable investment opportunities, all or a substantial portion of the Fund's distributions may constitute a return of capital to Shareholders. To the extent that the Fund pays distributions that constitute a return of capital for U.S. federal income tax purposes, it will lower an investor's tax basis in his or her Shares. A return of capital generally is a return of an investor's investment, rather than a return of earnings or gains derived from the Fund's investment activities, and generally results in a reduction of the tax basis in the Shares. As a result from such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Shares, even if such Shares are sold at a loss relative to the Shareholder's original investment.

Assumption of Business, Terrorism and Catastrophe Risks. The Fund may be subject to the risk of loss arising from direct or indirect exposure to various catastrophic events, including the following: hurricanes, earthquakes and other natural disasters (which may be caused, or enhanced in frequency and severity, by climate change factors); war, terrorism and other armed conflicts; social or political unrest; cyberterrorism; major prolonged power outages or network interruptions; and public health crises, including infectious disease outbreaks, epidemics and pandemics. To the extent that any such event occurs and has a material effect on global financial markets or specific markets or issuers in which the Fund invests (or has a material negative impact on the operations of the Adviser), the risks of loss can be substantial and could have a material adverse effect on the Fund. Furthermore, any such event may also adversely impact one or more individual Shareholder's financial condition, which could result in substantial repurchase requests by such Shareholder as a result of their individual liquidity situations and irrespective of the Fund's performance.

Risks Associated with the Fund Distribution Policy. The Fund intends to make regular distributions. Currently, in order to maintain a relatively stable level of distributions, the Fund may pay out less than all of its net investment income to the extent consistent with maintaining its ability to be subject to tax as a RIC under the Code, pay out undistributed income from prior months, return capital in addition to current period net investment income or borrow money to fund distributions. The distributions for any full or partial calendar year might not be made in equal amounts, and one distribution may be larger than the other. The Fund will make a distribution only if authorized by the Board and declared by the Fund out of assets legally available for these distributions. This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its Shareholders because it may result in a return of capital, which would reduce the NAV of the Shares and, over time, potentially increase the Fund's expense ratio. If a distribution constitutes a return of capital, it means that the Fund is returning to Shareholders a portion of their investment rather than making a distribution that is funded from the Fund's earned income or other profits. The Fund's distribution policy may be changed at any time by the Board.

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There is a possibility that the Fund may make total distributions during a calendar or taxable year in an amount that exceeds the Fund's net investment company taxable income and net capital gains for the relevant taxable year. In such situations, if a distribution exceeds the Fund's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), a portion of each distribution paid with respect to such taxable year would generally be treated as a return of capital for U.S. federal income tax purposes, thereby reducing the amount of a Shareholder's tax basis in such Shareholder's Shares. When a Shareholder sells Shares, the amount, if any, by which the sales price exceeds the Shareholder's tax basis in Shares may be treated as a gain subject to tax. Because a return of capital reduces a Shareholder's tax basis in Shares, it generally will increase the amount of such Shareholder's gain or decrease the amount of such Shareholder's loss when such Shareholder sells Shares. To the extent that the amount of any return of capital distribution exceeds a Shareholder's tax basis in Shares, such excess generally will be treated as gain from a sale or exchange of the shares.

If the Fund elects to issue preferred shares and/or notes or other forms of indebtedness, its ability to make distributions to its common shareholders may be limited by the asset coverage requirements and other limitations imposed by the 1940 Act and the terms of the Fund's preferred shares, notes or other indebtedness.

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LIMITS OF RISK DISCLOSURES

The above discussions of the material risks associated with the Fund and the Shares are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund, as the above discussion does not address unknown and unknowable risks that may be material to the Fund. Prospective investors should read this entire Prospectus and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, an investment in the Fund may be subject to risk factors not described in this Prospectus. Additional risks and uncertainties not currently known to the Fund also may materially adversely affect the Fund's business, financial condition and/or operating results. The Fund will update this Prospectus to account for any material changes in the risks involved with an investment in the Fund.

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MANAGEMENT

The Fund's Board of Trustees is responsible for the overall management and supervision of the Fund's business and affairs, including the appointment of advisers. The Fund's Trustees may appoint officers who assist in managing the Fund's day-to-day affairs.

The Board of Trustees

The Board of Trustees currently consists of four members, three of whom are not "interested persons" (as defined in the 1940 Act) of the Fund ("Independent Trustees"). The responsibilities of the Board of Trustees include oversight of the valuation of the Fund's assets, corporate governance activities, oversight of the Fund's financing arrangements and oversight of the Fund's investment activities.

The Adviser

The Fund's Board of Trustees is responsible for the overall management and supervision of the Fund's business and affairs, including the appointment of advisers and sub-advisers. Pursuant to the Investment Advisory Agreement, the Fund's Board of Trustees has appointed GoldenTree Asset Management Credit Advisor LLC as the Fund's investment adviser.

The Adviser is registered as an investment adviser with the SEC. As of May 31, 2025, the Adviser alone had approximately $0 of total assets under management. The Adviser is located at 300 Park Avenue, New York, NY 10022.

The Adviser's management of other vehicles and accounts by the Adviser and its affiliates, give rise to certain conflicts of interest. See "Conflicts of Interest."

Management Fee

Under the Investment Advisory Agreement, the Fund will pay a management fee at the annual rate of 1.85% of the Fund's Gross Assets. The Management Fee will be payable monthly in arrears based on the average daily value of the Fund's Gross Assets.

Approval of the Investment Advisory Agreement

A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement will be available in the Fund's first report on Form N-CSR, which will be publicly filed with the SEC.

The Administrator

The Administrator

Pursuant to the Administration Agreement, the Fund's Board of Trustees has appointed the Adviser as the Fund's administrator.

Administrator Services

Under the Administration Agreement, the Adviser performs, or arranges for the performance of, the Fund's required administrative services, which include being responsible for the financial records which the Fund is required to maintain and preparing reports to the Fund's Shareholders. In addition, the Adviser provides the Fund with accounting services; assists the Fund in determining and publishing the Fund's NAV; oversees the preparation and filing of the Fund's tax returns; monitors the Fund's compliance with tax laws and regulations;

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and prepares, and assists the Fund with any audits by an independent public accounting firm of, the Fund's financial statements. The Adviser is also responsible for the printing and dissemination of reports to the Fund's Shareholders and the maintenance of the Fund's website; provides support for the Fund's investor relations; generally oversees the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others; and provides such other administrative services as the Fund may from time to time designate.

The Fund reimburses the Adviser for its actual costs incurred in providing these administrative services, including the allocable portion of the compensation and related expenses of certain personnel of the Adviser providing administrative services to the Fund on behalf of the Adviser, subject to the limitations set forth in the Administration Agreement and the Expense Limitation Agreement. The Adviser is required to allocate the cost of such services to the Fund based on factors such as assets, revenues, time allocations and/or other methods. At least annually, the Board reviews 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 then assesses 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 considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board, among other things, compares 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 will 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.

Payments under the Administration Agreement are equal to an amount based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Fund's allocable portion of the compensation of the Fund's chief financial officer and chief compliance officer and the Fund's allocable portion of the compensation of support staff. The Fund's allocable portion of such total compensation is based on an allocation of the time spent on the Fund relative to other matters. To the extent the Adviser outsources any of its functions as administrator, the Fund pays the fees on a direct basis, without profit to the Adviser. Certain accounting and other administrative services have been delegated by the Adviser to State Street for which the fee is calculated based on the Fund's net assets (subject to an annual minimum).

The Transfer Agent and Dividend Disbursement Agent

State Street serves as the Fund's transfer agent and dividend disbursement agent, as well as agent for the Fund's DRIP. The principal business address of State Street is 1 Congress Street, Boston, MA 02114.

The Custodian

Pursuant to the Custody Agreement, the Fund's Board of Trustees has appointed State Street as the Fund's custodian. The principal business address of State Street is 1 Congress Street, Boston, MA 02114.

Portfolio Managers

The Adviser is ultimately responsible for the Fund's day-to-day investment management and the implementation of the Fund's investment strategy and process. All final investment decisions are made by the lead portfolio managers, Steven A. Tananbaum and Lee Kruter.

Biographical information on the lead portfolio managers is set forth below:

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Steven A. Tananbaum

Founder, Managing Partner & Chief Investment Officer

Steven Tananbaum is Founder, Managing Partner and Chief Investment Officer of GoldenTree Asset Management, overseeing the firm's investments across all fund offerings. In addition, Mr. Tananbaum is the Lead Portfolio Manager for the Master Fund, Distressed Funds, and Tactical Opportunities Fund, as well as a Lead Portfolio Manager for GoldenTree Loan Management and other fixed income oriented strategies. Mr. Tananbaum chairs GoldenTree Asset Management's Executive Committee and Distressed Committee. Mr. Tananbaum is also a member of GoldenTree's Private Credit Committee. A veteran of the credit markets with over 30 years of investing experience, Mr. Tananbaum founded GoldenTree in 2000 and was instrumental in building the firm into an organization that is highly regarded for its investment process and partnership culture. Known for its focus on fundamental and relative value analysis, GoldenTree has produced strong competitive returns across product lines since its inception. The firm has grown into an organization of 26 partners and over 310 employees. Prior to forming GoldenTree, Mr. Tananbaum spent over a decade at MacKay Shields. He was head of the firm's high yield group beginning on June 1, 1991 and, in 1997, founded its hedge fund business and served as the lead portfolio manager. Under Mr. Tananbaum's leadership, MacKay Shields' high yield mutual funds were rated in the top 5% by Lipper from June 1, 1991 through December 31, 1999. Prior to joining MacKay Shields, Mr. Tananbaum worked primarily on high yield and merger & acquisition transactions in the corporate finance department of Kidder, Peabody & Co. He is a graduate of Vassar College with a B.A. in Economics. Mr. Tananbaum is a CFA charterholder. He is a Member of the Board of Trustees of The Museum of Modern Art and a Member of the Council on Foreign Relations.

Lee Kruter

Partner & Head of Performing Credit

Lee Kruter is a Partner and Head of Performing Credit at GoldenTree Asset Management. Mr. Kruter is the Lead Portfolio Manager for the Private Credit strategy, Multi-Sector strategy, GoldenTree Loan Management and the firm's Corporate Credit and fixed income oriented Structured Credit strategies. Mr. Kruter is a member of GoldenTree Asset Management's Executive Committee and chairs the Private Credit Committee. Prior to joining GoldenTree, Mr. Kruter was a Vice President at Credit Suisse and spent seven years in the Leveraged Finance Research group, where he was responsible for the healthcare and services sectors. During his time at Credit Suisse, Mr. Kruter also covered various other sectors including metals & mining and wireless & wireline telecommunications. Mr. Kruter holds a B.S. in Finance and Management Information Systems from New York University's Leonard N. Stern School of Business. Mr. Kruter is also a CFA charterholder. He currently is a member of the NYU Stern Executive Board.

Control Persons

As of May 31, 2025, and based on statements publicly filed with the SEC, the following Shareholder owned of record 5% or more of the outstanding Shares of the Fund:

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| | |
|:---|:---|
| Name/Address | Percentage of Shares |
| GoldenVest LLC | 100% |

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Under the 1940 Act, a control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of May 31, 2025, the Trustees and Officers of the Fund as a group owned less than 1% of the outstanding Shares of beneficial interest of each class of the Fund.

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FUND EXPENSES

The Adviser's investment team, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. The Fund bears all other costs and expenses of the Fund's operations and transactions, including, but not limited to:

1. the Management Fee;

2. fees to the Fund's administrators, transfer agent, custodians, depositaries, and trustees and other service providers;

3. the cost of calculating the Fund's NAV (including the cost and expenses of any independent valuation firm);

4. borrowing and indebtedness of the fund, including the costs of establishing such borrowing or indebtedness, as well as any interest expenses;

5. trading and investment expenses (e.g., expenses that the Adviser reasonably determines to be related to the investment of the Fund's assets), including:

5.1. brokerage commissions and expenses relating to short sales,

5.2. clearing and settlement charges and other related amounts,

5.3. prime broker fees and other bank service fees, and

5.4. custodial fees, and fees of the trustee and any depositary in relation to trading and settlements;

6. dividends on preferred shares, if any, and any expenses relating to the offering of any preferred shares, including costs related to the use of one or more distributors and/or underwriters;

7. the costs and expenses of products and services relating to research concerning the Fund's investments or potential investments (except to the extent that such costs or expenses are paid for with "soft dollars"), including the following:

7.1. the costs of obtaining third-party research products and services, including the cost of research reports relating to securities, issuers, market segments or geographic regions,

7.2. investment- and portfolio-related research surveys,

7.3. the costs of computerized historical financial data, data feeds, audiovisual media, and databases (e.g., Bloomberg) and the costs of credit rating services,

7.4. alternative data, and systems and services relating to research for alternative data,

7.5. the costs of subscriptions, publications, and news feeds regarding investments and/or the general investment markets,

7.6. professional fees, including the expenses of consultants and experts, to the extent such professional fees relate to research,

7.7. the costs of information technology hardware and software (including computers, telephones, videoconferencing equipment, and similar items) to the extent that such hardware or software is used for research (to include initial and ongoing costs for purchase or lease, licensing, data and physical file storage, maintenance, cyber and information security technology and services, consulting and third-party labor support, and other related expenses); and

7.8. the cost of investigating actual or potential investments, including investment and general market conferences, travel expenses and out-of-pocket expenses of the officers and employees of the Adviser in relation to research concerning investments or potential investments for the Fund;

8. costs of third-party valuation consultants and price quotation services;

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9. the costs of portfolio modeling and analyses, and data analytics, including expenses relating to services provided by affiliated or unaffiliated service providers;

10. professional fees, including:

10.1. expenses of consultants, experts and third-party advisors, related to portfolio investments (and not related to research),

10.2. fees of any underwriter or rating agency in connection with borrowing or indebtedness of the Fund,

10.3. fees and expenses associated with the Board of Trustees of the Fund, including travel expenses and costs associated with ongoing meetings of any such entities, and

10.4. fees and expenses of anti-money laundering officers of the Fund;

11. legal, litigation, compliance, regulatory, and tax expenses, including consulting expenses, filing fees;

12. auditing and tax preparation expenses;

13. federal and state registration fees and any applicable exchange listing fees;

14. federal, state and local taxes of the Fund;

15. costs associated with offering or repurchasing the Fund's Shares and other securities (including, but not limited to, preferred shares and indebtedness), including costs related to the use of one or more distributors and/or underwriters;

16. distributions of the Fund's Shares or other securities;

17. direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administrative functions;

18. any fees and expenses relating to escrow agent services;

19. Independent Trustee fees and expenses;

20. the costs of any reports, proxy statements or other notices to the Fund's Shareholders, including printing costs;

21. any applicable distribution and/or shareholder servicing fees;

22. insurance expenses (including fidelity insurance, Trustees and officers/errors and omissions liability insurance, cybersecurity insurance, and travel-related insurance);

23. costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws;

24. the costs of services, systems, data, databases, physical storage, electronic storage, and disaster recovery solutions relating to the management of the Fund (to include initial and ongoing costs for purchase or lease, licensing, maintenance, consulting and third-party labor support, and other related expenses), including the following:

24.1. the costs of third-party compliance, legal, client service, tax, trading, technology, portfolio analysis, operational and accounting products, services and consultants, including the costs of compliance, portfolio analysis and accounting software packages,

24.2. the costs of risk management products and services, including the costs of risk management software or database packages,

24.3. the costs of performance measurement services and GIPS verifications; and

24.4. the costs of maintaining the books and records of the Fund;

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25. fees, costs and expenses associated with Shareholder meetings;

26. costs and expenses, including travel expenses and costs associated with investor conferences or any other similar meetings of the Fund;

27. expenses associated with special purpose vehicles and investment vehicles through which the Fund invests, including organizational, tax, legal, audit, administrative and transaction expenses, dedicated staffing expenses, and occupancy expenses for required physical locations (occupancy expenses to include rent, overhead, property taxes, and utilities in dedicated and shared locations (whether paid to third parties or allocated from GoldenTree));

28. corporate licensing;

29. Organizational Expenses;

30. fees and expenses associated with marketing, distribution, training and investor relations efforts;

31. dues, fees and charges of any trade association of which the Fund is a member;

32. extraordinary expenses, including the costs of indemnification; and

33. all other expenses reasonably incurred by the Fund or the Adviser in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under the Advisory Agreement or incurred by the Adviser in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's Chief Compliance Officer, Chief Financial Officer and their respective support staff.

Certain expenses of the Fund attributable to a particular class of Shares ("Class Expenses") will be allocated to the share class to which they are attributable. Class Expenses include, for example: (i) Distribution and Service Fees, as applicable; (ii) recordkeeping, transfer agency and sub-transfer agency fees and expenses; (iii) printing and postage expenses related to preparing and distributing materials such as shareholder reports, prospectuses and proxies to current Shareholders of a specific class; (iv) the expense of administrative personnel and services to support the Shareholders of a specific class; (v) litigation or other legal expenses relating solely to one class; and (vi) Trustees' fees incurred as a result of issues relating to one class. Certain expenses may be allocated differently if their method of imposition changes.

Expense Limitation Agreement

The Fund and the Adviser have entered into the Expense Limitation Agreement, which shall remain in effect for at least one year from the effective date of the Fund's registration statement on Form N-2 unless the Fund's Board of Trustees approves its earlier termination.

Pursuant to the Expense Limitation Agreement, the Adviser has contractually agreed to reimburse expenses to limit total annual operating expenses (excluding management fees, distribution and/or servicing fees, investment-related expenses, borrowing costs, borrowing-related costs, taxes, brokerage expenses, litigation expenses, acquired fund fees and expenses, and extraordinary expenses) to no more than 0.80% of the Fund's average daily Gross Assets. The Adviser may recoup from the Fund any waived amount or reimbursed expenses with respect to the Fund pursuant to the Expense Limitation Agreement if such recoupment does not cause the Fund to exceed the current expense limit or the expense limit in place at the time of the waiver or reimbursement (whichever is lower) and the recoupment is made within three years from the date the amount was initially waived or reimbursed.

Management Fee Waiver Agreement

The Fund and the Adviser have entered into the One-Year Management Fee Waiver Agreement, pursuant to which the Adviser has contractually agreed to waive the Fund's management fee in the amount of 0.375% of the

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Fund's average daily Gross Assets on an annualized basis through the last day of the twelfth full month following the Fund's commencement of operations. The Adviser may not seek reimbursement from the Fund with respect to the management fees waived pursuant to the One-Year Management Fee Waiver Agreement.

The Fund and the Adviser have entered into the Six-Month Management Fee Waiver Agreement, pursuant to which the Adviser has contractually agreed to waive the Fund's management fee in the amount of 0.375% of the Fund's average daily Gross Assets on an annualized basis through the last day of the sixth full month following the Fund's commencement of operations. The Adviser may not seek reimbursement from the Fund with respect to the management fees waived pursuant to the Six-Month Management Fee Waiver Agreement.

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DETERMINATION OF NET ASSET VALUE

The NAV per share of the Fund's Shares is determined by dividing the value of the Fund's portfolio investments, cash and other assets (including interest accrued but not collected) less all of the Fund's liabilities (including accrued expenses and fees, the aggregate liquidation preference of any preferred shares, borrowings and interest payables) by the total number of outstanding Shares. The most significant estimate inherent in the preparation of the Fund's financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. There is no single method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Fund makes. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board of Trustees has elected to designate the Adviser as "valuation designee" to perform fair value determinations in respect of the Fund's portfolio investments that do not have readily available market quotations.

The Fund accounts for the Fund's investments in accordance with GAAP, and fair value the Fund's investment portfolio in accordance with the provisions of the FASB ASC Topic 820 Fair Value Measurements and Disclosures of the Financial Accounting Standards Board's Accounting Standards Codification, as amended, which defines fair value, establishes a framework for measuring fair value and requires enhanced disclosures about fair value measurements. Fair value is the estimated amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price).

In determining the value of publicly-traded securities, such securities are generally valued utilizing the official closing price from the applicable exchange at the measurement date. Public non-traded securities are typically valued based on recent market transactions involving the same security on or around the measurement date. If observable transactions are limited (or if there are none), the Adviser will consider utilizing broker quotations or an independent valuation agent. Privately placed investments are generally fair valued utilizing valuations provided by an independent valuation agent as an input. In addition to the techniques described above, the Adviser may from time to time use other valuation techniques and methodologies when determining fair value measurements. A third-party valuation firm's advice is only one factor considered in the valuation of an investment, and the Adviser does not rely on such advice in determining the fair value of the Fund's investments in accordance with the 1940 Act.

The Fund's investment portfolio is valued no less frequently than daily, and daily on the five business days preceding a Repurchase Request Deadline. Fair valuations are ultimately determined by the Adviser's valuation committee, which is comprised of a majority of non-investment personnel, in accordance with the Adviser's valuation policies and procedures. The Board of Trustees oversees the valuation designee and the process that it uses to determine the fair value of the Fund's assets. In this regard, the Board receives periodic and, as applicable, prompt reporting regarding certain material valuation matters, as required by Rule 2a-5 under the 1940 Act.

The Fund has the sole right to change the frequency of determination of net asset value at the Board's discretion.

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CONFLICTS OF INTEREST

The Adviser and its affiliates are subject to various actual and potential conflicts of interest in the ordinary course of its business. The Adviser seeks to identify potential risks, including conflicts of interest, that are inherent in its business; however, it is not possible to identify every potential conflict that can arise. When actual or potential conflicts of interest are identified, the Adviser seeks to address such conflicts by eliminating the conflict, disclosing the conflict, and/or managing the conflict through the adoption of appropriate policies, procedures or other mitigants.

In addition to adhering to the Fund's compliance policies and procedures, the Adviser has adopted a code of ethics, trade management guidelines, and other conflicts of interest policies, and monitors compliance with these policies through its compliance program. The Adviser cannot guarantee, however, that these policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict arises or could potentially arise.

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:

Conflicts Between the Adviser and Clients

• Other Business Activities: 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;

• Competition with Affiliates: 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;

• Securities of the Same Size or Class: Subject to applicable law, the Adviser and its affiliates may now, or in the future, acquire, hold or sell securities of the same kind or class that are purchased or sold for the Fund or other clients. These transactions may be executed at different times and/or at prices that are different between clients. The Adviser's trade execution in each case is driven by its consideration of a variety of factors consistent with its duty to seek best execution. Also, the Adviser may execute trades in securities of the same kind or class in opposite directors for different accounts. The trading decisions in each case generally result from differences in investment strategy, portfolio composition, or client direction;

• Fixed Management Fee: Regardless of the quality of the assets acquired by the Fund, the services provided to the Fund or whether the Fund makes distributions to Shareholders, the Adviser will receive the Management Fee in connection with the management of the Fund's portfolio;

• Valuation Conflicts: When client accounts hold illiquid or difficult to value investments, the Adviser faces a conflict of interest when making recommendations regarding the value of such investments since its fees are generally based on the value of assets under management. The Fund's and the Adviser's valuation policies mitigate this conflict effectively and enable the Adviser to value client assets fairly and in a manner that is consistent with the Fund's best interests;

• Affiliated accounts: The Adviser manages both affiliated and unaffiliated accounts and has an incentive to favor accounts of affiliates over others;

• Affiliated Service Providers :

• Subject to any limitations imposed by the 1940 Act, affiliated service providers may provide services to the Fund, and if the costs of those services could be Fund expenses if provided by a third-party service provider then they will be Fund expenses when provided by the affiliated

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service provider. Any compensation paid to an affiliated service provider will not offset or otherwise reduce the fees payable to the Adviser by the Fund. Although the Adviser has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest, which may arise in selecting and using affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in the Adviser's sole discretion) will be successful. <br>

• The Adviser intends to engage TZ Capital for investment sourcing and administrative services, and the Adviser will bear the expenses for these services. TZ Capital is an entity co-founded and co-operated by a relative of Steven A. Tananbaum, and it may assist in sourcing and administering loans for the Fund to established real estate groups with a focus on real estate groups in states, including Florida, New York, and California. From time to time, TZ Capital may enter into consulting arrangements with the Adviser pursuant to which TZ Capital may receive fees from the Adviser. There will be no fees charged to the Fund in connection with any services provided by TZ Capital. Any fees paid to TZ Capital will be entirely a cost of the Adviser;

Conflicts Between Accounts

• Side-by-Side Management of Accounts: The Adviser's side-by-side management of multiple accounts can create conflicts of interest involving allocation, valuation, and other areas including those noted below. In keeping with its fiduciary obligations, the Adviser's overarching policy is to treat all of its client accounts fairly and equitably over time;

• Allocation and Trade Conflicts: In allocating investment opportunities among the Fund and other accounts, the Adviser will act in good faith and will consider factors reasonably appropriate for such determinations, including, but not limited to, investment strategies, risk tolerances, the nature of the investment, investment time frames, legal or regulatory restrictions, tax considerations, the availability of leverage, the relative amounts of capital available for new investments, relative exposure to market trends, transaction costs, the eligibility of the Fund and the other accounts under applicable law to make the investment in question and the manner in which the investment in question is likely to affect the amount of available capital after the investment is made. Orders could be combined for all such accounts, and if any order is not filled at the same price, they could be allocated on an average price basis. Similarly, if an order on behalf of more than one account cannot be fully executed under prevailing market conditions, securities could be allocated among the different accounts on a basis which the Adviser or its affiliates consider fair and equitable.

• Fee-based Conflicts: The Adviser is subject to conflicts of interest because of the varying compensation arrangements among its respective clients. For example, the Fund is not subject to incentive fees while certain other funds of the Adviser are, which could incentivize the Adviser to favor such funds over the Fund when allocating investments, and possibly take greater investment risks in those accounts, to bolster performance and increase its fees. Similarly, larger accounts and clients typically generate more revenue than do smaller accounts or clients. As a result, the Adviser could have an incentive when allocating scarce investment opportunities to favor accounts that generate more income for the Adviser;

• Competition with Other Clients: The Fund may now, or in the future, compete with other funds or clients managed or advised by the Adviser or its affiliates 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;

• Investments in Different Layers of Capital Structure : 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 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

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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. These different securities can have different voting rights, dividend or repayment priorities, rights in bankruptcy or other features that conflict with one another. For some of these securities the Adviser could have, input regarding the characteristics and the relative rights and priorities of the various classes or tranches. 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 may result in the Adviser 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; <br>

• Conflicting/Overlapping Advice : The Adviser and its affiliates could also carry on investment activities for their own accounts and for family members and friends who do not invest in the Fund, and will give advice and recommend securities to other managed accounts or investment funds which could differ from advice given to, or securities recommended or bought for, the Fund, even though their investment objectives could be the same or similar;

• Co-Investments with Other Clients: 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. The Fund is a party to an exemptive relief order that was granted by the SEC to the Adviser that permits the Fund to participate in certain negotiated co-investments alongside other funds managed by the Adviser or certain of its affiliates, subject to various enumerated conditions, including (i) that a majority of the Board who have no financial interest in the co-investment transaction and a majority of the Board who are not "interested persons," as defined in the 1940 Act, approve the co-investment and (ii) that the price, terms and conditions of the co-investment will be identical for each fund participating pursuant to the exemptive relief. Any co-investment opportunity 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 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;

Employee Conflicts

• Portfolio Company Engagements : 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;

• Personal Trading: Personal trading by Adviser employees creates a conflict when they are trading the same securities or types of securities as the Adviser trades on behalf of its clients. This conflict is mitigated by the Adviser's personal trading standards and procedures;

• Outside Business Activities: From time to time, certain of the Adviser's employees engage in outside business activities, including outside directorships. Any outside business activity is subject to review and actual and potential conflicts of interest are analyzed during such review process. Although unlikely, the Adviser could be restricted in trading the securities of certain issuers in client portfolios if an employee or officer, as a result of outside business activity, obtains material, non-public information regarding an issuer;

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• Personal Financial Interests : The Adviser's employees from time to time invest in investment vehicles that it manages. Also, certain of these investment vehicles are options under the Adviser's deferred compensation program. As a result, the Adviser's employees have financial interests in certain accounts managed by the Adviser and an incentive to favor such accounts;

Regulatory Conflicts

• Accepting Material Non-Public Information: The Adviser and its affiliates may have existing business relationships or access to material non-public information that would prevent the Adviser from recommending, considering or consummating certain investment opportunities (including a disposition of an existing investment) that would otherwise fit within the Fund's investment objective and strategies. Similarly, 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 objective 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; and

• Joint Transactions: 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 or the Adviser (or its controlling entities), the Fund will generally 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 Trustees 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.

Although reasonable efforts are made to mitigate any potential conflicts of interest with respect to each situation, there is no guarantee that the Adviser can control for all such potential conflicts of interest, and there may continue to be an ongoing appearance of a conflict of interest.

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CHOOSING A SHARE CLASS

The Fund offers six classes of Shares: Class I Shares, Class A Shares, Class C Shares, Class T, Class U and Class U-2 Shares. Each class of Shares is designed for specific types of investors and has its own fee structure, allowing you to choose the class that best meets your situation. The class that may be best for you depends on a number of factors, including the amount and the length of time that you expect to invest. Not all financial intermediaries make all classes of Shares available to their clients. Third parties making Fund Shares available to their clients determine which Share class(es) to make available.

Class I Shares are offered (i) through financial intermediaries who charge such clients a fee for advisory, investment, consulting or similar services; (ii) through financial intermediaries that have entered into an agreement with the Distributor or the Fund to offer Class I Shares through a no-load network or platform; (iii) to institutional investors, which include but are not limited to: family offices and their clients; non-profit organizations, charitable trusts, foundations and endowments; and accounts registered to bank trust departments, trust companies, registered investment advisers and investment companies; and (iv) to current or retired officers, directors and employees (and their spouse (or legal equivalent recognized under state law) and any children under 21) of the Fund, the Adviser to the Fund, and their affiliates. Class I Shares have a minimum initial investment requirement of $1,000,000 and no subsequent investment minimum for all accounts.

Class A Shares are available through registered broker-dealers, banks, advisers and other financial institutions. Class A Shares of the Fund are purchased at net asset value, plus an initial sales charge and subject to 12b-1 fees. Class A Shares are intended for (i) all investors who meet the investment minimum for Class A Shares, (ii) investors investing through omnibus accounts held by financial intermediaries that charge transaction fees and have entered into arrangements with the Distributor to offer Class A Shares and (iii) employer-sponsored retirement plans held directly at a broker-dealer (that is, outside of a retirement plan recordkeeping platform or third party administrator), subject to all applicable sales charges as described in this Prospectus. Class A Shares have a minimum initial investment requirement of $2,500 and subsequent investment minimum of $500 for all accounts.

Class C Shares are available through registered broker-dealers, banks, advisers and other financial institutions. Class C Shares of the Fund are purchased at net asset value, subject to 12b-1 fees. Class C Shares are subject to an early withdrawal charge of 1.00%. Class C Shares are intended for (i) all investors who meet the investment minimum for Class C Shares, (ii) investors investing through omnibus accounts held by financial intermediaries that charge transaction fees and have entered into arrangements with the Distributor to offer Class C Shares and (iii) employer-sponsored retirement plans held directly at a broker-dealer (that is, outside of a retirement plan recordkeeping platform or third-party administrator), as described in this Prospectus. Class C Shares have a minimum initial investment requirement of $2,500 and subsequent investment minimum of $500 for all accounts.

Class T Shares are available through registered broker-dealers, banks, advisers and other financial institutions. Class T Shares of the Fund are purchased at net asset value and subject to 12b-1 fees. Class T Shares are intended for (i) all investors who meet the investment minimum for Class T Shares, (ii) investors investing through omnibus accounts held by financial intermediaries that charge transaction fees and have entered into arrangements with the Distributor to offer Class T Shares and (iii) employer-sponsored retirement plans held directly at a broker-dealer (that is, outside of a retirement plan recordkeeping platform or third party administrator), subject to all applicable sales charges as described in this Prospectus. Class T Shares have a minimum initial investment requirement of $2,500 and subsequent investment minimum of $500 for all accounts.

Class U Shares are available through registered broker-dealers, banks, advisers and other financial institutions. Class U Shares of the Fund are purchased at net asset value and subject to 12b-1 fees. Class U Shares are intended for (i) all investors who meet the investment minimum for Class U Shares, (ii) investors investing

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through omnibus accounts held by financial intermediaries that charge transaction fees and have entered into arrangements with the Distributor to offer Class U Shares and (iii) employer-sponsored retirement plans held directly at a broker-dealer (that is, outside of a retirement plan recordkeeping platform or third party administrator), subject to all applicable sales charges as described in this Prospectus. Class U Shares have a minimum initial investment requirement of $2,500 and subsequent investment minimum of $500 for all accounts.

Class U-2 Shares are available through registered broker-dealers, banks, advisers and other financial institutions. Class U-2 Shares of the Fund are purchased at net asset value, plus an initial sales charge and subject to 12b-1 fees. Class U-2 Shares are intended for (i) all investors who meet the investment minimum for Class U-2 Shares, (ii) investors investing through omnibus accounts held by financial intermediaries that charge transaction fees and have entered into arrangements with the Distributor to offer Class U-2 Shares and (iii) employer-sponsored retirement plans held directly at a broker-dealer (that is, outside of a retirement plan recordkeeping platform or third party administrator), subject to all applicable sales charges as described in this Prospectus. Class U-2 Shares have a minimum initial investment requirement of $2,500 and subsequent investment minimum of $500 for all accounts.

Information about sales charges, including applicable waivers, breakpoints and discounts to the sales charges, is fully disclosed in this Prospectus, which is available, free of charge, on the Fund's website at www.goldentreefunds.com.

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REPURCHASES OF SHARES

No Right of Redemption

No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof. Shareholders may not exchange their Shares of the Fund for shares of any other registered investment company. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors.

The Fund does not currently intend to list its Shares on any securities exchange and does not expect any secondary market for them to develop in the foreseeable future. Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof. Shareholders may not exchange their Shares of the Fund for shares of any other registered investment company. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks.

Repurchases

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and intends to conduct quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase the minimum amount of 5% of its outstanding Shares. The offer to purchase Shares on a quarterly basis is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). The Repurchase Offer Notice is sent to Shareholders at least 21 calendar days and no more than 42 calendar days before the Repurchase Request Deadline. The Fund expects to determine the NAV applicable to repurchases no later than the Repurchase Pricing Date. The Fund will distribute payment to Shareholders no later than seven calendar days after the Repurchase Pricing Date. The quarterly repurchases will commence in the months of March, June, September and December, and expects to make its initial repurchase within two full quarters after commencement of operations, with payment being distributed to Shareholders within the time period discussed above.

Repurchases of Shares by the Fund will generally be paid in cash except that any shareholder, subject to applicable law, may elect to receive its repurchase proceeds in kind by checking the corresponding box on the repurchase request form. The Fund will, subject to applicable law, seek to distribute a pro rata slice of the entire portfolio to such shareholder to the extent practicable.

The Fund also has the right to repurchase all of a Shareholder's Shares at any time if the aggregate value of such Shareholder's Shares is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund.

Determination of Repurchase Offer Amount

The Board of Trustees, or a committee thereof, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given repurchase offer. The Repurchase Offer Amount, however, will be no less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline.

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If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

Notice to Shareholders

No less than 21 days and more than 42 days before each Repurchase Request Deadline, the Fund shall send to Shareholders or financial intermediaries a notification of its offer to repurchase Shares ("Shareholder Notification"). Financial intermediaries, in turn, are responsible for providing the Shareholder Notification to their respective customers who are Shareholders of the Fund, unless they are otherwise provided by the Fund. The Shareholder Notification will contain information Shareholders should consider in deciding whether to tender their Shares for repurchase. The notice also will include detailed instructions on how to tender Shares for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the date the repurchase proceeds are scheduled for payment (the "Repurchase Payment Deadline"). The notice also will set forth the NAV that has been computed no more than seven days before the date of notification, and how Shareholders may ascertain the NAV after the notification date. Shareholder Notifications may be transmitted electronically to Shareholders that consent to electronic delivery.

Repurchase Price

The repurchase price of the Shares will be the NAV of the Shares as of the close of regular trading on the NYSE on the Repurchase Pricing Date (minus any applicable early withdrawal charge). You may call 212-847-3500 to learn the NAV. The notice of the repurchase offer also will provide information concerning the NAV, such as the NAV as of a recent date or a sampling of recent NAVs, and a toll-free number for information regarding the repurchase offer.

Repurchase Amounts and Payment of Proceeds

Shares tendered for repurchase by Shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that Repurchase Request Deadline. Payment pursuant to the repurchase offer will be made by check to the Shareholder's address of record, or credited directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the 1940 Act, regulations thereunder and other pertinent laws.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional number of Shares not to exceed 2% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

With respect to any required minimum distributions from an IRA or other qualified retirement plan in which Shares are held, it is the obligation of the Shareholder to determine the amount of any such required minimum distribution and to otherwise satisfy the required minimum. In the event that Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the Shares on a pro rata basis, which may result in the Fund not repurchasing the full amount of a required minimum distribution requested by a Shareholder.

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Mandatory Repurchases and Redemptions

The Fund may also repurchase and/or redeem Shares of a Shareholder without consent or other action by the Shareholder or other person, in accordance with the terms of its Agreement and Declaration of Trust and subject to the 1940 Act and the rules thereunder, including Rule 23c-2 under the 1940 Act, if the Fund determines that:

• ownership of Shares by a Shareholder or other person is likely to cause the Fund to be in violation of, require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

• continued ownership of Shares by a Shareholder may be harmful or injurious to the business or reputation of the Fund, the Board of Trustees, the Adviser or any of their affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences;

• any of the representations and warranties made by a Shareholder or other person in connection with the acquisition of Shares was not true when made or has ceased to be true;

• with respect to a Shareholder subject to Special Laws or Regulations, the Shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of continuing to hold any Shares;

• the Shareholder's estate submits a tender request and proof of owner's death; or

• the disabled Shareholder's legal representative submits tender request and proof of qualified disability.

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DESCRIPTION OF CAPITAL STRUCTURE

The information contained under this heading is only a summary and is subject to the provisions contained in the Fund's Declaration of Trust and By-Laws and applicable laws, which are on file with the SEC.

Outstanding Securities

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Title of Class | Amount<br>Authorized | Amount<br>Authorized | Amount<br>Held by<br>Fund<br>for its<br>Account | Amount<br>Outstanding<br>as of May 31,<br>2025 | Amount<br>Outstanding<br>as of May 31,<br>2025 |
| Class I |  | Unlimited |  |  | 10000 |
| Class A |  | Unlimited |  |  |  |
| Class C |  | Unlimited |  |  |  |
| Class T |  | Unlimited |  |  |  |
| Class U |  | Unlimited |  |  |  |
| Class U-2 |  | Unlimited |  |  |  |

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Shares of Beneficial Interest

The Fund's Declaration of Trust authorizes the Fund's issuance of an unlimited number of Shares of beneficial interest of each class. Shareholders are entitled to the same limitation of personal liability extended to Shareholders of private corporations organized for profit incorporated in the State of Delaware and therefore generally will not be personally liable for the Fund's debts or obligations.

Share Classes

The Fund offers six classes of Shares: Class I Shares, Class A Shares, Class C Shares, Class T Shares, Class U Shares and Class U-2 Shares. The Fund may also offer additional classes of Shares in the future. Each additional class of Shares will have certain differing characteristics, particularly in terms of the sales charges that Shareholders in that class may bear, and the distribution fees and transfer agency fees that each class may be charged.

Shares

Under the terms of the Declaration of Trust, all Shares, when consideration for the Shares is received by the Fund, will be fully paid and nonassessable. Dividends and distributions may be paid to Shareholders if, as and when authorized and declared by the Board. If the Fund's investments do not generate sufficient income, the Fund may liquidate a portion of its portfolio to fund these distributions. Accordingly, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares. Except as otherwise provided by the Board, Shares will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Fund, and will be transferable, except where their transfer is restricted by law or contract. The Declaration of Trust provides that the Board shall have the power to cause the Fund to repurchase or redeem Shares. In the event of the Fund's dissolution, after the Fund pays or adequately provides for the payment of all claims and obligations of the Fund, and upon the receipt of such releases, indemnities and refunding agreements deemed necessary by the Board, each share will be entitled to receive, according to its respective rights, a pro rata portion of the Fund's assets available for distribution for the applicable class, subject to any preferential rights of holders of the Fund's outstanding preferred shares, if any. Each whole share will be entitled to one vote as to any matter on which it is entitled to vote and each fractional share will be entitled to a proportionate fractional vote. However, to the extent required by the 1940 Act or

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otherwise determined by the Board, classes of the Fund will vote separately from each other. Shareholders shall be entitled to vote on all matters on which a vote of Shareholders is required by the 1940 Act, the Declaration of Trust or a resolution of the Board. There will be no cumulative voting in the election of or removal of Trustees. Under the Declaration of Trust, the Fund shall hold Shareholder meetings to the extent required by the 1940 Act, regulation, or pursuant to special meetings called by the Board or a majority of Shareholders.

Preferred Shares

The Declaration of Trust provides that the Board may, subject to the Fund's fundamental policies and restrictions and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than Shares (including preferred interests, debt securities or other senior securities), by action of the Board without the approval of Shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit.

Under the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an "asset coverage" of at least 200%. Asset coverage means the ratio by which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. Additional or more restrictive asset coverage requirements or portfolio composition requirements (i.e., beyond those required under the 1940 Act) may also be imposed under the governing instrument for a particular series of preferred shares. The terms of the preferred shares, including their dividend rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund's Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the dividend rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. If the dividend rate as redetermined on the Fund's preferred shares plus the expenses of issuance approaches or exceeds the Fund's current income after expenses on the investment of proceeds from the preferred shares, the Fund's leveraged capital structure would result in a lower rate of current income to Shareholders than if the Fund were not so structured.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus redemption premium, if any, together with accrued and unpaid dividends, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to Shareholders. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred Shareholders would not be entitled to any further participation in any distribution of assets by the Fund.

Preferred shares could be issued with rights and preferences that would adversely affect common Shareholders. Preferred shares could also be used as an anti-takeover device. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (i) immediately after issuance of preferred shares and before any distribution is made with respect to the shares and before any purchase of shares is made, the aggregate involuntary liquidation preference of such preferred shares together with the aggregate involuntary liquidation preference or aggregate value of all other senior securities must not exceed an amount equal to 50% of the Fund's total assets after deducting the amount of such distribution or purchase price, as the case may be; and (ii) the holders of preferred shares, if any are issued, must be entitled as a class to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred shares are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares.

Credit Facility or other Debt Securities

The Fund may enter into definitive agreements with respect to a credit facility, unsecured notes, or other forms of indebtedness. The Fund expects that the governing instrument for such indebtedness (such as the credit

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agreement or indenture) would contain covenants that, among other things, likely will limit the Fund's ability to pay dividends in certain circumstances, incur additional debt and/or engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act (described below). To the extent that the Fund enters into a secured credit facility, the Fund would generally be required to pledge its assets. The Fund expects that any credit facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund will enter into an agreement for a credit facility or other indebtedness on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such credit facility or other indebtedness may in the future be replaced or refinanced by one or more credit facilities having substantially different terms.

With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, the Fund is required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness.

Certain Provisions in the Declaration of Trust and By-Laws

The information contained under this heading is only a summary. Please refer to the provisions in Fund's Declaration of Trust and By-Laws, which are on file with the SEC, for more information.

Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses

Pursuant to the Declaration of Trust, Trustees and officers of the Fund is not subject in such capacity to any personal liability to the Fund or Shareholders, unless the liability arises from bad faith, willful misfeasance, gross negligence or reckless disregard for the Trustee's or officer's duty.

Except as otherwise provided in the Declaration of Trust, the Fund will indemnify and hold harmless any current or former Trustee or officer of the Fund against any liabilities and expenses (including reasonable attorneys' fees) relating to the defense of any claim, action, suit or proceeding with which such person is involved or threatened while and with respect to acting in the capacity of a Trustee or officer of the Fund, except with respect to matters in which such person did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund. In accordance with the 1940 Act, the Fund will not indemnify any Trustee or officer for any liability to which such person would be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of his or her position. The Fund will provide indemnification to Trustees and officers prior to a final determination regarding entitlement to indemnification as described in the Declaration of Trust.

Pursuant to the Declaration of Trust, the Fund will advance the expenses of defending any action for which indemnification is sought if the Fund receives an undertaking by the indemnitee which provides that the indemnitee will reimburse the Fund unless it is subsequently determined that the indemnitee is entitled to such indemnification.

Number of Trustees; Appointment of Trustees; Vacancies; Removal

The Declaration of Trust provides that the number of Trustees shall be no less than one (1) and no more than nine (9), as determined in writing by a majority of the Trustees then in office. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation or removal. Subject to the provisions of the 1940 Act, individuals may be appointed by the Trustees at any time to fill vacancies on the Board by the appointment of such persons by a majority of the Trustees then in office. Each Trustee shall hold office until his or her successor shall have been appointed pursuant to the Declaration of Trust. Trustees shall be elected by the affirmative vote of a plurality of the Shares voted at a meeting of the Shareholders to the extent Shareholders are entitled to vote to elect Trustees.

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A Trustee may be removed from office for cause only, and not without cause, by action taken by a majority of the remaining Trustees or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation or removal.

Action by Shareholders

Under the Declaration of Trust and By-Laws, Shareholder action can be taken at an annual or special meeting of Shareholders or by written consent. In addition, the Fund's Declaration of Trust prohibits derivative actions on behalf of the Fund by any person who is not a Trustee or Shareholder of the Fund, except that such provision does not apply to any claims asserted under the U.S. federal securities laws including, without limitation, the 1940 Act.

No Shareholder may maintain a derivative action on behalf of the Fund unless holders of at least a majority of the outstanding Shares join in the bringing of such action. A Shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. The foregoing requirements shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

The Declaration of Trust provides that the state courts in Delaware shall be the exclusive forum in which certain types of litigation (excluding claims arising under federal securities laws) may be brought, which may require Shareholders to have to bring an action in an inconvenient or less favorable forum. In addition, the Declaration of Trust provides that claims arising under federal securities laws must be brought in federal court. Further, there may be questions regarding the enforceability of this provision because the Securities Act and the 1940 Act allow claims to be brought in state and federal courts.

The Declaration of Trust provides that Shareholders waive any and all right to trial by jury in any claim, suit, action or proceeding.

Amendment of Declaration of Trust and By-Laws

Subject to the provisions of the 1940 Act and except as provided in the Declaration of Trust, the Board may amend the Declaration of Trust without any vote of Shareholders. Pursuant to the Declaration of Trust and By-Laws and subject to the provisions therein, the Board has the exclusive power to amend or repeal the bylaws or adopt new bylaws.

No Appraisal Rights

In certain extraordinary transactions, some jurisdictions provide the right to dissenting Shareholders to demand and receive the fair value of their Shares, subject to certain procedures and requirements set forth in such statute. Those rights are commonly referred to as appraisal rights. The Declaration of Trust provides that Shares shall not entitle Shareholders to appraisal rights.

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Conflict with Applicable Laws and Regulations

The Declaration of Trust provides that if and to the extent that any provision of the Declaration of Trust conflicts with any provision of the 1940 Act, the regulated investment company provisions of the Code, and the regulations thereunder, the Delaware Statutory Trust Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

Change of Control Provisions

The Fund's Declaration of Trust includes provisions that could have the effect of limiting the ability of entities or persons to acquire control of the Fund or to change the composition of its Board. Such attempts could have the effect of increasing the expenses of the Fund and disrupting the normal operation of the Fund.

The Board may from time to time grant other voting rights to Shareholders with respect to these and other matters, certain of which are required by the 1940 Act.

The overall effect of these provisions is to render more difficult the accomplishment of a merger or the assumption of control by a third party. These provisions also provide, however, the advantage of potentially requiring persons seeking control of the Fund to negotiate with its management regarding the price to be paid and facilitating the continuity of the Fund's investment objective and policies. The provisions of the Declaration of Trust and By-Laws could have the effect of discouraging a third party from seeking to obtain control of the Fund. The Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the Fund and its Shareholders.

For the purposes of calculating "a majority of the outstanding voting securities" under the Declaration of Trust, each class and series of the Fund will vote together as a single class, except to the extent required by the 1940 Act or the Declaration of Trust, with respect to any class or series of Shares. If a separate class vote is required, the applicable proportion of Shares of the class or series, voting as a separate class or series, also will be required.

The Board has determined that provisions with respect to the Board and the Shareholder voting requirements described above, which voting requirements are greater than the minimum requirements under Delaware law or the 1940 Act, are in the best interests of Shareholders generally.

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U.S. FEDERAL INCOME TAX MATTERS

The following is a general summary of certain U.S. federal income tax consequences applicable to the purchase, ownership and disposition of the Fund's Shares. Unless otherwise stated, this summary deals only with the Fund's Shares held as capital assets for U.S. federal tax purposes (generally, property held for investment).

As used herein, a "U.S. holder" means a beneficial owner of the Shares that is for U.S. federal income tax purposes any of the following:

• an individual citizen or resident of the United States;

• a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state or other political subdivision thereof (including the District of Columbia);

• a trust if it (a) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable United States Treasury regulations or "Treasury Regulations," to be treated as a United States person; or

• an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

The term "non-U.S. holder" means a beneficial owner of the Shares (other than a partnership or any other entity or other arrangement treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.

An individual may, subject to exceptions, be deemed to be a resident of the United States for U.S. federal income tax purposes, as opposed to a non-resident alien, by, among other ways, being present in the United States (i) on at least 31 days in the calendar year, and (ii) for an aggregate of at least 183 days during a three-year period ending in the current calendar year, counting for such purposes all of the days present in the current year, one-third of the days present in the immediately preceding calendar year, and one-sixth of the days present in the second preceding calendar year. Individuals who are residents for such purposes are subject to U.S. federal income tax as if they were United States citizens.

This summary does not represent a detailed description of the U.S. federal income tax consequences applicable to you, as a holder of the Fund's Shares, if you are a person subject to special tax treatment under the U.S. federal income tax laws, including, without limitation:

• a dealer in securities or currencies;

• a financial institution;

• a RIC;

• a real estate investment trust;

• a tax-exempt organization;

• an insurance company;

• a person holding the securities as part of a hedging, integrated, conversion or constructive sale transaction or a straddle;

• a trader in securities that has elected the mark-to-market method of accounting for their securities;

• a person subject to alternative minimum tax;

• a partnership or other pass-through entity for U.S. federal income tax purposes;

• a U.S. holder whose "functional currency" (as defined in Section 985 of the Code) is not the U.S. dollar;

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• a CFC;

• a PFIC;

• a United States expatriate or foreign persons or entities (except to the extent set forth below); or

• a holder that is subject to special tax accounting rules under Section 451(b) of the Code.

If a partnership (including any entity classified or arrangement treated as a partnership for U.S. federal income tax purposes) holds the Shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner in a partnership holding the Fund's Shares, you should consult your own tax advisors regarding the tax consequences of an investment in the Fund's Shares.

This summary is based on the Code, Treasury Regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different from those summarized below. This summary does not represent a detailed description of the U.S. federal income tax consequences that may be applicable to you in light of your particular circumstances and does not address the effects of any aspects of U.S. estate or gift, or state, local or non-U.S. income, estate, or gift tax laws. It is not intended to be, and should not be construed to be, legal or tax advice to any particular purchaser of the Fund's Shares. The Fund has not sought and will not seek any ruling from the Internal Revenue Service, or the "IRS." 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. You should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you of the ownership of the Fund's Shares, as well as the consequences to you arising under the laws or other guidance of any other taxing jurisdiction.

Important U.S. Federal Income Tax Considerations Affecting the Fund

The Fund intends to elect to be treated, and to qualify annually, as a RIC under the Code. Accordingly, the Fund must satisfy certain requirements relating to sources of the Fund's income and diversification of the Fund's total assets and certain distribution requirements to maintain the Fund's RIC status and to avoid being subject to U.S. federal income or excise tax on any undistributed taxable income. To the extent the Fund qualifies for treatment as a RIC and satisfy the applicable distribution requirements, the Fund will not be subject to U.S. federal income tax on income paid to the Fund's Shareholders in the form of dividends or capital gain dividends.

To qualify as a RIC for U.S. federal income tax purposes, the Fund must derive at least 90% of the Fund's gross income each tax year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, net income derived from an interest in a qualified publicly traded partnership, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the Fund's business of investing in stock, securities and currencies, or the "90% Gross Income Test." A "qualified publicly traded partnership" is a publicly traded partnership that meets certain requirements with respect to the nature of its income. To qualify as a RIC, the Fund must also satisfy certain requirements with respect to the diversification of the Fund's assets. The Fund must have, at the close of each quarter of the tax year, at least 50% of the value of the Fund's total assets represented by cash, cash items, U.S. government securities, securities of other RICs and other securities that, in respect of any one issuer, do not represent more than 5% of the value of the Fund's assets nor more than 10% of the voting securities of that issuer. In addition, at those times, not more than 25% of the value of the Fund's assets may be invested in securities (other than U.S. government securities or the securities of other RICs) of any one issuer, or of two or more issuers, which the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or of one or more qualified publicly traded partnerships, or the "Asset Diversification Tests." If the Fund fails to satisfy the 90% Gross Income Test, the Fund will nevertheless be considered to have satisfied the test if (i) (a) such failure is due to reasonable cause and not due to willful neglect and (b) the Fund reports the failure pursuant to Treasury Regulations to be adopted, and (ii) the Fund pays a tax

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equal to the excess amount by which the Fund's gross non-qualifying income exceeds one-ninth of the Fund's gross qualifying income. If the Fund fails to meet any of the Asset Diversification Tests with respect to any quarter of any tax year, the Fund will nevertheless be considered to have satisfied the requirements for such quarter if the Fund cures such failure within six months and either (i) such failure is de minimis or (ii) (a) such failure is due to reasonable cause and not due to willful neglect and (b) the Fund reports the failure under Treasury Regulations to be adopted and pay an excise tax. If the Fund fails to qualify as a RIC for more than two consecutive taxable years and then seek to re-qualify as a RIC, the Fund generally would be required to recognize gain to the extent of any unrealized appreciation in the Fund's assets unless the Fund elects to pay U.S. corporate income tax on any such unrealized appreciation during the succeeding 5-year period.

As a RIC, the Fund generally will not be subject to federal income tax on the Fund's investment company taxable income (as that term is defined in the Code) and net capital gains (the excess of net long-term capital gains over net short-term capital loss), if any, that the Fund distributes in each tax year as dividends to Shareholders, provided that the Fund distributes dividends of an amount at least equal to the sum of 90% of the Fund's investment company taxable income, determined without regard to any deduction for dividends paid, plus 90% of the Fund's net tax-exempt interest income for such tax year, or the "90% Distribution Requirement." The Fund intends to distribute to the Fund's Shareholders, at least annually, substantially all of the Fund's investment company taxable income, net tax-exempt income and net capital gains. In order to avoid incurring a nondeductible 4% federal excise tax obligation, the Code requires that the Fund distributes (or be deemed to have distributed) by December 31 of each calendar year dividends of an amount generally at least equal to the sum of (i) 98% of the Fund's ordinary income (taking into account certain deferrals and elections) for such calendar year, (ii) 98.2% of the Fund's capital gain net income, adjusted for certain ordinary losses and generally computed on the basis of the one-year period ending on October 31 of such calendar year (unless the Fund has made an election to have the Fund's required distribution from capital gain net income measured using the one-year period ending on December 31 of such calendar year) and (iii) 100% of any ordinary income and capital gain net income from prior calendar years (as previously computed) that were not paid out during such calendar years and on which the Fund incurred no U.S. federal income tax, or the "Excise Tax Distribution Requirement." Any dividends 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 for federal income tax purposes as if it had been paid by the Fund, as well as received by the Fund's U.S. holders, on December 31 of the calendar year in which the distribution was declared.

The Fund may incur in the future the 4% federal excise tax on a portion of the Fund's income and capital gains. While the Fund intends to distribute income and capital gains to minimize the Fund's exposure to the 4% federal excise tax, the Fund may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, the Fund generally will be liable for the 4% federal excise tax only on the amount by which the Fund does not meet the excise tax avoidance requirement.

If the Fund does not qualify as a RIC or fail to satisfy the 90% Distribution Requirement for any tax year, the Fund would be subject to corporate income tax on the Fund's taxable income, and all distributions from earnings and profits, including distributions of net capital gains (if any), will be taxable to the shareholder as ordinary income. Such distributions generally would be eligible (i) to be treated as qualified dividend income in the case of individual and other non-corporate shareholders and (ii) for the dividends received deduction, or the "DRD," in the case of certain corporate shareholders. In addition, in order to requalify for taxation as a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.

To the extent the Fund uses debt financing, the Fund may be prevented by covenants contained in the Fund's debt financing agreements from making distributions to the Fund's Shareholders in certain circumstances. In addition, under the 1940 Act, the Fund is generally not permitted to make distributions to the Fund's Shareholders while certain debt obligations and other senior securities are outstanding unless certain "asset

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coverage" tests are met. Restrictions on the Fund's ability to make distributions to the Fund's Shareholders may prevent the Fund from satisfying the 90% Distribution Requirement or the Excise Tax Distribution Requirement and, therefore, may jeopardize the Fund's qualification for taxation as a RIC, or subject the Fund to the 4% U.S. federal excise tax.

Some of the income and fees that the Fund may recognize will not satisfy the 90% Gross Income Test. In order to ensure that such income and fees do not disqualify the Fund as a RIC for a failure to satisfy such test, the Fund may be required to recognize such income and fees indirectly through one or more entities treated as corporations for U.S. federal income tax purposes. Such corporations will be subject to U.S. corporate income tax on their earnings, which ultimately will reduce the Fund's return on such income and fees. In addition, for purposes of the 90% Gross Income Test, income that the Fund earns from equity interests in certain entities that are not treated as corporations or as qualified publicly traded partnerships for U.S. federal income tax purposes (e.g., certain CLOs that are treated as partnerships) will generally have the same character for the Fund as in the hands of such an entity; consequently, the Fund may be required to limit the Fund's equity investments in any such entities that earn fee income, rental income, or other nonqualifying income.

The Fund may be required to recognize taxable income in circumstances in which the Fund does not receive cash. For example, if the Fund holds debt instruments that are treated under applicable tax rules as having OID (which may arise if the Fund receives warrants in connection with the origination of a loan or possibly in other circumstances) or debt instruments that are acquired with market discount in respect of which an election has been made to accrue such market discount on a current basis, the Fund must include in income each tax year a portion of the OID or market discount that accrues over the life of the obligation, 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 the Fund has not yet received in cash, such as contractual PIK interest (which represents contractual interest added to the loan balance and due at the end of the loan term) and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Because any OID or other amounts accrued will be included in the Fund's investment company taxable income for the tax year of accrual, the Fund may be required to make a distribution to the Fund's Shareholders in order to satisfy the 90% Distribution Requirement or the Excise Tax Distribution Requirement, even though the Fund will not have received any corresponding cash amount.

The Fund may invest (directly or indirectly through an investment in an equity interest in a CLO treated as a partnership for U.S. federal income tax purposes) a portion of the Fund's net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary in order to seek to ensure that the Fund distributes sufficient income that the Fund does not become subject to U.S. federal income or excise tax.

Some of the CLOs in which the Fund invests may constitute PFICs for U.S. federal income tax purposes. Because the Fund acquires interests treated as equity for U.S. federal income tax purposes in PFICs (including equity tranche investments and certain debt tranche investments in CLOs that are PFICs), the Fund may be subject to federal income tax on a portion of any "excess distribution" or gain from the disposition of such interests even if such income is distributed as a taxable dividend by the Fund to the Fund's Shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from any such excess distributions or gains. If the Fund invests in a PFIC and elect to treat the PFIC as a QEF in lieu of the foregoing requirements, the Fund will be required to include in income each tax year the Fund's proportionate share of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to the Fund. Alternatively, the Fund can elect to mark-to-market at the end of each tax year (as well as on certain other dates described in the Code) the Fund's shares in a PFIC; in this case, the Fund will recognize as

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ordinary income any increase in the value of such shares, and as an ordinary loss any decrease in such value to the extent it does not exceed prior increases included in the Fund's ordinary income. Under either election, the Fund may be required to recognize in a tax year taxable income in excess of the Fund's distributions from PFICs and the Fund's proceeds from dispositions of PFIC stock during that tax year, and the Fund may be required to distribute such taxable income in order to satisfy the Excise Tax Distribution Requirement or the 90% Distribution Requirement. The Fund's ability to make either election will depend on factors beyond the Fund's control and is subject to restrictions which may limit the availability of the benefit of these elections. Treasury Regulations generally treat the Fund's income inclusion with respect to a PFIC with respect to which the Fund has made a qualified electing fund, or "QEF", election, as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC if (i) there is a current distribution out of the earnings and profits of the PFIC that are attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. As such, the Fund may be restricted in the Fund's ability to make QEF elections with respect to the Fund's holdings in issuers that could be treated as PFICs in order to limit the Fund's tax liability or maximize the Fund's after-tax return from these investments.

If the Fund holds 10% or more of the interests treated as equity (by vote or value) for U.S. federal income tax purposes in a foreign corporation that is treated as a CFC (including equity tranche investments and certain debt tranche investments in a CLO treated as CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to the Fund's pro rata share of the corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution during such tax year. This deemed distribution is required to be included in the income of a U.S. Stockholder of a CFC regardless of whether the shareholder has made a QEF election with respect to such CFC. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Stockholders. A "U.S. Stockholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined voting power or value of all classes of shares of a foreign corporation. If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such deemed distribution in the Fund's investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income in order to satisfy the Excise Tax Distribution Requirement or the 90% Distribution Requirement. Treasury regulations generally treat the Fund's income inclusion with respect to a CFC as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC either if (i) there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. As such, the Fund may limit and/or manage the Fund's holdings in issuers that could be treated as CFCs in order to limit the Fund's tax liability or maximize the Fund's after-tax return from these investments.

FATCA generally imposes a U.S. federal withholding tax of 30% on U.S. source periodic payments, including interest and dividends to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its United States account holders and its United States owners. Most CLOs in which the Fund invests will be treated as non-U.S. financial entities for this purpose, and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, it could reduce the amounts available to distribute to equity and junior debt holders in such CLO, which could materially and adversely affect the Fund's operating results and cash flows.

For federal income tax purposes, the Fund is generally permitted to carry forward a net capital loss in any taxable year to offset the Fund's own capital gains, if any. These amounts are available to be carried forward to offset future capital gains to the extent permitted by the Code and applicable tax regulations. Any such loss carryforwards will retain their character as short-term or long-term. In the event that the Fund was to experience an ownership change as defined under the Code, the Fund's capital loss carryforwards and other favorable tax attributes, if any, may be subject to limitation.

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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, futures and options contracts, similar financial instruments as well as upon the disposition of debt securities 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. Any such transactions that are not directly related to the Fund's investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) also could, under future Treasury Regulations, produce income not among the types of "qualifying income" for purposes of the 90% Gross Income test.

Gain or loss realized by the Fund from the sale or exchange of 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. The treatment of such gain or loss as long-term or short-term will depend on how long the Fund held a particular warrant. Upon the exercise of a warrant acquired by the Fund, the Fund's tax basis in the stock purchased under the warrant will equal the sum of the amount paid for the warrant plus the strike price paid on the exercise of the warrant.

The Fund's transactions in futures contracts and options will be subject to special provisions of the Code that, among other things, may affect the character of the Fund's realized gains and losses realized (i.e., may affect whether gains or losses are ordinary or capital, or short-term or long-term), may accelerate recognition of income to the Fund and may defer the Fund's losses. These rules could, therefore, affect the character, amount and timing of distributions to Shareholders. These provisions also (a) will require the Fund to mark-to-market certain types of the positions in the Fund's portfolio (i.e., treat them as if they were closed out), and (b) may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the 90% Distribution Requirement for qualifying to be taxed as a RIC or the Excise Tax Distribution Requirement. The Fund will monitor the Fund's transactions, will make the appropriate tax elections and will make the appropriate entries in the Fund's books and records when the Fund acquires any futures contract, option or hedged investment in order to mitigate the effect of these rules and prevent the Fund's disqualification from being taxed as a RIC.

Generally, the Fund's hedging transactions (including certain covered call options) may result in "straddles" for U.S. federal income tax purposes. The straddle rules may affect the character of the Fund's realized gains (or losses). In addition, the Fund's realized losses on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which the losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences to the Fund of engaging in hedging transactions are not entirely clear. Hedging transactions may increase the amount of the Fund's realized short-term capital gain which is taxed as ordinary income when distributed to shareholders.

The Fund may make one or more of the elections available under the Code which are applicable to straddles. If the Fund makes any of the elections, the amount, character and timing of the recognition of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections may operate to accelerate the recognition of gains or losses from the affected straddle positions.

Because the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which may be distributed to shareholders, and which will be taxed to them as ordinary income or long-term capital gain, may be increased or decreased as compared to a fund that did not engage in such hedging transactions.

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) convert dividends that would otherwise constitute qualified dividend

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income into ordinary income, (ii) treat dividends that would otherwise be eligible for deductions available to certain U.S. corporations under the Code as ineligible for such treatment, (iii) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (iv) convert long-term capital gains into short-term capital gains or ordinary income, (v) convert an ordinary loss or deduction into a capital loss (the deductibility of which is more limited), (vi) cause the Fund to recognize income or gain without a corresponding receipt of cash, (vii) adversely alter the characterization of certain complex financial transactions, and (viii) produce income that will not qualify as good income for purposes of the 90% Gross Income Test. While the Fund may not always be successful in doing so, the Fund will seek to avoid or minimize the adverse tax consequences of the Fund's investment practices.

The Fund may recognize gain (but not loss) from a constructive sale of certain "appreciated financial positions" if the Fund enters into a short sale, offsetting notional principal contract, or forward contract transaction with respect to the appreciated position or substantially identical property. Appreciated financial positions subject to this constructive sale treatment include interests (including options and forward contracts and short sales) in stock and certain other instruments. Constructive sale treatment does not apply if the transaction is closed out no later than thirty days after the end of the tax year in which the transaction was initiated, and the underlying appreciated securities position is held unhedged for at least the next sixty days after the hedging transaction is closed.

Gain or loss from a short sale of property is generally considered as capital gains or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund's hands. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by the Fund for more than one year. In addition, entering into a short sale may result in suspension of the holding period of "substantially identical property" held by the Fund.

Gain or loss on a short sale will generally not be realized until such time as the short sale is closed. However, as described above in the discussion of constructive sales, if the Fund holds a short sale position with respect to securities that have appreciated in value, and the Fund then acquires property that is the same as or substantially identical to the property sold short, the Fund generally will recognize gain on the date the Fund acquires such property as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position with respect to securities and then enter into a short sale with respect to the same or substantially identical property, the Fund generally will recognize gain as if the appreciated financial position were sold at its fair market value on the date the Fund enters into the short sale. The subsequent holding period for any appreciated financial position that is subject to these constructive sale rules will be determined as if such position were acquired on the date of the constructive sale.

Taxation of Shareholders

Taxation of U.S. Resident Holders of the Fund's Stock. Dividends and distributions on the Fund's Shares are generally subject to federal income tax as described herein, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of Shares purchased at a time when the Fund's NAV reflects gains that are either unrealized, or realized but not distributed. Such realized gains may be required to be distributed even when the Fund's NAV also reflects unrealized losses. Certain dividends and distributions declared by the Fund in October, November or December to shareholders of record of such month of a calendar year and paid by the Fund in January of the following calendar year will be treated by shareholders as if received on December 31 of the calendar year in which they were declared. In addition, certain other distributions made after the close of the Fund's tax year may be "spilled back" and treated as paid by the Fund (except for purposes of the nondeductible 4% federal excise tax) during such tax year. In such case, shareholders will be treated as having received such dividends in the tax year in which the distributions were actually made.

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Shareholders receiving any distribution from the Fund in the form of additional Shares will generally be treated as receiving a taxable distribution in an amount equal to the fair market value of the additional Shares received pursuant to the DRIP.

The Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year.

For federal income tax purposes, distributions paid out of the Fund's current or accumulated earnings and profits will, except in the case of distributions of qualified dividend income and capital gain dividends described below, be taxable as ordinary dividend income. Certain income distributions paid by the Fund (whether paid in cash or reinvested in additional Shares of the Fund's stock) to individual taxpayers are taxed at rates applicable to net long-term capital gains. This tax treatment applies only if certain holding period requirements and other requirements are satisfied by the shareholder and the dividends are attributable to qualified dividend income received by the Fund, and there can be no assurance as to what portion of the Fund's dividend distributions will qualify for favorable treatment. For this purpose, "qualified dividend income" means dividends received from United States corporations and "qualified foreign corporations," provided that the Fund satisfies certain holding period and other requirements in respect of the stock of such corporations. The maximum individual rate applicable to qualified dividend income is either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. Given the Fund's investment strategies, it is not anticipated that a significant portion of the Fund's dividends will be eligible to be treated as qualified dividend income.

Dividends distributed from the Fund's investment company taxable income which have been reported by the Fund and received by certain of the Fund's corporate shareholders will qualify for the DRD to the extent of the amount of qualifying dividends received by the Fund from certain domestic corporations for the tax year. A dividend received by the Fund will not be treated as a qualifying dividend (i) to the extent the stock on which the dividend is paid is considered to be "debt-financed" (generally, acquired with borrowed funds), (ii) if the Fund fails to meet certain holding period requirements for the stock on which the dividend is paid or (iii) to the extent the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the DRD may be disallowed or reduced if an otherwise eligible corporate shareholder fails to satisfy the foregoing requirements with respect to Shares of the Fund's stock or by application of the Code. Given the Fund's investment strategies, it is not anticipated that a significant portion of the Fund's dividends will be eligible for the DRD.

Capital gain dividends distributed to a shareholder are characterized as long-term capital gains, regardless of how long the shareholder has held the Fund's Shares. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a shareholder as a return of capital which is applied against and reduces the shareholder's tax basis in the Fund's Shares. To the extent that the amount of any such distribution exceeds a shareholder's tax basis in the Fund's Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Shares. Distributions of gains from the sale or other disposition of the Fund's investments that the Fund owned for one year or less are characterized as ordinary income.

Certain distributions reported by the Fund as Section 163(j) interest dividends may be treated as interest income by Shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by Shareholders is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

The Fund may elect to retain the Fund's net capital gains or a portion thereof for investment and be subject to tax at corporate rates on the amount retained. In such case, the Fund may designate the retained amount as

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undistributed net capital gains in a notice to the Fund's shareholders who will be treated as if each received a distribution of the pro rata share of such net capital gain, with the result that each shareholder will: (i) be required to report the pro rata share of such net capital gain on the applicable tax return as long-term capital gains; (ii) receive a refundable tax credit for the pro rata share of tax paid by the Fund on the net capital gain; and (iii) increase the tax basis for the Shares of the Fund's stock held by an amount equal to the deemed distribution less the tax credit.

The benefits of the reduced tax rates applicable to long-term capital gains and qualified dividend income may be impacted by the application of the alternative minimum tax to noncorporate shareholders.

The IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, to the extent that the Fund issues preferred shares of beneficial interest in the future, the Fund intends to allocate capital gain dividends, if any, between the Fund's common shares and preferred shares in proportion to the total dividends paid to each class with respect to such tax year.

Although the Fund currently does not intend to do so, the Fund has the ability to declare a large portion of a distribution in Shares of the Fund's stock. Generally, were the Fund to declare such a distribution, the Fund would allow Shareholders to elect payment in cash and/or Shares of equivalent value. Under published IRS guidance, the entire distribution by a publicly offered RIC will generally be treated as a taxable distribution for U.S. federal income tax purposes, and count towards RIC distribution requirements under the Code, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all Shareholders is required to be at least 20% of the aggregate declared distribution. If too many Shareholders elect to receive cash, the cash available for distribution is required to be allocated among the Shareholders electing to receive cash (with the balance of the distribution paid in stock) under a formula provided in the applicable IRS guidance. Each Shareholder electing to receive cash would be entitled to receive cash in an amount equal to at least the lesser of (i) the portion of the distribution such Shareholder elected to receive in cash and (ii) such Shareholder's entire distribution multiplied by the percentage limitation on cash available for distribution. The number of Shares of the Fund's stock distributed would thus depend on the applicable percentage limitation on cash available for distribution, the Shareholders' individual elections to receive cash or stock, and the value of the Shares of stock. Each Shareholder generally would be treated as having received a taxable distribution on the date the distribution is received in an amount equal to the cash that such Shareholder would have received if the entire distribution had been paid in cash, even if such Shareholder received all or most of the distribution in Shares of the Fund's stock. This may result in a Shareholder having to pay tax on such distribution, even if no cash is received.

Selling shareholders will generally recognize gain or loss in an amount equal to the difference between the amount realized on the sale and the shareholder's adjusted tax basis in the Shares sold. The gain or loss will generally be a capital gain or loss. The current maximum tax rate applicable to net capital gains recognized by individuals and other non-corporate taxpayers is: (i) the same as the maximum ordinary income tax rate for gain recognized on the sale of capital assets held for one year or less; or (ii) generally 15% or 20% (depending on whether the shareholder's income exceeds certain threshold amounts) for gains recognized on the sale of capital assets held for more than one year (as well as certain capital gain dividends).

The repurchase of Shares of the Fund's stock may result in a taxable gain or loss to the tendering shareholder. Different tax consequences may apply for tendering and non-tendering shareholders in connection with a repurchase offer. For example, if a shareholder does not tender all of his or her Shares, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes and may result in deemed distributions to non-tendering shareholders. On the other hand, shareholders holding Shares as capital assets who tender all of their Shares (including Shares deemed owned by shareholders under constructive ownership rules) will be treated as having sold their shares and generally will recognize capital gain or loss.

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Any loss realized upon the sale or exchange of Shares of the Fund's stock with a holding period of six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (or amounts designated as undistributed capital gains) with respect to such Shares. In addition, all or a portion of a loss realized by a shareholder on a sale or other disposition of Shares of the Fund's stock may be disallowed under "wash sale" rules to the extent the shareholder acquires other Shares of the Fund's stock (whether through the reinvestment of distributions or otherwise) within a period of 61 days beginning 30 days before and ending 30 days after the date of disposition of the Fund's Shares. Any disallowed loss will result in an adjustment to the shareholder's tax basis in some or all of the other Shares of the Fund's stock acquired.

Certain commissions or other sales charges paid upon a purchase of the Fund's Shares cannot be taken into account for purposes of determining gain or loss on a sale of such Shares within 90 days after their purchase to the extent a sales charge is reduced or eliminated in a subsequent acquisition of the Fund's Shares on or before January 31 of the calendar year following the calendar year in which the sale is made, pursuant to a reinvestment right. Any disregarded amounts will result in an adjustment to a shareholder's tax basis in some or all of any other Shares of the Fund's stock acquired.

The Fund or your financial intermediary is also generally required by law to report to each Shareholder and to the IRS cost basis information for Shares of the Fund's stock sold by or repurchased from the Shareholder. This information includes the adjusted cost basis of the Shares, the gross proceeds from disposition and whether the gain or loss is long-term or short-term. The adjusted cost basis of Shares will be based on the default cost basis reporting method selected by the Fund, unless a Shareholder, before the sale or redemption, informs the Fund that it has selected a different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments through a tax-advantaged account. Shareholders should consult their financial intermediaries and tax advisers to determine the best cost basis method for their tax situation, and to obtain more information about how these cost basis reporting requirements apply to them.

Medicare Tax on Net Investment Income. A 3.8% tax is imposed under Section 1411 of the Code on the "net investment income" of certain U.S. citizens and residents and on the undistributed net investment income of certain estates and trusts, to the extent that such taxpayer's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts. Among other items, net investment income generally includes payments of ordinary dividends and capital gain distributions on, and net gains recognized from the sale, exchange, redemption, retirement or other taxable disposition of the Fund's Shares (unless the Shares are held in connection with certain trades or businesses), less certain deductions. Prospective investors in the Fund's Shares should consult their own tax advisors regarding the effect, if any, of this tax on their ownership and disposition of the Fund's Shares.

Taxation of Tax-Exempt Holders of the Fund's Stock. A U.S. holder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI"). The direct conduct by a tax-exempt U.S. holder of the activities that the Fund proposes to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. holder should not be subject to U.S. federal income taxation solely as a result of such shareholder's direct or indirect ownership of Shares of the Fund's stock and receipt of distributions with respect to such Shares (regardless of whether the Fund incurs indebtedness). Moreover, under current law, if the Fund incurs indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. holder. Therefore, a tax-exempt U.S. holder should not be treated as earning income from "debt-financed property" and distributions that the Fund pays should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that the Fund incurs. Certain tax-exempt private universities are subject to an additional 1.4% excise tax on their "net investment income," including income from interest, dividends, and capital gains. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments. In the event that any such proposals were to be adopted and applied to RICs, the

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treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if the Fund was to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which the Fund does not currently plan to do, that could result in a tax-exempt U.S. holder recognizing income that would be treated as UBTI.

Taxation of Non-U.S. Holders of the Fund's Stock. Whether an investment in the Shares of the Fund's stock is appropriate for a non-U.S. holder will depend upon that person's particular circumstances. An investment in the Shares by a non-U.S. holder may have adverse tax consequences. Non-U.S. holders should consult their tax advisors before investing in the Fund's stock.

Subject to the discussions below, distributions of the Fund's "investment company taxable income" to non-U.S. holders (including interest income and net short-term capital gain) are generally expected to be subject to withholding of U.S. federal taxes at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits. If the distributions are effectively connected with a U.S. trade or business of the non-U.S. holder, the Fund will not be required to withhold U.S. federal tax if the non-U.S. holder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. Special certification requirements apply to a non-U.S. holder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors. Backup withholding will not be applied to payments that have been subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph.

In addition, with respect to certain distributions made by RICs to non-U.S. holders, no withholding is required and the distributions generally are not subject to U.S. federal income tax if (i) the distributions are properly reported in a notice timely delivered to the Fund's Shareholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. Depending on the circumstances, the Fund may report all, some or none of the Fund's potentially eligible dividends as "interest-related dividends" or "short-term capital gain dividends", and a portion of the Fund's distributions, which may be significant (e.g., interest from non-U.S. sources or non-U.S. CLOs or any foreign currency gains) would be ineligible for this potential exemption from withholding. Moreover, in the case of Shares of the Fund's stock held through an intermediary, the intermediary may have withheld U.S. federal income tax even if the Fund reported the payment as derived from such qualified net interest income or qualified short-term capital gain. Hence, no assurance can be provided as to whether any amount of the Fund's dividends or distributions will be eligible for this exemption from withholding or if eligible, will be reported as such by the Fund.

Actual or deemed distributions of the Fund's net long-term capital gains to a non-U.S. holder, and gains realized by a non-U.S. holder upon the sale of the Fund's stock, will not be subject to federal withholding tax and generally will not be subject to U.S. federal income tax unless, (i) the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. holder and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. holder in the United States or (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the distributions or gains and certain other conditions are met.

If the Fund distributes the Fund's net capital gains in the form of deemed rather than actual distributions (which the Fund may do in the future), a non-U.S. holder will 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. holder would be required to obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the non-U.S. holder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate non-U.S. holder, distributions (both actual and deemed), and gains realized upon the sale of the Fund's stock that are effectively connected with a U.S. trade or business 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 treaty).

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A non-U.S. holder who is a non-resident alien individual, and who is otherwise subject to withholding of U.S. federal income tax, may be subject to information reporting and backup withholding of U.S. federal income tax on distributions unless the non-U.S. holder provides the Fund or the distribution paying agent with a complete and current IRS Form W-8BEN or IRS Form W-8BEN-E, or an acceptable substitute form, or otherwise meets documentary evidence requirements for establishing that it is a non-U.S. holder or otherwise establishes an exemption from backup withholding.

Non-U.S. holders may also be subject to U.S. estate tax with respect to their investment in the Fund's Shares.

Non-U.S. persons should consult their own 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 Shares.

Publicly Offered RIC. The Fund will be treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) if either (i) Shares and the Fund's preferred stock (if any) collectively are held by at least 500 persons at all times during a taxable year, (ii) Shares are treated as regularly traded on an established securities market or (iii) Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act). The Fund cannot assure you that the Fund will be treated as a publicly offered regulated investment company for all taxable years. If the Fund is not treated as a publicly offered regulated investment company for any calendar year, for purposes of computing the taxable income of U.S. holders that are individuals, trusts or estates, (i) the Fund's earnings will be computed without taking into account such U.S. holders' allocable shares of the management fees paid to the Adviser and certain of the Fund's other expenses, (ii) each such U.S. holder will be treated as having received or accrued a dividend from the Fund in the amount of such U.S. holder's allocable share of these fees and expenses for the calendar year, (iii) each such U.S. holder will be treated as having paid or incurred such U.S. holder's allocable share of these fees and expenses for the calendar year, and (iv) each such U.S. holder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. holder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. holder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. holder that is an individual, trust or estate only to the extent that the aggregate of such U.S. holder's miscellaneous itemized deductions exceeds 2% of such U.S. holder's adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

Tax Shelter Reporting Regulations. Under applicable Treasury Regulations, if a U.S. holder recognizes a loss with respect to the Fund's Shares of $2 million or more for a non-corporate U.S. holder or $10 million or more for a corporate U.S. holder in any single tax year (or a greater loss over a combination of tax years), the U.S. holder may be required to file with the IRS a disclosure statement on IRS Form 8886.

Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but, under current guidance, equity owners of RICs are not excepted. Future guidance may extend the current exception from this reporting requirement to U.S. holders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. holders of the Fund's Shares should consult their own tax advisors to determine the applicability of these Treasury Regulations in light of their individual circumstances.

Information Reporting and Backup Withholding. A U.S. holder (other than an "exempt recipient," including a C corporation and certain other persons who, when required, demonstrate their exempt status) may be subject to backup withholding at a rate of 24% on, and will be subject to information reporting requirements with respect to, payments of distributions on, and proceeds from the sale, exchange, redemption or retirement of, the Fund's Shares. In general, if a non-corporate U.S. holder subject to information reporting fails to furnish a correct

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taxpayer identification number or otherwise fails to comply with applicable backup withholding requirements, backup withholding at the applicable rate may apply.

If you are a non-U.S. holder, generally, the applicable withholding agent is required to report to the IRS and to you payments of distributions on or proceeds from a sale or other disposition (including a retirement or redemption) of the Fund's Shares and the amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such payments and any withholding may also be made available to the tax authorities in the country in which you reside under the provisions of a treaty or agreement. In general, backup withholding will not apply to payments on your Shares if you have provided to the applicable withholding agent the required certification that you are not a U.S. person or you otherwise establish an exemption, and the applicable withholding agent does not have actual knowledge or reason to know that you are a U.S. person.

You should consult your own tax advisor regarding the application of information reporting and backup withholding in your particular circumstance and the availability of and procedure for obtaining an exemption from backup withholding. Backup withholding is not an additional tax, and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

FATCA Withholding on Payments to Certain Foreign Entities. FATCA generally imposes a U.S. federal withholding tax of 30% on payments of dividends made with respect to Shares of the Fund's stock to certain non-U.S. entities (including, in some circumstances, where such an entity is acting as an intermediary) that fail to comply (or be deemed compliant) with certain certification and information reporting requirements. FATCA withholding taxes apply to all withholdable payments without regard to whether the beneficial owner of the payment would otherwise be entitled to an exemption from withholding taxes pursuant to an applicable tax treaty with the United States or under U.S. domestic law. However, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. If FATCA withholding taxes are imposed with respect to any payments of distributions on or proceeds from a sale or other disposition (including a retirement or redemption) of the Fund's Shares, holders that are otherwise eligible for an exemption from, or reduction of, U.S. federal withholding taxes with respect to such interest or proceeds will be required to seek a credit or refund from the IRS in order to obtain the benefit of such exemption or reduction, if any. Shareholders may be requested to provide additional information to enable the applicable withholding agent to determine whether withholding is required.

Proposed Treasury Regulations would eliminate the application of withholding imposed under FATCA with respect to payments of gross proceeds. The Fund and any other applicable withholding agent may rely on the Proposed Treasury Regulations until final regulations are issued. Prospective holders of the Fund's Shares should consult their own tax advisors regarding the effect, if any, of the FATCA rules for them based on their particular circumstances.

Income from Repurchases and Transfers of Shares

A repurchase or transfer of Shares by the Fund generally will be treated as a taxable transaction for U.S. federal income tax purposes, either as a "sale or exchange," or, under certain circumstances, as a "dividend." In general, the transaction should be treated as a sale or exchange of the Shares if the receipt of cash results in a meaningful reduction in the shareholder's proportionate interest in the Fund, or results in a "complete redemption" of the shareholder's Shares, or otherwise results in a distribution that is "not essentially equivalent to a dividend", in each case applying certain constructive ownership rules in the Code. Alternatively, if a shareholder does not tender all of his or her Shares, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes, and the gross amount of such repurchase may constitute a dividend to the shareholder to the extent of such shareholder's pro rata share of the Fund's current and accumulated earnings and profits.

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If the repurchase or transfer of a shareholder's Shares qualifies for sale or exchange treatment, the shareholder will recognize gain or loss equal to the difference between the amount received in exchange for the repurchased or transferred Shares and the adjusted tax basis of those Shares. Such gain or loss will be capital gain or loss if the repurchased or transferred Shares were held by the shareholder as capital assets, and generally will be treated as long-term capital gain or loss if the repurchased or transferred Shares were held by the shareholder for more than one year, or as short-term capital gain or loss if the repurchased or transferred Shares were held by the shareholder for one year or less.

Notwithstanding the foregoing, any capital loss realized by a shareholder will be disallowed to the extent the Shares repurchased or transferred by the Fund are replaced (including through reinvestment of dividends) either with Shares or substantially identical securities within a period of 61 days beginning 30 days before and ending 30 days after the repurchase or transfer of the Shares. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired. The deductibility of capital losses may be subject to statutory limitations.

If the repurchase or transfer of a shareholder's Shares does not qualify for sale or exchange treatment, the shareholder may be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the shareholder's tax basis in the relevant Shares. The tax basis in the Shares repurchased or transferred by the Fund, to the extent remaining after any dividend and return of capital distribution with respect to those Shares, will be transferred to any remaining Shares held by the shareholder.

The Fund (or the financial intermediary) generally will be required to report to the IRS and each shareholder the cost basis and holding period for each respective shareholder's Shares repurchased or transferred by the Fund. The Fund may elect to so report using the average cost method as the default cost basis method for purposes of this requirement. If a shareholder wishes to accept the average cost method as its default cost basis calculation method in respect of Shares in its account, the shareholder does not need to take any additional action. If, however, a shareholder wishes to affirmatively elect an alternative cost basis calculation method in respect of its Shares, the shareholder must contact the Fund's administrator to obtain and complete a cost basis election form. The cost basis method applicable to a particular stock repurchase or transfer may not be changed after the valuation date established by the Fund in respect of that repurchase or transfer. Shareholders should consult their financial intermediaries and tax advisors regarding their cost basis reporting options and to obtain more information about how the cost basis reporting rules apply to them.

A sale of Shares, other than in the context of a repurchase or transfer of Shares by the Fund, generally will have the same tax consequences as described above in respect of a stock repurchase that qualifies for "sale or exchange" treatment.

The preceding discussion of material U.S. federal income tax considerations is for general information only and is not tax advice. The Fund urges you to consult your own tax advisor with respect to the particular tax consequences to you of an investment in the Fund's Shares, including the possible effect of any pending legislation or proposed regulations.

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ERISA CONSIDERATIONS

Employee benefit plans and other plans subject to ERISA or the Code, including corporate savings and 401(k) plans, IRAs and Keogh Plans (each, an "ERISA Plan") may purchase Shares. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, prohibited transactions and other standards. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund are not considered to be "plan assets" of any ERISA Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, neither the Fund nor the Adviser will be a fiduciary within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any ERISA Plan that becomes a Shareholder, solely as a result of the ERISA Plan's investment in the Fund.

The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisers regarding the consequences under ERISA of an investment in the Fund through an ERISA Plan.

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PLAN OF DISTRIBUTION

Foreside Fund Services LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best efforts basis, subject to various conditions. The Fund's Shares are offered through the Distributor at NAV plus any applicable sales load. The Distributor also may enter into agreements with financial intermediaries and their agents that have made arrangements with the Fund and are authorized to buy and sell Shares of the Fund (collectively, "Financial Intermediaries") for the sale and servicing of the Fund's Shares. Such Financial Intermediaries are authorized to designate other intermediaries to receive purchase and repurchase orders on the Fund's behalf. While Class T and Class U Shares do not impose a front-end sales charge, if you purchase Class T or Class U Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. In reliance on Rule 415 under the Securities Act, the Fund intends to offer its Shares, on a continual basis, through the Distributor. The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares but will use its best efforts to solicit orders for the purchase of the Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares. The Fund has agreed to indemnify the Distributor for losses arising out of or relating to: the Distributor's service as principal underwriter; the Fund's breach of any of its obligations, representations, warranties or covenants in the agreement with the Distributor or the Fund's failure to comply with applicable securities laws or regulations; and claims that the registration statement or certain other materials knowingly include or included an untrue statement of material fact or omitted to state a material fact required to be stated or necessary to make the statements not misleading, unless such statement or omission was made in reliance upon written information furnished by the Distributor; and provided that the Distributor shall not be protected against liability to which the Distributor would otherwise be subject by reason of its willful misfeasance, bad faith, breach of confidentiality or gross negligence in the performance of its duties or reckless disregard of its obligations and duties under the agreement.

The Adviser or its affiliates, in the Adviser's discretion and from its own resources, may pay additional compensation ("Additional Compensation") to Financial Intermediaries in connection with the sale of Fund Shares. In return for the Additional Compensation, the Fund may receive certain marketing advantages including access to a Financial Intermediary's registered representatives, placement on a list of investment options offered by a Financial Intermediary, or the ability to assist in training and educating a Financial Intermediary. The Additional Compensation may differ among Financial Intermediaries in amount or in the manner of calculation: payments of Additional Compensation may be fixed dollar amounts, based on the aggregate value of outstanding Shares held by Shareholders introduced by the Financial Intermediary or determined in some other manner. The receipt of Additional Compensation by a selling Financial Intermediary may create potential conflicts of interest between an investor and its Financial Intermediary who is recommending the Fund over other potential investments. Additionally, the Fund pays a servicing fee to the Financial Intermediaries or financial institutions and for providing ongoing services in respect of clients with whom it has distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and ongoing liaison services as the Fund or the Adviser may reasonably request.

Purchasing Shares

Investors may purchase Shares directly from the Fund in accordance with the instructions below. Shares of the Fund may be purchased through Financial Intermediaries offering such Shares. Orders will be priced at the appropriate price next computed after it is received by a Financial Intermediary and accepted by the Fund. A Financial Intermediary may hold Shares in an omnibus account in the Financial Intermediary's name or the Financial Intermediary may maintain individual ownership records. The Fund may pay the Financial

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Intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial Intermediaries may charge fees for the services they provide in connection with processing your transaction order or maintaining an investor's account with them. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with the Fund, forwarding payment promptly. The Fund accepts initial and additional purchases of Shares on each day that the NYSE is open for business. Orders will be priced based on the Fund's NAV next computed (at the close of regular trading (generally 4:00 p.m., Eastern Time) on a day that the NYSE is open for business) after it is received by the transfer agent.

While Class T and Class U Shares do not impose a front-end sales charge, if you purchase Class T or Class U Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. Investors purchasing Shares through Financial Intermediaries may be subject to purchase deadlines set by their Financial Intermediary. Financial Intermediaries who miss Fund deadlines on behalf of their clients on any day may have their purchases delayed until the next day that the Fund accepts purchases orders.

If an investment is made through an IRA, Keogh plan or 401(k) plan, an approved trustee must process and forward the subscription to the Fund. In such case, the Fund will send the confirmation and notice of its acceptance to the trustee.

By Mail - Initial Investment

To make an initial purchase by mail, complete an account application and mail the application, together with a check made payable to GoldenTree Opportunistic Credit Fund to:

Overnight: Regular Mail: <br> State Street Bank and Trust1776 Heritage DriveAttn: JAB/3SEQuincy, MA 02171 State Street Bank and TrustPO BOX 5493Attn: JAB/3SEBoston, MA 02206

All checks must be in US Dollars drawn on a domestic bank. The Fund will not accept payment in cash or money orders. To prevent check fraud, the Fund will neither accept third-party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of Shares, nor post-dated checks, postdated on-line bill pay checks, or any conditional purchase order or payment. It is the policy of the Fund not to accept applications under certain circumstances or in amounts considered disadvantageous to Shareholders. The Fund reserves the right to reject any application.

By Wire - Initial Investment

To make an initial investment in the Fund, the transfer agent must receive a completed account application from a Financial Intermediary before an investor wires funds. The Financial Intermediary may mail or overnight deliver an account application to the transfer agent. Upon receipt of the completed account application, the transfer agent will establish an account. The account number assigned will be required as part of the instruction that should be provided to an investor's bank to send the wire. An investor's bank must include both the name of the Fund, the account number, and the investor's name so that monies can be correctly applied. If you wish to wire money to make an investment in the Fund, please call the Fund at 212-847-3500 for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally accept wired funds for investment on the day received if they are received by the Fund's

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designated bank before the close of regular trading on the NYSE in accordance with the procedures described above. Your bank may charge you a fee for wiring same-day funds. The bank should transmit funds by wire to:

Bank Name: State Street Bank and Trust Co. Boston

BIC: SBOSUS33

ABA #: 011000028

Beneficiary Acct: 11807856

Beneficiary Name: GoldenTree Opportunistic Credit Fund

In compliance with the USA Patriot Act of 2001, State Street will verify certain information on each account application as part of the Fund's Anti-Money Laundering Program. As requested on the application, investors must supply full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted. Registered representatives/investment advisers may call the Fund at 212-847-3500 for additional assistance when completing an application.

If State Street does not have a reasonable belief of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction on the account until such information is received. The Fund also may reserve the right to close the account within five business days if clarifying information/documentation is not received.

Purchase Terms

Generally, Class A, Class C, Class T, Class U and Class U-2 Shares are offered through Financial Intermediaries on brokerage or transactional platforms. Such Shares are generally available through fee-based programs, registered investment advisers and other institutional accounts. Share instructions must be submitted by a duly authorized party in respect of the applicable client.

With respect to Class I Shares, the minimum initial investment is $1,000,000 for regular and retirement accounts; subsequent investments may be made in any amounts. With respect to Class A, Class C, Class T, Class U and Class U-2 Shares, the minimum initial investment is $2,500 for all accounts; subsequent investments with respect to Class A, Class C, Class T, Class U and Class U-2 Shares may be made with at least $500. Class I Shares are available for purchase by current and former Trustees, by employees and registered representatives (including the employee's or registered representative's spouse or minor children) of a broker-dealer authorized to sell Shares of the Fund and by employees (including the employee's spouse, domestic partner, children, grandchildren, parents, grandparents, siblings or any dependent of the employee, as defined in Section 152 of the Code) of the Fund's Adviser or its affiliates (a trust, pension, profit sharing or other benefit plan which beneficially owns Shares for an associated individual or eligible family member also qualifies), or another individual approved by GoldenTree (collectively, the "Eligible Participants"). The minimum initial investment for such Eligible Participants purchasing Class I Shares is $2,500; subsequent investments may be made in any amount. The Fund reserves the right to waive investment minimums. Subsequent investments may be processed by contacting your financial intermediary.

The Fund's Shares are offered through its Distributor at NAV plus any applicable sales load. While Class T and Class U Shares do not impose a front-end sales charge, if you purchase Class T or Class U Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. The price of the Shares during the Fund's continuous offering will fluctuate over time with the NAV of the Shares.

Investors purchasing Class A and Class U-2 Shares will pay a sales load based on the amount of their gross investment in the Fund. The sales load payable by each investor depends upon the amount invested by such investor in the Fund, but may range from 0% to 3.0% and 0% to 2.50% for Class A and Class U-2 Shares, respectively. A reallowance to participating broker-dealers may be paid from the sales load paid by each investor.

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You may be able to buy Class A or Class U-2 Shares without a sales charge (i.e., "load-waived") when you are:

• reinvesting dividends or distributions;

• an Eligible Participant (as defined above);

• purchasing Shares through a financial services firm that has a special arrangement with the Fund; or

• participating in an investment advisory or agency commission program under which you pay a fee to an investment adviser or other firm for portfolio management or brokerage services.

The following sales loads apply to your purchases of Class A Shares of the Fund:

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| | | |
|:---|:---|:---|
| Amount Purchased | Sales Load as a % of Offering Price | Sales Load as a % of Amount Invested |
| Under $250,000 | 3.00% | 3.09% |
| $250000-$999999 | 2.00% | 2.04% |
| $1000000-$4999999 | 1.00% | 1.01% |
| $5,000,000 and Above | 0.50% | 0.50% |

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The following sales loads apply to your purchases of Class U-2 Shares of the Fund:

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| | | |
|:---|:---|:---|
| Amount Purchased | Sales Load as a % of Offering Price | Sales Load as a % of Amount Invested |
| Under $100,000 | 2.50% | 2.56% |
| $100000-$249999 | 2.00% | 2.04% |
| $250,000 and Above | 0.00% | 0.00% |

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Right of Accumulation

To qualify for the reduced Class A or Class U-2 Shares sales charge that would apply to a larger purchase than you are currently making, you can add the value of Class A or Class U-2 Shares, respectively, that you and your spouse currently own, and other Class A or Class U-2 Shares purchases, as applicable, that you are currently making, to the value of your Class A or Class U-2 Shares purchase of the Fund. The value of the Shares you currently own is based on the greater of their current offering price or the amount you paid for the Shares, including reinvestment of dividends and capital gain distributions.

In totaling your holdings, you may count Class A or Class U-2 Shares, as applicable, held in:

• your individual accounts (including IRAs);

• your joint accounts with your spouse; and

• accounts you or your spouse hold as trustees or custodians on behalf of children who are minors.

A fiduciary can apply a Right of Accumulation to all Shares purchased for a trust, estate or other fiduciary account that has multiple accounts. You must provide information about your eligibility and holdings at the time of your purchase in order to qualify for the Right of Accumulation. You must notify your Financial Intermediary of your eligibility for the Right of Accumulation at the time of your purchase. The Fund reserves the right to modify or to cease offering this program at any time.

Exchanging Shares

Exchanges from one class of Shares to another class of Shares are generally not permitted, however, Eligible Participants (as defined above) are permitted to exchange Class I Shares to other Share classes.

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Share Class Considerations

When selecting a Share class, you should consider the following:

• which Share classes are available to you;

• how much you intend to invest;

• how long you expect to own the Shares; and

• total costs and expenses associated with a particular Share class.

Each investor's financial considerations are different. You should speak with your Financial Intermediary to help you decide which Share class is best for you. Not all Financial Intermediaries offer all classes of Shares. If your Financial Intermediary offers more than one class of Shares, you should carefully consider which class of Shares to purchase.

Distribution and/or Shareholder Service Expenses

The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A, Class C, Class T, Class U and Class U-2 Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request. Under the Distribution and Shareholder Services Plan, the Fund's Class A Shares may incur expenses on an annual basis of up to 0.50% of its average daily Net Assets, each of the Fund's Class T, Class U and Class U-2 Shares may incur expenses on an annual basis of up to 0.75% of its average daily Net Assets, and the Fund's Class C Shares may incur expenses on an annual basis of up to 1.00% of its average daily Net Assets. With respect to Class C and Class U-2 Shares, 0.25% of the fee is characterized as a "shareholder service fee" and the remaining portion is characterized as a "distribution fee." With respect to Class A, Class T and Class U Shares, the entire fee is characterized as a "distribution fee."

The Distribution and Shareholder Services Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 as a condition of an exemptive order under the 1940 Act which permits it to have asset-based distribution fees.

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INVESTOR RELATIONS SERVICES

In exchange for providing investor relations services to Shareholders, the Fund may retain an investor relations provider and pay for investor relations services as such services are provided. Investor relations services are non-investment advisory services and may include assisting with investor calls, investor account maintenance, operational matters pertaining to Shareholder account transactions and communications with Shareholders.

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DISTRIBUTIONS

The Fund's distribution policy is to make monthly distributions to shareholders. The Fund's distribution policy is subject to change. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital. Shareholders should not assume that the source of a distribution from the Fund is net profit. A return of capital is not taxable to a shareholder unless it exceeds a shareholder's tax basis in the Shares. Returns of capital reduce a shareholder's tax cost (or "tax basis"). Once a shareholder's tax basis is reduced to zero, any further return of capital would be taxable. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares. As required under the 1940 Act, the Fund will provide a notice to shareholders at the time of distribution when such distribution does not consist solely of net income. Additionally, each distribution payment will be accompanied by a written statement which discloses the source or sources of each such distribution. The IRS requires you to report these amounts, excluding returns of capital, on your income tax return for the year declared. The Fund will provide disclosures, with each such distribution, that estimate the percentages of the current and year-to-date distributions that represent (1) net investment income, (2) capital gains and (3) return of capital. At the end of the year, the Fund may be required under applicable law to re-characterize distributions made previously during that year among (1) ordinary income, (2) capital gains and (3) return of capital for tax purposes. An additional distribution may be made in December, and other additional distributions may be made with respect to a particular fiscal year in order to comply with applicable law. Distributions declared in December, if paid to shareholders by the end of January, are treated for federal income tax purposes as if received in December.

The distribution rate may be modified by the Board from time to time. If, for any monthly distribution, investment company taxable income (which term includes net short-term capital gain), if any, and net tax-exempt income, if any, is less than the amount of the distribution, then the difference will generally be a tax-free return of capital distributed from the Fund's assets. The Fund's final distribution for each calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during the year, as well as all net capital gain realized during the year. If the total distributions made in any calendar year exceed investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund's current and accumulated earnings and profits. Distributions in excess of the earnings and profits would first be a tax-free return of capital to the extent of the adjusted tax basis in the Shares. After such adjusted tax basis is reduced to zero, the distribution would constitute capital gain (assuming the Shares are held as capital assets). This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder's assets being invested in the Fund and, over time, increase the Fund's expense ratio. The distribution policy also may cause the Fund to sell a security at a time it would not otherwise do so in order to manage the distribution of income and gain.

Unless the registered owner of Shares elects to receive cash, all dividends declared on Shares will be automatically reinvested in additional Shares of the Fund. See "Distribution Reinvestment Plan."

The dividend distribution described above may result in the payment of approximately the same amount or percentage to the Fund's shareholders each quarter. Section 19(a) of the 1940 Act and Rule 19a-1 thereunder require the Fund to provide a written statement accompanying any such payment that adequately discloses its source or sources. Thus, if the source of the dividend or other distribution were the original capital contribution of the shareholder, and the payment amounted to a return of capital, the Fund would be required to provide written disclosure to that effect. Nevertheless, persons who periodically receive the payment of a dividend or other distribution may be under the impression that they are receiving net profits when they are not. Shareholders should read any written disclosure provided pursuant to Section 19(a) and Rule 19a-1 carefully and should not assume that the source of any distribution from the Fund is net profit.

The Board reserves the right to change the monthly distribution policy from time to time.

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DISTRIBUTION REINVESTMENT PLAN

The Fund has adopted a distribution reinvestment plan (the "DRIP") for its Shareholders, which is an "opt out" dividend reinvestment plan. Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the plan on behalf of such participating Shareholder. A Shareholder who does not wish to have distributions automatically reinvested may terminate participation in the DRIP at any time by written instructions to that effect to the Transfer Agent. Such written instructions must be received at least 30 days prior to the record date of the distribution or the Shareholder will receive such distribution in Shares through the DRIP. Under this plan, if the Fund declares a cash dividend or other distribution, each Shareholder will have their cash distribution automatically reinvested in additional Shares, rather than receiving the cash distribution, unless such Shareholder opts out of the DRIP. Shares will be issued pursuant to the DRIP at their net asset value. The number of Shares that will be distributed in lieu of cash is determined by dividing the dollar amount of the distribution to be reinvested by the net asset value as of the close of business on the day of the distribution. Participants may be issued fractional Shares so that 100% of the distribution will be used to acquire Shares. There is no sales load or other charge for distributions reinvestment. Participants in the Fund's DRIP are free to elect or revoke reinstatement in the DRIP within a reasonable time as specified in the plan (generally 30 days). If a Shareholder elects to "opt out" that Shareholder will receive cash dividends or other distributions. Participants who hold their Shares through a broker or other nominee and who wish to elect to receive any dividends and distributions in cash must contact their broker or nominee.

Shareholders who receive dividends and other distributions in the form of Shares generally are subject to the same U.S. federal tax consequences as Shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those Shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends.

All correspondence or additional information about the DRIP should be directed to State Street at the following address:

State Street Bank and Trust

PO BOX 5493

Attn: JAB/3SE

Boston, MA 02206

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REGULATION AS A CLOSED-END MANAGEMENT INVESTMENT COMPANY

General

As a registered closed-end management investment company, the Fund is subject to regulation under the 1940 Act. Under the 1940 Act, unless authorized by vote of a majority of the Fund's outstanding voting securities, the Fund may not:

• change the Fund's classification to an open-end management investment company;

• alter any of the Fund's fundamental policies, which are set forth below in "— Investment Restrictions" ; or

• change the nature of the Fund's business so as to cease to be an investment company.

A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company.

As with other companies regulated by the 1940 Act, a registered closed-end management investment company must adhere to certain substantive regulatory requirements. A majority of the Fund's trustees must be persons who are not "interested persons" of the Fund, as that term is defined in the 1940 Act. The Fund is required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the closed-end management investment company. Furthermore, as a registered closed-end management investment company, the Fund is prohibited from protecting any trustee or officer against any liability to the Fund or the Fund's Shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. The Fund may also be prohibited under the 1940 Act from knowingly participating in certain transactions with the Fund's affiliates absent exemptive relief or other prior approval by the SEC.

Investment Restrictions

The Fund's investment objective and investment policies and strategies described in this prospectus, except for the fundamental policies described in the SAI, are not fundamental and may be changed by the Board of Trustees without Shareholder approval. The SAI contains a list of all of the fundamental and non-fundamental investment policies of the Fund, above, under the heading "Business — Investment Objective, Opportunities and Strategies — Investment Restrictions."

Whenever an investment policy or investment restriction set forth in this prospectus or the SAI states a maximum percentage of assets that may be invested in any security or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of the Fund's acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values, assets or other circumstances or any subsequent rating change made by a rating agency (or as determined by the Adviser if the security is not rated by a rating agency) will not compel the Fund to dispose of such security or other asset. Notwithstanding the foregoing, the Fund must always be in compliance with the borrowing policies set forth above or in the SAI.

Privacy Policy

The Fund is committed to protecting your privacy. This privacy notice explains the Fund's privacy policies and those of the Fund's affiliated companies. The terms of this notice apply to both current and former Shareholders. The Fund will safeguard, according to strict standards of security and confidentiality, all information the Fund receives about you. With regard to this information, the Fund maintains procedural

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safeguards that are reasonably designed to comply with federal standards. The Fund has implemented procedures that are designed to restrict access to your personal information to authorized employees of the Adviser, the Administrator and their affiliates who need to know your personal information to perform their jobs, and in connection with servicing your account. The Fund's goal is to limit the collection and use of information about you. While the Fund may share your personal information with its affiliates in connection with servicing your account, the Fund's affiliates are not permitted to share your information with non-affiliated entities, except as permitted or required by law.

When you purchase Shares and in the course of providing you with products and services, the Fund and certain of its service providers, such as a transfer agent, may collect personal information about you, such as your name, address, social security number or tax identification number. This information may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or information captured on applicable websites.

The Fund does not disclose any personal information provided by you or gathered by the Fund to non-affiliated third parties, except as permitted or required by law or for the Fund's everyday business purposes, such as to process transactions or service your account. For example, the Fund may share your personal information in order to send you annual and semiannual reports, proxy statements and other information required by law, and to send you information the Fund believes may be of interest to you. The Fund may disclose your personal information to unaffiliated third-party financial service providers (which may include a custodian, transfer agent, accountant or financial printer) who need to know that information in order to provide services to you or to the Fund. These companies are required to protect your information and use it solely for the purpose for which they received it or as otherwise permitted by law. The Fund may also provide your personal information to your brokerage or financial advisory firm and/or to your financial adviser or consultant, as well as to professional advisors, such as accountants, lawyers and consultants.

The Fund reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Fund believes in good faith that disclosure is required by law, such as in accordance with a court order or at the request of government regulators or law enforcement authorities or to protect the Fund's rights or property. The Fund may also disclose your personal information to a non-affiliated third party at your request or if you consent in writing to the disclosure.

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ADDITIONAL INFORMATION ABOUT THE FUND

Each share of beneficial interest represents a proportional interest in the assets of the Fund. Each share of the Fund has one vote at Shareholder meetings, with fractional Shares voting proportionally on matters submitted to the vote of Shareholders. There are no cumulative voting rights. Shares do not have pre-emptive or conversion or redemption provisions.

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INQUIRIES

Inquiries concerning the Fund and Shares of beneficial interest of the Fund (including information concerning subscription and repurchase procedures) should be directed to:

GoldenTree Asset Management LP

300 Park Avenue

New York, NY 10022

Telephone: 212-847-3500

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The information in this preliminary Statement of Additional Information is not complete and may be changed. The Fund may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission is effective. This preliminary Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION

Preliminary Statement of Additional Information Dated June 10, 2025

#### GOLDENTREE OPPORTUNISTIC CREDIT FUND

#### STATEMENT OF ADDITIONAL INFORMATION
[ ], 2025

#### CLASS I SHARES, CLASS A SHARES, CLASS C SHARES, CLASS T, CLASS U AND CLASS U-2 SHARES

#### OF BENEFICIAL INTEREST
This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the prospectus of GoldenTree Opportunistic Credit Fund (the "Fund") dated [ ], 2025. A copy of the prospectus may be obtained by contacting the Fund at the telephone number or address set forth above.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [INVESTMENT OBJECTIVE AND POLICIES](#sai826733_1) | 3 |
|  [REPURCHASES OF SHARES](#sai826733_2) | 5 |
|  [MANAGEMENT OF THE FUND](#sai826733_3) | 7 |
|  [PORTFOLIO TRANSACTIONS](#sai826733_4) | 19 |
|  [ADMINISTRATOR](#sai826733_5) | 20 |
|  [CUSTODIAN AND TRANSFER AGENT](#sai826733_6) | 22 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sai826733_7) | 23 |
|  [DISTRIBUTOR](#sai826733_8) | 23 |
|  [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#sai826733_9) | 24 |
|  [REPORTS TO SHAREHOLDERS](#sai826733_10) | 24 |
|  [FISCAL YEAR](#sai826733_11) | 24 |
|  [FINANCIAL STATEMENTS](#sai826733_12) | 25 |

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ii

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#### INVESTMENT OBJECTIVE AND POLICIES
The Fund is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund offers shares of beneficial interest ("Shares").

GoldenTree Asset Management Credit Advisor LLC serves as the Fund's investment adviser (the "Adviser"). The investment objectives and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the prospectus dated [ ], 2025. Certain additional investment information is set forth below.

#### Fundamental Policies
The Fund's stated fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund, are listed below. As defined by the 1940 Act, the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the shareholders of the Fund ("Shareholders") duly called, (a) of 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy; or (b) of more than 50% of the outstanding voting securities of the Fund, whichever is less. The Fund may not:

(1) borrow money, except as permitted by (i) the 1940 Act, or interpretations or modifications by the Securities and Exchange Commission ("SEC"), SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction;

(2) engage in the business of underwriting securities issued by others, except to the extent that the Fund may be deemed to be an underwriter in connection with the disposition of portfolio securities;

(3) purchase or sell physical commodities or contracts for the purchase or sale of physical commodities. Physical commodities do not include futures contracts with respect to securities, securities indices, currency or other financial instruments;

(4) purchase or sell real estate, except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction;

(5) make loans, except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction. For purposes of this investment restriction, the purchase of debt obligations (including acquisitions of loans, loan participations or other forms of debt instruments) shall not constitute loans by the Fund;

(6) issue senior securities, except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction;

(7) invest in any security if as a result of such investment, 25% or more of the value of the Fund's total assets, taken at market value at the time of each investment, are in the securities of issuers in any particular industry or group of industries except (a) securities issued or guaranteed by the U.S. government and its agencies and instrumentalities or tax-exempt securities of state and municipal governments or their political subdivisions (however, not including private purpose industrial development bonds issued on behalf of non-government issuers), or (b) as otherwise provided by the

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1940 Act, as amended from time to time, and as modified or supplemented from time to time by (i) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, and (ii) any exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time; or

(8) engage in short sales, purchases on margin, or the writing of put or call options, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction.

In addition, the Fund has adopted a fundamental policy that it will make quarterly repurchase offers pursuant to Rule 23c-3 of the 1940 Act, as such rule may be amended from time to time, for between 5% and 25% of the Shares outstanding at NAV, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline (as defined in the prospectus), or the next business day if the 14th day is not a business day. The Fund will repurchase Shares that are tendered by a specific date (the "Repurchase Request Deadline"), which will be established by the Board in accordance with Rule 23c-3, as amended from time to time. Rule 23c-3 requires the Repurchase Request Deadline to be no less than 21 and no more than 42 days after the Fund sends notification to shareholders of the repurchase offer. The latter part of certain of the Fund's fundamental investment restrictions (*i.e.*, the references to "except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction") provides the Fund with flexibility to change its limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow the Fund's Board of Trustees (the "Board") to respond efficiently to these kinds of developments without the delay and expense of a Shareholder meeting.

With respect to investment restriction (7) above, the Adviser will, on behalf of the Fund, analyze the characteristics of a particular issuer and instrument and assign an industry classification consistent with those characteristics. The Adviser may, but need not, consider industry classifications provided by third parties, and the classifications applied to Fund investments will be informed by applicable law. The definition of what constitutes a particular "industry" is an evolving one, particularly for industries or sectors within industries that are new or are undergoing rapid development. Some securities could reasonably fall within more than one industry category. The Fund's industry concentration policy does not preclude it from focusing investments in issuers in broad economic sectors.

Whenever an investment policy or investment restriction set forth in the prospectus or this SAI states a maximum percentage of assets that may be invested in any security or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of the Fund's acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values, assets or other circumstances will not compel the Fund to dispose of such security or other asset.

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#### REPURCHASES OF SHARES
The Fund does not currently intend to list its Shares on any securities exchange and does not expect any secondary market for them to develop in the foreseeable future. Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof. Shareholders may not exchange their Shares of the Fund for shares of any other registered investment company. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks.

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and intends to conduct quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). In connection with any given repurchase offer, it is expected that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. The offer to purchase Shares on a quarterly basis is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). The Repurchase Offer Notice is sent to Shareholders at least 21 calendar days and no more than 42 calendar days before the Repurchase Request Deadline. The Fund expects to determine the NAV applicable to repurchases no later than the Repurchase Pricing Date. The Fund will distribute payment to Shareholders no later than seven calendar days after the Repurchase Pricing Date. The quarterly repurchases will commence in the months of March, June, September and December, and expects to make its initial repurchase within two full quarters after commencement of operations, with payment being distributed to Shareholders within the time period discussed above.

Repurchases of Shares by the Fund will generally be paid in cash except that any shareholder, subject to applicable law, may elect to receive its repurchase proceeds in kind by checking the corresponding box on the repurchase request form. The Fund will, subject to applicable law, seek to distribute a pro rata slice of the entire portfolio to such shareholder to the extent practicable.

The Fund also has the right to repurchase all of a Shareholder's Shares at any time if the aggregate value of such shareholder's Shares is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund.

The Board of Trustees, or a committee thereof, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be no less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional number of Shares not to exceed 2.00% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2.00% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis.

#### Mandatory Repurchases and Redemptions
As noted in the prospectus, the Fund has the right to repurchase and/or redeem Shares of a Shareholder or any person acquiring Shares from or through a Shareholder under certain circumstances, in accordance with the

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terms of its Declaration of Trust and the 1940 Act, including Rule 23c-2 under the 1940 Act. Such repurchases and/or redemptions may be made if:

• ownership of Shares by a Shareholder or other person will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the U.S. or any other relevant jurisdiction;

• continued ownership of such Shares may be harmful or injurious to the business or reputation of the Fund or the Adviser and its affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal consequences;

• any of the representations and warranties made by a Shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true;

• beneficial owner's estate submits tender request and satisfactory proof of owner's death; or

• disabled beneficial owner's legal representative submits tender request and satisfactory proof of qualified disability.

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#### MANAGEMENT OF THE FUND
The Board of Trustees is responsible for the overall management and supervision of the Fund's business and affairs, including the appointment of advisers and sub-advisers. The Trustees may appoint officers who assist in managing the Fund's day-to-day affairs.

#### The Board of Trustees
The Board of Trustees currently consists of four members, three of whom are not "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees").

**Duties of Trustees; Meetings and Committees**. Under the Fund's Declaration of Trust, its Board of Trustees is responsible for managing the Fund's affairs, including the appointment of investment advisers. The Board of Trustees appoints officers who assist in managing the Fund's day-to-day affairs. The Board of Trustees generally meets quarterly.

The Board of Trustees has appointed Steven Shapiro as Chair. The Chair presides at meetings of the Board of Trustees and may call meetings of the Board and any committee whenever he deems necessary. The Chair participates in the preparation of the agenda for meetings of the Board of Trustees and the identification of information to be presented to the Board of Trustees with respect to matters to be acted upon by the Trustees. The Chair also acts as a liaison with the Fund's management, officers and attorneys and the other Trustees generally between meetings. The Chair may perform such other functions as may be requested by the Board of Trustees from time to time. Except for any duties specified in this SAI or pursuant to the Fund's Declaration of Trust or bylaws, or as assigned by the Board of Trustees, the designation of a Trustee as Chair does not impose on that Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on any other Trustee, generally.

The Board of Trustees believes that this leadership structure is appropriate because it allows the Board of Trustees to exercise informed judgment over matters under its purview, and it allocates areas of responsibility among committees or working groups of Trustees and the full Board of Trustees in a manner that enhances effective oversight. The Board of Trustees also believes that having a majority of Independent Trustees is appropriate and in the best interest of the Fund's Shareholders. Nevertheless, the Board of Trustees also believes that having interested persons serve on the Board of Trustees brings corporate and financial viewpoints that are, in the Board of Trustees' view, crucial elements in its decision-making process. In addition, the Board of Trustees believes that Steven Shapiro, Founding Partner of the Adviser, provides the Board of Trustees with the Adviser's perspective in managing and sponsoring the Fund. The leadership structure of the Board of Trustees may be changed, at any time and in the discretion of the Board of Trustees, including in response to changes in circumstances or the Fund's characteristics. A Trustee may be removed from office for cause only, and not without cause, by action taken by a majority of the remaining Trustees or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until his or her death, resignation or removal.

**Committees of the Board of Trustees**. Under the Fund's Declaration of Trust, the Board of Trustees is responsible for managing the Fund's affairs, including the appointment of investment advisers. The Board of Trustees appoints officers who assist in managing the Fund's day-to-day affairs.

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| | |
|:---|:---|
| **Audit** | **Nominating** |
| Ellen Needham | Leon Wagner |
| Jill Iacono Mavro | Ellen Needham |
| Leon Wagner | Jill Iacono Mavro |

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#### Audit Committee
All of the members of the audit committee are Independent Trustees, and each member is financially literate with at least one having accounting or financial management expertise. The Board of Trustees has adopted a written charter for the audit committee. The audit committee recommends to the full Board of Trustees the independent registered public accounting firm for the Fund, oversees the work of the independent registered public accounting firm in connection with the Fund's audit, communicates with the independent registered public accounting firm on a regular basis and provides a forum for the independent registered public accounting firm to report and discuss any matters it deems appropriate at any time. Ellen Needham serves as Chair of the audit committee.

The audit committee also functions as the Fund's qualified legal compliance committee and is responsible for the confidential receipt, retention and consideration of any report of evidence of (1) a material violation of applicable federal or state securities law, (2) a material breach of fiduciary duty arising under federal or state law or (3) a similar material violation of any federal or state law by the Fund or any of the Fund's officers, Trustees, employees or agents that has occurred, is ongoing or is about to occur.

#### Nominating Committee
The nominating committee is comprised of all of the Independent Trustees. The nominating committee periodically reviews the committee structure, conducts an annual self-assessment of the Board of Trustees and makes the final selection and nomination of candidates to serve as Independent Trustees. In addition, the nominating committee makes recommendations regarding the compensation of the Fund's Independent Trustees for approval by the Board of Trustees as there is no separate compensation committee of the Fund. The Board of Trustees nominates and selects the Fund's Interested Trustees and the officers. Leon Wagner serves as Chair of the nominating committee.

In reviewing a potential nominee, the nominating committee will generally apply the following criteria: (1) the nominee's reputation for integrity, honesty and adherence to high ethical standards; (2) the nominee's business acumen, experience and ability to exercise sound judgment; (3) a commitment to understand the Fund and the responsibilities of a trustee of an investment company; (4) a commitment to regularly attend and participate in meetings of the Board of Trustees and its committees; (5) the ability to understand potential conflicts of interest involving management of the Fund and to act in the interests of all Shareholders; and (6) the absence of a real or apparent conflict of interest that would impair the nominee's ability to represent the interests of all the Shareholders and to fulfill the responsibilities of an Independent Trustee. The nominating committee does not necessarily place the same emphasis on each criteria and each nominee may not have each of these qualities.

As long as an existing Independent Trustee continues to serve on the Board, in the opinion of the nominating committee, to satisfy these criteria, the Fund anticipates that the nominating committee would favor the re-nomination of an existing Independent Trustee rather than nominate a new candidate. Consequently, while the nominating committee will consider nominees recommended by Shareholders to serve as Independent Trustee, the nominating committee may only act upon such recommendations if there is a vacancy on the Board of Trustees or a committee and it determines that the selection of a new or additional Independent Trustee is in the Fund's best interests. In the event that a vacancy arises or a change in membership is determined to be advisable, the nominating committee will, in addition to any Shareholder recommendations, consider candidates identified by other means, including candidates proposed by members of the nominating committee. The nominating committee may retain a consultant to assist it in a search for a qualified candidate. The nominating committee has adopted procedures for the selection of Independent Trustees.

The nominating committee has not adopted a formal policy with regard to the consideration of diversity in identifying trustee nominees. In determining whether to recommend a trustee nominee, the nominating

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committee considers and discusses diversity, among other factors, with a view toward the needs of the Board as a whole. The nominating committee generally conceptualizes diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skills and other qualities that contribute to the Board, when identifying and recommending trustee nominees. The nominating committee believes that the inclusion of diversity as one of many factors considered in selecting trustee nominees is consistent with the goal of creating a Board of Trustees that best serves the Fund's needs and the interests of the Shareholders. The nominating committee will consider any factors that it may deem are in the best interests of the Fund and the Shareholders, which may include the individual's professional experience, education, skills and other individual qualities or attributes.

In filling Board vacancies, the nominating committee will consider nominees properly recommended by the Fund's shareholders. Nominee recommendations should be submitted to the Fund at its mailing address stated below and should be directed to the attention of the nominating committee.

Shareholders may communicate with the Trustees as a group or individually. Any such communication should be sent to the Board of Trustees or an individual Trustee c/o the Secretary of the Fund at the following address: 300 Park Avenue, 21st Floor, New York, NY, 10022. The Secretary may determine not to forward any letter to Trustees that does not relate to the business of the Fund.

**Risk Oversight**. As a registered investment company, the Fund is subject to a variety of risks, including investment risks, financial risks, compliance risks and operational risks. As part of its overall activities, the Board of Trustees oversees the management of the Fund's risk management structure by various departments of the Adviser and the Administrator, as well as by the Fund's chief compliance officer. The responsibility to manage the Fund's risk management structure on a day-to-day basis is subsumed within the Adviser's overall investment management responsibilities. The Adviser has its own, independent interest in risk management.

The Board of Trustees recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board of Trustees discharges risk oversight as part of its overall activities. In addressing issues regarding the Fund's risk management between meetings, appropriate representatives of the Adviser communicate with the Chair of the Board of Trustees, the relevant committee chair or the Fund's chief compliance officer, who is directly accountable to the Board of Trustees. As appropriate, the Chair of the Board of Trustees and the committee chairs confer among themselves, with the Fund's chief compliance officer, the Adviser, other service providers and external fund counsel to identify and review risk management issues that may be placed on the Board of Trustees' agenda and/or that of an appropriate committee for review and discussion with management.

**Compliance Policies and Procedures**. The Fund has adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. The chief compliance officer is responsible for administering the policies and procedures.

**Biographical Information about each Trustee***.* 

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Information about the Trustees is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup><br>and Year of Birth** | **Position(s)<br>Held with<br>the Fund** | **Principal Occupation(s) —**<br> **During Past 5 Years** | **Other<br>Directorships** |
|  **Interested Trustee(s)<sup>(2</sup><sup>)</sup>** | **Interested Trustee(s)<sup>(2</sup><sup>)</sup>** | **Interested Trustee(s)<sup>(2</sup><sup>)</sup>** | **Interested Trustee(s)<sup>(2</sup><sup>)</sup>** |
| Steven Shapiro<br> 1968 | Trustee<br> Since inception<sup>(3)</sup> | Partner and Executive Committee Member of GoldenTree Asset Management; Board Member of FS Credit Income Fund (2017-2024) |  |
|  **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Jill Iacono Mavro<br> 1972 | Trustee Since inception<sup>(3)</sup> | Managing Director of Transaction Strategies, LLC (2020-2025); Founder and President of Spoondrift Advisory, LLC (2018-present) | Independent Trustee of BNY Mellon ETF Trust<br>(13 funds) (2020-present) and BNY Mellon ETF Trust II (2 funds) (2024-present) |
| Ellen Needham<br> 1967 | Trustee Since inception<sup>(3)</sup> | Senior Managing Director of State Street Global Advisors (1992-2023); Chairman of SSGA Funds Management, Inc. (2020-2023); President and Director of SSGA Funds Management, Inc. (2001-2023); Director of State Street Global Advisors, Funds Distributors, LLC (2017-2023); Interested Director of SSGA SPDR ETFs Europe I plc (2020-2023); Interested Trustee of State Street Navigator Securities Lending Trust, State Street Institutional Investment Trust, State Street Institutional Funds, State Street Master Funds, SSGA Funds, and Elfun Funds (2019-2023); Director of State Street Variable Insurance Series Funds, Inc. (2019-2023) | Independent Trustee of Russell Investment Company and Russel Investment Funds (45 portfolios) (2024-present); Trustee of 2023 ETF Series Trust II (6 funds) (2023-present) |
| Leon Wagner<br> 1953 | Trustee Since inception<sup>(3)</sup> | President of LWPartners Futuro LLC (2011-present) |  |

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<sup>(1)</sup> The business address of each Trustee is c/o GoldenTree Opportunistic Credit Fund, 300 Park Avenue, 20th Floor New York, NY 10022.

<sup>(2)</sup> Steven Shapiro is an interested trustee due to his position with the Adviser and/or its affiliates.

<sup>(3)</sup> Each Trustee holds an indefinite term until the Trustee's resignation, removal, or death.

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Other than as disclosed in the table above, none of the Trustees serves, nor have they served during the last five years, on the board of trustees/directors of another company registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), (or subject to the reporting requirements of Section 15(d) of the Exchange Act), or registered under the 1940 Act (including any other companies in a fund complex with the Fund).

In addition to the description of each Trustees' "Principal Occupation(s)" set forth above, the following provides further information about each Trustees' specific experience, qualifications, attributes or skills that led to the conclusion that they should serve as a Trustee. The information in this section should not be understood to mean that any of the Trustees is an "expert" within the meaning of the federal securities laws.

Although the nominating committee has general criteria that guides its choice of candidates to serve on the Board of Trustees (as discussed above under "— **Committees of the Board of Trustees**"), there are no specific required qualifications for membership on the Board of Trustees. The Board of Trustees believes that the different perspectives, viewpoints, professional experience, education and individual qualities of each Trustee represent a diversity of experiences and a variety of complementary skills. When considering potential nominees to fill vacancies on the Board of Trustees, and as part of its annual self-evaluation, the Board of Trustees reviews the mix of skills and other relevant experiences of the Trustees.

#### Independent Trustees
**Jill Iacono Mavro**. Ms. Mavro is the principal and founder of Spoondrift Advisory, LLC, a financial services consulting firm which specializes in providing strategic guidance to asset managers, private equity firms, broker-dealers, and others in the exchange-traded products sector. She also serves as a trustee for BNY Mellon ETF Trust I and BNY Mellon ETF Trust II, where she is a member of both the audit and nominating/governance committee. Ms. Mavro previously served as Managing Director at Transaction Strategies, LLC, a global consultancy offering growth advice and capital-raising support to small/mid-market companies. She actively contributes to several non-profit boards, including the Leadership Board at Beth Israel Deaconess Medical Center in Boston. Ms. Mavro holds the title of emeritus board member at Women in ETFs Inc., a global industry group comprising over 12,000 members, and she is a trustee of the Jim Iacono Memorial Scholarship Fund in memory of her father. Previously, Ms. Mavro spent over two decades at State Street Global Advisors as a Senior Managing Director, where she was part of the senior leadership team and the SPDR ETF Executive Committee. Jill worked at State Street corporation in both Boston and London.

**Ellen Needham**. Ms. Needham is an Independent Director for the 2023 ETF Series Trusts and Russell Investment Funds, and the retired Chief Executive Officer and President of SSGA Funds Management, Inc., the registered investment advisor of State Street Global Advisors. With over 30 years of industry experience, she has an extensive background in board governance, succession planning, business resiliency, operations, and global investment product structures including mutual funds, ETFs, UCITs, and collective investment trusts. Ms. Needham served as a Senior Managing Director at State Street Global Advisors from 2007 to 2013, where she managed a global team and was a member of the firm's most senior committees, including the Global Product Committee, Global Operations and Compliance Committee, and Global Fiduciary and Conduct Committee. She also chaired the Sub-Advisor Oversight Committee and was the Head of SSGA Product Development Team for US registered fund products, including the SSGA Mutual Funds, the SPDR ETFs, and Master Feeder products. Ms. Needham holds a degree from Boston College Carroll School of Management and held Series 7 and 63 licenses from the Financial Industry Regulatory Authority (FINRA). Her non-profit board roles include Trustee and Treasurer of Beth Israel Deaconess Hospital in Milton, MA, and Trustee of the Carroll Center for the Blind.

**Leon Wagner**. Mr. Wagner is the principal of LWPartners, LLC, his family office, and is an associated person of Watermill Institutional Trading LLC, a registered broker-dealer. Throughout his career, Mr. Wagner has been a leader and an innovator in building businesses. Most recently, he helped raise capital to bring public a

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number of companies: One Spa World, the world's leading spa operator for the cruise ship industry, Whole Earth Brands, a manufacturer of natural, sugar-free sweeteners and flavorings, and Westrock Coffee, one of the nation's leading coffee producers, among others. Prior to launching LWPartners, LLC, Mr. Wagner served as a Founding Partner and Chairman of GoldenTree Asset Management from 2000 to 2010. GoldenTree Asset Management is a leading asset manager of credit-based assets such as commercial loans, bonds, structured debt, equities, and direct lending. From 1993 to 2000, Mr. Wagner helped build CIBC World Markets into a Top Ten High Yield Underwriter. Prior to that, working with Michael Milken at Drexel Burnham Lambert, Mr. Wagner helped create and finance industries such as cable television, cellular telephony, gaming, housing, and healthcare among many others.

#### Interested Trustee(s)
**Steven Shapiro**. Mr. Shapiro is a Founding Partner at GoldenTree Asset Management and is a member of GoldenTree Asset Management's Executive Committee. Mr. Shapiro has 25 years of experience in portfolio management. He previously served as a director for FS Credit Income Fund. Prior to joining GoldenTree Asset Management, Mr. Shapiro was a Managing Director in the High Yield Group at CIBC World Markets, where he headed Media and Telecommunications Research. Prior to its acquisition by CIBC World Markets in 1995, Mr. Shapiro was a research analyst with The Argosy Group, a high yield investment-banking boutique in New York. Before joining Argosy, Mr. Shapiro was a bankruptcy attorney with Stroock & Stroock & Lavan in New York. Mr. Shapiro is a member of the board of various not-for-profit entities including the Board of Overseers of the University of Pennsylvania Law School. He was also President of the Board of Trustees of the Abraham Joshua Heschel School in New York.

#### Executive Officers
Information regarding the Fund's executive officers who are not Trustees is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and** <br> **Year of Birth<sup>(1)</sup>** | **Position(s) Held with the**<br> **Fund** | **Term of Office<sup>(2)</sup>**<br> **and Length of**<br> **Time Served** | **Principal Occupation(s) —**<br> **During Past 5 Years** |
| Kathy Sutherland<br> 1974 | Chief Executive Officer and Principal Executive Officer | Since inception | Partner and Chief Executive Officer, GoldenTree Asset Management LP (October 2022 – present)<br>Partner and Head of<br>Business Development and Strategy, GoldenTree Asset Management LP (January 2019 – October 2022) |
| Chad Earnst<br> 1975 | Chief Compliance Officer | Since inception | Principal and Global Chief Compliance Officer, GoldenTree Asset Management LP (May 2024 – present)<br>Global Head of Compliance, PGIM (June 2018 – April 2024) |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and** <br> **Year of Birth<sup>(1)</sup>** | **Position(s) Held with the**<br> **Fund** | **Term of Office<sup>(2)</sup>**<br> **and Length of**<br> **Time Served** | **Principal Occupation(s) —**<br> **During Past 5 Years** |
| Wei Zhong<br> 1976 | Chief Financial Officer, Principal Financial<br> Officer and Principal Accounting Officer | Since inception | Principal and Global Controller, GoldenTree Asset Management LP (January 2022 – present)<br>Global Controller, GoldenTree Asset Management LP (January 2020 – January 2022) |
| Peter Alderman<br> 1972 | Secretary | Since inception | Partner and General Counsel, GoldenTree Asset Management LP (May 2024 – present)<br>Principal and General Counsel, GoldenTree Asset Management LP (January 2021 – May 2024)<br>Principal and General Counsel – Americas, GoldenTree Asset Management LP (January 2013 – January 2021) |

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<sup>(1)</sup> The business address of each of the Fund's officers is c/o GoldenTree Opportunistic Credit Fund, 300 Park Avenue, 20th Floor New York, NY 10022. All of the Fund's officers are officers or employees of the Adviser or affiliated companies.

<sup>(2)</sup> Each of the Fund's officers holds office until his or her successor is chosen and qualifies, or until his or her earlier resignation or removal.

#### Trustee Compensation
The Independent Trustees received the amounts set forth in the following table from the Fund for the fiscal year ended December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate<br>Compensation<br>from the<br>Fund<sup>(1)</sup>** | **Pension Or<br>Retirement<br>Benefits<br>Accrued As Part<br>of Fund<br>Expenses** | **Estimated<br>Annual<br>Benefits Upon<br>Retirement** | **Total<br>Compensation<br>from the Fund<br>Paid to Trustees<sup>(2)</sup>** |
|  Steven Shapiro | $0 | $0 | $0 | $0 |
|  Jill Iacono Mavro |  |  |  |  |
|  Ellen Needham |  |  |  |  |
|  Leon Wagner |  |  |  |  |

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<sup>(1)</sup> No compensation is, or is expected to be, paid by the Fund to trustees who are "interested persons" of the Fund, as such term is defined in the 1940 Act, or the Fund's officers. The Fund has obtained Trustees' and officers' liability insurance on behalf of the Trustees and officers. 

<sup>(2)</sup> The Fund had not commenced operations as of December 31, 2024. Under current compensation arrangements, it is estimated that the Trustees will receive the following compensation from the Fund for the current fiscal year: Steven Shapiro: $0; Jill Iacono Mavro: $35,000; Ellen Needham: $42,500; Leon Wagner: $35,000. 

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#### Securities Ownership of Trustees
The following table shows the dollar range of Shares beneficially owned by each Trustee in the Fund as of December 31, 2024, unless otherwise noted:

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| | |
|:---|:---|
| **Name of Trustee** | **Dollar Range of<br>Shares in the Fund\*** |
|  **Interested Trustees** |  |
|  Steven Shapiro | None |
|  **Independent Trustees** |  |
|  Jill Iacono Mavro | None |
|  Ellen Needham | None |
|  Leon Wagner | None |

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\* The Fund had not commenced operations as of December 31, 2024.

#### Miscellaneous
The Trust and the Adviser have adopted codes of ethics under Rule 17j-1 of the Act that permit personnel subject to their particular codes of ethics to invest in securities, including securities that may be purchased or held by the Fund.

#### Approval of the Investment Advisory Agreement
The Investment Advisory Agreement will remain in effect for an initial period of two years and continue on an annual basis thereafter so long as such continuance is approved annually by the Board or by vote of a majority of the outstanding voting securities of the Fund; provided that in either event the continuance is also approved by a majority of the Independent Trustees by vote cast at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement is terminable without penalty, on 60 days' prior written notice by the Board or by vote of a majority of the outstanding voting securities of the Fund. The Investment Advisory Agreement is also terminable without penalty on 90 days' prior written notice by the Adviser. The Investment Advisory Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

In consideration of the management and administrative services provided by the Adviser to the Fund, the Fund pays, out of the Fund's assets, the Adviser a management fee (the "Management Fee") at the annual rate of 1.85% of the Fund's Gross Assets. Gross Assets includes without limitation assets attributable to any borrowings, preferred shares that may be outstanding, reverse repurchase agreements, and the notional value of assets financed via total return swaps ("Gross Assets").

The Investment Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence in the performance of its duties or reckless disregard of its obligations and duties under the Investment Advisory Agreement, the Adviser is not liable for any loss the Fund sustains for any investment, adoption of any investment policy, or the purchase, sale or retention of any security.

A discussion of the factors considered by the Fund's Board of Trustees in approving the Investment Advisory Agreement will be set forth in the Fund's first report on Form N-CSR, which is publicly filed with the SEC.

#### Distributor
Foreside Fund Services LLC (the "Distributor") serves as the Fund's principal underwriter and acts as a distributor of the Fund pursuant to a distribution agreement ("Distribution Agreement"). The principal office of the Distributor is located at Three Canal Plaza, Suite 100, Portland, ME 04101. Under the Distribution

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Agreement, the Distributor, as agent of the Fund, agrees to use its best efforts as distributor of the Fund's Shares. Pursuant to the terms of the Distribution Agreement, the Distribution Agreement can be terminated by either party with 60 days' written notice.

#### Other Accounts Managed by the Portfolio Managers
Because the portfolio managers may manage assets for other investment companies, pooled investment vehicles, and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive performance-based fees on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. In addition, a conflict of interest could exist to the extent the Adviser has proprietary investments in certain accounts, where the portfolio managers have personal investments in certain accounts or when certain accounts are investment options in the Adviser's employee benefits and/or deferred compensation plans. The portfolio managers may have an incentive to favor these accounts over others. If the Adviser manages accounts that engage in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the Fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

The following table shows information regarding accounts (other than the Fund) managed by each portfolio manager as of May 1, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Steven A. Tananbaum** | **Number of<br>Accounts** | **Total Assets in<br>Accounts<br>($ million)** | **Number of<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee** | **Total Assets in<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee<br>($ million)** |
|  Registered Investment Companies |  |  |  |  |
|  Other Pooled Investment Vehicles<sup>1</sup> | 42 | $31838 | 41 | $31263 |
|  Other Accounts<sup>1</sup> | 23 | $7494 | 20 | $6887 |
| **Lee Kruter** | **Number of<br>Accounts** | **Total Assets in<br>Accounts<br>($ million)** | **Number of<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee** | **Total Assets in<br>Accounts Subject<br>to a Performance-<br>Based Advisory<br>Fee<br>($ million)** |
|  Registered Investment Companies |  |  |  |  |
|  Other Pooled Investment Vehicles<sup>1</sup> | 38 | $21212 | 33 | $17452 |
|  Other Accounts<sup>1</sup> | 37 | $10758 | 8 | $1845 |

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| | |
|:---|:---|
| 1 | Total assets include undrawn capital.  |

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\* Total Assets are estimated and unaudited and may vary from final audited figures. Total assets exclude amounts invested in the equity of another investment vehicle managed by the portfolio managers so as to avoid double counting. 

#### Securities Ownership of the Portfolio Managers
The portfolio managers owned no securities issued by the Fund as of May 31, 2025.

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#### Compensation of the Portfolio Managers
The investment professionals are paid out of the total revenues of the Adviser and certain of its affiliates, including the advisory fees earned with respect to providing advisory services to the Fund. Professional compensation at the Adviser is structured so that key professionals benefit from strong investment performance generated on the accounts that the Adviser and such affiliates manage and from their longevity with the Adviser. Each portfolio manager has indirect equity ownership interests in the Adviser and related long-term incentives. The portfolio managers also receive a fixed base salary and an annual market and performance-based cash bonus. The bonus is determined by the Adviser, and is based on both quantitative and qualitative analysis of several factors, including the profitability of the Adviser and the contribution of the individual employee. Many of the factors considered by management in reaching its compensation determinations will be impacted by the Fund's long-term performance and the value of the Fund's assets as well as the portfolios managed for the Adviser's and such affiliates' other clients.

#### Investment Advisory Agreement
**Services.** Subject to the overall supervision of the Board of Trustees, the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Fund. Under the terms of the Fund's Investment Advisory Agreement, the Adviser:

• determines the composition of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes;

• identifies, evaluates and negotiates the structure of the investments the Adviser makes (including performing due diligence on the Fund's prospective investments);

• executes, closes, services and monitors the investments the Adviser makes;

• determines the securities and other assets that the Adviser purchases, retains or sells; and

• provides the Fund with such other investment advisory, research and related services as the Adviser may from time to time reasonably require for the investment of the Fund's funds.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and both it and its members, officers and employees are free to furnish similar services to other persons and entities so long as its services to the Fund are not impaired.

The Investment Advisory Agreement was approved by the Board of Trustees at a meeting held on May 27, 2025. A discussion regarding the basis for the Board of Trustees' previous approval of the Investment Advisory Agreement will be included in the Fund's first report on Form N-CSR.

**Duration and Termination.** Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for an initial period of two years and continue on an annual basis thereafter if approved annually by the Board of Trustees or by the affirmative vote of the holders of a majority of the Fund's outstanding voting securities, including, in either case, approval by a majority of the Trustees who are not "interested persons" of any party to such agreement, as such term is defined in Section 2(a)(19) of the 1940 Act. The Investment Advisory Agreement will automatically terminate in the event of its assignment. The Investment Advisory Agreement may also be terminated by the Board of Trustees or the affirmative vote of a majority of the Fund's outstanding voting securities without penalty upon not less than 60 days' written notice to the Adviser and by the Adviser upon not less than 90 days' written notice to the Fund.

**Indemnification.** The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Fund for any damages,

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liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Investment Advisory Agreement or otherwise as the Fund's investment adviser.

#### Management Fee
Under the Investment Advisory Agreement, the Fund will pay a management fee (the "Management Fee"), at the annual rate of 1.85% of the Fund's Gross Assets. The Management Fee will be payable monthly in arrears based on the average daily value of the Fund's Gross Assets.

Since the Fund is newly organized, no management fees have been paid to the Adviser.

#### Proxy Voting Policies and Procedures
The Board believes that the voting of proxies with respect to securities held by the Fund is an important element of the overall investment process. The Fund's portfolio securities do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is typically substantially less than that encountered in connection with registered equity securities. Pursuant to the Fund's Proxy Voting Policy and Procedures, as approved by the Fund's Board, the Fund has delegated to the Adviser the authority to vote all proxies relating to the Fund's portfolio securities. The Adviser's exercise of this delegated proxy voting authority on behalf of the Fund is subject to oversight by Board. The Adviser has a duty to vote or not vote such proxies in the best interests of the Fund and its shareholders, and to avoid the influence of conflicts of interest. The Adviser may choose to echo vote, vote in accordance with stated guidelines set forth by a proxy voting service or in accordance with its recommendations, abstain or hire a third-party fiduciary.

The policies and procedures used by the Adviser to determine how to vote certain proxies relating to portfolio securities are set forth in **Appendix A**. However, more complete information should be obtained by reviewing the Fund's voting records. Information on how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is or will be available (1) without charge, upon request, by calling 212-847-3500 and (2) on the SEC's website at www.sec.gov.

The Fund will file a Form N-PX, with the Fund's complete proxy voting record for the 12 months ended June 30, no later than August 31st of each year. Form N-PX for the Fund will be available (1) without charge, upon request, by calling toll-free 212-847-3500; (2) on the SEC's website at www.sec.gov; and (3) on the Fund's website at www.goldentreefunds.com.

#### Privacy Policy
The Fund is committed to protecting your privacy. This privacy notice explains the Fund's privacy policies and those of its affiliated companies. The terms of this notice apply to both current and former Shareholders. The Fund will safeguard, according to strict standards of security and confidentiality, all information the Fund receives about you. With regard to this information, the Fund maintain procedural safeguards that are reasonably designed to comply with federal standards. The Fund has implemented procedures that are designed to restrict access to your personal information to authorized employees of the Adviser, the Administrator and its affiliates who need to know your personal information to perform their jobs, and in connection with servicing your account. The Fund's goal is to limit the collection and use of information about you. While the Fund may share your personal information with its affiliates in connection with servicing your account, the Fund's affiliates are not permitted to share your information with non-affiliated entities, except as permitted or required by law.

When you purchase Shares and in the course of providing you with products and services, the Fund and certain of its service providers, such as financial intermediaries or the transfer agent, may collect personal

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information about you, such as your name, address, social security number or tax identification number. This information may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from your transactions, from your brokerage or financial advisory firm, financial adviser or consultant, and/or information captured on applicable websites.

The Fund does not disclose any personal information provided by you or gathered by the Fund to non-affiliated third parties, except as permitted or required by law or for the Fund's everyday business purposes, such as to process transactions or service your account. For example, the Fund may share your personal information in order to send you annual and semiannual reports, proxy statements and other information required by law, and to send you information it believes may be of interest to you. The Fund may disclose your personal information to unaffiliated third party financial service providers (which may include a custodian, transfer agent, accountant or financial printer) who need to know that information in order to provide services to you or to the Fund. These companies are required to protect your information and use it solely for the purpose for which they received it or as otherwise permitted by law. The Fund may also provide your personal information to your brokerage or financial advisory firm and/or to your financial adviser or consultant, as well as to professional advisors, such as accountants, lawyers and consultants.

The Fund reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Adviser believes in good faith that disclosure is required by law, such as in accordance with a court order or at the request of government regulators or law enforcement authorities or to protect the Fund's rights or property. The Adviser may also disclose your personal information to a non-affiliated third party at your request or if you consent in writing to the disclosure.

#### Third Parties
To assist in its responsibility for voting proxies, the Adviser may from time to time retain experts in the proxy voting and corporate governance area as proxy research providers ("Research Providers"). The services provided to the Adviser by the Research Providers would include in depth research, global issuer analysis, and voting recommendations. While the Adviser may review and utilize recommendations made by the Research Providers in making proxy voting decisions, it is in no way obligated to follow any such recommendations. In addition to research, the Research Providers could provide vote execution, reporting and recordkeeping. The Board would carefully monitor and supervise the services provided by any Research Providers.

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#### PORTFOLIO TRANSACTIONS
Since the Fund generally acquires and disposes of its investments in privately negotiated transactions, it infrequently uses brokers in the normal course of business.

Subject to policies established by the Fund's Board, the Adviser is primarily responsible for the execution of any traded securities in the Fund's portfolio and the Fund's allocation of brokerage commissions. The Adviser does not expect to 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 order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities.

While the Adviser generally seeks reasonably competitive trade execution costs, the Fund will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements and consistent with Section 28(e) of the Exchange Act, the Adviser may select a broker based partly upon brokerage or research services provided to the Adviser 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.

For the fiscal year ended December 31, 2024, the Fund paid no brokerage commissions.

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#### ADMINISTRATOR

#### The Administrator and the Administration Agreement
The Board of Trustees has appointed the Adviser as the Fund's administrator (the "Administrator").

Under the Administration Agreement, the Adviser performs, or arranges for the performance of, the Fund's required administrative services, which include being responsible for the financial records which the Fund is required to maintain and preparing reports to the Fund's Shareholders. In addition, the Adviser provides the Fund with accounting services; assists the Fund in determining and publishing the Fund's NAV; oversees the preparation and filing of the Fund's tax returns; monitors the Fund's compliance with tax laws and regulations; and prepares, and assists the Fund with any audits by an independent public accounting firm of, the Fund's financial statements. The Adviser is also responsible for the printing and dissemination of reports to the Fund's Shareholders and the maintenance of the Fund's website; provides support for the Fund's investor relations; generally oversees the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others; and provides such other administrative services as the Fund may from time to time designate.

The Fund reimburses the Adviser for its actual costs incurred in providing these administrative services, including the allocable portion of the compensation and related expenses of certain personnel of the Adviser providing administrative services to the Fund on behalf of the Adviser, subject to the limitations set forth in the Administration Agreement and the Expense Limitation Agreement. The Adviser is required to allocate the cost of such services to the Fund based on factors such as assets, revenues, time allocations and/or other methods. At least annually, the Board of Trustees reviews 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 of Trustees then assesses 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 of Trustees considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board of Trustees, among other things, compares 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 will 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.

Payments under the Administration Agreement are equal to an amount based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Fund's allocable portion of the compensation of the Fund's chief financial officer and chief compliance officer and the Fund's allocable portion of the compensation of support staff. The Fund's allocable portion of such total compensation is based on an allocation of the time spent on the Fund relative to other matters. To the extent the Adviser outsources any of its functions as administrator, the Fund pays the fees on a direct basis, without profit to the Adviser. Certain accounting and other administrative services have been delegated by the Adviser to State Street for which the fee is calculated based on the Fund's net assets (subject to an annual minimum).

The Administration Agreement may be terminated by the Fund without penalty upon not less than 60 days' written notice to the Administrator and by the Administrator upon not less than 90 days' written notice to the Fund. The Administration Agreement will remain in effect if approved by the Board of Trustees, including by a majority of the Independent Trustees, on an annual basis.

When considering the approval of the Administration Agreement, the Board of Trustees considers, among other factors, (i) the reasonableness of the compensation paid by the Fund to the Administrator and any third-party service providers in light of the services provided, the quality of such services, any cost savings to the Fund

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as a result of the arrangements and any conflicts of interest, (ii) the methodology employed by the Administrator in determining how certain expenses are allocated to the Fund, (iii) the breadth, depth and quality of such administrative services provided, (iv) certain comparative information on expenses borne by other companies for somewhat similar services known to be available and (v) the possibility of obtaining such services from a third party. The Administration Agreement was approved by the Board of Trustees on May 27, 2025.

Since the Fund is newly organized, no fees have been paid to the Administrator (or any sub-administrator) as of May 31, 2025.

#### Limitation on Liability and Indemnification
The Administration Agreement provides that the Administrator and its officers, directors, employees agents, control persons and affiliates are not liable to the Fund or any of its Shareholders for any act or omission by it or its employees in the supervision or management of the Fund's investment activities or for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) or losses sustained by the Fund or its Shareholders, except that the foregoing exculpation does not extend to any act or omission constituting willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations under the Administration Agreement. The Administration Agreement also provides for indemnification by the Fund of the Administrator's members, directors, officers, employees, agents, control persons and affiliates for liabilities incurred by them in connection with their services to the Fund, subject to the same limitations and to certain conditions.

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#### CUSTODIAN AND TRANSFER AGENT
The Fund's portfolio securities are held pursuant to a custodian agreement between the Fund and State Street. The principal business address of State Street is 1 Congress Street, Boston, MA 02114.

State Street serves as the Fund's transfer agent, registrar, dividend disbursement agent and stockholder servicing agent, as well as agent for the Fund's DRIP. The principal business address of State Street is 1 Congress Street, Boston, MA 02114.

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#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP, an independent registered public accounting firm located at 300 Madison Avenue, New York, New York 10017, provides audit services, tax return preparation, and assistance and consultation with respect to the preparation of filings with the SEC.

#### DISTRIBUTOR
Foreside Fund Services LLC serves as the Fund's principal underwriter and acts as a distributor of the Fund's Shares on a best efforts basis. The Distributor's principal business address is Three Canal Plaza, Suite 100, Portland, ME 04101.

#### LEGAL COUNSEL
Certain legal matters in connection with the securities offered by this prospectus will be passed upon for the Fund by Dechert LLP, Washington, D.C. Dechert LLP also represents the Adviser.

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#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
As of May 31, 2025, and based on statements publicly filed with the SEC, the following Shareholder owned of record 5% or more of the outstanding Shares of the Fund:

---

| | |
|:---|:---|
| **Name/Address** | **Percentage of Shares** |
|  GoldenVest LLC | 100% |

---

Under the 1940 Act, a control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of May 31, 2025, the Trustees and Officers of the Fund as a group owned less than 1% of the outstanding Shares of beneficial interest of each class of the Fund.

#### REPORTS TO SHAREHOLDERS
The Fund will furnish to its Shareholders as soon as practicable after the end of each taxable year such information as is necessary for such Shareholders to complete Federal and state income tax or information returns, along with any other tax information required by law. The Fund will prepare and transmit to its Shareholders, a semi-annual and an audited annual report within 60 days after the close of the period for which it is being made, or as otherwise required by the 1940 Act.

#### FISCAL YEAR
For accounting purposes, the fiscal year of the Fund is the 12-month period ending on December 31<sup>st</sup>. The 12-month period ending December 31 of each year will be the taxable year of the Fund unless otherwise determined by the Fund.

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#### FINANCIAL STATEMENTS

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of GoldenTree Opportunistic Credit Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of GoldenTree Opportunistic Credit Fund (the "Fund") as of June 2, 2025, and the related statement of operations for the period from May 30, 2025 (funding date) through June 2, 2025, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 2, 2025, and the results of its operations for the period from May 30, 2025 (funding date) through June 2, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

June 10, 2025

We have served as the Fund's auditor since 2025.

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#### GoldenTree Opportunistic Credit Fund

#### STATEMENT OF ASSETS AND LIABILITIES

---

| | | |
|:---|:---|:---|
|  | | **June 2, 2025** |
|  **Assets:**  | Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Adviser |  | 465080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs |  | 202483 |
|  Total Assets |  | 767563 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued organizational costs |  | 465080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued offering costs |  | 202483 |
|  Total Liabilities |  | 667563 |
|  Commitments and contingent liabilities  | 35 |  |
|  **Net Assets** |  | $**100000** |
|  Components of Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital |  | $**100000** |
|  Class I Shares issued and outstanding |  | **10000** |
|  Offering price and net asset value per share |  | $**10.00** |

---

See accompanying Notes to Financial Statements.

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#### GoldenTree Opportunistic Credit Fund

#### STATEMENT OF OPERATIONS

---

| | |
|:---|:---|
|  | **For the Period from**<br>**May 30, 2025 (Funding Date)<br>through June 2, 2025** |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs | $465080 |
|  Total Expenses | $465080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reimbursement from Adviser | (465080) |
|  Net Expenses | $— |
|  Net Investment Income (Loss) | $— |

---

See accompanying Notes to Financial Statements.

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#### GoldenTree Opportunistic Credit Fund

#### NOTES TO FINANCIAL STATEMENTS

#### June 2, 2025
1. Organization

GoldenTree Opportunistic Credit Fund (the "Fund") is a newly organized Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that operates as an interval fund. The Fund has no operating history. GoldenTree Asset Management Credit Advisor LLC, an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the Fund's investment adviser (the "Adviser") and is responsible for making investment decisions for the Fund's portfolio.

The Fund's investment objective is to seek to achieve attractive risk-adjusted total returns by investing dynamically across a broad range of public and private credit markets.

The Fund seeks to achieve its investment objective by investing opportunistically across credit markets, focusing primarily on credit investments and credit-related investments (collectively, "Credit Investments").

The Fund will offer six separate classes of Shares designated as Class I, Class T, Class A, Class C, Class U and Class U-2 Shares. The Shares will be offered on a daily basis at the net asset value ("NAV") per Share on that day.

The Adviser is a wholly owned subsidiary of GoldenTree Asset Management LP, a private limited partnership which was founded in 2000 (collectively with the Adviser, "GoldenTree"). The Adviser intends to leverage GoldenTree Asset Management LP's global investment platform in its capacity as investment adviser for the Fund, including its investment expertise and long-standing counterparty relationships.

The business operations of the Fund are managed and supervised under the direction of the Fund's Board of Trustees (the "Board"), subject to the laws of the State of Delaware and the Fund's Declaration of Trust. The Board has overall responsibility for the management and supervision of the business operations of the Fund.

The Fund has not had any operations other than the sale and issuance of 10,000 Class I Shares to GoldenVest LLC at an aggregate purchase price of $100,000 made on May 30, 2025 (the "Funding Date"). A Statement of Changes in Net Assets and Financial Highlights are not disclosed within the financial statements as the Fund has not commenced operations as of the date of these financial statements.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements.

#### Use of Estimates
The Fund's financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

#### Federal Income Taxes
The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies, as soon as practicable, and to distribute substantially all of its net

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investment income and any net realized capital gains to its shareholders annually and to meet certain diversification and income requirements with respect to investment companies.

The Fund intends to make distributions on an annual basis in aggregate amounts representing substantially all of the Fund's investment company taxable income (including realized short-term capital gains), if any, earned during the year. Distributions may also include net capital gains, if any.

Because the Fund intends to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Code, the Fund intends to distribute at least 90% of its investment company taxable income to its Shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate.

#### Organizational and Offering Costs
The Fund will bear certain of its organizational and initial offering costs in connection with this offering. The Fund has incurred certain organizational and initial offering costs of $667,563. These costs may be paid by the Adviser on behalf of the Fund. Such costs incurred by the Fund and paid by the Adviser are subject to recoupment by the Adviser in accordance with the Expense Limitation Agreement (as defined below). The Fund's initial offering costs, whether paid by the Adviser or the Fund, are being capitalized and amortized over the 12-month period beginning at the commencement of operations. The Fund's organizational costs are expensed as incurred.

3. Management Fee and Other Transactions with Affiliates

#### Management Fee
Under the terms of the Investment Advisory Agreement between the Fund and the Adviser (the "Investment Advisory Agreement"), the Adviser manages the Fund's investments subject to oversight by the Board. In consideration of the advisory services provided by the Adviser, the Fund accrues and pays monthly the Adviser a fee at an annual rate of 1.85% based on average daily gross assets of the Fund (the "Management Fee").

The services of all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. The Fund bears all other costs and expenses of its operations and transactions as set forth in its Investment Advisory Agreement with the Adviser.

The Adviser has contractually agreed to waive a portion of its Management Fee in the amount of (i) 0.375% of the Fund's average daily gross assets on an annualized basis until the six-month anniversary of the Fund's commencement of operations and (ii) 0.375% of the Fund's daily gross assets on an annualized basis until the twelve-month anniversary of the Fund's commencement of operations (the "Management Fee Waiver Agreements"). The reduction of the Management Fee under the Management Fee Waiver Agreements is not subject to recoupment by the Adviser.

#### Expense and Reimbursement
Pursuant to an expense limitation agreement (the "Expense Limitation Agreement"), the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund, if required to ensure that certain annual operating expenses (excluding the Management Fee and any Distribution and Servicing Fee (as defined below), investment-related expenses, taxes, brokerage expenses, acquired fund fees and expenses, borrowing and borrowing-related costs, litigation expenses, and extraordinary expenses, if any; collectively, the "Excluded Expenses") do not exceed 0.80% per annum of the Fund's average daily gross assets of the Fund. With respect to each class of Shares, the Fund agrees to repay the Adviser any fees waived under the Expense

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Limitation Agreement or any other expenses the Adviser reimburses in excess of the Expense Limitation Agreement for such class of Shares, provided the repayments do not cause the Fund's other expenses for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within three years after the month in which the Adviser incurred the expense. The Expense Limitation Agreement will have a term ending one year from the date the Fund commences operations, and the Adviser may extend the term for a period of one year on an annual basis. The Adviser may not terminate the Expense Limitation Agreement during its initial one-year term without consent of the Board.

#### Distribution and Servicing Fee
Class T, Class A, Class C, Class U and Class U-2 Shares (the "Distribution and Service Fee Share Classes") are subject to an ongoing distribution fee and, with respect to Class C and Class U-2 Shares, a shareholder servicing fee (the "Distribution and Service Fees") to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of Shareholders who own Distribution and Service Fee Share Classes of the Fund. Although the Fund is not an open-end investment company, it will comply with the terms of Rule 12b-1 as a condition of SEC exemptive relief, which permits the Fund to have, among other things, a multi-class structure and Distribution and Service Fees. Accordingly, the Fund has adopted a distribution and service plan for its Distribution and Service Fee Share Classes (the "Distribution and Service Plan") and pays the Distribution and Service Fee with respect to its Distribution and Service Fee Share Classes. The Distribution and Service Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act. Class T, Class U and Class U-2 Shares pay Distribution and Service Fees to the Distributor at an annual rate of 0.75%, while Class A and Class C Shares pay Distribution and Service Fees to the Distributor at an annual rate of 0.50% and 1.00%, respectively. The Distribution and Service Fees are based on the net assets of the Fund attributable to such class (i.e., a proportionate share of the Fund's aggregate net assets). For purposes of determining the Distribution and Service Fees, NAV will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Service Fee payable.

Class I Shares are not subject to a Distribution and Service Fee.

The Adviser, or its affiliates, may pay additional compensation out of its own resources (i.e., not the Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Shares. The additional compensation may differ among brokers or dealers in amount or in the method of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Shares held by Shareholders introduced by the broker or dealer, or determined in some other manner. Receiving additional compensation by a selling broker or dealer may create actual or potential conflicts of interest between an investor and its broker or dealer recommending the Fund over other potential investments.

#### Administrative Fees
Pursuant to an Administration Agreement (the "Administration Agreement"), GoldenTree Asset Management Credit Advisor LLC (the "Administrator") performs, or arranges for the performance of, the Fund's required administrative services, which include being responsible for the financial records which the Fund is required to maintain, preparing reports to the Fund's Shareholders, and other administrative services as the Fund may from time to time designate. The Fund reimburses the Administrator for its actual costs incurred in providing these administrative services, including the allocable portion of the compensation and related expenses of certain personnel of the Administrator providing administrative services to the Fund on behalf of the Administrator, subject to the limitations set forth in the Administration Agreement and the Expense Limitation Agreement.

Payments under the Administration Agreement are equal to an amount based upon the Fund's allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including

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rent, the fees and expenses associated with performing compliance functions and the Fund's allocable portion of the compensation of the Fund's chief financial officer and chief compliance officer and the Fund's allocable portion of the compensation of support staff. The Fund's allocable portion of such total compensation is based on an allocation of the time spent on the Fund relative to other matters. To the extent the Administrator outsources any of its functions as administrator, the Fund pays the fees on a direct basis, without profit to the Administrator.

Certain accounting and other administrative services have been delegated by the Administrator to State Street Bank and Trust Company ("State Street" or the "Sub-Administrator") for which the fee is calculated based on the Fund's net assets (subject to an annual minimum).

4. Capital Shares

Shares will generally be offered for purchase on a daily basis (the "Offering Date"), except that Shares may be offered less frequently as determined by the Board in its sole discretion.

Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Shares are subject to limitations on transferability, and liquidity will be provided only through limited repurchase offers.

No person who is admitted as a shareholder of the Fund (a "Shareholder") will have the right to require the Fund to redeem its Shares. Although the Fund, as a fundamental policy, will make quarterly offers to repurchase at least 5% and up to 25% of its outstanding shares at NAV, the number of shares tendered in connection with a repurchase offer may exceed the number of shares the Fund has offered to repurchase, in which case not all of an investor's shares tendered in that offer will be repurchased. If shareholders tender for repurchase more than the repurchase offer amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional number of shares not to exceed 2% of the outstanding shares of the Fund on the repurchase request deadline. In connection with any given repurchase offer, the Fund may offer to repurchase only the minimum amount of 5% of its outstanding shares. Hence, an investor may not be able to sell their shares when and/or in the amount desired.

5. Commitments and Contingencies

The Fund indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund which cannot be predicted with any certainty. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

6. Subsequent Events

Management has evaluated the events and transactions subsequent to seed date through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund's financial statements.

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![LOGO](g826733g00a22.jpg)

APPENDIX A GoldenTree Asset Management LP Proxy Voting Policy (March 2025) 300 Park Avenue, 1st Floor " New York, New York 10022 Tel: (212) 847 3500 " Fax: (212) 847 3537 33 Davies Street, 4th Floor " London, W1K 4BP, United Kingdom Tel: +44 20 7925 8800 " Fax: +44 20 7925 8841 www.goldentree.com

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#### Background
In connection with its investment advisory activities, GoldenTree Asset Management LP ("GTAM") and its affiliates may be responsible for voting proxies related to clients' managed assets. Where the power to vote in person or by proxy has been delegated, directly or indirectly, to the investment adviser, the investment adviser has the fiduciary obligation to (a) vote in a manner that is in the best interests of the client and (b) properly deal with potential conflicts of interest arising from proxy proposals being voted upon.

The policies and procedures of GTAM (the "Adviser") for voting proxies received for accounts managed by the Adviser are set forth below and are applicable if:

• The underlying advisory agreement entered into with the client expressly provides that the Adviser shall be responsible to vote proxies received in connection with the client's account; or

• The underlying advisory agreement entered into with the client is silent as to whether or not the Adviser shall be responsible to vote proxies received in connection with the client's account <u>and</u> the Adviser has discretionary authority over investment decisions for the client's account.

These Proxy Voting Policies and Procedures are designed to ensure that proxies are voted in a manner that is consistent with the Adviser's fiduciary obligations and the general anti-fraud provisions federal securities laws, and supplement the Adviser's investment policies and procedures regarding its general responsibility to monitor the performance and/or corporate events of companies which are issuers of securities held in managed accounts.

2. Proxy Voting Policies

The Adviser has engaged the services of an independent third-party service, Institutional Shareholder Services, ("ISS") to assist in analyzing proxies and making a voting recommendation with respect to such proxies. ISS will provide the Adviser with its analysis of proxy issues and vote recommendations based upon ISS's voting guidelines. ISS will generally vote proxies in accordance with the recommendations of company management to the extent the proposals maintain or strengthen the shared interests of shareholders and management; increase shareholder value; and maintain or increase the rights of shareholders. ISS will coordinate with each Client's prime broker or custodian to ensure that proxy materials are processed in a timely fashion. The Adviser shall vote proxies related to securities held by any client in a manner that is in the best interest of the client. The Adviser shall consider only those factors that relate to the client's investment or that are dictated by the client's written instructions, including how its vote will economically impact (short-term and long-term) and otherwise affect the value of the client's investment.

The Adviser generally expects to vote in accordance with the recommendations of ISS. However, the Adviser in all cases reserves the right to override ISS's recommendations and will vote against a proposal or recommendation of ISS and/or company management if it determines that such action is in the best interests of the client. Such overrides will be reviewed by the Adviser's Compliance group. Generally, proxy votes will be cast in favor of proposals that:

• Maintain or strengthen the shared interests of shareholders and management;

• Increase shareholder value; and

• Maintain or increase the rights of shareholders.

Proxy votes generally will be cast against proposals that it determines will have the opposite effect of those listed above, particularly where the Adviser believes that a proposal will have a dilutive effect on the value of the underlying security.

In voting on each and every issue, the Adviser and its employees shall vote in a prudent and timely fashion and only after evaluating the issue(s) presented on the ballot. Because proxy issues and the circumstances of individual companies are so varied, there may be instances when the Adviser may not vote in strict adherence to these guidelines.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Conflicts of Interest

In exercising its voting discretion and overriding an ISS recommendation, the Adviser and its employees will seek to avoid any direct or indirect conflict of interest to:

• The Adviser;

• Any affiliate of the Adviser. For purposes of these Proxy Voting Policies and Procedures, an affiliate means: (i) any person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, the Adviser; (ii) any officer, director, principal, partner, employer, or direct or indirect beneficial owner of any 10% or greater equity or voting interest of the Adviser; or (iii) any other person for which a person described in clause (ii) acts in any such capacity;

• Any issuer of a security for which the Adviser (or any affiliate of the Adviser) acts as a sponsor, advisor, manager, custodian, or other similar capacity;

• Any employee of the Adviser involved in voting the proxy holding a material position of the securities of an issuer in their personal trading account; or

• Any person with whom the Adviser (or any affiliate of the Adviser) has an existing, material contract or business relationship that was not entered into in the ordinary course of the Adviser's (or its affiliate's) business.

(Each of the above persons being an "Interested Person.")

One example of a situation in which a potential conflict of interest may arise is where the Adviser is asked to vote upon an issue related to a company when the Adviser is aware that a client of the Adviser is an officer, director, or stockholder of that company, or otherwise has an interest in the particular vote. In situations like this, the interests of the affiliated client may be contrary to the best interests of the Adviser's other clients. Another example of a potential conflict may involve an employee, responsible for voting the proxy, holding a material position in the security of the issuer.

The Adviser shall keep certain records required by applicable law in connection with its proxy voting activities for clients and shall provide proxy-voting information to clients upon their written or oral request. To request proxy-voting information, clients should contact George Travers, Chief Compliance Officer (address: GoldenTree Asset Management, LP, 300 Park Avenue, New York, New York 10022; telephone:212-847-3459, email: gtravers@goldentree.com).

Consistent with SEC Rule 206(4)-6, as amended, the Adviser shall take reasonable measures to inform its clients of (1) its proxy voting policies and procedures and (2) the process or procedures clients must follow to obtain information regarding how the Adviser voted with respect to assets held in their accounts.

3. PROXY VOTING PROCEDURES

The Adviser shall be responsible for voting the proxies related to any client's account in the manner set forth herein.

Prior to voting, the Adviser will verify whether its voting power is subject to any limitations or guidelines issued by the client (or in the case of an employee benefit plan, the plan's trustee, or other fiduciaries).

Consistent with its fiduciary obligations, the Adviser may determine it appropriate to override an ISS recommendation in the best interests of the client. , If the Adviser raises no objections to the recommendations of ISS, then ISS will automatically vote the proxies based on their recommendations.

When ISS notifies the Adviser of an upcoming vote, the Adviser will check whether the underlying security is on loan. The Operations Department maintains records of all securities that are lent out pursuant to a lending arrangement. To the extent the underlying security has been lent out, the Adviser can reclaim the security to effectuate a vote if it wishes to vote on the subject item. With respect to securities that Adviser may borrow,

------

when effecting short sales for example, a similar process will occur in the keeping of appropriate records of such borrows and ascertaining whether a vote should be conducted, to the extent possible.

In accordance with SEC Rule 204-2(c)(2), as amended, the Adviser shall retain the following:

• A copy of the proxy statement received (unless retained by a third party for the benefit of the Adviser or the proxy statement is available from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

• A record of the vote cast (unless this record is retained by a third party for the benefit of the Adviser and the third party is able to promptly provide the Adviser with a copy of the voting record upon its request);

• A copy of each written client request for information on how the adviser voted proxies on behalf of the client, and a copy of any written response by the Adviser to any (written or oral) client request for information on how the Adviser voted proxies on behalf of the requesting client.

The above copies and records shall be retained by the Adviser for a period not less than five (5) years.

Periodically, but no less than annually, Compliance will:

• Review that proxies received have been voted in a manner consistent with the Proxy Voting Policies and Procedures and the guidelines (if any) issued by the client;

• Review that any overrides to ISS recommendations are appropriate.

• Review the files to verify that records of the voting of the proxies have been properly maintained; and

• File Form N-PX to disclose GTAM's proxy voting records as required.

<u>Supplement Proxy Voting Policies and Procedures for the GoldenTree Opportunistic Credit Fund</u> 

The GoldenTree Opportunistic Credit e Fund (the "Fund") has delegated proxy voting for its investments to a GTAM affiliate (GoldenTree Asset Management Credit Advisor LLC) as the Fund's Adviser ("Adviser"). Accordingly, the Adviser reviews any pending proxy vote decisions seeking to ensure that all votes cast for the Fund are in the best interests of the Fund and its shareholders. Vote decisions are made after the Adviser considers recommendations made by its proxy voting service, as applicable, and after considering how best to cast the vote such that its clients best interests are served.

Moreover, it is possible that the best interests of different clients of the Adviser, including the Fund, may not always be aligned. While the Adviser will seek to act in a manner it reasonably believes to be equitable to all clients under the circumstances, it may take certain actions for some clients that could have an adverse effect on other clients (for example, in connection with certain restructurings and reorganization situations).

If there is a material conflict of interest between the Adviser and the Fund's shareholders that cannot be resolved pursuant to the Adviser's proxy voting policies and procedures, the Adviser must notify the CCO. In such an event, the CCO, in consultation with counsel, as needed, will review the particular proposal and determine how to vote the proxy in a manner consistent with interests of the Fund's shareholders.

------

#### PART C: OTHER INFORMATION

#### Item 25. Financial Statements and Exhibits

#### Financial Statements

---

| | |
|:---|:---|
| **Part A:** | Not applicable, as Registrant has not yet commenced operations. |
| **Part B:** | Statement of Assets and Liabilities. Financial statements indicating that the Registrant has met the net worth requirements of Section 14(a) of the Investment Company Act of 1940 are included in Part B of this Registrant Statement. |

---

#### Exhibits

---

| | |
|:---|:---|
| (a)(1) | [Certificate of Trust dated January 9, 2025 (Previously filed on January 31, 2025 with Registrant's Registration Statement on Form N-2 (File Nos. 333-284624 and 811-24046) and incorporated by reference herein).](http://www.sec.gov/Archives/edgar/data/2052250/000119312525018367/d859355dex99a1.htm) |
| (a)(2) | [Amended and Restated Declaration of Trust (filed herewith)](d826733dex99a2.htm) |
| (b) | [By-laws (filed herewith)](d826733dex99b.htm) |
| (c) | Not applicable. |
| (d) | [Multiple Class Plan (filed herewith)](d826733dex99d.htm) |
| (e) | [Distribution Reinvestment Plan (filed herewith)](d826733dex99e.htm) |
| (f) | Not applicable. |
| (g) | [Investment Advisory Agreement between the Registrant and GoldenTree Asset Management Credit Advisor LLC (filed herewith)](d826733dex99g.htm) |
| (h)(1) | [Form of Distribution Agreement (filed herewith)](d826733dex99h1.htm) |
| (h)(2) | [Form of Dealer Agreement (filed herewith)](d826733dex99h2.htm) |
| (h)(3) | [Form of Selling Group Member Agreement (filed herewith)](d826733dex99h3.htm) |
| (h)(4) | [Distribution and Service Plan (filed herewith)](d826733dex99h4.htm) |
| (i) | Not applicable. |
| (j) | [Form of Custody Agreement (filed herewith)](d826733dex99j.htm) |
| (k)(1) | [Form of Transfer Agency and Service Agreement (filed herewith)](d826733dex99k1.htm) |
| (k)(2) | [Administration Agreement (filed herewith)](d826733dex99k2.htm) |
| (k)(3) | [Form of Sub-Administration Agreement (filed herewith)](d826733dex99k3.htm) |
| (k)(4) | [Expense Limitation Agreement (filed herewith)](d826733dex99k4.htm) |

---

------

---

| | |
|:---|:---|
| (k)(5) | [Management Fee Waiver Agreement (filed herewith)](d826733dex99k5.htm) |
| (k)(6) | [Management Fee Waiver Agreement (filed herewith)](d826733dex99k6.htm) |
| (l) | [Opinion and Consent of Counsel (filed herewith)](d826733dex99l.htm) |
| (m) | Not applicable. |
| (n) | [Consent of Independent Registered Public Accounting Firm (filed herewith)](d826733dex99n.htm) |
| (o) | Not applicable. |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of the Fund (filed herewith)](d826733dex99r1.htm) |
| (r)(2) | [Code of Ethics of GoldenTree Asset Management Credit Advisor LLC (filed herewith)](d826733dex99r2.htm) |
| (s) | Not applicable. |
| (t) | [Power of Attorney (filed herewith)](d826733dex99t.htm) |

---

#### Item 26. Marketing Arrangements
The information contained under the heading "Plan of Distribution" in the prospectus that forms a part of this Registration Statement is incorporated herein by reference.

#### Item 27. Other Expenses of Issuance and Distribution
All figures are estimates:

---

| | |
|:---|:---|
|  Securities and Exchange Commission Fees | $61240.0 |
|  Accounting Fees and Expenses | $175000.0 |
|  Legal Fees and Expenses | $650000.0 |
|  Cost of Printing and Engraving | $45000.0 |
|  Miscellaneous | $5000.0 |
|  Total | $936240.0 |

---

#### Item 28. Persons Controlled by or Under Common Control with Registrant
None.

#### Item 29. Number of Holders of Securities
Set forth below is the number of record holders as of June 10, 2025 of the securities of the Fund.

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
|  Shares of Beneficial Interest, Class I | 1 |
|  Shares of Beneficial Interest, Class A |  |
|  Shares of Beneficial Interest, Class C |  |
|  Shares of Beneficial Interest, Class T |  |
|  Shares of Beneficial Interest, Class U |  |
|  Shares of Beneficial Interest, Class U-2 |  |

---

------

#### Item 30. Indemnification
Article V of the Amended and Restated Declaration of Trust of GoldenTree Opportunistic Credit Fund, a Delaware statutory trust, provides for indemnification of the Trustees, officers and agents of the Trust, subject to certain limitations. The Amended and Restated Declaration of Trust is incorporated by reference to [Exhibit (a)(2)](d826733dex99a2.htm).

The Investment Advisory Agreement provides that the Adviser will not be liable for or any error of judgment or mistake of law or for any loss suffered by the Fund, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser or from reckless disregard by the Adviser of its obligations or duties under the Investment Advisory Agreement. The Investment Advisory Agreement is incorporated by reference as [Exhibit (g)](d826733dex99g.htm) to the Registrant's Registration Statement.

The Form of Distribution Agreement between the Registrant and Foreside Fund Services, LLC ("Foreside") provides that the Registrant will indemnify Foreside against certain liabilities. The Distribution Agreement is incorporated by reference as [Exhibit (h)(1)](d826733dex99h1.htm) to the Registrant's Registration Statement.

The Registrant has entered into indemnification agreements with its officers and trustees. The indemnification agreements are intended to provide the Registrant's officers and trustees the maximum indemnification permitted under Delaware law and the Investment Company Act of 1940, as amended (the "1940 Act"). Each indemnification agreement provides that the Registrant shall indemnify the trustee who is a party to the agreement (an "Indemnitee"), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, other than a proceeding by or in the right of the Registrant.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to trustees, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

#### Item 31. Business and Other Connections of Investment Adviser
GoldenTree Asset Management LP (the "Adviser") serves as investment adviser to the Registrant. The executive officers of the Adviser are listed in the investment adviser registration on Form ADV for the Adviser (File No. 801-58286) and are hereby incorporated herein by reference thereto.

#### Item 32. Location of Accounts and Records
All accounts, books, and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of:

(1) the Registrant, GoldenTree Opportunistic Credit Fund, 300 Park Avenue, 21<sup>st</sup> Floor, New York, NY 10022;

(2) the Transfer Agent, State Street, 1 Congress Street, Boston, MA 02114;

(3) the Custodian, State Street, 1 Congress Street, Boston, MA 02114; and

(4) the Adviser, GoldenTree Asset Management, LP, 300 Park Avenue, 21<sup>st</sup> Floor, New York, NY 10022.

#### Item 33. Management Services
Not applicable.

#### Item 34. Undertakings
(1) Registrant undertakes to suspend the offering of its Shares until it amends the prospectus filed herewith if (1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of the registration statement, or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

(2) Not applicable.

------

(3) Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

(1) not applicable;

(2) if the Registrant is subject to Rule 430C [17 CFR 230.430C]: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or prospectuses filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

------

(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

(4) Not Applicable.

(5) Not Applicable.

(6) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

(7) The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this amendment to its Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in New York City, in the State of New York, on the 10<sup>th</sup> day of June, 2025.

---

| | |
|:---|:---|
| **GoldenTree Opportunistic Credit Fund** | **GoldenTree Opportunistic Credit Fund** |
| By: | /s/ Kathryn L. Sutherland |
|  | Kathryn L. Sutherland |
|  | Chief Executive Officer and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this pre-effective amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Kathryn L. Sutherland | Chief Executive Officer and Principal Executive Officer | June 10, 2025 |
| Kathryn L. Sutherland | Chief Executive Officer and Principal Executive Officer | June 10, 2025 |
| /s/ Wei Zhong | Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer | June 10, 2025 |
| Wei Zhong | Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer | June 10, 2025 |
| \* | Trustee | June 10, 2025 |
| Jill Iacono Mavro | Trustee | June 10, 2025 |
| \* | Trustee | June 10, 2025 |
| Ellen Needham | Trustee | June 10, 2025 |
| \* | Trustee | June 10, 2025 |
| Leon Wagner | Trustee | June 10, 2025 |
| \* | Trustee | June 10, 2025 |
| Steven Shapiro | Trustee | June 10, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Peter Alderman |
|  | Peter Alderman, Attorney-in-Fact<br> \*Pursuant to Power of Attorney filed herewith |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| (a)(2) | [Amended and Restated Declaration of Trust](d826733dex99a2.htm) |
| (b) | [By-laws](d826733dex99b.htm) |
| (d) | [Multiple Class Plan](d826733dex99d.htm) |
| (e) | [Distribution Reinvestment Plan](d826733dex99e.htm) |
| (g) | [Investment Advisory Agreement between the Registrant and GoldenTree Asset Management Credit Advisor LLC](d826733dex99g.htm) |
| (h)(1) | [Form of Distribution Agreement](d826733dex99h1.htm) |
| (h)(2) | [Form of Dealer Agreement](d826733dex99h2.htm) |
| (h)(3) | [Form of Selling Group Member Agreement](d826733dex99h3.htm) |
| (h)(4) | [Distribution and Service Plan](d826733dex99h4.htm) |
| (j) | [Form of Custody Agreement](d826733dex99j.htm) |
| (k)(1) | [Form of Transfer Agency and Service Agreement](d826733dex99k1.htm) |
| (k)(2) | [Administration Agreement](d826733dex99k2.htm) |
| (k)(3) | [Form of Sub-Administration Agreement](d826733dex99k3.htm) |
| (k)(4) | [Expense Limitation Agreement](d826733dex99k4.htm) |
| (k)(5) | [Management Fee Waiver Agreement](d826733dex99k5.htm) |
| (k)(6) | [Management Fee Waiver Agreement](d826733dex99k6.htm) |
| (l) | [Opinion and Consent of Counsel](d826733dex99l.htm) |
| (n) | [Consent of Independent Registered Public Accounting Firm](d826733dex99n.htm) |
| (r)(1) | [Code of Ethics of the Fund](d826733dex99r1.htm) |
| (r)(2) | [Code of Ethics of GoldenTree Asset Management Credit Advisor LLC](d826733dex99r2.htm) |
| (t) | [Power of Attorney](d826733dex99t.htm) |

---

## Ex-99.(A)(2)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**AMENDED AND RESTATED DECLARATION OF TRUST** 

**DATED AS OF MAY 27, 2025** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  ARTICLE I. THE TRUST | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Trust Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Definitions | 1 |
|  ARTICLE II. TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Number | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Term and Election | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Resignation and Removal | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. Vacancies | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Meetings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Trustee Action by Written Consent | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. Officers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. Chair | 4 |
|  ARTICLE III. POWERS AND DUTIES OF TRUSTEES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. General | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Investments | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Issuance and Repurchase of Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Borrow Money or Utilize Leverage | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Delegation; Committees | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. Collection and Payment | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. Expenses | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. Bylaws | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. Miscellaneous Powers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. Further Powers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. Sole Discretion; Good Faith | 6 |
|  ARTICLE IV. ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Advisory and Management Arrangements | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Distribution Arrangements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Parties to Contract | 7 |
|  ARTICLE V. LIMITATIONS OF LIABILITY AND INDEMNIFICATION | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. No Personal Liability of Shareholders, Trustees, etc | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Mandatory Indemnification | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. No Bond Required of Trustees | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. No Duty of Investigation; No Notice in Trust Instruments, etc | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. Reliance on Experts, etc | 9 |
|  ARTICLE VI. SHARES OF BENEFICIAL INTEREST | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Beneficial Interest | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Other Securities | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. Rights of Shareholders | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Exchange Privilege | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. Trust Only | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. Issuance of Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. Register of Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. Transfer Agent and Registrar | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. Transfer of Shares | 10 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. Notices | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. Derivative Actions | 11.0 |
|  ARTICLE VII. DETERMINATION OF NET ASSET VALUE | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Net Asset Value | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Distributions to Shareholders | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Power to Modify Foregoing Procedures | 12.0 |
|  ARTICLE VIII. CUSTODIANS | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Appointment and Duties | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Central Certificate System | 12.0 |
|  ARTICLE IX. REPURCHASES OF SHARES | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Repurchase of Shares | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Disclosure of Holding | 13.0 |
|  ARTICLE X. SHAREHOLDERS | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Meetings of Shareholders | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. Voting | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. Notice of Meeting and Record Date | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. Quorum and Required Vote | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. Proxies, etc | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. Reports | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. Inspection of Records | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8. Shareholder Action by Written Consent | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. Delivery by Electronic Transmission or Otherwise | 15.0 |
|  ARTICLE XI. DURATION; TERMINATION OF TRUST; AMENDMENT; ETC. | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Duration | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Termination | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. Amendment Procedure | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. Subsidiaries | 16.0 |
|  ARTICLE XII. MISCELLANEOUS | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. Filing | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. Resident Agent | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. Governing Law | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. Exclusive Delaware Jurisdiction | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. Counterparts | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. Reliance by Third Parties | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. Provisions in Conflict with Law or Regulation | 17.0 |

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ii

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**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**<u>AMENDED AND RESTATED DECLARATION OF TRUST</u>**

AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") made as of the 27th day of May 2025, by the Trustees hereunder, and by the Shareholders as hereinafter provided.

WHEREAS, the Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, the Trust is authorized to issue an unlimited number of its Shares all in accordance with the provisions hereinafter set forth;

WHEREAS, the initial Declaration of Trust was entered into as of January 9, 2025;

WHEREAS, this Declaration amends and restates in its entirety that certain Declaration of Trust dated as of January 9, 2025;

WHEREAS, each Trustee has agreed to manage all property coming into his or her hands as a Trustee of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration and the Bylaws shall constitute the governing instrument of the Trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as a Trustee hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the Shareholders from time to time of Shares as hereinafter set forth.

ARTICLE I.

THE TRUST

1.1. <u>Name</u>. This Trust shall be known as the "GoldenTree Opportunistic Credit Fund" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

1.2. <u>Trust Purpose</u>. The purpose of the Trust is to conduct, operate and carry on the business of a closed-end management investment company registered under the 1940 Act. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a closed-end management investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Act, and in connection therewith the Trust shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

1.3. <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms "<u>Affiliated Person</u>," "<u>Assignment</u>," "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given them in the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Bylaws</u>" shall mean the Bylaws of the Trust, as amended from time to time by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Commission</u>" shall mean the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Declaration</u>" shall mean this Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Delaware General Corporation Law</u>" means the Delaware General Corporation Law, 8 <u>Del</u>. <u>C</u>. § 100, <u>et</u>. <u>seq</u>., as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Delaware Statutory Trust Act</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del</u>. <u>C</u>. § 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Fiscal Year</u>" means each period commencing on January 1 of each year and ending on December 31 of the following year (or on the date of a final distribution made in accordance with Section 11.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Fundamental Policies</u>" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Majority Shareholder Vote</u>" shall mean "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust voted on any matter to be voted on by the Shareholders with all shares entitled to vote voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Prospectus</u>" shall mean the Prospectus of the Trust, if any, as in effect from time to time under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Trust</u>" shall mean the statutory trust governed by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Trustees</u>" shall mean the signatory to this Declaration, so long as he shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

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ARTICLE II.

TRUSTEES

2.1. <u>Number</u>. As of the date hereof, the number of Trustees shall be four (4) and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than one (1) and no more than fifteen (15). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. Trustees need not own Shares and may succeed themselves in office.

2.2. <u>Term and Election</u>. The term of office of a Trustee shall continue until death, resignation or removal of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees. Each Trustee elected shall hold office until his or her successor shall have been duly elected and qualified.

2.3. <u>Resignation and Removal</u>. Any of the Trustees may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chair (if any), the Chief Executive Officer, or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause only, and not without cause, and only by action taken by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an "interested person" as defined in the 1940 Act a majority of the remaining Trustees that are not "interested persons" as defined in the 1940 Act) or by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal, or any right to damages on account of a removal.

2.5. <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, or the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the Bylaws or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be a majority of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

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Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the members.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting except as otherwise may be provided by law.

2.6. <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing or by electronic transmission and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

2.7. <u>Officers</u>. The Trustees shall elect a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Principal Accounting Officer, and a Chief Compliance Officer and may also elect such other officers or assistant officers as may be elected or authorized by the Trustees. Officers shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chair, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the 1940 Act (collectively, the "federal securities laws"), all officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control.

2.8. <u>Chair</u>. The Trustees may designate a Chair and a Vice Chair of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time.

ARTICLE III.

POWERS AND DUTIES OF TRUSTEES

3.1. <u>General</u>. The Trustees shall manage or direct the management of the Trust Property and the business of the Trust with such powers of delegation as may be permitted by this Declaration. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the Bylaws shall control. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

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3.2. <u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any Person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

3.3. <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to cause the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust whether capital or surplus or otherwise. Subject to the further provisions of this Article III, any restriction set forth in the Bylaws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the Commission, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any class of Shares of the Trust (each, a "Class") to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate, classify, reclassify and change in any manner any Class and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be different from any existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes as the Trustees may deem desirable.

3.4. <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other Person, firm, association or corporation.

3.5. <u>Delegation; Committees</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

3.6. <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

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3.7. <u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

3.8. <u>Bylaws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of the Trust.

3.9. <u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, they shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; and (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept on behalf of the Trust.

3.10. <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Trust Property.

3.11. <u>Sole Discretion; Good Faith</u>. Notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision, except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws: (i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or (ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

ARTICLE IV.

ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS

4.1. <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or

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specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

4.2. <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

4.3. <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the Bylaws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

ARTICLE V.

LIMITATIONS OF LIABILITY AND INDEMNIFICATION

5.1. <u>No Personal Liability of Shareholders, Trustees, etc</u><u>.</u> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

5.2. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Declaration, the Trust hereby agrees to indemnify and hold harmless each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any and all, losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed, claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any indemnitee may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of

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his having acted in any such capacity, except however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position. Notwithstanding the foregoing, with respect to any claim, demand, action, suit or other proceeding (or part thereof) commenced by any indemnitee, indemnification shall be mandatory only if the commencement of such claim, demand, action, suit or other proceeding (or part thereof) by such indemnitee was authorized by a majority of the Trustees in their sole discretion or was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, and without requiring a preliminary determination of the ultimate entitlement to indemnification, the Trust shall make advance payments (which shall be unsecured and interest free) in connection with expenses (including legal fees and expenses) incurred by any indemnitee in appearing at, participating in or defending any claim, demand, action, suit or proceeding with respect to which indemnification might be sought hereunder if the Trust receives a written undertaking by the indemnitee to repay the Trust such amounts if it ultimately shall be determined that the indemnitee is not entitled to indemnification as authorized by this Section 5.2. The Trust shall have no obligation to advance any amounts in connection with any claim, demand, action, suit or other proceeding (or part thereof) commenced by an indemnitee unless such commencement was (1) authorized by a majority of the Trustees in their sole discretion or (2) instituted by the indemnitee to enforce his or her rights to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude or restrict any other right (including any right of indemnification or advancement) which any indemnitee or any other person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

5.3. <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

5.4. <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u><u>.</u> No purchaser, lender, transfer agent or other Person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share,

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other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

5.5. <u>Reliance on Experts, etc</u><u>.</u> Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.

ARTICLE VI.

SHARES OF BENEFICIAL INTEREST

6.1. <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest. Such Shares of beneficial interest shall have no par value unless the Trustees otherwise determine. Shares may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

6.2. <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and cause the Trust to issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. The Trustees are also authorized to take such actions and retain such any person as they see fit to offer and sell such securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

6.3. <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees on behalf of the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, redemption or conversion rights.

6.4. <u>Exchange Privilege</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to exchange such Shares for Shares of one or more other Classes.

6.5. <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general

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partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

6.6. <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

6.7. <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

6.8. <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

6.9. <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless the Trust, the Trustees and any Affiliated Person of the Trust or the Trustees against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

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6.10. Notices. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

6.11. <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least fifty percent (50%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 6.11 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

ARTICLE VII.

DETERMINATION OF NET ASSET VALUE

7.1. <u>Net Asset Value</u>. The net asset value of each outstanding Share shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Registration Statement or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Registration Statement or as may otherwise be determined by the Trustees.

7.2. <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time distribute ratably among the Shareholders of any Class, or any series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any Class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any Class of shares or series of any such Class, in accordance with the number of outstanding full and fractional Shares of such Class or any series of such Class, additional Shares of any Class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. Subject to applicable law, including the 1940 Act, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the net income attributable to the Shares of the Trust or any series or class or the declaration and payment of dividends and distributions on the Shares of the Trust or any series or class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 7.2 may be among the Shareholders of record of the applicable Class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

7.3. <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the Code, the 1940 Act, any securities exchange or association registered under the Securities Exchange Act of 1934, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

ARTICLE VIII.

CUSTODIANS

8.1. <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

8.2. <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular Class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

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ARTICLE IX.

REPURCHASES OF SHARES

9.1. <u>Repurchase of Shares</u>. Except as otherwise provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally, the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the Registration Statement.

9.2. <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

ARTICLE X.

SHAREHOLDERS

10.1. <u>Meetings of Shareholders</u>. The Trust will not hold annual Shareholder meetings unless required by the 1940 Act or any other applicable law, rule or regulation. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer and shall be called by the trustees for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate at least a majority of the outstanding Shares, such request specifying the purpose or purposes for which such meeting is to be called. Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate or may be held virtually. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered and waiver of notice shall occur according to the provisions of the Trust's Bylaws. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this Declaration. In the event of a Shareholder meeting requested by Shareholders of the Trust, the Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Trust's proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request, and such meeting shall not be held, unless the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

10.2. <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Act in the absence of the contrary provision in the Declaration shall require any vote. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more Classes or series of shares shall require approval by the required vote of all the affected Classes and series of shares voting together as a single Class; provided, however, that as to any matter with respect to which a separate vote of any Class or series of shares is required by the 1940 Act, such requirement as to a separate vote by that Class or series of shares shall apply in addition to a vote of all the affected Classes and series voting together as a single Class. Shareholders of a particular Class or series of shares shall not be entitled to vote on any matter that affects only one or more other Classes or series of shares. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal of Trustees.

10.3. <u>Notice of Meeting and Record Date</u>. Special meetings of Shareholders shall be held, notice of such meetings shall be delivered, and waiver of notice shall occur according to the provisions of the Trust's Bylaws, including via electronic transmission to a Shareholder at his or her address as it is registered with the Trust. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the

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Bylaws or in this Declaration. For purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by the Chair, the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than one hundred and twenty (120) days after the record date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

10.4. <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided from time to time in the Bylaws, the presence in person or by proxy of Shares entitled to cast a majority of the votes entitled to be cast shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of Shareholders of such class or series with respect to such matter. Notwithstanding the foregoing, Trustees shall be elected by the affirmative vote of a plurality of the Shares voted at a meeting of the Shareholders to the extent Shareholders are entitled to vote to elect Trustees.

10.5. <u>Proxies, etc</u><u>.</u> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

10.6. <u>Reports</u>. The Trustees shall as long as the Trust continues operations cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act, and in any event within a reasonable period preceding the meeting of Shareholders. The Trustees shall, as long as the Trust continues operations, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

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10.7. <u>Inspection of Records</u>. The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted stockholders of a corporation formed under the Delaware General Corporation Law.

10.8. <u>Shareholder Action by Written Consent</u>. Any action required or permitted to be taken at any meeting of the Shareholders may be taken without a meeting, without a prior notice and without a vote if the consent, setting forth the action to be taken is given in writing or by electronic transmission by the Shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Shareholders entitled to vote thereon were present and voted.

10.9. <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

ARTICLE XI.

DURATION; TERMINATION OF TRUST; AMENDMENT; ETC.

11.1. <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.

11.2. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may be dissolved only upon approval of not less than a majority of the Trustees. Upon the dissolution of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all claims and obligations of the Trust in accordance with Section 3808 of the Delaware Statutory Trust Act, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and liquidation of the Trust, including the distribution to the Shareholders of any assets of the Trust, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

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11.3. <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in subsection (b) of this Section 11.3, the Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration. Shareholders shall have the right to vote: (i) on any amendment which would eliminate their right to vote granted in this Declaration, (ii) on any amendment to this Section 11.3(a), (iii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith and (iv) on any amendment submitted to them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.

11.4. <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

ARTICLE XII.

MISCELLANEOUS

12.1. <u>Filing</u>. This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or Secretary of the Trust stating that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

12.2. <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be selected by the Trustees. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary of the State.

12.3. <u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or

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powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

12.4. <u>Exclusive Delaware Jurisdiction</u><u>. Each Trustee</u>, each officer and each Person legally or beneficially owning a Share or an interest in a Share (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that, except for any claims, suits, actions or proceedings arising under federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Act, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section 12.4, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

12.5. <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

12.6. <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any Bylaws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

12.7. <u>Provisions in Conflict with Law or Regulation</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, if applicable, with the regulated investment company provisions of the Code (if applicable) or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

*[Remainder of page intentionally left blank]* 

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IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

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| | |
|:---|:---|
| By: | /s/ Steven Shapiro |
|  | Steven Shapiro |
|  | Trustee |
| By: | /s/ Jill Iacono Mavro |
|  | Jill Iacono Mavro |
|  | Trustee |
| By: | /s/ Ellen Needham |
|  | Ellen Needham |
|  | Trustee |
| By: | /s/ Leon Wagner |
|  | Leon Wagner |
|  | Trustee |

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## Ex-99.(B)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**BYLAWS** 

**Dated as of May 27, 2025** 

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  ARTICLE I SHAREHOLDER MEETINGS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Chair | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Proxies; Voting | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Notice of Meeting and Fixing Record Dates | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. Inspectors of Election | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. Records at Shareholder Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Postponement, Adjournment and Change of Place of Meetings | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. Meetings by Remote Communication | 3 |
|  ARTICLE II TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Annual and Regular Meetings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Chair; Records | 3 |
|  ARTICLE III OFFICERS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Officers of the Trust | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Election and Tenure | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Removal and Resignation of Officers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Bonds and Surety | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Chief Executive Officer and Vice Presidents | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. Secretary | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. Chief Financial Officer | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. Chief Compliance Officer | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. Other Officers and Duties | 5 |
|  ARTICLE IV MISCELLANEOUS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Depositories | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Signatures | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Seal | 6 |
|  ARTICLE V SHARE TRANSFERS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Transfer Agents, Registrars and the Like | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Transfer of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Registered Shareholders | 6 |
|  ARTICLE VI AMENDMENT OF BYLAWS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Amendment and Repeal of Bylaws | 6 |

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-i-

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**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**<u>BYLAWS</u>**

These Bylaws are made and adopted pursuant to Section 3.8 of the Amended and Restated Declaration of Trust of GoldenTree Opportunistic Credit Fund (the "Trust"), dated as of May 27, 2025, as from time to time amended (the "Declaration"). All words and terms capitalized in these Bylaws shall have the meaning or meanings set forth for such words or terms in the Declaration.

**ARTICLE I** 

**<u>SHAREHOLDER MEETINGS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Chair</u>. The Chair of the Board of Trustees, if any, shall act as chair at all meetings of the shareholders of the Trust ("Shareholders"); in the Chair's absence, the Trustee or Trustees present at each meeting may elect a temporary chair for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Proxies; Voting</u>. Shareholders may vote either in person or by duly executed proxy and each full Share represented at the meeting shall have one vote and each fractional Share shall be entitled to a vote of such fraction, all as provided in Article X of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Notice of Meeting and Fixing Record Dates</u>. Notice of all meetings of Shareholders, stating the time, place (including that the meeting will be held by remote communication, as applicable) and purposes of the meeting, shall be sent or otherwise given to each Shareholder of record entitled to vote thereat at its registered address, not less than ten (10) nor more than one hundred and twenty (120) days before the date of the meeting. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date of mailing of notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date. Notice of any meeting of Shareholders shall be deemed waived by any Shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the person acting as chair at any meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of the Trust's shares of beneficial interest ("Shares") present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made

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by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as chair. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting and the voting power of each Share, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the person acting as chair of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to stockholders of a Delaware business corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Postponement, Adjournment and Change of Place of Meetings</u>. Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may, in its sole discretion, which may be delegated to the officers of the Trust, postpone or change the place of such meeting (including by specifying that the meeting will be held by remote communication) one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so postponed or changed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Section 1.3. Any Shareholders' meeting may be adjourned by the chair of the meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chair of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that the meeting will be held by remote communication, as applicable) as determined by the Board of Trustees or by the chair of the meeting or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the sole discretion of such Trustees, chair, officers or authorized persons and announced at the meeting. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chair of the meeting may, but

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shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Meetings by Remote Communication</u>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held solely by means of remote communication. If authorized by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Trust.

**ARTICLE II** 

**<u>TRUSTEES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Annual and Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, the Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Except as may be required by applicable law, neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Chair; Records</u>. The Chair, if any, shall act as chair at all meetings of the Trustees; in the absence of a Chair, the Trustees present shall elect one Trustee to act as chair of the meeting. The results of all actions taken at a meeting of the Trustees, or by unanimous written consent of the Trustees, shall be recorded by the Secretary or such other person as the Board of Trustees or Secretary may from time to time designate.

**ARTICLE III** 

**<u>OFFICERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Officers of the Trust</u>. The officers of the Trust shall consist of a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Principal Accounting Officer, and a Chief Compliance Officer and may also include such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same person, except that the same person may not be both Chief Executive Officer and Secretary. No officer of the Trust need be a Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Principal Executive Officer, Chief Executive Officer, Secretary, Chief Financial Officer, Principal Accounting Officer, and Chief Compliance Officer and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Removal and Resignation of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, Chief Executive Officer or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, Chief Executive Officer or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Chief Executive Officer and Vice Presidents</u>. The Chief Executive Officer shall be a principal executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of Chief Executive Officer of a corporation. Subject to direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the Chief Executive Officer, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the Chief Executive Officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject to the direction of the Trustees, and of the Chief Executive Officer, each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a

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similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Chief Financial Officer</u>. Except as otherwise directed by the Trustees, the Chief Financial Officer shall be responsible for the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise, under the supervision of the Trustees and the Chief Executive Officer, all powers and duties normally incident to the office in a Delaware business corporation. The Chief Financial Officer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Chief Financial Officer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Chief Financial Officer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the Chief Executive Officer. The Chief Financial Officer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Chief Financial Officer's possession, shall be subject at all times to the inspection and control of the Trustees. The Chief Financial Officer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any class of securities of the Trust on behalf of such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Chief Compliance Officer</u>. The Trustees shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer, subject to the direction of and reporting to the Board of Trustees, shall be responsible for the oversight of the Trust's compliance with the Federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Trustees, including a majority of the trustees who are not Interested Persons of the Trust. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as the Trustees may assign to him or her from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the Chief Executive Officer.

**ARTICLE IV** 

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Depositories</u>. In accordance with Section 8.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or these Bylaws or as the Trustees may provide from time to time by resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

**ARTICLE V** 

**<u>SHARE TRANSFERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Transfer of Shares</u>. The Shares shall be subject to the limitations on transfer as provided in Section 6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of proper evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

**ARTICLE VI** 

**<u>AMENDMENT OF BYLAWS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Amendment and Repeal of Bylaws</u>. In accordance with Section 3.8 of the Declaration, the Trustees shall have the exclusive power to amend or repeal these Bylaws or adopt new Bylaws at any time. Action by the Trustees with respect to the Bylaws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

## Ex-99.(D)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**Multiple Class Plan** 

May 27, 2025

This Multiple Class Plan (the "Plan") is applicable to the GoldenTree Opportunistic Credit Fund (the "Fund"). Each class of shares of the Fund will have the same relative rights and privileges and be subject to the same sales charges, fees and expenses except as set forth below. The Board of Trustees, including a majority of the Trustees who are not "interested persons" of the Fund within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"), may determine in the future that other allocations of expenses or other services to be provided to a class of shares are appropriate and amend this Plan accordingly without the approval of shareholders of any class. Shares of one class of the Fund may be exchanged for or converted into shares of another class of the Fund as set forth in the Fund's prospectuses or as otherwise permitted by the officers of the Fund.

**Class A Shares** 

Class A Shares are sold at net asset value per share plus the applicable sales charge, if any, as set forth in the Fund's prospectus. Class A Shares are sold subject to the minimum purchase requirements set forth in the Fund's prospectus. Class A Shares are entitled to services and subject to fees under the Fund's distribution and service plan ("Distribution and Service Plan") adopted with respect to Class A Shares, on the terms set forth in the Fund's prospectus. Class A Shares have exclusive voting rights with respect to matters that exclusively affect Class A Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class A Shares differ from the interests of any other class.

**Class C Shares** 

Class C Shares are sold at net asset value without a sales charge imposed at the time of purchase. If a shareholder tenders for repurchase Class C Shares which have been held for less than the time period specified in the applicable prospectus at the time of purchase (the "Purchase Prospectus"), a deferred sales charge, on the terms set forth in the Purchase Prospectus, may be imposed on the repurchase proceeds with respect to such Class C Shares. The deferred sales charge may be waived in the circumstances set forth in the relevant prospectus. Class C Shares are sold subject to the minimum purchase requirements set forth in the Fund's prospectus. Class C Shares are entitled to services and subject to fees under the Distribution and Service Plan adopted with respect to Class C Shares, on the terms set forth in the Fund's prospectus. Class C Shares have exclusive voting rights with respect to matters that exclusively affect Class C Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class C Shares differ from the interests of any other class.

**Class I Shares** 

Class I Shares are sold at net asset value per share without a sales charge and are subject to the minimum purchase requirements set forth in the Fund's prospectus. Class I Shares are not subject to the Distribution and Service Plan. Class I Shares have exclusive voting rights with respect to matters that exclusively affect Class I Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class I Shares differ from the interests of any other class.

**Class T Shares** 

Class T Shares are sold at net asset value without a sales charge and are subject to the minimum purchase requirements set forth in the Fund's prospectus. Class T Shares are entitled to services and subject to fees under the Distribution and Service Plan adopted with respect to Class T Shares, on the terms set forth in the Fund's prospectus. Class T Shares have exclusive voting rights with respect to matters that exclusively affect Class T Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class T Shares differ from the interests of any other class.

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**Class U Shares** 

Class U Shares are sold at net asset value per share without a sales charge and are subject to the minimum purchase requirements set forth in the Fund's prospectus. Class U Shares are entitled to services and subject to fees under the Distribution and Service Plan adopted with respect to Class U Shares, on the terms set forth in the Fund's prospectus. Class U Shares have exclusive voting rights with respect to matters that exclusively affect Class U Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class U Shares differ from the interests of any other class.

**Class U-2 Shares** 

Class U-2 Shares are sold at net asset value per share plus the applicable sales charge, if any, as set forth in the Fund's prospectus. Class U-2 Shares are sold subject to the minimum purchase requirements set forth in the Fund's prospectus. Class U-2 Shares are entitled to services and subject to fees under the Distribution and Service Plan adopted with respect to Class U-2 Shares, on the terms set forth in the Fund's prospectus. Class U-2 Shares have exclusive voting rights with respect to matters that exclusively affect Class U-2 Shares and separate voting rights on any matter submitted to shareholders in which the interests of Class U-2 Shares differ from the interests of any other class.

**Class-Specific Fees and Expenses** 

Expenses shall be allocated among classes in a manner that is fair and equitable. Expenses relating to the Fund generally will be allocated among each class based upon the relative net assets of each such class. Expenses relating only to a particular class shall be allocated to that class.

**Expense Allocation** 

Fund expenses will be allocated monthly to the respective share classes in accordance with Rule 18f-3(c) as now or hereafter in effect, subject to the oversight of the Board of Trustees.

## Ex-99.(E)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**DISTRIBUTION REINVESTMENT PLAN** 

**<u>Introduction</u>**

Under this Distribution Reinvestment Plan ("Plan") for GoldenTree Opportunistic Credit Fund (the "Fund") dividends and/or distributions to a holder ("Shareholder") of the Fund's common shares of beneficial interest (each, a "Common Share" and, collectively "Common Shares") will automatically be reinvested in additional Shares of the Fund. Each registered Shareholder who does not wish to participate in the Plan must "opt-out" of the Plan. For any registered Shareholder that does not so elect (each, a "Participant" and collectively, the "Participants"), dividends and/or distributions on such Shareholder's Common Shares will be reinvested by State Street Bank and Trust Company ("Dividend Disbursing Agent"), as agent for Shareholders in administering the Plan, in additional Common Shares, as set forth below. Participation in the Plan is completely voluntary, and may be terminated or resumed at any time without penalty by notice if received and processed by the Dividend Disbursing Agent prior to the dividend record rate; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Participants who hold their Shares through a broker or other nominee and who wish to elect to receive any dividends and distributions in cash must contact their broker or nominee.

**<u>Plan Details</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Dividend Disbursing Agent will reinvest Common Shares into the account of each Participant in the Plan in
the same name in which such Participant is registered. Whenever the Fund declares a dividend or other distribution (together, a "Dividend") payable in cash, non-participants in the Plan will receive
cash and Participants will receive the equivalent in Common Shares. The Common Shares will be acquired by the Dividend Disbursing Agent for the Participants' accounts through receipt of additional unissued but authorized Common Shares from the
Fund ("Newly Issued Common Shares"). Participants may elect to reinvest Dividends in Common Shares or receive Dividends in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Newly Issued Common Shares will be issued at their net asset value ("NAV") determined on the
valuation date fixed by the Board of Trustees of the Fund for such distribution. It is contemplated that the Fund will pay monthly dividends. No upfront sales load will be payable with respect to Common Shares purchased pursuant to the Plan.
Participants in the Plan may purchase fractional Common Shares so that 100% of the Dividends will be used to acquire Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Dividend Disbursing Agent maintains all Participants' accounts in the Plan and furnishes written
confirmation of all transactions in the accounts, including information needed by Participants for tax records. Common Shares in the account of each Participant will be held by the Dividend Disbursing Agent on behalf of the Participant, and each
shareholder proxy will include those shares purchased or received pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In the case of shareholders such as banks, brokers or nominees which hold shares for others who are the
beneficial owners, the Dividend Disbursing Agent will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder's name and held for the account of beneficial owners who participate in
the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There will be no charges with respect to Common Shares issued directly by the Fund. The automatic reinvestment
of Dividends will not relieve Participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to Participants
with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All correspondence or questions concerning the Plan should be directed to the Dividend Disbursing Agent. Opt-in and opt-out forms will be provided by the Dividend Disbursing Agent or the Fund.

## Ex-99.(G)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**INVESTMENT ADVISORY AGREEMENT** 

This Investment Advisory Agreement is hereby made as of the 27th day of May, 2025 (the "<u>Agreement</u>"), between GoldenTree Opportunistic Credit Fund, a Delaware statutory trust (the "Fund"), and GoldenTree Asset Management Credit Advisor LLC, a Delaware limited liability company (the "<u>Adviser</u>").

**WITNESSETH:** 

**WHEREAS,** the Fund has filed a registration statement on Form N-2 (the "<u>Registration Statement</u>") with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under and pursuant to the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") to register its shares of beneficial interest (the "<u>Shares</u>"), for issuance in a public offering (the "<u>Offering</u>");

**WHEREAS,** the Adviser is engaged in rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

**WHEREAS,** the Fund desires to retain the Adviser to provide investment advisory services to the Fund, and the Adviser is willing to provide or procure such services, on the terms and conditions hereinafter set forth.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**

**<u>APPOINTMENT</u>**

The Fund hereby appoints the Adviser to act as investment adviser to the Fund for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such appointment and agrees to provide the advisory services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**

**<u>SERVICES OF THE ADVISER</u>**

1. <u>Advisory Duties of the Adviser</u>. Subject to the supervision of the board of trustees of the Fund (the "<u>Board of Trustees</u>"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund (a) in accordance with the investment objective, policies and restrictions that are set forth in the Fund's filings with the SEC, as the same may be amended from time to time, (b) in accordance with the 1940 Act, the Advisers Act and all other applicable federal and state law, and (c) in accordance with the Fund's certificate of trust, amended and restated declaration of trust and bylaws (collectively, the "<u>organizational</u> 

------

 <u>documents</u>"), each as amended or restated from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund (including performing due diligence on prospective investments); (iii) execute, close, service and monitor the Fund's investments; (iv) determine the securities and other assets that the Fund will purchase, retain or sell; and (v) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments and the placement of orders for other purchase or sale transactions on behalf of the Fund, subject to the oversight and approval of the Board of Trustees. 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 of Trustees. If it is necessary or convenient for the Adviser to make investments on behalf of the Fund through a subsidiary or special purpose vehicle or otherwise form such subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle, and to make such investments through such subsidiary or special purpose vehicle, in accordance with the 1940 Act.

2. <u>Subadvisers</u>. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may, through a subadvisory agreement or other arrangement, delegate to a subadviser any of the duties enumerated in this Agreement, including the management of all or a portion of the assets being managed hereby. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the members of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may adjust such duties, the portion of assets being managed, and the fees to be paid by the Adviser; provided that, in each case, the Adviser shall continue to oversee the services provided by such company or employees and any such delegation shall not relieve the Adviser of any of its obligations hereunder.

3. <u>Books and Records</u>. The Adviser agrees to maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act or such longer period as the Fund may direct, all records relating to the services rendered by the Adviser under this Agreement and the Fund's investments made by the Adviser as are required by Section 31 under the 1940 Act, and rules and regulations thereunder, and by other applicable legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodities Exchange Act, and the respective rules and regulations thereunder, and the Fund's compliance policies and procedures, and to preserve such records for the periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance policies and procedures. In compliance with the requirements of Rule 31a-3 under the 1940 Act, any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered promptly to the Fund on request.

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4. <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 or other compensation for effecting a securities transaction in excess of the amount of commission or other compensation another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and 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 the amount of such commission or other compensation 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 result for the Fund.

5. <u>Proxy Voting</u>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best interest of the Fund and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Fund has been provided with a copy of the Adviser's proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Fund. The Adviser shall be responsible for reporting the Fund's proxy voting activities, as required, through periodic filings on Form N-PX.

6. <u>Advisory Services Not Exclusive</u>. The Adviser's services to the Fund pursuant to this Agreement are not exclusive, and it is understood that the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage in other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed that officers or directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other investment companies. Whenever the Fund and one or more other funds, accounts or investment companies advised by the Adviser have available funds for investment, and the responsibility for the management of all of the assets of the Fund has not been delegated to a subadviser, investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall be allocated in a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The Fund recognizes that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of for the Fund.

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**<u>ARTICLE III</u>**

**<u>EXPENSES</u>**

1. <u>Expenses Borne by Adviser</u>. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management 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 and not by the Fund.

2. <u>Expenses Borne by the Fund</u>. The Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to: (a) the Management Fee (as defined below); (b) fees to the Fund's administrators, transfer agent, custodians, depositaries, and trustees and other service providers; (c) the cost of calculating the Fund's net asset value (including the cost and expenses of any independent valuation firm); (d) borrowing and indebtedness of the fund, including the costs of establishing such borrowing or indebtedness, as well as any interest expenses; (e) trading and investment expenses (e.g., expenses that the Adviser reasonably determines to be related to the investment of the Fund's assets), including: (i) brokerage commissions and expenses relating to short sales, (ii) clearing and settlement charges and other related amounts, (iii) prime broker fees and other bank service fees, and (iv) custodial fees, and fees of the trustee and any depositary in relation to trading and settlements; (f) dividends on preferred shares, if any, and any expenses relating to the offering of any preferred shares, including costs related to the use of one or more distributors and/or underwriters; (g) the costs and expenses of products and services relating to research concerning the Fund's investments or potential investments (except to the extent that such costs or expenses are paid for with "soft dollars"), including the following: (i) the costs of obtaining third-party research products and services, including the cost of research reports relating to securities, issuers, market segments or geographic regions, (ii) investment- and portfolio-related research surveys, (iii) the costs of computerized historical financial data, data feeds, audiovisual media, and databases (e.g., Bloomberg) and the costs of credit rating services, (iv) alternative data, and systems and services relating to research for alternative data, (v) the costs of subscriptions, publications, and news feeds regarding investments and/or the general investment markets, (vi) professional fees, including the expenses of consultants and experts, to the extent such professional fees relate to research, (vii) the costs of information technology hardware and software (including computers, telephones, videoconferencing equipment, and similar items) to the extent that such hardware or software is used for research (to include initial and ongoing costs for purchase or lease, licensing, data and physical file storage, maintenance, cyber and information security technology and services, consulting and third-party labor support, and other related expenses), and (viii) the cost of investigating actual or potential investments, including investment and general market conferences, travel expenses and out-of-pocket expenses of the officers and employees of the Adviser in relation to research concerning investments or potential investments for the Fund; (h) costs of third-party valuation consultants and price quotation services; (i) the costs of portfolio modeling and analyses, and data analytics, including expenses relating to services provided by affiliated or unaffiliated service providers; (j) professional fees, including: (i) expenses of consultants, experts and third-party advisors, related to portfolio investments (and not related to research), (ii) fees of any underwriter or rating agency in connection with borrowing or indebtedness of the Fund, (iii) fees and expenses associated with the Board of Trustees of the Fund, including travel expenses and costs associated with ongoing meetings of any such entities, and (iv)

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fees and expenses of anti-money laundering officers of the Fund; (k) legal, litigation, compliance, regulatory, and tax expenses, including consulting expenses, filing fees; (l) auditing and tax preparation expenses; (m) federal and state registration fees and any applicable exchange listing fees; (n) federal, state and local taxes of the Fund; (o) costs associated with offering or repurchasing the Fund's Shares and other securities (including, but not limited to, preferred shares and indebtedness), including costs related to the use of one or more distributors and/or underwriters; (p) distributions on the Fund's Shares or other securities; (q) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administrative functions; (r) any fees and expenses relating to escrow agent services; (s) Independent Trustee fees and expenses; (t) the costs of any reports, proxy statements or other notices to the Fund's Shareholders, including printing costs; (u) any applicable distribution and/or shareholder servicing fees; (v) insurance expenses (including fidelity insurance, Trustees and officers/errors and omissions liability insurance, cybersecurity insurance, and travel-related insurance); (w) costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; (x) the costs of services, systems, data, databases, physical storage, electronic storage, and disaster recovery solutions relating to the management of the Fund (to include initial and ongoing costs for purchase or lease, licensing, maintenance, consulting and third-party labor support, and other related expenses), including the following: (i) the costs of third-party compliance, legal, client service, tax, trading, technology, portfolio analysis, operational and accounting products, services and consultants, including the costs of compliance, portfolio analysis and accounting software packages, (ii) the costs of risk management products and services, including the costs of risk management software or database packages, (iii) the costs of performance measurement services and GIPS verifications; and (iv) the costs of maintaining the books and records of the Fund; (y) fees, costs and expenses associated with Shareholder meetings; (z) costs and expenses, including travel expenses and costs associated with investor conferences or any other similar meetings of the Fund; (aa) expenses associated with special purpose vehicles and investment vehicles through which the Fund invests, including organizational, tax, legal, audit, administrative and transaction expenses, dedicated staffing expenses, and occupancy expenses for required physical locations (occupancy expenses to include rent, overhead, property taxes, and utilities in dedicated and shared locations (whether paid to third parties or allocated from GoldenTree Asset Management LP or its affiliates)); (ab) corporate licensing; (ac) organizational expenses; (ad) fees and expenses associated with marketing, distribution, training and investor relations efforts; (ae) dues, fees and charges of any trade association of which the Fund is a member; (af) extraordinary expenses, including the costs of indemnification; and (ag) all other expenses reasonably incurred by the Fund or the Adviser in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under this Agreement or incurred by the Adviser in performing its obligations under the Administration Agreement by and between the Fund and the Fund's administrator, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's Chief Compliance Officer, Chief Financial Officer, Chief Operating Officer and their respective support staff.

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**<u>ARTICLE IV</u>**

**<u>COMPENSATION</u>**

1. <u>Management Fee</u>. Effective commencing on the date that the Fund's Registration Statement is declared effective by the SEC, the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee calculated and payable monthly in arrears at an annual rate equal to 1.85% of the Fund's average daily gross assets (the "<u>Management Fee</u>"). The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time. The Management Fee for any partial calculation period shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such calculation period relative to the total number of days in such calculation period).

2. <u>Effective Date of Fee Calculation</u>. The effective date of this Article IV shall be the date the Registration Statement is declared effective by the SEC.

**<u>ARTICLE V</u>**

**<u>ADDITIONAL OBLIGATIONS OF THE FUND</u>**

1. <u>Documents</u>. The Fund has delivered, or shall deliver, to the Adviser copies of each of the following documents and shall deliver to it all future amendments and supplements thereto, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's certificate of trust, as filed with the Secretary of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's amended and restated declaration of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Certified resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Registration Statement as filed with the SEC and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notification of Registration of the Fund under the 1940 Act on Form N-8A as filed with the SEC and all amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The form of Prospectus and Statement of Additional Information of the Fund pursuant to which the Fund's Shares are offered for sale to the public.

**<u>ARTICLE VI.</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) shall not be liable to the Fund for any action

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taken or omitted to be taken by the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) 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 1940 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 Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") 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 Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Article VI 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 security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard 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 (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). Nothing in this Agreement shall in any way constitute a waiver or limitation by the Fund of any rights or remedies which may not be so limited or waived in accordance with applicable law.

**<u>ARTICLE VII.</u>**

**<u>MISCELLANEOUS</u>**

1. <u>Covenants of the Adviser</u>. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act. The Adviser hereby agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments.

2. <u>Adviser Personnel</u>. The Adviser shall authorize and permit any of its directors, officers and employees who may be elected or appointed as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such trustees, officers or employees. The Adviser shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Adviser shall prepare and provide such reports on the Fund and its operations as may be reasonably requested by the Board of Trustees from time to time.

3. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

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4. <u>Name</u>. The Fund agrees that the Fund (to the extent that it lawfully can) shall cease to use the name "GoldenTree" upon such date as the Adviser ceases to act as the investment adviser to the Fund, unless an affiliate of the Adviser serves as the investment adviser.

5. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect 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 of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act) 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 1940 Act) of any such party, in accordance with the requirements of the 1940 Act or any exemptive relief therefrom.

This Agreement may be terminated at any time, without the payment of any penalty, by (x) (i) the Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (y) the Adviser upon not less than 90 days' written notice. 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 1940 Act). The provisions of Article VI 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. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Article IV through the date of termination or expiration, and Article VI shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

6. <u>Amendment</u>. This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), or 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 1940 Act) of any such party.

7. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be given in writing, <u>addressed and</u> delivered or mailed to the <u>other party at its principal office</u>.

8. <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. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

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*[signature page follows]* 

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**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | |
|:---|:---|
| **GOLDENTREE OPPORTUNISTIC CREDIT FUND** | **GOLDENTREE OPPORTUNISTIC CREDIT FUND** |
| By: | /s/ Wei Zhong |
|  | Name: Wei Zhong |
|  | Title: Chief Financial Officer, Principal Financial<br> Officer and Principal Accounting Officer |
| **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** | **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** |
| By: | /s/ Peter Alderman |
|  | Name: Peter Alderman |
|  | Title: Authorized Person |

---

*[Signature Page to Investment Advisory Agreement of GoldenTree Opportunistic Credit Fund]*

## Ex-99.(H)(1)

**DISTRIBUTION AGREEMENT** 

THIS AGREEMENT is made and entered into as of this day of , 2025, by and between GoldenTree Opportunistic Credit Fund, a Delaware statutory trust (the "Fund"), and Foreside Fund Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company and operates as an interval fund, and is authorized to issue Shares of beneficial interest ("Shares");

WHEREAS, the Fund desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares of the Fund;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Fund's board of trustees (the "Board") and its disinterested trustees in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of Distributor.** The Fund hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Fund, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

**2. Services and Duties of the Distributor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Fund for the distribution of Shares of the Fund upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean each current prospectus, including the statement of additional information, as amended or supplemented, relating to the Fund and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Fund under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the public offering of Shares of the Fund, the Distributor shall use its best efforts to distribute the Shares in line with industry standards. All orders for Shares shall be made through financial intermediaries or directly to the Fund, or its designated agent. Such purchase

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orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Fund or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the National Securities Clearing Corporation and any other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through FundSERV and any other similar successor platform. The Distributor shall not be responsible for any operational matters associated with FundSERV or networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Prospectus and any sales literature and advertising materials specifically approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials for compliance with applicable FINRA and SEC advertising rules and regulations, and shall file with FINRA those marketing materials that it believes are in compliance with such laws and regulations. The Distributor agrees to promptly furnish to the Fund any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund agrees to repurchase Shares tendered by shareholders of the Fund in accordance with the Fund's obligations in the Prospectus and the Registration Statement. The Fund reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Distributor may, in its discretion, and shall, at the request of the Fund, enter into agreements with qualified broker-dealers and other financial intermediaries (the "Financial Intermediaries") in order that such Financial Intermediaries may sell Shares of the Fund. The form of any dealer agreement shall be approved by the Fund ("Standard Dealer Agreement"). The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) Distributor has received a payment from the Fund pursuant to such Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Notwithstanding anything herein to the contrary and other than registration as a broker-dealer under the 1934 Act, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

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**3. Representations, Warranties and Covenants of the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and in good standing under the laws of its jurisdiction of incorporation/organization and
is registered as a closed-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Fund and, when executed and delivered,
will constitute a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of
creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained or will obtain all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter,
bylaws/operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Shares are validly authorized and, when issued in accordance with the description in the Prospectus, will
be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Registration Statement and Prospectus included therein have been prepared in conformity with the
requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and Prospectus and any marketing material prepared by the Fund or its agents do not
and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to the
Distributor pursuant to this Agreement shall be true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Fund owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and
service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, "Intellectual
Property") necessary for or used in the conduct of the Fund's business and for the offer, issuance, distribution and sale of the Fund Shares in accordance with the terms of the Prospectus and this Agreement, and such Intellectual Property
does not and will not breach or infringe the terms of any Intellectual Property owned, held or licensed by any third party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all necessary approvals, authorizations, consents or orders of or filings with any federal, state, local or
foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Fund in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, and any
necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Shares are being offered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) it meets an exemption in FINRA Rule 5110(h)(2)(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material correspondence or other communication by the Securities and Exchange Commission
("SEC") or its staff relating to the Fund, including requests by the SEC for amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration
Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event of which the Fund is aware which makes untrue any statement of a material fact
made in the Prospectus or which requires the making of a change in such Prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of all actions taken by the SEC with respect to any amendments to any Registration Statement or Prospectus
which may from time to time be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the event that it determines to suspend the sale of Shares at any time in response to conditions in the
securities markets or otherwise at any time as permitted by the 1940 Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of the commencement of any litigation or proceedings against the Fund or any of its officers or trustees in
connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund shall fully cooperate in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Fund shall keep the Distributor fully informed of its affairs and shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Fund by their independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may request. The Fund shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Fund represents that it will not use or authorize the use of any marketing material unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund shall provide, and cause each other agent or service provider to the Fund, including the Fund's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Fund shall not file any amendment to the Registration Statement or Prospectus that amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Fund has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Shares.

**4. Representations, Warranties and Covenants of the Distributor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Distributor and, when executed and
delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights
and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, operating agreement or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

**5. Compensation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of Distributor's services under this Agreement, Distributor shall receive the compensation set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 5A, Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement. Distributor may receive compensation from the Fund's investment adviser related to its services hereunder or for additional services all as may be agreed to in writing between the investment adviser and Distributor.

**6. Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor shall not bear the costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited

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to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Fund; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

**7. Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all third-party losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement; (ii) the Fund's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund are sold, provided, however, that the Fund's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing for use in such Registration Statement, Prospectus, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, breach of confidentiality or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

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The Fund's agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter or electronic mail addressed to the Fund's President, but the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Fund's indemnity agreement contained in this Section 7(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any such suit, or in case the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the reasonable documented fees and expenses of any counsel retained by Distributor and them. The Fund's indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the Distributor's benefit, to the benefit of each Distributor Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. [Intentionally Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall indemnify, defend and hold the Fund, their affiliates, and each of their respective trustees, directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively, the "Fund Indemnitees"), free and harmless from and against any and all Losses that any Fund Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by the Distributor in writing for use in such Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund. In no event shall anything contained herein be so construed as

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to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Distributor's agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor's being notified of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter or electronic mail addressed to the Distributor's President, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, otherwise than on account of the Distributor's indemnity agreement contained in this Section 7(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Fund and them. The Distributor's indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Fund Indemnitee(s), and shall survive the delivery of any Shares and the termination of this Agreement. This Agreement of indemnity will inure exclusively to the Fund's benefit, to the benefit of each Fund Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. No person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA, or other applicable laws; provided, however, in such event indemnification shall be provided under this Section 7 to the maximum extent so permissible.

**8. Dealer Agreement Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Both parties acknowledge and agree that certain large and significant broker-dealers, such as (without limitation) Merrill Lynch, UBS and Morgan Stanley (all such brokers referred to herein as the "Brokers"), require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings and indemnification that are not included in the Standard Dealer Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent that Distributor enters into any Non-Standard Dealer Agreement, after review and approval by the Fund, the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by Distributor in any Non-Standard Dealer Agreement to the extent that Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

**9. Limitations on Damages.** Neither party shall be liable for any consequential, special or indirect losses or damages suffered by the other party, whether or not the likelihood of such losses or damages was known by the party.

**10. Force Majeure.** Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; pandemics; labor disputes, but excluding any industry dispute related to the Distributor or Distributor's personnel; or civil commotion; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause for a period of thirty (30) or more days of the start date of the force majeure event. Where such force majeure event continues and persists for more than thirty (30) days from the start date, the affected party may terminate this Agreement without liability to the non-performing party.

**11. Business Continuity Procedures.** The Distributor must, at all times, have effective disaster recovery and business continuity procedures ("Business Continuity Procedures") in place to ensure that acceptable service levels are maintained in the event of problems occurring with the Distributor.

**12. Duration and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, in accordance with the provisions of the 1940 Act and the rules or regulations promulgated thereunder and any applicable guidance or interpretation of the SEC or its staff.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, by the Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Fund through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement will automatically terminate in the event of its "assignment" as such term is defined in the 1940 Act and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Upon termination of this Agreement, or at any other time upon the Fund's reasonable request, the Distributor will: (a) promptly destroy or deliver to the Fund all Confidential Information (defined below), notes, memoranda, notebooks, working papers, draft documents, records, reports, files, and other materials in its possession or under its control, in electronic form and otherwise, whether prepared by the Distributor or others, which are associated with the Services and relationship contemplated between the parties; and (b) upon request, promptly certify in writing that it has complied with the data destruction obligations of this section; <u>provided</u>, <u>however</u>, that the Distributor may retain copies of such materials to the extent required (i) by applicable law or regulatory requirements or (ii) to be maintained confidentially pursuant to Distributor's internal document retention requirements.

**13. Anti-Money Laundering Compliance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and the Fund agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Fund and the Fund's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

**14. Privacy.** In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation S-P, received from the Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain

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physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Fund.

The Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by SEC Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

**15. Confidentiality.** During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means any tangible and intangible non-public or proprietary information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving party before receipt thereof from or on behalf of the disclosing party; (ii) information that is disclosed to the receiving party by a third person who has a right to make such disclosure without any obligation of confidentiality to the party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the receiving party; or (iv) information that is independently developed by the receiving party or its employees or affiliates without reference to the disclosing party's information.

Each party will protect and hold in the strictest confidence the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any regulatory or self-regulatory agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure.

**16. Notices.** 

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, electronic mail, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| (i) **To Distributor:** | (ii) **To the Fund:** |
| Foreside Fund Services, LLC | GoldenTree Opportunistic Credit Fund |

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| |
|:---|
| (i) **To Distributor:** |
| Attn: Legal Department<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> Email: legal@foreside.com<br> Attn: Legal Department<br> 300 Park Ave, 20<sup>th</sup> Floor<br> New York, NY 10022<br> 212-847-3500<br> Legal@goldentree.com |

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**17. Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the Fund's Board, including a majority of the Fund's Board who are not interested persons, as such term is defined in the 1940 Act, of any party to this Agreement, in accordance with the provisions of the 1940 Act and the rules or regulations promulgated thereunder and any applicable guidance or interpretation of the SEC or its staff.

**18. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

**19. Entire Agreement.** This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

**20. Survival.** The provisions of Sections 5, 6, 7, 8, 9, 14, 15, 18, and 20 of this Agreement shall survive any termination of this Agreement.

**21. Miscellaneous.** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both the Distributor and the Fund and no presumptions shall arise in favor of any party by virtue of authorship of any provision of this Agreement. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**22. Counterparts.** This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

**23. Records.** The accounts and records made or accumulated in the performance of the Distributor's duties for the Fund hereunder shall be the property of the Fund. Distributor shall prepare, maintain and preserve such accounts and records as required by the 1940 Act and other

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applicable securities laws, rules and regulations. Distributor shall provide such accounts and records to the Fund, in the form in which such accounts and records have been maintained or preserved, promptly upon receipt of instructions from the Fund. The Fund shall have access to such accounts and records at all times during Distributor's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by Distributor to the Fund at the Fund's expense.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

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| | |
|:---|:---|
| GoldenTree Opportunistic Credit Fund | GoldenTree Opportunistic Credit Fund |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| Foreside Fund Services, LLC | Foreside Fund Services, LLC |
| By: |  |
|  | Name: |
|  | Title: |

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EXHIBIT A

<u>Compensation</u> 

<u>SALES LOADS</u>:

Any and all upfront sales loads on sales of Shares notified by the Fund in writing to the Distributor in respect of a particular Financial Intermediary up to the maximum such upfront sales load rate set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Shares.

Such sales loads shall not exceed the percentages of the applicable sale amount set forth in the Registration Statement and shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the Fund.

<u>DISTRIBUTION FEE</u>:

The Fund will pay the Distributor an ongoing quarterly fee for each Share class at the annualized rate set forth in the Registration Statement and such fee shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such fee from the Fund.

## Ex-99.(H)(2)

**FORESIDE FUND SERVICES, LLC** 

**DEALER AGREEMENT** 

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

This agreement is made and effective as of this day of , 2025, by and between Foreside Fund Services, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, GoldenTree Opportunistic Credit Fund (the "<u>Company</u>" or the "<u>Fund</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as a closed-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>");

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Dealer desires to serve as a selected dealer of the Fund;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. **Dealer.** Dealer represents that it is a broker-dealer properly registered and qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement and is a member in good standing of the Financial Industry Regulatory Authority ("<u>FINRA</u>") and the Securities Investor Protection Corporation ("<u>SIPC</u>"). Dealer agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Dealer shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Dealer's transactions in Shares. In addition, Dealer shall notify Distributor immediately in the event Dealer's status as a member of FINRA or SIPC changes. Dealer shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Fund (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein).

2. **Qualification of Shares.** The Fund will make available to Dealer a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Dealer will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Dealer submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Dealer will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the Prospectus. As agent for its customers, Dealer shall not withhold placing customers' orders for any Shares so as to profit Dealer or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Dealer is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Dealer submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Dealer is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of

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the Fund) may provide to Dealer with respect to the Fund. All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, as described in the Prospectus.

4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Dealer is authorized to distribute to Dealer's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Dealer is not authorized to distribute, furnish or display any other sales or promotional material relating to the Fund without Distributor's prior written approval, but Dealer may identify the Fund in a listing of closed-end funds available through Dealer to its customers. Unless otherwise mutually agreed in writing, Dealer shall deliver or cause to be delivered to each customer who purchases Shares from or through Dealer, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to the Fund and prepared by or on behalf of the Fund or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Dealer shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5. **Sales Charges and Concessions.** On each purchase of Shares by Dealer (but not including the reinvestment of any dividends or distributions), Dealer shall be entitled to receive such dealer allowances, concessions, sales charges or other compensation, if any, as may be set forth in the Prospectus. The Fund reserves the right to waive sales charges. Dealer represents that it is eligible to receive any such sales charges and concessions paid to it under this section.

6. **Transactions in Shares.** With respect to all orders Dealer places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Company within one (1) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Dealer cancels the trade for any reason, Dealer shall be responsible for any loss resulting to the Fund or to Distributor from Dealer's failure to make payments as aforesaid. Dealer shall not be entitled to any gains generated thereby. Dealer also assumes responsibility for any loss to the Fund caused by any order placed by Dealer on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Company and shall be subject to the Company's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Company's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Dealer shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Dealer shall guarantee the signatures of its customers when such guarantee is required by the Company, and Dealer shall indemnify and hold harmless all persons, including Distributor and the Fund's transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Dealer shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Dealer of any provision of this agreement.

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Distributor shall indemnify and hold harmless Dealer and Dealer's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision of this agreement or (ii) any untrue statement of a material fact set forth in the Prospectus or supplemental sales material provided to Dealer by Distributor (and used by Dealer on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

9. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Dealer shall cooperate with Distributor to satisfy AML due diligence policies of the Company and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Company to ensure compliance with AML Laws. Dealer also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

10. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

11. **Distribution and/or Service Fees.** Subject to and in accordance with the terms of the Prospectus and any distribution and/or shareholder service plans adopted by resolution of the Fund's board (the "<u>Board</u>") which operates in a manner consistent with Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix A, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for distribution, shareholder or administrative services, as described therein. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

12. [Reserved]

13. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered as Dealer's main office from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

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14. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Dealer's suspension or expulsion from FINRA will automatically terminate this agreement without notice. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

15. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Company without obtaining Dealer's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

16. **Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Dealer shall be sent to it at the address set forth below or at such other address as Dealer may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

17. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

18. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Dealer for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Dealer in contravention of Rule 12b-1(h) of the 1940 Act.

19. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

20. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| |
|:---|
| **FORESIDE FUND SERVICES, LLC** |
| By: |

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Name:

Title:

<br> **[DEALER NAME]**<br>

By:

Name:

Title:

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| |
|:---|
| <br> Address of Dealer: |
| <br> Operations Contact: |
| <br> Name: |
| Phone: |
| Email: |

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**APPENDIX A** 

**FORESIDE FUND SERVICES, LLC** 

**DISTRIBUTION/SERVICE FEE AGREEMENT** 

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

This fee agreement ("<u>Agreement</u>") is made and effective as of this day of 2025, by and between Foreside Fund Services, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Dealer have entered into a dealer agreement dated as of ("<u>Dealer Agreement</u>"), which entitles Dealer to serve as a selected dealer of the GoldenTree Opportunistic Credit Fund for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Dealer wish to confirm Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Dealer's understanding and agreement with respect to Rule 12b-1 payments to be made to Dealer in accordance with the Dealer Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Dealer Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Dealer pursuant to one or more distribution and/or shareholder service plans (the "<u>Plans</u>") adopted by the Fund which operate(s) in a manner consistent with Rule 12b-1 of the 1940 Act. Dealer shall furnish sales and marketing services and/or shareholder services to Dealer's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services not otherwise provided by the Fund's transfer agent. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other dealer compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's Clearing Agent such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Dealer whose records, as maintained by the Fund or the transfer agent, designate Dealer's firm as the customer's dealer of record. No such fee payments will be payable to Dealer with respect to Shares purchased by or through Dealer and repurchased by the Fund within seven (7) business days after the date of confirmation of such purchase. Dealer represents that Dealer is eligible to receive any such payments made to Dealer under the Plans.

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4. Dealer agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Dealer shall furnish Distributor with a written report describing the amounts payable to Dealer pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Dealer shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Dealer pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans. This Agreement may be terminated, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated with respect to the Fund upon a termination of the relevant Plan or the Dealer Agreement, if the Fund closes to new investments, or if Distributor's Distribution Agreement with the Fund terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Dealer Agreement.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| | |
|:---|:---|
| **FORESIDE FUND SERVICES, LLC** | **[DEALER NAME]** |
| By: | By: |

---

Name: Name:

Title: Title: <br> [Dealer address]

## Ex-99.(H)(3)

**FORESIDE FUND SERVICES, LLC** 

**SELLING GROUP MEMBER AGREEMENT** 

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

This agreement is made and effective as of this day of , 2025, by and between Foreside Fund Services, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>") and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, GoldenTree Opportunistic Credit Fund (the "<u>Fund</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as a closed-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>");

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Intermediary desires to serve as a selling group member of the Fund;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. **Selling Group Member.** Intermediary represents that it is properly qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement. In addition, Intermediary agrees to comply with the rules of the Financial Industry Regulatory Authority ("<u>FINRA</u>") as if they were applicable to Intermediary in connection with its activities under this agreement. Intermediary agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Intermediary shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Intermediary's transactions in Shares. Intermediary shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Fund.

2. **Qualification of Shares.** The Fund will make available to Intermediary a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Intermediary will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Intermediary submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Intermediary will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the Fund's prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Intermediary shall not withhold placing customers' orders for any Shares so as to profit Intermediary or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Intermediary is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Intermediary submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Intermediary is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may

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provide to Intermediary with respect to the Fund. All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, as described in the Prospectus.

4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Intermediary is authorized to distribute to Intermediary's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Intermediary is not authorized to distribute, furnish or display any other sales or promotional material relating to the Fund without Distributor's prior written approval, but Intermediary may identify the Fund in a listing of closed-end funds available through Intermediary to its customers. Unless otherwise mutually agreed in writing, Intermediary shall deliver or cause to be delivered to each customer who purchases Shares from or through Intermediary, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to the Fund and prepared by or on behalf of the Fund or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Intermediary shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5. **Sales Charges and Concessions. [not applicable]**.

6. **Transactions in Shares.** With respect to all orders Intermediary places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Fund within one (1) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Intermediary cancels the trade for any reason, Intermediary shall be responsible for any loss resulting to the Fund or to Distributor from Intermediary's failure to make payments as aforesaid. Intermediary shall not be entitled to any gains generated thereby. Intermediary also assumes responsibility for any loss to the Fund caused by any order placed by Intermediary on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Fund and shall be subject to the Fund's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Fund's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Intermediary shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Intermediary shall guarantee the signatures of its customers when such guarantee is required by the Fund, and Intermediary shall indemnify and hold harmless all persons, including Distributor and the Fund's transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Intermediary shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Intermediary of any provision of this agreement.

Distributor shall indemnify and hold harmless Intermediary and Intermediary's officers, directors, agents and employees from and against any Losses resulting from (i) any breach by Distributor of any provision

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of this agreement or (ii) any untrue statement of a material fact set forth in the Prospectus or supplemental sales material provided to Intermediary by Distributor (and used by Intermediary on the terms and for the period specified by Distributor or stated in such material), or omission to state a material fact required to be stated therein to make the statements therein not misleading.

9. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Intermediary shall cooperate with Distributor to satisfy AML due diligence policies of the Fund and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Fund to ensure compliance with AML Laws. Intermediary also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

10. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

11. **Service Fees.** Subject to and in accordance with the terms of the Prospectus and any distribution and/or shareholder service plans adopted by resolution of the Fund's board (the "<u>Board</u>") which operates in a manner consistent with Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix A, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for shareholder or administrative services, as described therein. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent. Intermediary hereby represents that Intermediary is permitted under Applicable Laws to receive all payments for shareholder services contemplated herein.

12. [Reserved]

13. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

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14. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

15. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Fund without obtaining Intermediary's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

16. **Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Intermediary shall be sent to it at the address set forth below or at such other address as Intermediary may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

17. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

18. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Intermediary for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Intermediary in contravention of Rule 12b-1(h) of the 1940 Act.

19. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

20. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| |
|:---|
| **FORESIDE FUND SERVICES, LLC** |
| By: |

---

Name:

Title:

<br> **[INTERMEDIARY NAME]**<br>

By:

Name:

Title:

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| |
|:---|
| <br> Address of Intermediary: |
| <br> Operations Contact: |
| <br> Name: |
| Phone: |
| Email: |

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**APPENDIX A** 

**FORESIDE FUND SERVICES, LLC** 

**SERVICE FEE AGREEMENT** 

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

This fee agreement ("<u>Agreement</u>") is made and effective as of this day of 2025, by and between Foreside Fund Services, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Intermediary have entered into a selling group member agreement dated as of ("<u>Selling Group Member Agreement</u>"), which entitles Intermediary to serve as a selling group member of the GoldenTree Opportunistic Credit Fund for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Intermediary wish to confirm Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Selling Group Member Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Intermediary pursuant to one or more distribution and/or shareholder service plans (the "<u>Plans</u>") adopted by the Fund which operate(s) in a manner consistent with Rule 12b-1 of the 1940 Act. Intermediary shall furnish sales and marketing services and/or shareholder services to Intermediary's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services not otherwise provided by the Fund's transfer agent. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's Clearing Agent such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent.

3. Any such fee payments shall reflect the amounts described in the Fund's Prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Intermediary whose

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records, as maintained by the Fund or the transfer agent, designate Intermediary's firm as the customer's intermediary of record. No such fee payments will be payable to Intermediary with respect to Shares purchased by or through Intermediary and repurchased by the Fund within seven (7) business days after the date of confirmation of such purchase. Intermediary represents that Intermediary is eligible to receive any such payments made to Intermediary under the Plans.

4. Intermediary agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Intermediary shall furnish Distributor with a written report describing the amounts payable to Intermediary pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Intermediary shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Intermediary pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans. This Agreement may be terminated, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated upon a termination of the relevant Plan or the Selling Group Member Agreement, if the Fund closes to new investments, or if Distributor's Distribution Agreement with the Fund terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Selling Group Member Agreement.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| | |
|:---|:---|
| **FORESIDE FUND SERVICES, LLC** | **[INTERMEDIARY NAME]** |
| By: | By: |

---

Name: Name:

Title: Title: <br> [Intermediary address]

## Ex-99.(H)(4)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**Distribution and Service Plan** 

May 27, 2025

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

**WHEREAS**, the Fund has applied for exemptive relief from the U.S. Securities and Exchange Commission to permit the Fund to offer multiple classes of shares. If such relief is granted or as otherwise may be permitted, it is anticipated that the Fund will offer the following share classes: Class A, Class C, Class I, Class T, Class U and Class U-2, and in the future, other classes of shares may be designated and offered;

**WHEREAS**, the Fund's Board of Trustees has divided the Fund's shares of beneficial interest ("Shares") into separate classes of Shares as set forth in Schedule A hereto (as may be amended from time to time) and may establish additional classes of Shares from time to time;

**WHEREAS**, the Fund has entered into a written Distribution Agreement (the "Agreement") with the Fund's distributor (the "Distributor") to act as the distributor of each class of Shares;

**WHEREAS**, the Fund, on behalf of certain classes of Shares as set forth in Schedule A, desires to adopt this Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act; and

**WHEREAS**, the Board of Trustees of the Fund has determined that there is a reasonable likelihood that adoption of the Plan will benefit the Fund and its shareholders.

**NOW, THEREFORE**, the Fund hereby adopts the Plan with respect to the applicable classes of Shares as set forth in Schedule A on the following terms and conditions:

1. <u>The Plan</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the class-specific arrangements set forth in Schedule A, the Fund is authorized to compensate the
Distributor for amounts expended to finance: (i) any activity primarily intended to result in the sale of Shares of the Fund ("Distribution-Related Services"); and/or (ii) the provision of personal and account maintenance
services ("Shareholder Services"). The amount of such compensation paid during any one year shall not exceed the amounts set forth in Schedule A. Such compensation shall be calculated and accrued daily and payable monthly or at such other
intervals as the Board of Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distribution-Related Services and related expenses for which the Distributor may be compensated include,
without limitation: (i) marketing and promotional services including advertising; (ii) providing facilities to answer questions from prospective investors about the Fund; (iii) preparing, printing and delivering prospectuses and
shareholder reports to prospective shareholders; (iv) complying with federal and state securities laws pertaining to the sale of Shares; and/or (v) performing such other services and obligations as are set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shareholder Services and related expenses for which the Distributor may be compensated include, without
limitation: (i) receiving and answering correspondence or responding to shareholder inquiries, including requests for prospectuses and statements of additional information; and/or (ii) payments made to or on account of the Distributor,
other brokers, dealers and financial service firms that have entered into agreements with the Distributor or their respective officers, sales representatives and employees who respond to inquiries of, and furnish assistance to, shareholders
regarding their ownership of Shares or their accounts or who provide similar services not otherwise provided by or on behalf of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor may use all or any portion of the amount received pursuant to this Plan to compensate other
brokers, dealers and financial service firms to the extent permitted under applicable laws or regulations for providing certain services that constitute "any activity which is primarily intended to result in the sale of shares" within the
meaning of Rule 12b-1 under the Act and/or "personal and account maintenance services" within the meaning of Financial Industry Regulatory Authority, Inc. ("FINRA") Rule 2341 (or any
applicable successor rule), and/or to pay any of the expenses associated with other activities authorized under this paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Appropriate adjustments to payments made pursuant to this paragraph 1 shall be made whenever necessary to
ensure that no payment is made by the Fund in excess of limits imposed by applicable laws or regulations, including FINRA rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The payment of fees to the Distributor is subject to compliance by the Distributor with the terms of the
Agreement.

2. <u>General Provisions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall not take effect until the Plan, together with any related agreement, has been approved by votes
of a majority of both (a) the Board of Trustees of the Fund; and (b) those Trustees of the Fund who are not "interested persons" of the Fund (as defined by the Act) and who have no direct or indirect financial interest in the
operation of the Plan or any agreements related to it (the "Independent Trustees") in accordance with the requirements of the Act or any exemptive relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Plan shall remain in effect until May 27, 2026, and shall continue in effect thereafter so long as
such continuance is specifically approved at least annually in the manner provided in paragraph 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall provide to the Board of Trustees of the Fund and the Board shall review, at least
quarterly, a written report of services and expenses provided or incurred under this Plan, and the purposes for which such services were performed and expenses were incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Plan will terminate automatically in the event of its assignment (as defined in the Act). In addition,
this Plan may be terminated at any time by a vote of a majority of the Independent Trustees or by vote of a majority of the outstanding Shares of the applicable class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Plan may not be amended with respect to any class of Shares to increase materially the amount of
compensation payable pursuant to paragraph 1 unless such amendment is approved by a vote of at least a majority (as defined in the Act) of the outstanding Shares of that class of the Fund, except to the extent that the approval of another class of
the Fund is required in accordance with Rule 18f-3 under the Act, in which case the approval of a majority (as defined in the Act) of the outstanding voting securities of such class shall also be required. No
material amendment to this Plan shall be made unless approved in the manner provided in paragraph 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) While this Plan is in effect, the selection and nomination of the Trustees who are not interested persons (as
defined in the Act) of the Trust shall be committed to the discretion of the Trustees who are not such interested persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust shall preserve copies of this Plan and any related agreements and all reports made pursuant to
paragraph 2(c), for a period of not less than six years from the date of this Plan, any such agreement or any such report, as the case may be, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The compensation determined in accordance with paragraph 1 with respect to each class of Shares set forth in
Appendix A shall be based upon the average monthly net assets of the Fund attributable to such class. The obligations of the Fund hereunder are not personally binding upon, nor shall resort be had to the private property of any of the Trustees,
shareholders, officers, employees or agents of the Fund, but only the Fund's property allocable to each applicable class of Shares shall be bound.

------

**IN WITNESS WHEREOF**, the Fund has adopted this Plan as of the day and year first above written.

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| | |
|:---|:---|
| **GOLDENTREE OPPORTUNISTIC CREDIT FUND** | **GOLDENTREE OPPORTUNISTIC CREDIT FUND** |
| By: | /s/ Wei Zhong |
| Name: | Wei Zhong |
| Title: | Chief Financial Officer, Principal Financial<br>Officer and Principal Accounting Officer |

---

------

**Schedule A** 

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| | | | |
|:---|:---|:---|:---|
| ***Share Class*** | ***Distribution-Related<br>Services*** | ***Shareholder Services*** | ***Total Distribution-<br>Related and Shareholder<br>Services*** |
|  Class A | 0.50% | N/A | 0.50% |
|  Class C | 0.75% | 0.25% | 1.00% |
|  Class I | N/A | N/A | N/A |
|  Class T | 0.75% | N/A | 0.75% |
|  Class U | 0.75% | N/A | 0.75% |
|  Class U-2 | 0.50% | 0.25% | 0.75% |

---

## Ex-99.(J)

**CUSTODY AGREEMENT** 

**This Agreement** (the "Agreement") is made as of May , 2025 (the "Effective Date") **between**:

**(1)** **GoldenTree Opportunistic Credit Fund**, a Delaware statutory trust (the "Client"); and

**(2)** **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The
Commonwealth of Massachusetts, U.S.A. (the "Custodian").

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| | |
|:---|:---|
| **1** | **Definitions and Interpretation**  |

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Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

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|:---|:---|
| **2** | **Appointment of the Custodian**  |

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The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "Services") subject to and in accordance with the terms of this Agreement.

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| | |
|:---|:---|
| **3** | **Safekeeping Securities**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Holding Securities.** The Custodian will hold Securities delivered or credited to its account under this
Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through accounts at CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Client Entitlements and Segregation.** The Custodian will take the following steps to reflect the
Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian, Subcustodians, and CSDs, in accordance with Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **Accounts at the Custodian.** Open and maintain on the records of the Custodian one or more securities
accounts in the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account") and credit Securities to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** **Accounts at the Subcustodians or CSDs.** Open and maintain securities accounts at the Subcustodians or
CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts:
(i) may be commingled (or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CSD) or, in limited markets, segregated (or separate) accounts for
Securities of the Client; and (ii) must not include any proprietary securities of the Custodian, the Subcustodian or the CSD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** **Physical Securities.** Physically segregate bearer Securities from the proprietary assets of the
Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's proprietary assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** **Registration Names.** Register certificated Securities (other than bearer securities) in the name of the
Client or in the name of the Custodian, a

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Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local Market Practice and the laws and regulations applicable to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.5** **Records of Transactions; Reconciliation.** Maintain records of the Client's transactions in the
Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market
Practice. Subcustodians will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients against the records of the CSDs in which they are a direct participant in accordance
with the Subcustodians' standard procedures and Local Market Practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Securities Interchangeable.** Securities of the Client (whether held in separate or commingled accounts)
are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually
deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Acceptance of Securities.** Except as otherwise agreed in writing with the Client, the Custodian will only
accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of
certain securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally equipped or permitted to hold under any law or regulation.

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|:---|:---|
| **4** | **Cash**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Cash Accounts.** The Custodian will open and maintain in the name of the Client one or more cash deposit
accounts (each a "Cash Account") in such currencies as may be required in connection with the investment activity of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Location of Cash Deposits.** Cash received for the Client will be deposited with the Custodian, or
with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account
with, and recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a
Subcustodian (through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of currencies as On Book Cash and Off Book Cash, and any changes to such
designations, in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Cash Records.** The Custodian will reflect Cash balances held in all On Book and Off Book Client
deposit accounts on its books and records and report the balances to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Banking Relationship.** In accepting deposits under this Agreement, the Custodian (for On Book Cash) or
the relevant Subcustodian (for Off Book Cash) acts as banker and (i)

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does not hold the money deposited on trust or segregated from its proprietary assets and (ii) does not collateralize such deposits. Accordingly, the Client is an unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that the Custodian receives from the Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Interest and Charges.** Cash Accounts may be interest bearing or non-interest bearing and may be subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine on a periodic basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1** the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid
or charged to the Client from time to time with respect to a Cash Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2** the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that
will trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Overdrafts.** The Client must maintain sufficient funds in the Cash Accounts to settle all transactions in
the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any
transaction that would result in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the Custodian or within five Business Days, whichever is
earlier, plus any applicable overdraft fees and interest on the principal overdraft.

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|:---|:---|
| **5** | **Transaction Settlement**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Settlement**. The Custodian will settle all transactions in accordance with Local Market Practice, which
may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment
basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Contractual Settlement.** In order to facilitate transaction settlement, the Custodian may provisionally
credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis ("Contractual Settlement"), for markets, securities and eligible clients as
determined and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Use of Funds.** Where Contractual Settlement applies, the Custodian will credit or debit the appropriate
Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier
than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Reversal.** The Custodian may reverse any Contractual Settlement credit at any time before actual receipt
of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of
Contractual Settlement for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Secured Liability.** To the extent that the Custodian has not received the cash payment associated with a
credit, the amount credited remains a Secured Liability under this Agreement.

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|:---|:---|
| **6** | **Corporate Actions**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Transmit Information.** The Custodian will promptly transmit or make available to the Client all material
written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information
is received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from standard vendors routinely used by professional global custodians provided that the
Custodian can verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians) without further review although it will generally note
if such information is single sourced. The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can be verified against at least one
additional source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Exercise.** The Custodian will process the Client's elections with respect to any voluntary Corporate
Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate Actions
Deadline Date"). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of
receiving Proper Instructions by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate Action, the Custodian will act without Proper
Instructions in accordance with Section 22.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Class Actions.** The Custodian will transmit written information received by the
Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian
act as a lead plaintiff in a class action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Fractional Positions.** Fractional positions resulting from Corporate Actions will be dealt with in
accordance with the Client Publications.

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| **7** | **Proxy Servicing**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Transmit Information.** The Custodian will forward to the Client all proxies received by the
Custodian relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of
proxies and will share the Client's position and contact information to facilitate such collection and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Voting.** The Custodian provides proxy voting services for the markets designated in the Client
Publications. The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to
provide the voting services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set out in the Client Publications must have been met, including where applicable
receiving an executed power of attorney, in each case by the deadline specified in the Custodian's proxy notification.

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| **8** | **Income Collection**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Monitoring and Crediting.** The Custodian will use reasonable efforts to monitor and collect on a timely
basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the
Custodian or its Affiliates. The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Repatriation of Income.** The Client is responsible for directing the repatriation of income into the base
currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set out in Section 13 **  of this Agreement.

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| **9** | **Statements and Reports**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Contents.** The Custodian will make available reports to the Client regarding the Portfolio on a
periodic basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and
Securities transaction activity. Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These reports will not include net asset value calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Cash and Securities Not Held.** The Custodian may agree to incorporate information in respect of cash or
securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such information. The
Custodian will not perform any other Services in relation to such cash or securities.

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|:---|:---|
| **10** | **Tax Withholding and Tax Relief**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Withholding.** The Custodian will withhold (or cause to be withheld) the amount of any tax which is
required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's domicile and entity

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type in respect of any dividend, interest income or other distribution in relation to any Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information and documentation, the Custodian is obligated to arrange for maximum withholding. In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Tax Relief.** The Custodian will apply for a reduction of withholding tax and refund of any tax
paid or tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from
time to time in the Client Publications *.* The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that
are generally ineligible for tax treaty or domestic law tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Documentation.** In order for the Custodian to perform the services in this Section 10, the Client
will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special ruling or
treatment to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and
information provided is true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied. The
provision of documentation and information under this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating withholding and
determining available tax relief, without the need to undertake any further inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Client Responsible for Taxes.** The Client will be liable for all taxes, levies or similar obligations
which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior
payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **No Tax Advice.** The Client acknowledges that the Custodian is not, and will not be deemed to be,
providing tax advice or tax counsel.

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| **11** | **Physical Safekeeping of Investment Documents**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Document Safekeeping.** The Custodian may agree to provide physical safekeeping for Investment Documents
delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation and other requirements as the Custodian may specify from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **No Other Services.** The Custodian will not otherwise perform any other Services in relation to such
Investment Documents. Investment Documents held in physical safekeeping will be segregated from documents of any other person and marked so as to clearly identify them as the property of the Client.

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| **12** | **Alternative Asset Servicing**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Alternative Assets.** The Custodian may agree to reflect the Client's Alternative Assets on its
books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the Client's
interests in Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify from time to time.

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| **13** | **Foreign Exchange**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Role of Custodian.** The role of the Custodian with respect to foreign exchange transactions is limited to
facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any foreign exchange transactions, other
than the obligation as agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Role of Counterparties.** If the Client enters into any foreign exchange transaction with State Street
Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are
governed by separate arrangements (including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading desk of
these entities or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client Publications.

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| **14** | **Subcustodians**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Use of Subcustodians .** The Custodian is authorized to utilize Subcustodians in
connection with its performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Selection and Monitoring.** The Custodian will use reasonable skill, care and diligence in the selection,
monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis
monitoring the performance by each Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Special Subcustodians**. At the request of the Client, the Custodian may agree to appoint
one or more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "Special Subcustodian") for purposes specified by the Client. In connection with the appointment of a Special
Subcustodian, the Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form and substance approved by the Custodian, provided that such agreement shall
comply with Law applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.** **Provisions Relating to Rule 17f-5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.1** **Delegation**. Each Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian advises the Customer that it does not accept such delegation with respect to a country, the Custodian
accepts such delegation. The Custodian acting in this capacity shall be referred to as the "Foreign Custody Manager."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2** **Exercise of Care as Foreign Custody Manager**. The Foreign Custody Manager will exercise such reasonable
care, prudence and diligence in performing the delegated responsibilities 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;**14.4.3** **Foreign Custody Arrangements.** The Foreign Custody Manager will perform the delegated responsibilities
only with respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody
Manager may amend the list from time to time in its sole discretion upon notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.4** **Scope of Delegated Responsibilities**. The Foreign Custody Manager, when placing and maintaining Foreign
Assets in the care of an Eligible Foreign Custodian, will determine that: (i) 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 the
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), and (ii) the contract between
the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system
to monitor (a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager will notify the
Client if it determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate, including if such arrangements have ceased to meet the requirements of Rule 17f-5 under the
1940 Act, and will act in accordance with the Client's Proper Instructions with respect to the disposition of the affected Foreign Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.5** **Reporting Requirements**. The Foreign Custody Manager will (i) report the withdrawal of Foreign
Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client an updated Schedule A at the end of the calendar quarter in which the action has occurred, and
(ii) after the occurrence of any other material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.6** **Representations of Foreign Custody Manager and Client**. The Foreign Custody Manager represents to Client
that it is a U.S. Bank as defined in

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Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) 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 Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 19.2 as is incurred by placing and maintaining the Client's Foreign Assets in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7.** **Withdrawal of Acceptance of Delegation as Foreign Custody Manager.** Upon reasonable prior written notice
to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as
Foreign Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.8.** **Settlement Practices.** The Custodian will provide to each Client the information with respect to custody
and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will
result in a Client being provided with substantively less information than had been previously provided on Schedule C.

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| **15** | **Central Securities Depositories**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Use of Central Securities Depositories.** The Custodian and its Subcustodians will use CSDs in connection
with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Rules of Central Securities Depositories.** Where the Custodian or its Subcustodians use CSDs, the Client
acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Provisions Relating to Rule 17f-4**. The Custodian may deposit and
maintain securities or other financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Provisions Relating to Rule 17f-7.** The Custodian will
(i) provide the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above.

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| **16** | **Delegation**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Use of Delegates.** The Custodian will have the right, without prior notice to or the consent of
the Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee
schedule, the Custodian will be responsible for the compensation of its Delegates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Provision of Information Regarding Delegates.** The Custodian will provide or make available to the Client
on a quarterly or other periodic basis (including upon request by the Client) information regarding its global operating model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian
that perform or may perform any part of the Services, and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** **Third Parties.** Nothing in this Section limits or restricts 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.

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| **17** | **Standard of Care and Liability**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Standard of Care.** The Custodian will at all times exercise the reasonable skill, care and diligence
expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** **Liability for Losses.** Subject to the limitations and exclusions of liability in this Agreement,
the Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful misconduct, bad faith or fraud of the Custodian in the performance of its obligations under this Agreement. The
parties agree that "negligence" will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** **Responsibility for Subcustodians.** The Custodian will be liable to the Client for the acts and omissions
of its Subcustodians as if it had committed such acts and omissions itself; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.1** compliance with the standard of care set out in Section 17.1 will be assessed in accordance with
the standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing the relevant Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.2** the Custodian will have no liability for Losses resulting from the insolvency or other financial default
of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of
the Subcustodian as required under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Responsibility for Special Subcustodians .** Notwithstanding the provisions of
Section 17.3 to the contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the
negligence, wilful misconduct, bad faith or fraud of the Custodian. In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any Special Subcustodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5** **Responsibility for Delegates.** The Custodian will be liable to the Client for the acts and omissions of
its Delegates as if it had committed such acts and omissions itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6** **Force Majeure.** Neither Party will be in breach of this Agreement or liable for Losses arising by reason
of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its
business continuity obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **No Liability for Certain Losses.** The Custodian will not be liable to the Client for any Losses to the
extent they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1** the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not
required in a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of
a person authorized to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.2** a delay in processing or any failure to process any Proper Instruction to the extent permitted under
Section 22, subject to the satisfaction of the conditions set out in that Section, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.3** the failure of the Client or any person authorized by it to comply with the Client's obligations
under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.4** any other acts and omissions of the Client, any person authorized by it or any third party, including
any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Mutual Exclusion of Indirect and Other Loss.** Notwithstanding any other provision of this Agreement,
neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit, revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of
any similar kind; in each case whether or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable to either
Party.

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| **18** | **Error Correction**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **Error Correction**. If an error results from an act or omission of the Custodian in performing the
services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client's assets, where and to the extent
reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will
be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when
permitted by Law. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

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| **19** | **Limits on the Scope of the Services**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **No Fiduciary or Implied Duties.** The Custodian is responsible only for the duties it has expressly
undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Investment and Other Risk, Client Compliance Matters.** The Client bears the risk of investing in
Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise
arising from Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client's
constituent documents or by contract or Law applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Data Accuracy.** The Custodian has no responsibility for, or duty to review, verify or otherwise perform
any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources,
except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4** **Title.** The Custodian is not responsible for title or entitlement to, validity or genuineness, including
good deliverable form, of any asset received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.5** **Proceedings.** The Custodian is not responsible for commencing legal or administrative proceedings on
behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and
presentment. The Custodian shall provide commercially reasonable assistance in seeking any such amounts on behalf of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.6** **Laws Applicable to the Custodian or Subcustodian.** Laws applicable to the Custodian or a Subcustodian may
from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be
entitled to comply with the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.7** **Securities on Loan.** Asset servicing is not generally performed for securities on loan unless otherwise
noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered by a separate securities lending or services agreement.

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| **20** | **Indemnity**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** **Indemnity by Client.** Subject to this Section 20 and the exclusions and limitations of
liability elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is
liable) in connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record of the Client's

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Securities, except, in each case, to the extent such Losses result from the Custodian's negligence, wilful misconduct, bad faith or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** **Indemnity by Custodian.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the negligence, wilful misconduct, bad
faith or fraud of the Custodian (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** **Duty to Mitigate.** Each Party will use reasonable efforts to mitigate any Losses in respect of which it
claims indemnification under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** **Notice of Claims.** A Party seeking indemnification under this Section ("Indemnified Party")
against a third-party claim ("Indemnified Claim") will promptly provide written notice of such claim to the Party obligated to indemnify ("Indemnifying Party"). The failure to notify the Indemnifying Party will not relieve such
Party of any liability under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5** **Right to Control Third Party Claims.** The Indemnifying Party will, at its own expense, be entitled but
not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise
related to the Indemnified Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers from which
indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the Indemnified Party may retain separate counsel at
its own expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** **Settlement of Claims.** Neither Party may settle an Indemnified Claim without the consent of the other
Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1** involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2** fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount
paid in settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.3** does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.7** **Cooperation.** In all cases, each Party will, as applicable, provide reasonable cooperation and assistance
to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to the settlement of the claim and the details of any settlement offer.

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| **21** | **Obligations of the Client**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1** **Provide Information.** The Client will provide or cause to be provided to the Custodian all data,
information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and
timely manner, in order to enable the Custodian to discharge its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2** **AML Compliance.** The Client will comply with all applicable anti-money laundering, sanctions or other
financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3** **Pass Through Representations.** To the extent that the Custodian is required to give (or is deemed to have
given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice in connection with the execution of transaction documents or the issuance or transmission of trade notifications,
confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the
Client will be deemed to have made such representation, warranty or undertaking to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4** **Operational Requirements.** The Client will adhere to the deadlines and other operational requirements set
out in the Client Publications, to facilitate meeting the requirements of CSDs, Third Party Agents and Market Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5** **Client Review and Notification.** In accordance with standard market practice, the Client will employ
commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client's inability to access
any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6** **Fees.** In consideration for the Services provided by the Custodian, the Client will pay the Fees
as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption,
withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.7** **Client Publications.** The Client will ensure that it provides the Custodian with and regularly updates,
as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

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| **22** | **Proper Instructions**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Dealings in Cash and Securities.** The Custodian will effect all transactions and dealings in Cash and
Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** **Appointment of Authorized Persons.** The Client and each Investment Manager will provide the Custodian
with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary
from the Client and has had a reasonable time to act on such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.3** **Authentication Procedures.** The Custodian will implement Authentication Procedures. The Client
acknowledges that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions of certain types and are not designed to detect errors. Any purported Proper Instruction
received by the Custodian in accordance with an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under this Agreement for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.4** **Security Measures by Client.** The Client is responsible for ensuring that appropriate security measures
are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.5** **No Duty to Verify.** Except to the extent the Custodian is required to comply with Authentication
Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged in investment activity are authorized to do so or that any instructions received by the Custodian are duly
authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6** **Decline/Delay in Processing.** The Custodian reserves the right to decline to process or delay the
processing of any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1** the Custodian, in good faith, determines that the instruction may not have been properly authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.2** the instruction is inaccurate, incomplete or unclear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.3** the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local
Market Practice or the Custodian's standard operating procedures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.4** the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions to
cancel or amend previously issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** the Custodian has not already acted on the previously issued Proper Instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.2** the Proper Instruction to cancel or amend is received before the applicable deadlines specified from
time to time in the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.8** **Oral Instructions.** If applicable, the Custodian may act on an oral instruction (given in accordance with
an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.9** **Conflicting Claims.** If there is a dispute or conflicting claim with respect to Securities or Cash held
by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting
claims have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the
Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.10** **Matters Not Requiring Proper Instructions.** The Client authorises the Custodian in the absence of Proper
Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates
of ownership and other certificates and documents relating to Securities.

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| **23** | **Creditors Rights**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Security.** To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby
grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client's Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or
under the control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "Collateral").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** **Rights of the Custodian**. In the event that the Client fails to satisfy in full any of the Secured
Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice
to the Custodian's other rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise its right
of retention and withhold delivery of any Collateral and otherwise refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or
realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against such Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3** **Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in any
manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market
price in the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term
deposits comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a mark-up from the rates the Custodian receives on the interbank market.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.4** **Notice.** The Custodian will use reasonable efforts to give the Client prior notice of any exercise of the
right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable
judgment, giving such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

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| **24** | **Confidentiality and Use of Data**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.1** **No Disclosure Without Consent.** Subject to Section 24.2 and
Section 24.3, Confidential Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.2** **No limitations of obligations under Agreement or at Law.** Except as expressly contemplated by this
Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Use of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.1** **Use of Confidential Information and Data generally.** Subject to this Section 24.2 and
Section 24.3, all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.2** **Use of Data for Indicators.** The Custodian and its Affiliates may use Data 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 relating to 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 to or identification of such Data with the Client, the Investment Manager, any Affiliate of the Client or any investor of the Client, (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.3** **Economic benefit from Indicators.** The Client acknowledges that the Custodian may seek and realize
economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.1** **Disclosure of Confidential Information to Representatives.** The Receiving Party may disclose the
Disclosing Party's Confidential Information

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without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information ("Representatives"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include its Affiliates and Service Providers (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2** **Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit use
(as applicable) of Confidential Information of the Client without the Client's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.1** to its Affiliates and any of its third-party agents and service providers ("Service
Providers") in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance with the standard practices or requirements of any Financial
Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments; **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.2.2** to its Affiliates in connection with the management of the businesses of the Custodian and its
Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing.

Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.3** **Confidential Information and Cloud Computing and Storage.** Each Party may store Confidential Information
with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and related hardware and software
maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.4** **Disclosure of Confidential Information to comply with law.** The Receiving Party may disclose the
Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the
requirements of any applicable regulatory authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.5** **Harm of Unauthorized Disclosure of Confidential Information.** Each Party acknowledges that the disclosure
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Confidential Information or the use of Confidential Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately compensable in damages at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.6** **Responsibility for Representatives.** Each Party will be responsible for any use or disclosure of
Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed such Confidential Information itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.7** **No Disclosure to Custodian Asset Manager Division.** In no event will the Custodian allow representatives
of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the Client, including Data.

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| **25** | **Term and Termination**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1** **Term.** This Agreement will commence on the Effective Date and will continue until terminated in
accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2** **Termination Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1** **Prior Notice.** The Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.1 the Client may terminate this Agreement by giving not less than 30 days' prior written notice to the
Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.2 the Custodian may terminate this Agreement by giving not less than 270 days' prior written notice to the
Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.2** **Immediate Effect.** A Party may terminate this Agreement with immediate effect at any time by written
notice to the other Party, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.1 an Insolvency Event occurs in relation to the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.2 such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to cure such
breach within 30 days of receipt of notice from the Custodian requesting it to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.3 such other Party commits a material breach of an obligation under this Agreement and has failed to cure such
breach within 30 days of receipt of notice requesting it to do so.

If the Custodian terminates this Agreement pursuant to sub-sections 25.2.1 or 25.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3** **Actions on Termination.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.1** **Successor Custodian.** Upon termination of the Agreement, the Custodian will deliver the Portfolio to the
successor custodian designated by the Client in Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.2** **Remaining Portfolio.** If any part of the Portfolio remains in the possession of the Custodian or its
Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not
terminated. If no successor custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing
business in Boston, Massachusetts, or New York, New York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank or trust company all of the Securities of the Client held in
any CSD. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense
incurred by the Custodian, in connection with the transfer will be for the account of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.3** **Payment of Fees.** Upon termination of this Agreement, Fees will become due and payable for the period to
the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

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| **26** | **Representations and Warranties**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** **Each Party.** Each Party represents and warrants to the other that: (i) it has the power to enter
into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** **Client.** The Client further represents and warrants to the Custodian that: (i) it is the
beneficial owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the
purposes of this Agreement and not as agent for another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.3** **Custodian.** The Custodian further represents and warrants to the Client that: (i) it holds such
authorisations and licences as are necessary to lawfully perform its obligations under this Agreement; and (ii) it will seek to maintain such authorisations and licenses for the term of this Agreement.

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| **27** | **Record Retention and Audit Rights**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1** **Records.** The Custodian will retain the records it is required to maintain under this Agreement in
accordance with the Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2** **Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators or
supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance of the Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** **Frequency and Scope.** For inspections requested by the Client (such request will include reasonable
advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.4** **Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to provide
access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential under the Custodian's corporate policies,
including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents, reports, or information that
the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a reasonable
opportunity to communicate with the Custodian's personnel regarding such technology.

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| **28** | **Business Continuity, Internal Controls and Information Security**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1** **Business Continuity Plans.** The Custodian will at all times maintain a business contingency plan
and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension of
the Services to be provided by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2** **Internal Controls Review and Repor** t. The Custodian will retain a firm of independent auditors to perform
an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a
copy of the report to the Client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.3** **Information Security Systems and Controls.** The Custodian will maintain commercially reasonable
information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client's data; (ii) protect against any anticipated
threats or hazards to the security or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access to or use of
the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4** **Virus Detection.** The Custodian will at all times employ a current version of one of the leading
commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

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| **29** | **General**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1** **Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their
Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.1** provide a wide range of financial services to many clients of different kinds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.2** engage in transactions for their own account (including acting as banker as outlined in Section 4.4
and acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients;

which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the
Custodian, its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.1** may do business with each client on different contractual or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.2** will seek to profit and is entitled to receive and retain profits and compensation in connection with
such activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.3** may act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.4** may act or refrain from acting based upon information derived from such activities that is not available
to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.5** are not under a duty to notify or disclose to the Client any information which comes to their notice as
a result of such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.6** do not have an obligation to consider, act in, or provide information to the Client in respect of, the
interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3** **Notice.** Unless otherwise specified, all notices, requests, demands and other communications under this
Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.1** when delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.2** on the next Business Day after being sent by e-mail (unless the
sender receives an automated message that the e-mail has not been delivered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.3** on the next Business Day after being sent by overnight courier service for next Business Day delivery;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.4** on the third Business Day after being sent by certified or registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4** **Waiver.** No failure on the part of any Party to exercise, and no delay on its part in exercising,
any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.5** **Sole Remedy.** Subject to the right to seek relief under the specific circumstances expressly
permitted in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract under and consistent with the terms of this Agreement will be the sole and exclusive remedy
available for any and all matters arising from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct) relating to the Agreement or provision of the Services, whether before,
during or after the term of this Agreement. Accordingly, to the maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other rights and remedies that otherwise would be
available to such party in law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.6** **Assignment and Successors .** The terms of this Agreement are binding on the Parties'
representatives, successors and permitted assigns and this Agreement and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other Party. However, in the event that either Party
becomes the subject of an Insolvency Event, then such Party will have the right to assign or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including a bridge bank or
similar entity) and the other Party irrevocably consents to such assignment or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.7** **Entire Agreement.** This Agreement is the complete and exclusive agreement of the Parties regarding the
Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or understandings between the parties relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.8** **Amendments.** This Agreement may be amended by written agreement between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.9** **Counterparts and Electronic Signatures.** This Agreement may be executed in separate counterparts, each of
which will be an original, but which together will constitute one and the same agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the
Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as
conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.10** **Severance.** In the event that any part of this Agreement will be determined to be void or unenforceable
for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable
part were not a part of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.11** **Survival.** The provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and
Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive termination of this Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.12** **Governing Law and Jurisdiction.** This Agreement is governed by and interpreted in accordance with
the laws of the Commonwealth of Massachusetts, and any disputes which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of the Massachusetts courts.

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Signed by the Parties:

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| GOLDENTREE OPPORTUNISTIC CREDIT FUND |
| By: |
| Name: |
| Title: |
| Date: |

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| STATE STREET BANK AND TRUST COMPANY |
| By: |
| Name: |
| Title: |
| Date: |

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**Schedule 1** 

**Definitions** 

In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

**"Affiliate"** means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership

**"Alternative Assets"** means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

"**Client**" means the party named in the preamble.

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**"Client Publications"** means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

**"Collateral"** has the meaning given to it in Section 23.1.

**"Confidential Information"** means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

**"Contractual Settlement"** has the meaning given to it in Section 5.2.

**"Corporate Actions"** means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

**"Effective Date"** has the meaning given to it in the preamble.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

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"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client (including loans and related instruments), or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

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"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

(i) in writing given by an Authorized Person including a facsimile transmission;

(ii) in an electronic communication as may be agreed upon between the Custodian and the Client in writing from time
to time; or

(iii) by such other means as may be agreed from time to time by the Custodian and the Client.

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

**"Secured Liabilities"** means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

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"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalised terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

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**Schedule 2** 

**Notices** 

**(Section 29)** 

 Boston, MA 02114

 New York, NY 10022

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## Ex-99.(K)(1)

<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u> 

THIS AGREEMENT is made as of June , 2025, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company having its principal office and place of business at One Congress Street, Boston, Massachusetts 02114 ("State Street" or the "Transfer Agent"), and GOLDENTREE OPPORTUNISTIC CREDIT FUND, a Delaware statutory trust having its principal office and place of business at 300 Park Avenue, 21<sup>st</sup> Floor, New York, NY 10022 (the "Fund").

WHEREAS, the Fund is a closed-end management investment company that is operated as an interval fund;

WHEREAS, the Fund desires to appoint the Transfer Agent as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Transfer Agent desires to accept such appointment;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1. <u>TERMS OF APPOINTMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *Appointment*. Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs
and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for each Fund's authorized and issued shares of beneficial interest ("Shares"), dividend disbursing agent, and agent in connection with
any accumulation or similar plans provided to shareholders ("Shareholders") of the Fund and set out in the currently effective prospectus and Statement of Additional Information of the Fund (collectively, the "Prospectus"),
including without limitation any periodic investment plan or periodic withdrawal program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services*. In accordance with procedures established from time to time by agreement
between the Fund and the Transfer Agent (the "Procedures"), the Transfer Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish each Shareholder's account in the Fund on the Transfer Agent's recordkeeping system and
maintain such account for the benefit of such Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receive orders for the purchase of Shares from the Fund, and promptly deliver payment and appropriate
documentation thereof to the custodian of a Fund as identified by the Fund (the "Custodian");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pursuant to such purchase orders, issue the appropriate number of Shares and book such Share issuance to the
appropriate Shareholder account;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) receive redemption and repurchase requests and redemption and repurchase directions from the Fund and deliver
the appropriate documentation thereof to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to the transactions in items (i) through (iv) above, the Transfer Agent shall process
transactions received directly from broker-dealers or other intermediaries authorized by the Fund who shall thereby be deemed to be acting on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any
redemption and/or repurchase, pay over or cause to be paid over in the appropriate manner such monies, net of required tax withholdings (as long as the Shareholder account has been setup for tax withholding per the instruction of the Shareholder),
as instructed by the redeeming and/or tendering Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) process Shareholder account maintenance instructions (excluding instructions to change an account's
registration or wire instructions) received directly from broker-dealers or other intermediaries authorized per procedures established by mutual agreement of the Transfer Agent and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) process transfer of Shares by the registered owners thereof upon receipt of proper instruction and approval by
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) process and transmit payments for any dividends and distributions declared by the Fund on behalf of the Fund;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) record the issuance of Shares of the applicable Fund and maintain pursuant to U.S. Securities and Exchange
Commission ("SEC") Rule 17Ad-10(e) under the Securities Exchange Act of 1934, as amended (the "1934 Act"), a record of the total number of Shares of each Fund which are authorized, based
upon data provided to it by the Fund, and issued and outstanding; and provide the Fund on a regular basis with the total number of Shares of each Fund which are issued and outstanding but Transfer Agent shall have no obligation, when recording the
issuance of Shares, to monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which
functions shall be the sole responsibility of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the services
set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Customary Services</u>. Perform certain customary services of a transfer agent and dividend disbursing
agent, including, but not limited to:

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maintaining Shareholder accounts, preparing Shareholder meeting lists, arranging for the distribution of Shareholder reports to current Shareholders, maintaining on behalf of the Fund such bank accounts as the Transfer Agent shall deem necessary for the performance of its duties under this Agreement, withholding taxes on U.S. resident and non-resident alien accounts, preparing and filing U.S. Treasury Department Forms 1099 and other appropriate forms required with respect to dividends and distributions by federal authorities for all Shareholders, arranging for the preparation and mailing of confirmation forms and statements of account to Shareholders for all purchases, repurchases, and redemptions of Shares and other confirmable transactions in Shareholder accounts, arranging for the preparation and mailing of activity statements for Shareholders, and providing Shareholder account information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>State Transaction ("Blue Sky") Reporting</u>. The Fund shall be solely responsible for its
"blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Lost Shareholder Searches</u>. The Transfer Agent shall conduct lost Shareholder searches as required by
Rule 17Ad-17 under the 1934 Act. If a Shareholder remains lost after the completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes and directs the
Transfer Agent to escheat the assets in such lost Shareholder's account to the U.S. state or territory in the shareholder's account registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Escheatment Laws</u>. Notwithstanding Section 1.3(iii), the Fund shall be solely responsible for its
compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Depository Trust</u> <u>& Clearing Corporation ("DTCC")/National Securities Clearing Corporation ("NSCC")</u>. If applicable, the Transfer Agent shall: (a) accept and effectuate the registration and maintenance of accounts with DTCC/NSCC, and the purchase, repurchase, and redemption of Shares in such
accounts, in accordance with instructions transmitted to and received by the Transfer Agent by transmission from DTCC or NSCC (acting on behalf of its members); and (b) issue instructions to a Fund's banks for the settlement of
transactions between the Fund and DTCC or NSCC (acting on behalf of its members and bank participants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Performance of Certain Services by the Fund or Affiliates or Agents</u>. New procedures as to who shall
provide certain of these services described in this Section 1 may be established in writing from time to time by agreement between the Fund and the Transfer Agent. If agreed to in writing by the Fund and the Transfer Agent, the Transfer
Agent may at times perform only a portion of these services, and the Fund or its agent may perform these services on the Fund's behalf.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Repurchase Pro Rata Calculation. In the event a Fund tender offer is oversubscribed, at the request of the
Fund, the Transfer Agent will: (a) systematically calculate the pro rata portion of the Shares tendered by each repurchasing Shareholder which will be repurchased by the Fund, based upon (1) the repurchase cap set by the Fund, and
(2) the pro rata calculation methodology provided by the Fund or as otherwise directed by the Fund; and (b) process the revised repurchase amounts for each repurchasing Shareholder upon approval from and direction by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *Authorized Persons*. The Fund hereby agrees and acknowledges that the Transfer Agent may rely on the
current list of authorized persons, as provided or agreed to by the Fund and as may be amended from time to time, in receiving instructions to issue, repurchase, or redeem the Shares. The Fund agrees and covenants for itself and each such authorized
person that any order, sale or transfer of, or transaction in the Shares received by it after the close of the market shall be effectuated at the net asset value determined on the next business day or as otherwise required pursuant to the
Fund's then-effective Prospectus, and the Fund or such authorized person shall so instruct the Transfer Agent of the proper effective date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Anti-Money Laundering and Client Screening*. With respect to the Fund's offering and sale of Shares
at any time, and for all subsequent transfers of such interests, the Fund or its delegate shall, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential
investors and transferees in the Shares and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Shares
shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of
Foreign Assets Control database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In
the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering
(or other applicable) laws or regulations, the Fund shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records to the extent that providing the due diligence records is not
prohibited by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *Tax Law*. The Transfer Agent shall have no responsibility or liability for any obligations now or
hereafter imposed on the Fund, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be the
responsibility of the Fund to notify the Transfer Agent of the obligations imposed on the Fund, the Shares, a Shareholder

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or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

2. <u>FEES AND EXPENSES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement,
the Fund agrees to pay the Transfer Agent the fees and expenses set forth in a written fee schedule.

3. <u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u> 

The Transfer Agent represents and warrants to the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 It is a trust company duly organized and existing under the laws of The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 It is duly registered as a transfer agent under Section 17A(c)(2) of the 1934 Act, it will remain so
registered for the duration of this Agreement, and it will promptly notify the Fund in the event of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It is duly qualified to carry on its business in The Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 It is empowered under applicable laws and by its organizational documents to enter into and perform the
services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 All requisite organizational proceedings have been taken to authorize it to enter into and perform this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 It will comply in all material respects with all federal and state laws, rules and regulations applicable to
its transfer agency business and the performance of its duties, obligations and services under this Agreement.

4. <u>REPRESENTATIONS AND WARRANTIES OF THE FUND</u> 

The Fund represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Fund is a statutory trust duly organized, existing and in good standing under the laws of its state of
organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Fund is empowered under applicable laws and by its organizational documents to enter into and perform this
Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 All requisite proceedings have been taken to authorize the Fund to enter into, perform and receive services
pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 A registration statement under the Securities Act of 1933, as amended (the "Securities Act"), is
currently effective and will remain effective, and all appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Fund being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Where information provided by the Fund or the Fund's investors includes information about an identifiable
individual ("Personal Information"), the Fund represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that
regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer Agent to use and disclose such Personal Information in connection
with the performance of the services hereunder. The Fund acknowledges that the Transfer Agent may perform any of the services and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Fund,
including the United States and that information relating to the Fund, including Personal Information of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified by and be
without liability to the Fund for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any
applicable law that regulates the collection, processing, use or disclosure of Personal Information.

5. <u>DATA ACCESS SERVICES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Fund acknowledges that the databases, computer programs, screen formats, report formats, interactive design
techniques, and documentation manuals furnished to the Fund by the Transfer Agent as part of the Fund's ability to access certain Fund-related data maintained by the Transfer Agent or another third party on databases under the control and
ownership of the Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information (collectively, "Proprietary Information") of substantial value to the Transfer Agent or another third
party. In no event shall Proprietary Information be deemed to be Shareholder information or the confidential information of the Fund. The Fund agrees to treat all Proprietary Information as proprietary to the Transfer Agent and further agrees that
it shall not divulge any Proprietary Information to any person or organization except as may be provided hereunder. Without limiting the foregoing, the Fund agrees for itself and its officers and trustees, to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use such programs and databases solely on the Fund's, or such agents' computers, or solely from
equipment at the location(s) agreed to between the Fund and the Transfer Agent, and solely in accordance with the Transfer Agent's applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refrain from copying or duplicating in any way the Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such access is
inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance with the Transfer Agent's instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers
to the Fund's, or such agents' computer to be retransmitted to any other computer facility or other location, except with the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) allow the Fund or such agents to have access only to those authorized transactions agreed upon by the Fund and
the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) honor all reasonable written requests made by the Transfer Agent to protect, at the Transfer Agent's
expense, the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 If the Fund notifies the Transfer Agent that any of the Data Access Services do not operate in material
compliance with the most recently issued user documentation for such services, the Transfer Agent shall use commercially reasonable efforts to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the
Data Access Services are solely responsible for the contents of such data, and the Fund agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 If the transactions available to the Fund include the ability to originate electronic instructions to the
Transfer Agent in order to (i) effect the transfer or movement of cash or Shares, or (ii) transmit Shareholder information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and
authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer Agent from time to time and agreed to by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this Section.
The obligations of this Section shall survive any earlier termination of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE
PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE.

6. <u>STANDARD OF CARE / LIMITATION OF LIABILITY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Transfer Agent shall at all times act in good faith and without negligence, fraud or willful misconduct in
its performance of all duties and services performed under this Agreement. The Transfer Agent assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment processing errors, unless said errors
are caused by its negligence, bad faith, fraud or willful misconduct or that of its employees or agents. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 In any event, the Transfer Agent's cumulative liability for the term of the Agreement for any liability or
loss, regardless of the form of action or legal theory, shall be limited to the fees (excluding expenses) received by the Transfer Agent under this Agreement during the preceding 12-month period. In no event
shall the Transfer Agent be liable for special, incidental, indirect, punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

7. <u>INDEMNIFICATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents
(the "Indemnitees"), shall not be responsible for, and the Fund shall indemnify and hold the Indemnitees harmless, from and against, any and all losses, damages, costs, charges, counsel fees (including the defense of any lawsuit in which
one of the Indemnitees is a named party), payments, expenses and liability arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this
Agreement, provided that such actions are taken in good faith and without negligence, fraud or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's breach of any representation, warranty or covenant of the Fund hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Fund's bad faith, negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reasonable reliance upon, and any subsequent use of or action taken or omitted, in good faith and without
negligence or willful misconduct, by

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the Transfer Agent, or its agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents or subcontractors, including those received in hard copy, or by machine readable input, facsimile, data entry, electronic instructions or other similar means authorized by the Fund, and which have been prepared, maintained or performed by the Fund or any other person or firm on behalf of the Fund, including but not limited to any broker-dealer, third party administrator or previous transfer agent reasonably believed by the Transfer Agent to be authorized by the Fund; (b) any instructions or requests of the Fund or its officers, or the Fund's agents or subcontractors or their officers or employees; (c) any instructions or opinions of legal counsel to the Fund with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Fund after consultation with such legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the offer or sale of Shares in violation of any requirement under the federal or state securities laws or
regulations requiring that such Shares be registered, or in violation of any stop order or other determination or ruling by any federal or state agency with respect to the offer or sale of such Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the negotiation and processing of any checks, wires and ACH transmissions, including without limitation, for
deposit into, or credit to, the Fund's demand deposit accounts maintained by the Transfer Agent, except to the extent such damages result from the Transfer Agent's negligence, bad faith, fraud or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all actions relating to the transmission of Fund or Shareholder data through the NSCC clearing systems, if
applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any tax obligations under the tax laws of any country or of any state or political subdivision thereof,
including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer
Agent as transfer agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 At any time the Transfer Agent may apply to any officer of the Fund for instructions, and may consult with
legal counsel (which may be Fund counsel) with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and
shall be indemnified by the Fund for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer Agent, its agents and subcontractors shall

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be protected and indemnified in acting upon any paper or document furnished by or on behalf of the Fund, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized by the Fund, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Fund. The Transfer Agent, its agents and subcontractors shall also be protected and indemnified in recognizing stock certificates which are reasonably believed to bear the proper manual or facsimile signatures of the officers of the Fund, and the proper countersignature of any former transfer agent or former registrar, or of a co-transfer agent or co-registrar.

8. <u>ADDITIONAL COVENANTS OF THE FUND AND THE TRANSFER AGENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *Records*. In furtherance of the Fund's compliance with the requirements of Rule 31a-3 under the 1940 Act, the Transfer Agent agrees that all records which it maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours upon
reasonable request by the Fund, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section 10. The Transfer Agent further agrees that all records that it
maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records
are earlier surrendered as provided above. The records will be provided electronically in the format selected by the Transfer Agent, unless otherwise agreed by the parties. In the event that the Transfer Agent is requested or authorized by the Fund,
or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to
produce the records of the Fund or the Transfer Agent's personnel as witnesses or deponents, the Fund agrees to pay the Transfer Agent for the Transfer Agent's documented time and expenses, as well as the fees and expenses of the Transfer
Agent's counsel, incurred in such production.

9. <u>CONFIDENTIALITY AND</u> <u>USE OF DATA</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 All information provided under this Agreement by a party (the "Disclosing Party") to the other party
(the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this Agreement by Disclosing Party shall
be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under this
Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and operational management and reporting, risk management, legal and regulatory compliance

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and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Transfer Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 (a) In connection with the provision of the services and the discharge of its other obligations under this
Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates ("  ***Affiliates*** ")) may collect and store information regarding the Fund 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 Fund and the Transfer
Agent 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Fund ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Fund and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund 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 Transfer Agent 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 Fund, any Affiliate of the Fund, any investor of the Fund, or any investment of the Fund, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Transfer Agent affirms that it has and will continue to have throughout the term of this Agreement,
commercially reasonable procedures in place that are reasonably designed to comply with laws, rules and regulations applicable to the Transfer Agent related to the storage and dissemination of non-public personal consumer/customer financial information to the extent required by applicable laws, rules and regulations.

10. <u>EFFECTIVE PERIOD AND TERMINATION</u> 

This Agreement shall remain in full force and effect for an initial term ending June , 2026 (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 one hundred and twenty (120) 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 either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or such other time period as may be agreed between the parties hereto in writing, 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. Upon termination of this Agreement pursuant to this paragraph with respect to the Fund, the Fund shall pay Transfer Agent its compensation due as of the date of termination of the Agreement and shall reimburse Transfer Agent for its documented costs, expenses and disbursements accrued as of the date of termination of the Agreement. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Fund's records as set forth herein.

In the event of: (i) the Fund's termination of this Agreement 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 Transfer Agent is not retained to continue providing services hereunder to the Fund (or its respective successor), the Fund shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent under this Agreement) and shall reimburse the Transfer Agent for its documented costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Fund's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this

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paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Fund and distribution of the Fund's assets as a result of the Board's determination in its reasonable business judgment that the Fund is no longer viable, (b) a merger of the Fund into, or the consolidation of the Fund with, another entity, or (c) the sale by the Fund of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Fund (or its respective successor) on substantially the same terms as this Agreement.

11. <u>[RESERVED]</u> 

12. <u>ASSIGNMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Except as provided in Section 13 below, neither this Agreement nor any rights or obligations hereunder may
be assigned by either party without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to
give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Fund, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the
Fund. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer Agent
and the Fund. Neither party shall make any commitments with third parties that are binding on the other party without the other party's prior written consent.

13. <u>DELEGATION; SUBCONTRACTORS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Transfer Agent shall have the right, without the consent or approval of the Fund, 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 stated herein (each, a "Delegate" and collectively, the "Delegates").
The Transfer Agent shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions itself.<sup></sup>Where required, such Delegate shall be a duly registered transfer agent pursuant to Section 17A(c)(2) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Transfer Agent will provide the Fund 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 Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates
perform services, as well as such other information about its Delegates as the Fund may reasonably request from time to

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time. Nothing in this Section 13 shall limit or restrict the Transfer Agent'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.

14. <u>MISCELLANEOUS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 *Amendment*. This Agreement may be amended or modified by a written agreement executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 *Massachusetts Law to Apply*. This Agreement shall be construed, and the provisions hereof interpreted
under and in accordance with the laws of the Commonwealth of Massachusetts without giving effect to any conflict of laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 *Force Majeure*. In the event either party is unable to perform its obligations under the terms of this
Agreement because of acts of God, acts of war or terrorism, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other
for any damages resulting from such failure to perform or otherwise from such causes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 *Data Protection*. State Street will implement and maintain a comprehensive written information security
program that contains appropriate security measures to safeguard the personal information of the Fund's shareholders, employees, directors and/or officers that the Transfer Agent 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) driver's 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 *Survival*. All provisions regarding indemnification, warranty, liability, and limits thereon, and
confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 *Severability*. If any provision or provisions of this Agreement shall be held invalid, unlawful, or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 *Priorities Clause*. In the event of any conflict, discrepancy or ambiguity between the terms and
conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 *Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on any
occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. The failure of a party hereto to exercise or any delay in exercising any
right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single or partial exercise of any right or remedy under this Agreement shall prevent any further
exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 *Entire Agreement*. This Agreement and any schedules, exhibits, attachments or amendments hereto
constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 *Counterparts*. This Agreement may be executed in several counterparts, each of which shall be deemed to
be an original, and all such counterparts taken together shall constitute one and the same Agreement *.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF)
form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 *Reproduction of Documents*. This Agreement and all schedules, exhibits, attachments and amendments hereto
may be reproduced by any photographic, photostatic, digital 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 *Notices*. Any notice instruction or other instrument required to be given hereunder will be in writing
and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Transfer Agent, to:

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

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1776 Heritage Way

Quincy MA 02171

With a copy to:

State Street Bank and Trust Company

Legal Division

One Congress Street

Boston, MA 02114-2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Trust, to:

GoldenTree Opportunistic Credit Fund

300 Park Avenue, 21<sup>st</sup> Floor

New York, NY 10022

Attention: Chief Financial Officer

Telephone: +1 212-847-3546

Email: wzhong@goldentree.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 *Interpretive and Other Provisions*. In connection with the operation of this Agreement, the Transfer
Agent and the Fund 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 all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Fund'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.

*[Remainder of Page Intentionally Left Blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

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| | |
|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| GOLDENTREE OPPORTUNISTIC CREDIT FUND | GOLDENTREE OPPORTUNISTIC CREDIT FUND |
| By: |  |
|  | Name: |
|  | Title: |

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## Ex-99.(K)(2)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**ADMINISTRATION AGREEMENT** 

This Administration Agreement is hereby made as of the 27th day of May 2025 (this "<u>Agreement</u>"), between GoldenTree Opportunistic Credit Fund, a Delaware statutory trust (together with any successor thereto, the "<u>Fund</u>"), and GoldenTree Asset Management Credit Advisor LLC, a Delaware limited liability company (the "<u>Administrator</u>").

**WITNESSETH:** 

**WHEREAS,** the Fund is a newly formed Delaware statutory trust that intends to operate as a closed-end management investment company;

**WHEREAS,** the Fund has filed a registration statement on Form N-2 (the "<u>Registration Statement</u>") with the Securities and Exchange Commission (the "<u>SEC</u>") under and pursuant to the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), to register its shares of beneficial interest ("<u>Shares</u>") for issuance in a public offering (the "<u>Offering</u>"); and

**WHEREAS,** the Fund desires to retain the Administrator to provide administrative services to the Fund, and the Administrator is willing to provide or procure such services, on the terms and conditions hereafter set forth.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**

**<u>APPOINTMENT</u>**

The Fund hereby appoints the Administrator to act as administrator to the Fund for the period and on the terms set forth in this Agreement. The Administrator hereby accepts such appointment and agrees to provide the administrative services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**

**<u>SERVICES OF THE ADMINISTRATOR</u>**

1. <u>Administrative Services</u>. Subject to the supervision and the overall control of the board of trustees of the Fund (the "<u>Board of Trustees</u>"), the Administrator shall act as administrator of the Fund, and furnish, or arrange for others to furnish, the administrative services, personnel and facilities necessary for the operation of the Fund, for the period and on the terms and conditions set forth in this Agreement. Without limiting the generality of the foregoing, the Administrator shall provide the Fund with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board of Trustees, shall from time to time determine to be necessary or useful to perform its

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obligations under this Agreement. The Administrator shall also, on behalf of the Fund, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, escrow agents, accountants, attorneys, underwriters, brokers and dealers, dealer managers, corporate fiduciaries, insurers, banks, regulators and other persons in any other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Board of Trustees of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the securities, instruments and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund. The Administrator shall be responsible for the financial and other records that the Fund is required to maintain and shall prepare reports to shareholders, and reports and other materials filed with the SEC. The Administrator shall provide the Fund with accounting services; shall assist the Fund in determining and publishing the Fund's net asset value; shall oversee the preparation and filing of the Fund's tax returns; shall coordinate the preparation and filing of tender offers and repurchase offers on behalf of the Fund; shall monitor the Fund's compliance with tax and other applicable laws and regulations; and shall prepare, and assist the Fund with any audits by an independent public accounting firm of, the Fund's financial statements. The Administrator shall also be responsible for the printing and dissemination of reports to shareholders of the Fund and the maintenance of the Fund's website; shall provide support for the Fund's investor relations; shall generally oversee the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others; and shall provide such other administrative services as the Fund may from time to time designate.

2. <u>Books and Records</u>. The Administrator agrees to maintain and keep all books, accounts and other records of the Fund that relate to activities performed by the Administrator hereunder and, if required by the 1940 Act, will maintain and keep such books, accounts and records in accordance with the 1940 Act. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act shall be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

3. <u>Confidentiality</u>. The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when

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provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process, or otherwise by applicable law or regulation.

4. <u>Administrative Services Not Exclusive</u>. The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each affiliate thereof is free to render services to others. 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, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

**<u>ARTICLE III</u>**

**<u>COMPENSATION; ALLOCATION OF COSTS AND EXPENSES</u>**

1. <u>Compensation</u>. In full consideration of the provision of the services of the Administrator, the Fund shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel (for the avoidance of doubt, including salaries and related payroll expenses) and facilities hereunder.

2. <u>Allocation of Costs and Expenses</u>. The Fund shall bear all other costs and expenses of its operations and transactions and not specifically assumed by the Adviser pursuant to that certain Investment Advisory Agreement, dated as of May 27, 2025, by and between the Fund and the Adviser, as the same may be amended or restated from time to time (the "<u>Investment Advisory Agreement</u>"), including, without limitation, those relating to: (a) the Management Fee (as defined in the Investment Advisory Agreement); (b) fees to the Fund's administrators, transfer agent, custodians, depositaries, and trustees and other service providers; (c) the cost of calculating the Fund's NAV (including the cost and expenses of any independent valuation firm); (d) borrowing and indebtedness of the fund, including the costs of establishing such borrowing or indebtedness, as well as any interest expenses; (e) trading and investment expenses (e.g., expenses that the Adviser reasonably determines to be related to the investment of the Fund's assets), including: (i) brokerage commissions and expenses relating to short sales, (ii) clearing and settlement charges and other related amounts, (iii) prime broker fees and other bank service fees, and (iv) custodial fees, and fees of the trustee and any depositary in relation to trading and settlements; (f) dividends on preferred shares, if any, and any expenses relating to the offering of any preferred shares, including costs related to the use of one or more distributors and/or underwriters; (g) the costs and expenses of products and services relating to research concerning the Fund's investments or potential investments (except to the extent that such costs or expenses are paid for with "soft dollars"), including the following: (i) the costs of obtaining third-party research products and services, including the cost of research reports relating to securities, issuers, market segments or geographic regions, (ii) investment- and portfolio-related research surveys, (iii) the costs of computerized historical financial data, data feeds, audiovisual media, and databases (e.g., Bloomberg) and the costs of credit rating services, (iv) alternative data, and systems and services relating to research for alternative data, (v) the costs of subscriptions, publications, and news feeds regarding investments and/or the general investment markets, (vi) professional fees, including the expenses of consultants and experts, to the extent such professional fees relate to research, (vii)

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the costs of information technology hardware and software (including computers, telephones, videoconferencing equipment, and similar items) to the extent that such hardware or software is used for research (to include initial and ongoing costs for purchase or lease, licensing, data and physical file storage, maintenance, cyber and information security technology and services, consulting and third-party labor support, and other related expenses), and (viii) the cost of investigating actual or potential investments, including investment and general market conferences, travel expenses and out-of-pocket expenses of the officers and employees of the Adviser in relation to research concerning investments or potential investments for the Fund; (h) costs of third-party valuation consultants and price quotation services; (i) the costs of portfolio modeling and analyses, and data analytics, including expenses relating to services provided by affiliated or unaffiliated service providers; (j) professional fees, including: (i) expenses of consultants, experts and third-party advisors, related to portfolio investments (and not related to research), (ii) fees of any underwriter or rating agency in connection with borrowing or indebtedness of the Fund, (iii) fees and expenses associated with the Board of Trustees of the Fund, including travel expenses and costs associated with ongoing meetings of any such entities, and (iv) fees and expenses of anti-money laundering officers of the Fund; (k) legal, litigation, compliance, regulatory, and tax expenses, including consulting expenses, filing fees; (l) auditing and tax preparation expenses; (m) federal and state registration fees and any applicable exchange listing fees; (n) federal, state and local taxes of the Fund; (o) costs associated with offering or repurchasing the Fund's Shares and other securities (including, but not limited to, preferred shares and indebtedness), including costs related to the use of one or more distributors and/or underwriters; (p) distributions on the Fund's Shares or other securities; (q) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administrative functions; (r) any fees and expenses relating to escrow agent services; (s) Independent Trustee fees and expenses; (t) the costs of any reports, proxy statements or other notices to the Fund's Shareholders, including printing costs; (u) any applicable distribution and/or shareholder servicing fees; (v) insurance expenses (including fidelity insurance, Trustees and officers/errors and omissions liability insurance, cybersecurity insurance, and travel-related insurance); (w) costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; (x) the costs of services, systems, data, databases, physical storage, electronic storage, and disaster recovery solutions relating to the management of the Fund (to include initial and ongoing costs for purchase or lease, licensing, maintenance, consulting and third-party labor support, and other related expenses), including the following: (i) the costs of third-party compliance, legal, client service, tax, trading, technology, portfolio analysis, operational and accounting products, services and consultants, including the costs of compliance, portfolio analysis and accounting software packages, (ii) the costs of risk management products and services, including the costs of risk management software or database packages, (iii) the costs of performance measurement services and GIPS verifications; and (iv) the costs of maintaining the books and records of the Fund; (y) fees, costs and expenses associated with Shareholder meetings; (z) costs and expenses, including travel expenses and costs associated with investor conferences or any other similar meetings of the Fund; (aa) expenses associated with special purpose vehicles and investment vehicles through which the Fund invests, including organizational, tax, legal, audit, administrative and transaction expenses, dedicated staffing expenses, and occupancy expenses for required physical locations (occupancy expenses to include rent, overhead, property taxes, and utilities in dedicated and shared locations (whether paid to third parties or allocated from

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GoldenTree Asset Management LP or its affiliates)); (ab) corporate licensing; (ac) organizational expenses; (ad) fees and expenses associated with marketing, distribution, training and investor relations efforts; (ae) dues, fees and charges of any trade association of which the Fund is a member; (af) extraordinary expenses, including the costs of indemnification; and (ag) all other expenses reasonably incurred by the Fund or the Adviser in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under the Investment Advisory Agreement or incurred by the Administrator in performing its obligations under this Agreement, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's Chief Compliance Officer, Chief Financial Officer, Chief Operating Officer and their respective support staff. To the extent the Administrator outsources any of its functions, including to any sub-administrator, the Fund shall pay the fees associated with such functions on a direct basis, without profit to the Administrator.

**<u>ARTICLE IV</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any such person or entity or with the Administrator, including without limitation, its members) shall not be liable to the Fund or its shareholders for any act or omission by the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any such person or entity or with the Administrator, including without limitation its members) in connection with the performance of any of its duties or obligations under this Agreement or otherwise acting as administrator for the Fund, and the Fund shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any such person or entity or with the Administrator, including without limitation, the Adviser, each of whom shall be deemed a third-party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") 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 administrator for the Fund. Notwithstanding the preceding sentence of this Article IV 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 security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations 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 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

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**<u>ARTICLE V</u>**

**<u>MISCELLANEOUS</u>**

1. <u>Administrator Personnel</u>. The Administrator shall authorize and permit any of its directors, officers or employees who may be elected or appointed as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed. Services to be furnished by the Administrator under this Agreement may be furnished through the medium of any of such trustees, officers or employees. The Administrator shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Administrator shall prepare and provide such reports on the Fund and its operations as may be reasonably requested by the Board of Trustees from time to time.

2. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Administrator shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

3. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect 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 of Trustees or the vote of a majority of the outstanding voting securities of the Fund 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 1940 Act) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, by the Fund upon not less than 60 days' written notice or by the Administrator upon not less than 90 days' written notice.

4. <u>Amendment</u>. This Agreement may be amended pursuant to a written instrument by mutual consent of the Fund and the Administrator.

5. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, to the other party at its principal office.

6. <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. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

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**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | |
|:---|:---|
| **GOLDENTREE OPPORTUNISTIC CREDIT FUND** | **GOLDENTREE OPPORTUNISTIC CREDIT FUND** |
| By: | /s/ Wei Zhong |
| Name: | Wei Zhong |
| Title: | Chief Financial Officer, Principal Financial<br>Officer and Principal Accounting Officer |

---

---

| | |
|:---|:---|
| **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** | **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** |
| By: | /s/ Peter Alderman |
| Name: | Peter Alderman |
| Title: | Authorized Person |

---

## Ex-99.(K)(3)

**SUB-ADMINISTRATION AGREEMENT** 

This Sub-Administration Agreement ("Agreement") dated and effective as of June , 2025, is by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Sub-Administrator"), and GoldenTree Asset Management Credit Advisor LLC, a Delaware limited liability company (the "Administrator").

WHEREAS, the Administrator has entered into an administration agreement with GoldenTree Opportunistic Credit Fund (the "Fund"), a closed-end management investment company that is operated as an interval fund and is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"), concerning the provision of administrative services for the Fund; and

WHEREAS, to assist the Administrator in providing services to the Fund, the Administrator desires to retain the Sub-Administrator to furnish certain administrative services to the Fund, and the Sub-Administrator is willing to furnish such services, on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

**1. APPOINTMENT OF ADMINISTRATOR** 

The Administrator hereby appoints the Sub-Administrator to act as administrator to the Fund for purposes of providing certain administrative services for the period and on the terms set forth in this Agreement. The Sub-Administrator accepts such appointment and agrees to render the services stated herein.

**2. DELIVERY OF DOCUMENTS** 

The Administrator will promptly deliver to the Sub-Administrator copies of each of the following documents with respect to the Fund and/or the Administrator and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund's Declaration of Trust and By-laws ("Governing
Documents");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Fund's currently effective Registration Statement under the 1933 Act and the 1940 Act and each
Prospectus and Statement of Additional Information ("SAI") relating to the Fund and all amendments and supplements thereto as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Copies of the resolutions of the managing member of the Administrator certified by the Administrator's
Secretary or other authorized personnel authorizing (1) the Administrator to enter into this Agreement and (2) certain individuals on behalf of the Administrator to (a) give instructions to the Sub-Administrator pursuant to this Agreement and (b) sign checks and pay expenses;

<br> Information Classification: Confidential

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A copy of the Administration Agreement and any other service agreements between the Fund and the Administrator;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such other certificates, documents or opinions which the Sub-Administrator may, in its reasonable discretion, deem necessary or appropriate in the proper performance of its duties.

**3. REPRESENTATIONS AND WARRANTIES OF THE SUB-ADMINISTRATOR** 

The Sub-Administrator represents and warrants to the Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of
Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority to carry on its business in The Commonwealth of Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. No legal or administrative proceedings have been instituted or threatened which would materially impair the Sub-Administrator's ability to perform its duties and obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other
agreement or obligation of the Sub-Administrator or any law or regulation applicable to it.

**4. REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR** 

The Administrator represents and warrants to the Sub-Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a limited liability company, duly organized, existing and in good standing under the laws of its state of
formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority under applicable laws and by its Governing Documents to enter into and
perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

2 <br> Information Classification: Confidential

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. No legal or administrative proceedings have been instituted or threatened which would impair the
Administrator's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Its entrance into this Agreement will not cause a material breach or be in material conflict with any other
agreement or obligation of the Administrator or any law or regulation applicable to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Where information provided by the Administrator, the Fund or the Fund's Investors includes information
about an identifiable individual ("Personal Information"), the Administrator represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Sub-Administrator, and as required for the Sub-Administrator to use and disclose such Personal Information in connection with the performance of the services hereunder.
The Administrator acknowledges that the Sub-Administrator may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the
Administrator or the Fund, including the United States and that information relating to the Fund, including Personal Information may be accessed by national security authorities, law enforcement and courts. The Sub-Administrator shall be kept indemnified by and be without liability to the Administrator or Fund for any action taken or omitted by it in reliance upon this representation and warranty, including without
limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. With respect to the Fund:

1) The Fund is a closed-end management investment company that is operated as an interval fund, duly organized, existing and in good standing under the laws of its state of formation;

2) The Fund is an investment company properly registered with the SEC under the 1940 Act;

3) The registration statement under the 1933 Act and 1940 Act has been filed by the Fund and is effective and will remain in effect during the term of this Agreement;

4) As of the effective date of this Agreement, all necessary filings under the securities laws of the states in which the Fund offers or sells its shares have been made; and

5) As of the close of business on the date of this Agreement, the Fund is authorized to issue shares of beneficial interest.

3 <br> Information Classification: Confidential

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**5. SUB-ADMINISTRATION SERVICES** 

The Sub-Administrator shall provide the services as listed on Schedule A, subject to the supervision, authorization and direction of the Administrator or the Fund and, in each case where appropriate, the review and comment by the Administrator's or the Fund's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Administrator and the Sub-Administrator.

The Sub-Administrator shall perform such other services for the Administrator that are mutually agreed to by the parties in writing from time to time, for which the Administrator will pay such fees as may be mutually agreed upon in writing, including the Sub-Administrator's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

The Sub-Administrator shall provide the office facilities and the personnel reasonably determined by it to perform the services contemplated herein.

**6. COMPENSATION OF SUB-ADMINISTRATOR; EXPENSE REIMBURSEMENT; FUND EXPENSES** 

The Sub-Administrator shall be entitled to reasonable compensation for its services and expenses, as agreed upon from time to time in writing between the Administrator and the Sub-Administrator.

The Administrator agrees promptly to reimburse the Sub-Administrator for any equipment and supplies specially ordered by or for the Fund through the Sub-Administrator and for any other expenses not contemplated by this Agreement that the Sub-Administrator may incur on the Administrator's or Fund's behalf or at the Administrator's or Fund's request or with the Administrator's or Fund's consent. Any such equipment or supplies specially ordered shall be documented in writing between the parties.

The Administrator will bear all expenses that are incurred in its operation of the Fund and not specifically assumed by the Sub-Administrator. For the avoidance of doubt, Fund expenses not assumed by the Sub-Administrator include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-PORT, Form N-PX, Form N-CEN, proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by the Sub-Administrator under this Agreement); cost of any services contracted for by the Administrator or the Fund directly from parties other than the Sub-Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Fund; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to meetings of the Fund's Board of Trustees ("Board"), including fees and expenses of Board members; the salary and

4 <br> Information Classification: Confidential

------

expenses of any officer, director\trustee or employee of the Fund; costs of Preparation, printing, distribution and mailing, as applicable, of the Fund's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of the Fund's tax returns, Form N-2, Form N-CSR, Form N-PORT, Form N-PX, Form N-MFP and Form N-CEN, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Fund's net asset value.

**7. INSTRUCTIONS AND ADVICE** 

At any time, the Sub-Administrator may apply to any officer of the Administrator or the Fund or his or her designee for instructions or the independent accountants for the Administrator or the Fund, with respect to any matter arising in connection with the services to be performed by the Sub-Administrator under this Agreement. The Sub-Administrator shall be entitled to rely on and may act upon advice of counsel for the Administrator or the Fund on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice.

Other than with respect to fraud or willful misconduct of the Sub-Administrator, its officers or employees, the Sub-Administrator shall not be liable, and shall be indemnified by the Fund, for any action taken or omitted by it in good faith in reasonable reliance upon any such instructions or upon any certificate or instrument which it reasonably believes by it to be genuine and to have been signed by the proper person or persons in conformity with security procedures established by the Sub-Administrator from time to time. The Sub-Administrator shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from the Administrator or the Fund. Nothing in this section shall be construed as imposing upon the Sub-Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

**8. LIMITATION OF LIABILITY AND INDEMNIFICATION** 

The Sub-Administrator shall be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 14, shall have no responsibility for the actions or activities of any other party, including other service providers. The Sub-Administrator shall have no liability in respect of any loss, damage or expense suffered by the Administrator insofar as such loss, damage or expense arises from the performance of the Sub-Administrator's duties hereunder in reasonable reliance upon records that were maintained for the Administrator or the Fund by entities other than the Sub-Administrator prior to the Sub-Administrator's appointment as sub-administrator for the Administrator. The Sub-Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless solely caused by or resulting from the gross negligence, bad faith, fraud or willful misconduct of the Sub-Administrator, its officers or employees. Neither the Administrator nor the Sub-Administrator shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby

5 <br> Information Classification: Confidential

------

excluded by agreement of the parties regardless of whether such damages were foreseeable or whether either party or any entity had been advised of the possibility of such damages. In any event, the Sub-Administrator's cumulative liability for each calendar year (a "Liability Period") with respect to the services performed under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Administrator. "Compensation Period" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s) giving rise to the Sub-Administrator's liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the Sub-Administrator for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2025 shall be the date of this Agreement through December 31, 2025, calculated on an annualized basis, and the Compensation Period for the Liability Period commencing January 1, 2026 and terminating on December 31, 2026, shall be the date of this Agreement through December 31, 2025, calculated on an annualized basis.

The Sub-Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

The Administrator shall indemnify and hold the Sub-Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel ("Losses"), incurred by the Sub-Administrator resulting from any claim, demand, action or suit in connection with the Sub-Administrator's acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by the Administrator or the Fund or upon reasonable reliance on information or records given or made by the Administrator or the Fund or the Fund's investment adviser, provided that this indemnification shall not apply to actions or omissions of the Sub-Administrator, its officers or employees in cases of its or their own gross negligence, bad faith, fraud or willful misconduct.

Subject to the exclusions and limitations of liability set forth in this Section 8, the Sub-Administrator shall indemnify the Administrator against any direct Losses incurred by the Administrator, in each case to the extent such Losses result from the gross negligence, bad faith, fraud or willful misconduct of the Sub-Administrator in the discharge of its duties under this Agreement.

The limitation of liability and indemnification contained herein shall survive the termination of this Agreement.

**9. CONFIDENTIALITY** 

All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall

6 <br> Information Classification: Confidential

------

be treated as confidential. Subject to Section 10 below, all confidential information provided under this Agreement by the Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 10 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Sub-Administrator or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

**10. USE OF DATA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Sub-Administrator (which term for purposes of this Section 10 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Administrator or the Fund 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 Administrator and the Sub-Administrator 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below, the Sub-Administrator and/or its Affiliates may use any Confidential Information of the Fund ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Administrator and the Sub-Administrator or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Fund 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 Sub-Administrator 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 Fund, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Sub-Administrator 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.

7 <br> Information Classification: Confidential

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator acknowledges that the Sub-Administrator may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 10 shall limit the confidentiality and data-protection obligations of the Sub-Administrator and its Affiliates under this Agreement and applicable law. The Sub-Administrator shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 10 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

**11. COMPLIANCE WITH GOVERNMENTAL RULES AND REGULATIONS; RECORDS** 

The Administrator acknowledges that the Administrator and Fund assume full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to each respectively, provided, however, that the foregoing does not limit the Sub-Administrator's responsibility to the Fund for the performance of its duties under this Agreement as determined in accordance with Section 8 of this Agreement.

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Administrator agrees that all records which it maintains for the Administrator shall at all times remain the property of the Administrator, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section 13. The Sub-Administrator further agrees that all records that it maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Sub-Administrator. In the event that the Sub-Administrator is requested or authorized by the Administrator, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Administrator or Fund by state or federal regulatory agencies, to produce the records of the Administrator or Fund or the Sub-Administrator's personnel as witnesses or deponents, the Administrator agrees to pay the Sub-Administrator for the Sub-Administrator's services and expenses, as well as the fees and expenses of the Sub-Administrator's counsel incurred in such production.

**12. SERVICES NOT EXCLUSIVE** 

The services of the Sub-Administrator are not to be deemed exclusive, and the Sub-Administrator shall be free to render similar services to others. The Sub-Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Administrator or the Fund from time to time, have no authority to act or represent the Administrator or the Fund in any way or otherwise be deemed an agent of the Administrator or the Fund.

8 <br> Information Classification: Confidential

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**13. EFFECTIVE PERIOD AND TERMINATION** 

This Agreement shall remain in full force and effect for an initial term ending June , 2026 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one (1) 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 either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within sixty (60) days' written notice of such breach, or such other time period as may be agreed between the parties hereto in writing (of which an agreement by e-mail shall suffice), 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. Upon termination of this Agreement pursuant to this paragraph with respect to the Fund, the Administrator shall pay Sub-Administrator its compensation due and shall reimburse Sub-Administrator for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Sub-Administrator shall deliver the Fund's records as set forth herein.

In the event of: (i) the Administrator's termination of this Agreement 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 Sub-Administrator is not retained to continue providing services hereunder to the Administrator (or its respective successor), the Administrator shall pay the Sub-Administrator its compensation as may be due under the terms hereof as of the date of such termination and shall reimburse the Sub-Administrator for its costs, expenses and disbursements already incurred. Upon receipt of such payment and reimbursement, the Sub-Administrator will deliver the Fund's records 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 (a) the liquidation or dissolution of the Fund and distribution of the Fund's assets as a result of the Board's determination in its reasonable business judgment that the Fund is no longer viable (b) a merger of the Fund into, or the consolidation of the Fund with, another entity, or (c) the sale by the Fund of all, or substantially all, of the Fund's assets to another entity, in each of (b) and (c) where the Sub-Administrator is retained to continue providing services to the Fund (or its respective successor) on substantially the same terms as this Agreement.

**14. DELEGATION** 

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| | |
|:---|:---|
| a.*,* | The Sub-Administrator shall have the right, without the consent or approval of the Administrator, 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 stated herein other than services required by applicable law to be performed by the Sub-Administrator (each, a "Delegate" and collectively, the "Delegates"), without the consent or approval of the Administrator. The Sub-Administrator shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Sub-Administrator had provided such services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule, the Sub-Administrator shall be responsible for the compensation of its Delegates.  |

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9 <br> Information Classification: Confidential

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| | |
|:---|:---|
| b., | The Sub-Administrator will provide the Administrator 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 Sub-Administrator that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Administrator may reasonably request from time to time. |

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| | |
|:---|:---|
| c., | [With respect to the Fund Administration Tax Services as set forth on Schedule A2 attached hereto, the Administrator acknowledges and agrees to execute and deliver to the Sub-Administrator a tax delegation consent in the form set forth as Schedule A2(i) hereto, with such changes as the Sub-Administrator may require from time to time. While the parties anticipate that such consent will be valid as long as the Agreement remains in effect, in the event the Fund revokes its consent at any time or does not provide its consent as required hereunder, the Administrator acknowledges and agrees that the Sub-Administrator may, without liability or prior notice, cease performing any or all of the Fund Administration Tax Services and may renegotiate the fees the Sub-Administrator charge for such Fund Administration Tax Services.<sup>1</sup>]  |

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d., Nothing in this Section 14 shall limit or restrict the Sub-Administrator'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.

**15. INTERPRETIVE AND ADDITIONAL PROVISIONS** 

In connection with the operation of this Agreement, the Sub-Administrator and the Administrator 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 all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Fund's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of the Agreement.

**16. NOTICES** 

Any notice, instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

If to the Administrator:

<sup>1</sup> Remove paragraph if Fund Administration Tax Services are not being provided.

10 <br> Information Classification: Confidential

------

GoldenTree Asset Management Credit Advisor LLC

300 Park Avenue, 21<sup>st</sup> Floor

New York, NY 10022

Attn: Chief Financial Officer

Telephone: +1 212-847-3546

Email: wzhong@goldentree.com

If to the Sub-Administrator:

STATE STREET BANK AND TRUST COMPANY

1 Congress Street

Boston, MA 02114-2016

Attention: [unit head or department head]

Telephone: 617-\*[662/985-]

Email:

with a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

1 Congress Street

Boston, MA 02114-2016

Attention: Senior Vice President and Senior Managing Counsel

**17. AMENDMENT** 

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

**18. ASSIGNMENT** 

This Agreement may not be assigned by (a) the Administrator without the written consent of the Sub-Administrator or (b) the Sub-Administrator without the written consent of the Administrator, except that the Sub-Administrator may assign this Agreement to a successor of all or a substantial portion of its business, or to an affiliate of the Sub-Administrator.

**19. SUCCESSORS** 

This Agreement shall be binding on and shall inure to the benefit of the Administrator and the Sub-Administrator and their respective successors and permitted assigns.

**20. DATA PROTECTION** 

The Sub-Administrator shall implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information

11 <br> Information Classification: Confidential

------

of the Fund's shareholders, employees, directors and/or officers that the Sub-Administrator 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) driver's 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.

**21. ENTIRE AGREEMENT** 

This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

**22. WAIVER** 

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise or any other right or remedy. Any waiver must be in writing signed by the waiving party.

**23. SEVERABILITY** 

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.

**24. GOVERNING LAW** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws rules.

**25. REPRODUCTION OF DOCUMENTS** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction

12 <br> Information Classification: Confidential

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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.

**26. COUNTERPARTS** 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

*[Remainder of page intentionally left blank.]* 

13 <br> Information Classification: Confidential

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first written above.

**GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** 

By:

Name:

Title:

**STATE STREET BANK AND TRUST COMPANY** 

By:

Name:

Title:

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| | |
|:---|:---|
| State Street: Select Classification Level |  |
|  | A-1 |
| Information Classification: Confidential |  |

---

------

**SUB-ADMINISTRATION AGREEMENT** 

**SCHEDULE A** 

**LIST OF SERVICES** 

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| | |
|:---|:---|
| State Street: Select Classification Level |  |
|  | B-1 |
| Information Classification: Confidential |  |

---

## Ex-99.(K)(4)

**GOLDENTREE OPPORTUNISTIC CREDIT FUND** 

**EXPENSE LIMITATION AGREEMENT** 

THIS EXPENSE LIMITATION AGREEMENT (the "Agreement") is effective as of the 27th day of May 2025, by and between GOLDENTREE OPPORTUNISTIC CREDIT FUND, a Delaware statutory trust (the "Fund") and the investment adviser of such Fund, GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC (the "Adviser").

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

**WHEREAS,** the Adviser renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Fund and the Adviser dated as of the 27th day of May 2025 (the "Investment Advisory Agreement"); and

**WHEREAS,** the Fund's Board of Trustees (the "Board") and the Adviser have determined that it is appropriate and in the best interests of the Fund to limit the expenses of the Fund and, therefore, have entered into this Agreement in order to maintain the Fund's expense ratio within the Annual Limit, as defined below;

**NOW THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

**<u>1.</u> <u>Definition.</u>** For purposes of this Agreement, the term "Expense" with respect to the Fund, is defined to include all expenses of every character of the Fund except (1) management fees paid under the Investment Advisory Agreement; (2) distribution and/or servicing fees; (3) investment-related expenses; (4) borrowing costs; (5) borrowing-related costs; (6) taxes; (7) brokerage expenses; (8) litigation expenses; (9) acquired fund fees and expenses, and (10) extraordinary expenses. For the avoidance of doubt, the term "Expense" includes the Fund's organizational and offering costs.

**<u>2.</u> <u>Limit on Expenses.</u>** The Adviser hereby agrees to limit the Fund's total annual Expense so that it does not exceed the percentage of the average daily gross assets of the Fund as listed in **<u>Appendix A</u>** (the "Annual Limit"). In the event that the current Expense of the Fund, as accrued each month, exceed its Annual Limit, the Adviser will pay to the Fund, on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due.

**<u>3.</u> <u>Reimbursement of Fees and Expenses.</u>** The Adviser retains its right to receive reimbursement of any fees waived or excess expense payments paid by it pursuant to this Agreement within three years of such payment, if such reimbursement can be achieved within the Expense Limit listed in Appendix A or that was in effect at the time of the waiver, whichever is lower, and such repayment has been approved by the Board of Trustees. Notwithstanding anything to the contrary, this Section 3 of this Agreement shall survive any termination of this Agreement with respect to any expenses that have not been reimbursed by the Fund to the Adviser.

**<u>4.</u> <u>Term</u>.** This Agreement shall become effective on the date first above written and shall remain in effect until at least one year from the effective date of the Fund's registration statement on Form N-2 unless sooner terminated as provided in Section 5 of this Agreement, and shall continue in effect for successive twelve-month periods provided that such continuance is consented to by the Adviser and specifically approved at least annually by a majority of the Trustees of the Fund.

**<u>5.</u> <u>Termination.</u>** This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Fund, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board of Trustees of the Fund. This Agreement will automatically terminate if the Investment Advisory Agreement is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination.

**<u>6.</u> <u>Assignment.</u>** This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

------

**<u>7.</u> <u>Severability.</u>** If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

**<u>8.</u> <u>Governing Law</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the 1940 Act and the Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| **GOLDENTREE OPPORTUNISTIC CREDIT FUND** | **GOLDENTREE OPPORTUNISTIC CREDIT FUND** | **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** | **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** |
| **By:** | **/s/ Wei Zhong** | **By:** | **/s/ Peter Alderman** |
| **Name:** | **Wei Zhong** | **Name:** | **Peter Alderman** |
| **Title:** | **Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer** | **Title:** | **Authorized Person** |

---

------

**<u>Appendix A</u>**

**<u>Annual Expense Limit</u>**

**(as a percent of average daily gross assets attributable to the applicable class of Shares)** 

**0.80%**

## Ex-99.(K)(5)

**MANAGEMENT FEE WAIVER AGREEMENT** 

**THIS AGREEMENT**, dated as of May 27, 2025, is between GoldenTree Opportunistic Credit Fund (the "<u>Fund</u>") and GoldenTree Asset Management Credit Advisor LLC (the "<u>Adviser</u>").

**WHEREAS**, the Fund's Board of Trustees has appointed the Adviser to serve as the investment manager of the Fund pursuant to that certain investment advisory agreement between the Fund and the Adviser, dated May 27, 2025 (the "<u>Investment Advisory Agreement</u>"); and

**WHEREAS**, pursuant to the terms of the Investment Advisory Agreement, the Fund is obligated to pay the Adviser a management fee equal to an annual rate of 1.85% of the Fund's average daily gross assets (the "<u>Management Fee</u>"); and

**WHEREAS**, the Fund and the Adviser desire to enter into the arrangements described herein relating to the Adviser's contractual waiver of a portion of the Management Fee;

**NOW, THEREFORE**, the Fund and the Adviser hereby agree as follows:

1. The Adviser hereby agrees to waive a portion of its Management Fee in the amount of 0.375% of the
Fund's average daily gross assets on an annualized basis (the " <u>Fee Waiver</u> ") for the Effective Period (as defined below).

2. The Fee Waiver shall become effective upon the Fund's commencement of operations and shall continue
through the last day of the sixth full month of the Fund's operations (the " <u>Effective Period</u> ").

3. The Fee Waiver described in Section 1 above is irrevocable and not subject to any recoupment by the
Adviser.

4. The Adviser acknowledges that the Fund will rely on this Agreement (i) in preparing and filing
amendments to the registration statement for the Fund on Form N-2 with the U.S. Securities and Exchange Commission, (ii) in accruing the Fund's expenses for purposes of calculating its net asset
value per share and (iii) for certain other purposes and expressly permits the Fund to do so.

5. This Agreement may be amended or terminated prior to the conclusion of the Effective Period by written
agreement between Fund and the Adviser upon the approval of such amendment or termination by the Board of Trustees.

[*Signatures follow on next page*]

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
|  **GOLDENTREE OPPORTUNISTIC CREDIT FUND** | **GOLDENTREE OPPORTUNISTIC CREDIT FUND** |
|  | /s/ Wei Zhong |
| Name: | Wei Zhong |
| Title: | Chief Financial Officer, Principal Financial Officer<br> and Principal Accounting Officer |
|  **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** | **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** |
|  | /s/ Peter Alderman |
| Name: | Peter Alderman |
| Title: | Authorized Person |

---

## Ex-99.(K)(6)

**MANAGEMENT FEE WAIVER AGREEMENT** 

**THIS AGREEMENT**, dated as of May 27, 2025, is between GoldenTree Opportunistic Credit Fund (the "<u>Fund</u>") and GoldenTree Asset Management Credit Advisor LLC (the "<u>Adviser</u>").

**WHEREAS**, the Fund's Board of Trustees has appointed the Adviser to serve as the investment manager of the Fund pursuant to that certain investment advisory agreement between the Fund and the Adviser, dated May 27, 2025 (the "<u>Investment Advisory Agreement</u>"); and

**WHEREAS**, pursuant to the terms of the Investment Advisory Agreement, the Fund is obligated to pay the Adviser a management fee equal to an annual rate of 1.85% of the Fund's average daily gross assets (the "<u>Management Fee</u>"); and

**WHEREAS**, the Fund and the Adviser desire to enter into the arrangements described herein relating to the Adviser's contractual waiver of a portion of the Management Fee;

**NOW, THEREFORE**, the Fund and the Adviser hereby agree as follows:

1. The Adviser hereby agrees to waive a portion of its Management Fee in the amount of 0.375% of the
Fund's average daily gross assets on an annualized basis (the " <u>Fee Waiver</u> ") for the Effective Period (as defined below).

2. The Fee Waiver shall become effective upon the Fund's commencement of operations and shall continue
through the last day of the twelfth full month of the Fund's operations (the " <u>Effective Period</u> ").

3. The Fee Waiver described in Section 1 above is irrevocable and not subject to any recoupment by the
Adviser.

4. The Adviser acknowledges that the Fund will rely on this Agreement (i) in preparing and filing
amendments to the registration statement for the Fund on Form N-2 with the U.S. Securities and Exchange Commission, (ii) in accruing the Fund's expenses for purposes of calculating its net asset
value per share and (iii) for certain other purposes and expressly permits the Fund to do so.

5. This Agreement may be amended or terminated prior to the conclusion of the Effective Period by written
agreement between Fund and the Adviser upon the approval of such amendment or termination by the Board of Trustees.

[*Signatures follow on next page*]

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first above written.

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| | |
|:---|:---|
| **GOLDENTREE OPPORTUNISTIC CREDIT FUND** | **GOLDENTREE OPPORTUNISTIC CREDIT FUND** |
|  | /s/ Wei Zhong |
| Name: | Wei Zhong |
| Title: | Chief Financial Officer, Principal Financial Officer<br> and Principal Accounting Officer |
| **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** | **GOLDENTREE ASSET MANAGEMENT CREDIT ADVISOR LLC** |
|  | /s/ Peter Alderman |
| Name: | Peter Alderman |
| Title: | Authorized Person |

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## Ex-99.(L)

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| | |
|:---|:---|
| ![LOGO](g826733g0609210507965.jpg) | 1900 K Street, NW<br> Washington, DC 20006<br> +1 202 261 3300 Main<br> www.dechert.com<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 10, 2025<br>GoldenTree Opportunistic Credit Fund<br> 300 Park Avenue, 21st Floor<br> New York, New York 10022<br>Re: Registration Statement on Form N-2<br>Ladies and Gentlemen:<br>We have acted as counsel to GoldenTree Opportunistic Credit Fund, a Delaware statutory trust (the "<u>Fund</u>"), in connection with the preparation and filing of a Registration Statement on Form N-2 (File Nos. 333-284624 and 811-24046) as originally filed on January 31, 2025 with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and under the Investment Company Act of 1940, as amended, and as subsequently amended, including on April 11, 2025 and on or about the date hereof (the "<u>Registration Statement</u>") relating to the proposed issuance of the Fund's shares of beneficial interest ("<u>Shares</u>").<br>In rendering the opinion expressed below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Fund and others, and such other documents as we have deemed necessary or appropriate as a basis for rendering this opinion, including the following documents:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Certificate of Trust of the Fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Amended and Restated Declaration of Trust of the Fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the By-Laws of the Fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) resolutions of the board of trustees of the Fund relating to, among other things, the authorization and issuance of the Shares; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a Certificate of Good Standing issued by the Delaware Secretary of State.<br>As to the facts upon which this opinion is based, we have relied, to the extent we deem proper, upon certificates of public officials and certificates and written statements of officers, trustees and representatives of the Fund without having independently verified such factual matters.<br>

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| | |
|:---|:---|
| ![LOGO](g826733g0609210507965.jpg) | GoldenTree Opportunistic Credit Fund<br> June 10, 2025<br> Page 2  |

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In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents and the conformity to original documents of all documents submitted to us as copies. In addition, we have assumed (i) the legal capacity of natural persons and (ii) the legal power and authority of all persons signing on behalf of the parties to all documents (other than the Fund). We have further assumed that there has been no oral modification of, or amendment or supplement (including any express or implied waiver, however arising) to, any of the agreements, documents or instruments used by us to form the basis of the opinion expressed below.<br>On the basis of the foregoing and subject to the assumptions and qualifications set forth in this letter, we are of the opinion that when the Shares are issued and sold in the manner described in the Registration Statement, the Shares will be validly issued, fully paid and nonassessable.<br>We are members of the bar of the State of New York and the opinion expressed herein is limited to the Delaware Statutory Trust Act. We express no opinion as to compliance with the 1940 Act or other federal securities laws, or state securities laws, including the laws of the State of Delaware.<br>This opinion has been prepared for your use solely in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the date of this opinion.<br>We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.<br>Sincerely,<br><u>/s/ Dechert LLP</u><br>Dechert LLP<br>

## Ex-99.(N)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the use in this Registration Statement on Form N-2 of our report dated June 10, 2025, relating to the financial statements of GoldenTree Opportunistic Credit Fund, which appear in such Registration Statement. We also consent to the reference to us under the headings "Financial Statements" and "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

New York, New York

June 10, 2025

## Ex-99.(R)(1)

**Rule 17j-1 Code of Ethics** 

In accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended ("***Investment Company Act***"), this Code of Ethics ("***Code***") has been adopted by the Board of Trustees (the "***Board***") of GoldenTree Opportunistic Credit Fund (the "***Fund***"), a closed-end management investment company registered as an investment company under the Investment Company Act.

A separate Code of Ethics that is compliant with both Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended, governs GoldenTree Asset Management Credit Advisor LLC ("***GTAM***" or the "***Adviser***"), the Fund's investment adviser and has been approved by the Independent Trustees. Trustees, officers and employees of the Adviser are considered "access persons" for purposes of the Adviser's Code of Ethics and the Fund's Code. Access Persons of the Adviser are not subject to the Fund's Code to the extent they are subject to the Adviser's Code of Ethics.

This Code is designed to ensure that those individuals with access to information regarding the portfolio securities activities of the Fund do not intentionally use that information for their personal benefit and to the detriment of the Fund. It is not the intention of this Code to prohibit personal securities activities by Access Persons.

*1.* **Definitions** 

Capitalized terms used in and not otherwise defined in this Code are defined below.

"**Access Person**" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any trustees and officers of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each employee (if any) of the Fund (or of any company in a Control relationship with the Fund) who, in
connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to
such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any natural person in a Control relationship with the Fund who obtains information concerning
recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

All employees of the Adviser are deemed Access Persons of the Fund.

"**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule or allocation, including a dividend reinvestment plan.

"**Beneficial Ownership**" means any interest in a security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("**pecuniary**") benefit. The term shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). Accordingly, a person will generally be considered the beneficial owner of a security if that person has the right to enjoy a direct or indirect economic benefit from the ownership of the security. For example, a person is normally regarded as the beneficial owner of securities held in (a) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household, (b) a trust, estate, or other account in which he or she has a present or future interest in the income, principal or right to obtain title to the securities, or (c) the name of another person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains benefits substantially equivalent to those of ownership.

"**CCO**" means the person or persons designated by the Board to fulfill the responsibilities assigned to the Chief Compliance Officer hereunder.

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"**Control**" has the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act, which presumes that a person who owns beneficially, either directly or through a controlled company, more than 25% of the voting securities of a company, controls that company.

"**Covered Security**" means any "security" as defined in Section 2(a)(36) of the Investment Company Act (a broad definition that includes any interest or instrument commonly known as a security),<sup>1</sup> but *excluding*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares of open-end investment companies registered under the
Investment Company Act (other than exchange-traded funds)<sup>2</sup> that are not advised by the Adviser.

A purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security. Shares of exchange-traded funds, whether registered as open-end investment companies or unit investment trusts, are deemed to be Covered Securities.

"**IPO**" means an offering of securities registered under the Securities Act of 1933, as amended ("***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.

"**Investment Personnel**" or "**Investment Person**" of the Fund or the Adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any employee of the Fund (or of any company in a Control relationship with the Fund) who, in connection with
his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any natural person who controls the Fund and who obtains information concerning recommendations made to the
Fund regarding the purchase or sale of securities by the Fund.

"**Limited Offering**" means an offering or a private placement of securities that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

"**Security Held or to be Acquired by the Fund**" means (1) any Covered Security or (2) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security that, in either case, within the most recent 15 days is or has been held by the Fund or is being considered by the Fund or its Adviser for purchase by the Fund.

2. **General** **  **Principles** 

&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> "**Security**" as defined in Section 2(a)(36) of the Investment Company Act includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities, or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency. "**Security**" also includes shares of closed-end investment companies, shares of exchange traded funds (as defined in footnote 2), various derivative instruments, limited partnership interests and private placement of common or preferred stocks or debt instruments. 

<sup>2</sup> "**Exchange traded funds**," or "**ETFs**," are registered investment companies that operate pursuant to Rule 6c-11 under the Investment Company Act or an order from the United States Securities and Exchange Commission ("**SEC**") exempting the ETF from certain provisions of the Investment Company Act so that the ETF may issue securities that trade in a secondary market, and which are redeemable only in large aggregations called creation units. An ETF registers with the SEC under the Investment Company Act either as an open-end management investment company or as a unit investment trust. 

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Rule 17j-1(b) makes it unlawful for any affiliated person<sup>3</sup> of or principal underwriter for the Fund, or any affiliated person of an investment adviser or principal underwriter for the Fund, in connection with the purchase and sale, directly or indirectly, by such person of a Security Held or to be Acquired by the Fund to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order
to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Engage in any act, practice or course of business which operates or would operate as a fraud or deceit on
the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Engage in any manipulative practice with respect to the Fund.

No Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above. The interests of the Fund and its shareholders and investors are paramount and come before the interests of any Access Person. Personal investing activities of all Access Persons must be conducted in a manner that avoids actual or potential conflicts of interest with the Fund and its shareholders. Access Persons shall not use their positions, or any investment opportunities presented by virtue of such positions, to the detriment of the Fund and its shareholders.

**3.** **Substantive Restrictions** 

The following substantive restrictions are imposed on personal trading activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *<u>Investments in IPOs and Limited Offerings.</u>* <sup>4</sup> Investment Personnel are generally prohibited from participating in IPOs and Limited Offerings. However, an Investment Person may participate in an IPO or a Limited Offering if
he or she obtains written approval from the CCO before directly or indirectly acquiring Beneficial Ownership in any securities in an IPO or Limited Offering. The CCO may approve the participation of an Investment Person in an IPO or Limited Offering
if he or she determines that it is clear that, in view of the nature of the security, the nature of the offering, the market for such security, and other factors deemed relevant, such participation by the Investment Person will not create a material
conflict with the Fund. A record of any decision to permit investment by an Investment Person in an IPO or Limited Offering, including the reasons for the decision, shall be kept in accordance with the requirements of Section 7(F), below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *<u>Disgorgement.</u>* Any profits derived from securities transactions in violation of paragraph
(A) shall be forfeited and paid to the Fund for the benefit of its shareholders.

**4.** **Reporting Requirements** 

To enable the Fund to determine with reasonable assurance whether the provisions of Rule 17j-1(a) and this Code are being observed by its Access Persons, the following reporting requirements apply, except as noted in Section 4(D) below.

Any report required to be submitted pursuant to this Section 4 may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the securities to which the report relates.

&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>3</sup> An "**affiliated person**" of a company is broadly defined by Section 2(a)(3) of the Investment Company Act to include any person that owns 5% or more of the company's outstanding voting securities, any person controlling, controlled by or under common control with the company, and any officer, director, partner or employee of the company. 

<sup>4</sup> Any Investment Personnel of the Company otherwise subject to a code of ethics compliant with Rule 17j-1 adopted by the Adviser or a principal underwriter of the Fund need not comply with this provision of this Code.

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Reports under this Code shall not relieve any Access Person from responsibility to report other information required to be reported by law or to comply with other applicable requirements of the federal and state securities laws and other laws.

The Fund requires Access Persons to comply with their reporting requirements using the Advier's Star Compliance system.

The Code of Ethics of the Adviser requires disclosure by Access Persons (as defined therein), but no duplicative disclosure is required by this Code.

*<u>Initial Holdings Report</u>*. Within 10 days after a person becomes an Access Person, he or she shall disclose in writing, in a form acceptable to the CCO, all direct or indirect Beneficial Ownership interests of such Access Person in Covered Securities ("**Initial Holdings Report**"). Information to be reported must be current as of a date no more than 45 days prior to an individual becoming an Access Person and is to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any
direct or indirect Beneficial Ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any
securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted by the Access Person.

*<u>Quarterly Transaction Report</u>.* Each Access Person shall report in writing to the CCO within 30 days of the end of each calendar quarter in a form acceptable to the CCO ("**Quarterly Transaction Report**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the quarter in a Covered Security in which the Access Person had any
direct or indirect Beneficial Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of
shares and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (*i.e.,* purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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;(v) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the Access Person in which any securities were held during the
quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The name of the broker, dealer or bank with which the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date that the report is submitted by the Access Person.

*<u>Annual Holdings Report</u>.* Each Access Person shall report annually, no later than January 31 of each year, the following information, which must be current as of December 31 of the prior calendar year ("**Annual Holdings Report**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any
direct or indirect beneficial ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any
securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date the report is submitted.

*<u>Exceptions from Reporting Requirements</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A person need not submit reports pursuant to this Section 4 with respect to transactions effected for,
and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An Access Person need not make a Quarterly Transaction Report with respect to transactions effected pursuant
to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Access Person of the Fund that is also an "access person" of the Adviser (as that term is
defined in Rule 17j-1) need not submit reports pursuant to this Section 4 provided that such person is otherwise subject to a code of ethics compliant with the terms of Rule 17j-1 adopted by the Adviser, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An Independent Trustee of the Fund (*i.e.*, a trustee who is not an "interested person" of
the Fund as that term is defined in Section 2(a)(19) of the Investment Company Act), and who would be required to make a report solely by reason of being a trustee of the Fund, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An Initial Holdings Report or an Annual Holdings Report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Quarterly Transaction Report unless the trustee knew or, in the ordinary course of fulfilling his or her
official duties as a trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the trustee's transaction in a Covered Security, the Fund purchased or sold such
Covered Security or the Fund considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) An Access Person need not make a Quarterly Transaction Report if the report would duplicate information
contained in broker trade confirmations or account statements received by the Fund with respect to the Access Person provided such broker trade confirmations or account statements are received by the due date required for a Quarterly Transaction
Report and broker trade confirmations or account statements contain all of the information required to be included in the Quarterly Transaction Report.

**5.** **Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *<u>Notification to Access Persons:</u>* The CCO shall notify each Access Person that he or she is
subject to this reporting requirement, of his or her classification as "Access Person" and/or "Investment Personnel" under this Code, and shall deliver a copy of this Code to each Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *<u>Review of Reports.</u>* The CCO (or his or her designee) shall review any reports received pursuant
to this Code within 30 days of their submission.

**6.** **Report to the Board** 

The Fund's CCO shall report to the Board at each meeting regarding the following matters (to the extent not previously reported to the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Issues arising under this Code, including but not limited to material violations of this Code, violations
that are material in the aggregate, and any sanctions imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With respect to any transaction not required to be reported to the Board by the operation of
Section 6(A) that the Fund's CCO believes nonetheless may evidence violation of this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Board shall consider reports made hereunder and upon discovering that a violation of this Code has
occurred, the Board may impose such sanctions, in addition to any disgorgement required pursuant to Section 3(B) hereof, as it deems appropriate, including, among other things, a letter of sanction, suspension, or termination of the employment
of the violator.

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The Fund's CCO shall report to the Board on an annual basis concerning existing personal investing procedures, violations during the prior year and any recommended changes in existing restrictions or procedures.

The Board shall review this Code and the operation of these policies at least once a year.

*7.* **Recordkeeping** 

The Fund shall maintain the following records at its principal office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) This Code and any related procedures, and any Code that has been in effect during the past five years shall
be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A record of any violation of the Code and of any action taken as a result of the violation, to be maintained
in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A copy of each report under this Code by (or duplicate brokerage statements and/or confirmations for the
account of) an Access Person, to be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A record of all persons, currently or within the past five years, who are or were required to make or to
review reports made pursuant to Section 4, to be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A copy of each report by the Fund's CCO to the Board, to 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;(F) A record of any decision, and the reasons supporting the decision, to approve an acquisition by an
Investment Person of securities offered in an IPO or in a Limited Offering, to be maintained for at least five years after the end of the fiscal year in which the approval is granted.

**8.** **Approval Requirements** 

This Code and any material changes to this Code must be approved by the Fund's Board. Each such approval must be based on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1. Before approving this Code or any amendment thereto, the Board must receive a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent its Access Persons from violating this Code. Before initially retaining any investment adviser, sub-adviser or principal underwriter for the Fund, the Fund's Board must approve the Code of Ethics of such investment adviser, sub-adviser or principal underwriter for the Fund (unless the entity is not required by Rule 17j-1 to adopt a Code of Ethics), and must approve any material change to that Code of Ethics within six months after the adoption of the change. For the avoidance of doubt, the Fund's officers may make such non-material changes to this Code as they may determine necessary or appropriate, provided that the amended Code shall be reviewed with the Board at the next regularly scheduled meeting.

## Ex-99.(R)(2)

![LOGO](g826733g58f44.jpg)

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**Table of Contents** 

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| | | | |
|:---|:---|:---|:---|
|  Introduction | Introduction | Introduction | 3 |
| 1. | General | General | 4 |
|  | 1.1. | Statement of General Principles | 4 |
|  | 1.2. | Use and Distribution | 5 |
| 2. | Employee Conduct | Employee Conduct | 5 |
|  | 2.1. | Outside Activities | 5 |
|  | 2.2. | Gifts and Entertainment | 6 |
|  | 2.3. | Confidentiality | 7 |
|  | 2.4. | Service as an Officer or Director of Public Company | 9 |
|  | 2.5. | Disciplinary Matters and Involvement in Litigation | 9 |
|  | 2.6. | Dealings with Government Officials and Industry Regulators | 9 |
|  | 2.7. | Customer Complaints | 11 |
|  | 2.8. | Political Contributions | 11 |
|  | 2.9. | Non-disparagement | 13 |
| 3. | Personal Trading Restrictions | Personal Trading Restrictions | 13 |
|  | 3.1. | Personal Trading Accounts and Reports | 13 |
|  | 3.2. | Prohibited Investments/Holding Periods | 14 |
|  | 3.3. | Front-Running | 17 |
|  | 3.4. | Private Placements and Initial Public Offerings | 17 |
|  | 3.5. | Required Personal Trading Approvals | 17 |
|  | 3.6. | Required Personal Trading Approvals – Private Investments | 18 |
|  | 3.7. | Annual Acknowledgment | 18 |
|  | 3.8. | Sanctions | 19 |
|  | 3.9. | Registration, Licensing and Testing Requirements | 19 |

---

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**Introduction** 

This Code of Ethics (the "Code") is written so as to be read and understood by each Employee (as defined below) of GoldenTree Asset Management, LP and its affiliates ("GTAM" or "the Firm" or "We") with respect to such Employee's activities on behalf of the Firm and personally. This Code is not intended to serve as a comprehensive outline regarding the conduct of Employees of the Firm, but rather to establish general rules of conduct and procedures applicable to all Employees of the Firm. In addition, Employees associated with GTAM's affiliate, GoldenTree Asset Management Credit Advisor LLC (the Access Persons), are required to abide by a code of ethics adopted by a registered investment company client under Rule 17j-1 ("Registered Fund Code of Ethics") under the Investment Company Act of 1940, as amended ("1940 Act"). Compliance with the Code shall, for certain purposes, constitute compliance with the Registered Fund Code of Ethics, however, all applicable personnel are responsible for reviewing and referring to the Registered Fund Code of Ethics in addition to this Code.

This Code should be kept at hand for easy reference. Any questions regarding this Code or compliance issues must be directed to GTAM's Global Chief Compliance Officer or delegate(s) (collectively, the "Compliance Officer"). The Compliance Officer is responsible for ensuring that you are familiar with the rules applicable to your activities on behalf of GTAM. We expect you to be familiar with GTAM's standards and procedures as set forth in this Code. For purposes of ease and understanding this Code a few terms as commonly used throughout the Code are defined below:

"Client Account" means the account of any client (other than an account of an Employee or of GTAM) as to which GTAM provides investment advisory or management services).

"Connected Person" means, in relation to an Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Employee's spouse or civil partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A dependent child or stepchild of the Employee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any other relative of the Employee who has shared the same household as the Employee for at least one year on
the date of the personal transaction concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any company in which the Employee owns more than 20% of the shares or voting rights.

"Employee Personal Account" means a personal investment or trading account in which an Employee or a Connected Person of the Employee maintains a beneficial interest, an investment or trading account (other than a Client Account) over which an Employee exercises control, or a Employee Personal investment or trading account maintained for GTAM or its Employees (each "Employee Personal Account" only relates to investment or trading accounts where there is the ability in such accounts to purchase/sell "Securities" as defined herein).

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"Security" shall mean all investment instruments commonly viewed as (i) securities or

(ii) derivatives thereon, such as common stock, corporate bonds, warrants, depositary receipts, options on equities, limited partnership interests in private investment funds, but shall **not** include foreign exchange "spot" or "forward" contracts and purchases that are part of an automatic dividend reinvestment plan and money market investments.

**1.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Statement of General Principles** 

It is GTAM's policy that its Employees comply fully with the provisions of the Investment Advisers Act of 1940 and the rules and regulations thereunder, and all other applicable laws (the "Advisers Act"). Among other things, the Advisers Act prohibits investment advisers and their employees, in connection with the purchase or sale of security held or to be acquired by a client, from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauding such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleading such client, including by making a statement that omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of conduct that operates or would operate as fraud or deceit upon such
client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any manipulative practice with respect to securities, including price manipulation.

All Employees owe a fiduciary duty to, among others, the Firm's clients. The interest of clients must always be recognized, be respected, and come before those of Employees and the Firm. In any decision relating to personal investments or other matters, Employees must avoid serving their own personal interests ahead of any client's interests, avoid usurping investment opportunities from clients or taking any other inappropriate advantage of their position with or on behalf of the Firm. It is critical that Employees avoid any situation that might compromise—or appear to compromise—their exercise of fully independent judgment in the interests of the Firm's clients. Accordingly, the Code contains preclearance procedures with respect to personal securities transactions, as well as certain prohibitions against such transactions. All personal investment and other activities of Employees must not only comport with the Code and avoid any actual or potential conflicts of interest, but must also abide by the spirit of the Code and the principles articulated herein.

The Code applies to all of the Firm's Employees, which includes all of the Firm's supervised persons. The Firm's supervised persons consist of our officers and partners (or other persons occupying a similar status or performing similar functions); our employees; and any other person who is subject to the Firm's supervision and control.

All personnel are encouraged to report to the Compliance Officer any known or suspected violations

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of the policies and procedures contained in this Code or other activities of any Employee that could be construed as a violation of any law, rule or regulation applicable to GTAM's business. If you are unsure whether a violation has occurred, you should discuss the matter with the Compliance Officer. Failure to report a violation to the Global Chief Compliance Officer could result in disciplinary action against any non-reporting Employee, which may include termination of employment.

Only GTAM's Global Chief Compliance Officer or General Counsel may grant exceptions to the Code.

We encourage employees who have concerns about possible violations of federal or state law or regulations to report such concerns to the General Counsel or Global Chief Compliance OfficerIn addition, nothing in this policy manual or otherwise shall be construed to prohibit personnel from reporting possible violations of federal or state law or regulations to any governmental agency or self- regulatory organization, or making other disclosures that are protected under whistleblower or other provisions of any applicable federal or state law or regulations.

Prior authorization of the Company is not required to make any such reports or disclosures, and personnel are not required to notify the Company that he or she has made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** **Use and Distribution** 

This Code is a basic integral part of GTAM's compliance program. All Employees of GTAM will be provided a copy of this Code, a copy of which is also available on GTAM's internal website. Upon hire and annually thereafter, such persons are required to sign an acknowledgment stating that they have received, read, understand, and agree to comply with the provisions of the Code. This Code may be revised and supplemented from time to time. It is the responsibility of the holder to see that his or her copy is up-to-date.

**It is part of your responsibilities as a GTAM Employee to understand the contents of this Code and the policies set forth herein, as well as any other Code that applies to your activities and to adhere to all applicable policies and procedures.** 

**2.** **Employee Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **Outside Activities** 

All outside activities conducted by an Employee that involve employment, or provide for compensation to the Employee must be pre-approved by the Compliance Officer. Participation on the boards of non-profit organizations must also be pre-approved by the Compliance Officer. In connection with these activities, the Compliance Officer will consult with Senior Management to the extent deemed necessary. With respect to communications with the media, please refer to Section 12 of the Compliance Manual. The Compliance Officer may require full details concerning the outside activity including the number of hours involved and the compensation, if any, to be received.

Furthermore, regardless as to the nature of a particular activity, any outside activities conducted by Employees must not cause harm or jeopardize the interests of GTAM and its clients, nor tarnish the reputation of GTAM, its clients, or its Employees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **Gifts and Entertainment** 

The acceptance or offering of gifts, entertainment, favors, and/or other things of value by an Employee may create a conflict of interest for GTAM. If gifts, entertainment, favors and/or other things of value are excessive in amount or frequency, they may be seen as unduly influencing the Employee's decision-making and interfering with their fiduciary obligations to clients. GTAM Employees should adhere to the below procedures when accepting or offering gifts, entertainment, favors and/or other things of value from or to a person or entity that does business with or on behalf of GTAM or a GTAM client.

Gifts and entertainment should be reasonable in terms of frequency and value. No Employee may accept or offer any single gift or entertainment of more than a value of $500 from or to any single person or entity that does business with or on behalf of GTAM without approval from the General Counsel or the Compliance Officer.

Never accept gifts, favors, entertainment and/or other things of value that may unduly influence your decision-making or make you feel beholden to a person or a Firm.

Employees are prohibited from giving or accepting cash gifts or cash equivalents (e.g., gift cards) as a gift other than in connection with a celebratory event such as a wedding (subject to approval from the General Counsel or the Compliance Officer).

Employees should not offer gifts, favors, entertainment and/or other things of value if the sole intent is to inappropriately influence decision-making or make a client feel beholden to GTAM.

Entertainment and dining situations should be used to foster and promote business relationships with a Firm. In furtherance of this intent, the following procedures should be followed with respect to entertainment and dining situations involving GTAM personnel and individuals/firms that do business with or on behalf of GTAM: (i) invitations received Employees to high profile events, regardless of the actual cost involved (e.g., premier sporting events such as a play-off game or the final rounds of a tournament or a high profile concert/show) must be disclosed to and approved in advance by the Compliance Officer or the General Counsel; and (ii) entertainment and dining must be reported to the appropriate system (e.g., STAR) if the value is estimated to meet or exceed $50 per person, However, entertainment and meals (whether received or given) involving sponsored conferences/events where multiple non-GTAM parties are included and invitations are extended by GTAM employees (i.e., Investor Conferences, internal events, and external events sponsored by Business Development) are permitted without compliance prenotification and are not required to be entered into STAR.

The Compliance Officer will maintain a gift log identifying the gift or entertainment event, venue, the sender, the recipient, and the value thereof. Gifts and entertainment events with a value meeting or exceeding $50 must be reported to Compliance. Periodic analysis will be conducted in seeking to confirm that an Employee is not feeling indebted to a Firm, (e.g., increased trading with a particular brokerage Firm following the receipt of a gift or invitation).

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If you are unsure of the appropriateness of any gift, favor or other thing of value, please consult with the Compliance Officer or General Counsel.

Please note that certain employees are also subject to additional policies and standards that are described in the UK Gifts and Entertainment Policy (applicable to UK employees) and the Trade Management Guidelines (applicable to the US Trading Desk employees). To the extent there are any inconsistencies (e.g., different reporting thresholds), the more stringent policy will apply.

GoldenTree's registered representatives (those registered with FINRA through the affiliated broker dealer) are also subject to additional policies and procedures that are described in the Foreside Registered Representative Compliance and Supervisory Manual.

**Special Considerations – Gifts and Entertainment Involving Pension Plans and Government/Municipal Entities** 

Under the Employee Retirement Income Security Act (ERISA), plan sponsors and fiduciaries of covered pension plans must exercise caution in accepting any gifts or gratuities from a service provider (including investment advisers like GTAM), even those of reasonable value. Specifically, Section 406(b)(3) of ERISA makes it unlawful for a plan fiduciary to receive any consideration for its own personal account from any party dealing with the plan in connection with a transaction involving the assets of the plan. Further, in some cases the Department of Labor has interpreted this provision strictly, stating that *any* gift or entertainment made by a current or prospective service provider to a plan fiduciary may be deemed prohibited.

Additionally, many state and local governments have enacted similar laws and regulations regarding the receipt of gifts and entertainment by the individuals responsible for administering their public employee pension plans. In some cases, GTAM may be prohibited entirely from engaging in gifts and entertainment with these clients and may be disqualified from managing accounts on behalf of such clients if it does so.

While these requirements apply primarily to plan fiduciaries as the potential recipients of gifts or entertainment (rather than the giver), in order to prevent GTAM as a service provider from running afoul of ERISA and non-ERISA (e.g., governmental plans) rules in these areas (including the Foreign Corrupt Practices Act with respect to non-U.S. entities), GTAM policy requires that with respect to ERISA and non-ERISA public pension plan clients (including those of non-US governmental entities) no gifts be given (other than gifts memorializing an event, e.g., investor conference gift handouts) and no extravagant entertainment be provided without consulting with the Compliance Officer or General Counsel so they may be reviewed in advance for reasonableness and appropriateness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** **Confidentiality** 

As a general matter, GTAM must keep all information regarding clients (including former clients) in strict confidence, including the client's identity (unless the client consents), the client's financial circumstances, and the client's securities holdings.

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Any information that an Employee obtains regarding advice furnished by GTAM to its clients, non-public data furnished to GTAM by any client or any other person or the analyses and other proprietary data or information of GTAM (*e.g.,* GTAM's investment positions, any actual or contemplated transaction and information with respect to existing and potential clients) is strictly confidential and may not be revealed to third parties (including, but not limited to, family household members) or used for the benefit of any person other than GTAM, except to the extent necessary for the performance of an Employee's duties. Such information is the property of GTAM and disclosure of such information to any third party without the permission of the Compliance Officer or applicable supervisory person, is grounds for immediate dismissal by GTAM. These obligations regarding confidentiality shall continue even after an employee is no longer is working for GTAM (regardless as to the reasons as to why the employee has left GTAM). Nothing herein shall prohibit any Employee from lawfully communicating, other than on behalf of GTAM, with any governmental or regulatory body or official regarding a possible violation of any law or regulation. All Employees have a right to contact such agencies for any such purpose and will not be subject to any retaliatory actions by GTAM.

The Code of Ethics is not intended to preclude discussion with non-GTAM individuals regarding investments or issuers. There is nothing improper or inappropriate with portfolio managers or analysts sharing thoughts or impressions about an industry/sector or a specific company, including discussion of publicly released financial reports or other filings, press releases, and news stories. However, GTAM Employees should not disseminate information that could influence a person's decision to buy, sell or hold a security.

The following principles should be observed by GTAM's Employees when discussing issuer information with non-GTAM individuals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No Employee should discuss any actual or contemplated security transaction by GTAM, except in the performance
of their duties for GTAM (e.g., discussing transactions with the executing counterparty or with a potential co-investor; prime broker; attorney; accountant). Further, no Employee should release information
(except to those concerned with the transaction, i.e., counterparty, co-investor, prime broker) as to any investment portfolio changes, proposed or in process, except upon the completion of such changes, in
conjunction with a regular report to a client, or, if relevant, the completion of a regulatory filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Employee is permitted to disclose information for the purpose of manipulating the market, e.g., touting a
company to others in order to create a buy interest when GTAM is contemplating selling its holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Employees are not permitted to disclose any information for the purpose of coordinating trading activity in a
publicly traded security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Employees should not disclose at what specific price GTAM would be a buyer or seller of a specific publicly
traded security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. As a general matter, temporary workers should not be entrusted with tasks that involve, or be

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otherwise exposed to, confidential information, unless it is absolutely necessary. Temporary workers will be required to sign a confidentiality agreement upon commencing their employment with GTAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** **Service as an Officer or Director of Public Company** 

Without the prior approval of the Compliance Officer, no Employee may serve as an officer or director of a public company. The determination of an Employee's eligibility to serve as an officer or director shall be based on whether that board service would be consistent with the interests of GTAM and its clients. If board service is authorized, certain safeguards may be implemented in the discretion of the Compliance Officer. While approval is not required for family members serving as officers and directors of a public company, employees should report such positions on the annual certification. The Compliance Officer will review responses in order to identify any potential conflicts involving GTAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** **Disciplinary Matters and Involvement in Litigation** 

Each prospective Employee is required to complete a questionnaire responding to, among other things, questions regarding legal and disciplinary actions involving the Employee. The completed questionnaire is maintained as part of each Employee's permanent personnel record and each Employee is required to advise the Compliance Officer immediately of any event that would change the Employee's response to any question concerning legal or disciplinary actions. In addition, each employee is asked to certify annually that no change (other than changes the Employee has previously reported) has occurred with respect to his or her responses.

An Employee shall advise the General Counsel or the Compliance Officer immediately if she or he becomes involved in or threatened with litigation or an administrative investigation or proceeding of any kind, or is subject to any judgment, order or arrest. Notice should also be given to the General Counsel or Compliance Officer upon receipt of a subpoena for information from the Firm relating to any matter in litigation, receipt of a garnishment lien, tax levy or judgment against the Firm or any of its clients or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** **Dealings with Government Officials and Industry Regulators** 

The securities industry is highly regulated. As a result, there often is contact with the regulators. If an Employee is contacted by a government official or industry regulator (*e.g.,* the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the New York Stock Exchange, state securities commissions, the United Kingdom Financial Conduct Authority (the FCA) or any criminal prosecutor's office) regarding any matter relating to the business of GTAM, whether by telephone, letter or office visit, the Employee may not, under any circumstances, engage in any discussion or take any other action in response to the contact (except as may be required by law) without notifying the Compliance Officer. Nothing herein shall prohibit any Employee from lawfully communicating, other than on behalf of GTAM, with any U.S. governmental or regulatory body or official regarding a possible violation of any law or regulation. All Employees have a right to contact such agencies for any such purpose and will not be subject to any retaliatory actions by GTAM.

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Regulatory inquiries may be received by mail, telephone or personal visit. In the case of a personal visit, demand may be made for the immediate production or inspection of documents. While any personal or telephone inquiry should be handled in a courteous manner, the caller or visitor should be informed that a response requires the approval of the Compliance Officer. In the case of a telephone inquiry, the caller should be informed that his or her call will be promptly returned. Letter inquiries should be forwarded to the Compliance Officer. Under no circumstances should any documents or material be released without prior approval of the Compliance Officer. Nor should any Employee have substantive discussions with any regulatory personnel without prior consultation with the Compliance Officer. This policy is standard industry practice and should not evoke adverse reaction from any experienced regulatory personnel. Even if an objection to such delay is made, the policy is fully within the law and no exceptions to it should be made.

The anti-bribery provisions of the Foreign Corrupt Practices Act ("FCPA") cover acts involving the direct or indirect bribery of foreign officials by any person while in the territory of the United States, by any U.S. person while acting wholly outside of the United States or by any person abroad working for a US company. Consequently, GTAM, its operating international affiliates (GoldenTree Asset Management UK LLP and GoldenTree Asset Management Singapore Pte. Ltd), and its officers, directors, agents and Employees are subject to the FCPA.

A "bribe" is defined as anything of value that is offered, promised, or given to influence a decision to do business with GTAM or to give GTAM an improper or unfair advantage. GTAM, its employees, and third party agents acting on behalf of GTAM are prohibited from paying bribes to anyone.

Under the FCPA, a foreign government official is any officer or employee of a foreign government or any department, agency, or instrumentality thereof, or of a public international organization, or any person acting in an official capacity for or on behalf of any such government or department, agency, or instrumentality, or for or on behalf of any such public international organization. Under the FCPA, GTAM Employees and third party agents GTAM has engaged, including non-US placement agents, are prohibited from offering to pay, paying, promising to pay, or authorizing the payment of money or anything of value to a 'foreign official' (including employees of state controlled organizations) in order to influence any act or decision of the 'foreign official' in his or her official capacity or to secure any other improper business advantage in order to obtain or retain business. This also applies to gifts paid for by the Firm or any GTAM Employee.

When considering the offer of gifts, travel, or hospitality to or for the benefit of any government official, GTAM employees are reminded that any such activities must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Based on a legitimate business purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of reasonable and appropriate value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-approved by the General Counsel or Chief Compliance officer personnel
when required by the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibited when they could be viewed as a bribe or create the appearance of being improper.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In compliance with all applicable laws and regulations.

Prior to entering any business arrangement (formal or informal) with a proposed third party—including third party placement agents who will solicit business with foreign government officials on GTAM's behalf. GTAM Employees must first consult with GTAM's General Counsel and/or Chief Compliance Officer.

An Employee who has knowledge of facts or incidents that such Employee believes may violate the FCPA has an obligation, immediately after learning of such fact or incident, to report the matter to the General Counsel or the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.** **Customer Complaints** 

Complaints are defined as any statement, either oral or written, of an investor or a person acting on behalf of an investor, alleging a grievance in connection with his/her account at GTAM.

When a communication from a client is received, either orally or in writing, it is important to determine whether the client is, in fact, complaining about a product or service, or whether he or she is merely asking questions and seeking information. The surrounding facts and circumstances of each case will dictate whether it is a complaint or an informational request. The guide here is common sense. We do not want to turn every call into a complaint, but at the same time we want to be responsive to our customers. Therefore, err on the side of documenting a call as a complaint when you are unsure.

It is the policy of GTAM that any complaints should be promptly brought to the attention of the Global Chief Compliance Officer. All complaints are investigated thoroughly, resolved promptly and fairly, and adequately documented. A file will be maintained containing information about each complaint and its resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.** **Political Contributions** 

From time to time, Employees may wish to make political contributions. In order, however, that all such political contribution activities meet applicable regulatory and other requirements the following policy has been adopted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Should an Employee and/or his/her spouse wish to make a political contribution to a candidate for (a) any
federal, state or local public official; (b) any individual running for an elected office; (c) any political parties; and/or (d) any political action committees, he/she must first seek pre-approval from General Counsel or Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The General Counsel or Compliance Officer will coordinate with Client Service/Marketing to review whether GTAM
has any connections with the intended recipient of the potential contribution or to any related government/municipal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent that no existing or prospective relationship, or contractual prohibition is

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identified with either the candidate or a related government/municipal entity, the Employee will generally receive approval for the contribution to be made. It should be noted, however, that even in cases where no immediate GTAM relationship is found, approval may not always be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent that a relationship is identified, the General Counsel or Compliance Officer will research whether
there are any applicable rules that would either prevent the contribution from being made or require that contributions be limited to a certain dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further, to the extent that a relationship is identified, the General Counsel or Compliance Officer may also, as
it believes necessary, speak to members of senior management to consult their views as to the making of the contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The approval or disapproval of the potential contribution will then be conveyed to the employee.

Rule 206(4)-5 (Political Contributions by Certain Investment Advisers) under the Advisers Act addresses "pay to play" practices by investment advisers involving campaign contributions and other payments to government clients and elected officials able to exert influence on such clients. The Rule contains three key prohibitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two year ban on advisers from providing advisory services for compensation where political contributions have
been made to an elected official (both incumbents and candidates) in state and local jurisdictions either individually or through the funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made by a 'covered associate' will be attributed to an adviser if those contributions
were made within (i) two years prior to the date the individual became a covered associate, (for those who solicit clients for GTAM) or (ii) six months prior to the date an employee becomes a covered associate, (who do not solicit clients
for GTAM).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Similarly, advisers must look forward with respect to the contributions of former covered associates, regardless
of whether such individual remains employed by or affiliated with the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits the use of third-party consultants who are not themselves not registered with the SEC or licensed by
FINRA ("regulated persons") subject to pay-to-play restrictions on political contributions and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prohibits solicitation of contributions for investment advisors and key personnel.

A "covered associate" includes (i) any partner, managing member or executive officer or individual with a similar status or function, and (ii) any employee who solicits a government entity for the adviser (and any person who directly or indirectly supervises such employee)

A person's activities and not his or her title will ultimately determine whether he or she is a covered associate.

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<u>Two de minimis contribution exceptions:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions of $350 or less per election, per covered associate for any election in which that covered
associate is entitled to vote (covered associate's primary residence is located in the area in which the official is running).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions of $150 or less per election, per covered associate for any election in which the covered associate
is not entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.** **Non-disparagement** 

Employees agree that they will not publish or communicate to any person or entity any disparaging (as defined below) remarks, comments or statements concerning GTAM and/or its affiliates, partners or employees (in the case of partners and employees regarding company related matters). Disparaging remarks, comments or statements are those that impugn the character, honesty, integrity or morality or abilities in connection with any aspect of the operation of the entity or individual being disparaged.

**3.** **Personal Trading Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Personal Trading Accounts and Reports** 

In furtherance of Rule 204-2(a)(12) and Rule 204A-1 of the Advisers Act, each Employee is required to identify to the Compliance Officer upon hire, and thereafter at least annually, all brokerage accounts that constitute Employee Personal Accounts with respect to such Employee and all securities holdings. To that end, each Employee shall be treated as "Access Persons" under the Rule. In addition, each Employee must inform the Compliance Officer, promptly, any time he or she opens a new brokerage account. Accounts (except for those accounts managed by third parties) may only be held or opened with one of the approved firms listed below, which is subject to change:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Charles Schwab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Citibank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Fidelity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Interactive Brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. JP Morgan/JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Morgan Stanley/E\*Trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Robinhood

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Wells Fargo

Each Employee shall arrange for duplicate copies of all confirmations and brokerage activity statements relating to such Employee Personal Accounts to be either transmitted electronically to our Star Compliance Application ("STAR") or for physical statements to be sent to the Compliance Officer (for those accounts where an exception to electronic delivery was granted), which will serve to satisfy the requirement under Rule 204-2(a)(12) that employees provide a quarterly securities transaction report. For those physical statements that are sent to the Compliance Officer, the trade and holdings information will be manually entered into STAR. Periodic testing will be conducted to ensure the data captured in STAR matches the information contained on the actual brokerage statement.

New employees must report their Employee Personal Accounts and securities holdings (whether publicly or privately traded) to the Compliance Officer within 10 days of their start date. Existing employees must also report new Employee Personal Accounts promptly to the Compliance Officer by disclosing it in STAR. Annually, employees will also confirm to the Compliance Officer that their securities holdings (whether publicly or privately traded) are accurate and complete. <u>All</u> transactions for Employee Personal Accounts or any Private Securities transactions must have the prior approval that is required in Sections 3.4 and 3.5 hereof.

Prior approval to trade is needed for any account in which the Employee maintains a beneficial or pecuniary interest – such as a joint account or where the employee exercises investment control. Prior approval is not needed for accounts where an independent third party manages the Employee's account and the Employee does not directly or indirectly influence or control the trading activity. Duplicate account records, however, should be provided to the Compliance Officer for such accounts in order that the Compliance Officer can monitor the accounts for any potential issues.

As provided in Section 3.6 herein, each Employee shall at least annually submit via STAR a written statement certifying, among other things, that he or she has reported all personal Securities transactions and holdings (whether publicly or privately traded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** **Prohibited Investments/Holding Periods** 

No employee may knowingly for personal benefit take advantage of an opportunity that arises as a result of his or her position with GTAM. Employees cannot purchase or sell a security if a GTAM client has a pending order (buy or sell) in the same security expected to be executed within 5 business days or . Similarly, employees cannot purchase or sell a security if they know *or should know* that GTAM is expected to purchase or sell the same security for a client. Further, employees are also not permitted to trade a security of an issuer for their Employee Personal Account on the same day as when GTAM is trading a different security type of the issuer on behalf of its clients. For example, if GTAM has traded the bonds or preferred equity of XYZ, employees may not trade XYZ common or options on that same day. Additionally, employees are prohibited from purchasing non-investment

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grade corporate debt investments in their personal brokerage accounts unless the security's issue size is below $250 million and the enterprise value of the company is less than $450 million as those are not deemed core investments for our funds.

Employees are further prohibited from purchasing Distressed Debt securities that are either held by, or generally considered to be eligible for purchase, by any GTAM managed fund or account. Employees are also prohibited from purchasing any securities (debt or equity) of an issuer that has outstanding Distressed Debt that is held by any GTAM managed fund or account. For this purpose, Distressed Debt is defined as debt securities (including convertible debt securities) issued by public or private issuers that are materially priced under par, undergoing material liquidity problems or are in a restructuring. If an Employee that owns securities of an issuer (e.g., common stock) that has outstanding debt securities that become Distressed subsequent to the Employee's investment, the Compliance Officer shall consider whether any additional supervisory or compliance measures are necessary to address the potential for conflicts of interest. Further, in such a situation the employee may (depending on the specific facts and circumstances) be required to sell their investment within a reasonable period of time.

Further, the purchase and sale of tax-exempt bonds issued by states and local municipalities as well as securities issued by non-U.S. sovereign governments that are trading at distressed levels are also subject to the pre-approval requirements specified in Section 3.1 of the Code. Investments in such securities will also be subject to a 20 calendar day holding period (subject to the exceptions noted below) and where GTAM's funds are trading in such securities, a 5 business day blackout period if the total outstanding issuance is less than $5 billion, or a 3 business day blackout period if the total outstanding issuance is greater than $5 billion. For this purpose, a municipal or sovereign government security is trading at a distressed level when it is yielding at least 1000 bps over the U.S. Treasury yield**.**

Finally, employees are prohibited from trading in securities that are on GTAM's Restricted List.

<u>Employee Securities Trades made within Five Business Days of a GTAM Transaction in</u>_<u>the Same Security</u>

No Employee is permitted to trade a Security that has been traded by GTAM within five business days (the blackout period) without the prior written consent of the Compliance Officer, unless otherwise noted in this Code. If GTAM trades a security within five business days after an Employee trades that security, the Employee, depending on the facts and circumstances of the trade, may be asked to disgorge any gains from his trade to the applicable client accounts. The black out period for public equities with a market captilization of $35 billion or higher is subject to a one business day blackout period.

<u>Minimum Holding Period on Employee Security Acquisitions</u> 

An Employee must not sell any portion of a Security purchased within forty five (45) calendar days of the Employee's acquisition of the Security (or if an Employee sells a Security short, the Employee may not cover the Security within forty five calendar days of the sale of the Security) (the "Holding Period"), with the following exceptions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Tax-exempt bonds issued by states and local municipalities and
securities issued by non-U.S. sovereign governments that are trading at distressed levels have a separate holding period requirement of 20 calendar days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Approval is granted by the Global Head of Compliance or Chief Compliance Officer of the Americas.

<u>Exceptions</u> 

As determined by the Compliance Officer, transactions that are consistent with the purposes of this Code, or which because of the amount of securities involved and the market capitalization of the issuer, appear to present no reasonable likelihood of harm to, or conflict with, a GTAM client, may be excepted from the prohibitions described above. With respect to the holding period requirement, exceptions may be granted to allow an employee to sell within the requisite holding period when the value of the investment has declined from the time of purchase by a material amount, which is generally defined as greater than 5%. However, for those securities that are held in any of the Client Account portfolios at the time of the sale request, GTAM will generally apply a higher materiality threshold. If the security an employee wishes to sell, prior to the expiration of the holding period, is also held by one of the Client Accounts, then the depreciation in value generally must be at least 10% for this type of exception to be granted. With respect to the blackout period, an exception may be granted if the Client Account(s) has completely sold its holdings in the security.

The prohibitions and preclearance requirements described in this Section do not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of securities issued or guaranteed by the U.S. government or its agencies or
instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of securities issued by any sovereign government (except as noted above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of tax-exempt bonds issued by states and local
municipalities (except as noted above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of securities of registered investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of exchange-traded funds and exchange-traded notes, reits, index securities, derivatives on
stock indexes, derivatives on government debt securities, options/futures on foreign currencies, forward foreign currency transactions, or cryptocurrencies/digital assets (e.g., Bitcoin and Ethereum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Converting stablecoins (e.g., USDC or USDT) to cash

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases and sales of bankers' acceptances, bank certificates of deposit, and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases that are part of an automatic dividend reinvestment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions by an investment adviser having complete discretion over the employee's account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** **Front-Running** 

Employees may not execute a transaction in a Security for a Employee Personal Account if the Employee is aware or should be aware that an order for a Client Account for the same Security, remains unexecuted or that GTAM is considering trades in the Security for Client Accounts. Transactions in options, derivatives or convertible instruments which are related to a transaction in an underlying Security for a Client Account ("inter-market front running") are subject to the same restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** **Private Placements and Initial Public Offerings** 

Without the approval of the Compliance Officer, no Employee may acquire for a Employee Personal Account or otherwise acquire an interest in any Securities in a private placement ("Private Placement") or initial public offering ("IPO"). The factors to be taken into account in this prior approval include, among other considerations, whether the Private Placement or IPO should be acquired for GTAM's Client Accounts, whether the Private Placement or IPO is being offered to the Employee because of his or her position with GTAM and whether notice to clients is appropriate. If an Employee has acquired Securities in a Private Placement before becoming an Employee of the Firm, the Employee must disclose that investment to GTAM.

If the Firm intends to acquire for Client Accounts any Securities of an issuer which previously were acquired by an Employee as part of a Private Placement, the Compliance Officer shall evaluate whether any conflicts of interest exist regarding such purchase and whether prior to investing in such Securities on behalf of Clients, disclosure should be made to clients regarding the nature of the Employee's interest in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** **Required Personal Trading Approvals** 

Transactions in Securities (including Privately Placed Securities) for Employee Personal Accounts may not be effected without the prior approval of a designated trader, designated portfolio manager and /or the Compliance Officer or another member of the Legal group (collectively, the "Approval Officer") or, in either's absence, a designated substitute.

Employees must submit a Personal Securities Trading Request Form via the STAR system in order to obtain approval for a transaction for an Employee's Employee Personal Account. The appropriate Approval Officer shall promptly notify the Employee of approval or denial of clearance to trade via the STAR system. If approved transactions for an Employee's Employee Personal Account are not executed on the day of such approval (or within 48 hours of approval for trades approved for Employees located in Asia and Australia), the Employee must re-submit a Personal Securities Trading Form via the STAR system for approval. Similarly, the security or share amount may not be increased by the employee without obtaining new preclearance.

Depending upon an Employee's position at GTAM, additional pre-approvals may be required at the discretion of the Compliance Officer prior to authorizing a transaction in a Security.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.** **Required Personal Trading Approvals – Private Investments** 

When investing in private funds (e.g., private equity funds, or non-GTAM hedge funds), Employees must obtain prior approval from the Compliance Officer and must submit a pre-approval form along with copies of the fund's placement memorandum and signed subscription document as available via the STAR system. The employee is also required to disclose whether their investment in such private fund is subject to any special or favorable terms that would not be generally available to other investors in the private fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7.** **Section 16 Policy Pertaining to Covered Officers of a Registered Fund** 

Certain GTAM employees may at times act as a covered officer for one or more registered funds managed by GTAM and as such will be deemed "insiders" under Section 16 of the Securities Exchange Act of 1934, due to their positions as officers of an affiliated registered investment company (the "Affiliated Fund"). These individuals are subject to specific reporting and trading requirements, which are outlined below.

<u>Applicability</u> 

This policy applies to all GTAM employees who are designated as Section 16 insiders of the Affiliated Fund. This typically includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Officers or directors of the Affiliated Fund, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any employee who directly or indirectly beneficially owns more than 10% of any class of equity securities of the
Affiliated Fund.

<u>Reporting Requirements</u> 

Section 16 insiders are required to file reports with the SEC, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Form 3 – Initial beneficial ownership (due within 10 calendar days of becoming a Section 16 insider),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Form 4 – Changes in beneficial ownership (due within 2 business days after the date of the transaction), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Form 5 – Annual statement of certain transactions (due within 45 days after the end of the issuer's
fiscal year, if applicable).

<u>Short-Swing Profit Rule</u> 

Section 16 insiders are prohibited from profiting from the purchase and sale (or sale and purchase) of equity securities of the Affiliated Fund within a period of less than six months. Any such "short-swing" profits may be subject to disgorgement to the Affiliated Fund. Employees are responsible for ensuring that their trades in shares of the Affiliated Fund do not violate this rule.

<u>Preclearance and Monitoring</u> 

To ensure compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All trades in shares of the Affiliated Fund by Section 16 insiders must be precleared in accordance with the
Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Compliance Department will assist with the preparation and filing of Forms 3, 4, and 5, but it remains the
insider's responsibility to ensure timely and accurate filings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8.** **Annual Acknowledgment** 

Each Employee upon hire is required to acknowledge his or her receipt and understanding of, and agreement to abide by, the policies described in this Code and the Registered Fund Code of Ethics (as applicable). Thereafter, each Employee shall at least annually acknowledge (via STAR) his or her receipt and understanding of, and agreement to continue to abide by, the policies described in this Code and the Registered Fund Code of Ethics (as applicable), and certify that he or she has reported all personal Securities transactions and holdings (whether publicly or privately traded). Employees who fail to provide the requested acknowledgments by the specified due date will be reported to the Human Resources and the CEO and may be subject to discipline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9.** **Sanctions** 

The Compliance Officer (or designee) shall review all personal trading activity of all Employees. If the Compliance Officer identifies a violation of this Code or actual or potential conflicts of interest (even if discovered after-the-fact because certain facts were not initially disclosed), it will result in the imposition of disciplinary sanctions. Generally, it is expected that disciplinary sanctions for failing to comply with these policies will consist of the following: (a) first time infraction – formal written warning; (b) second time infraction – up to 30 days trading suspension from establishing new positions or adding to existing positions; (c) third time infraction – referral to senior management for discipline as deemed appropriate. It should be noted, however, that GTAM reserves the right to impose different or additional disciplinary sanctions at any time in its sole and absolute discretion, as opposed to what is noted above, including but not limited to permanent suspension of personal trading privileges, reversal of transactions and disgorgement of profits and/or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10.** **Registration, Licensing and Testing Requirements** 

Each Employee should check with the Compliance Officer to ensure that he or she has complied with any applicable registration, licensing and testing requirements required as a result of such Employee's duties and position.

## Ex-99.(T)

**POWER OF ATTORNEY** 

KNOW ALL BY THESE PRESENT, each person whose signature appears below hereby constitutes and appoints Alex de Richemont, Chad Earnest, Peter Alderman, Blake Purdy, Abby Glerum and Kathy Sutherland (with full power to each of them to act alone) as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and her and in his or her name, place and stead, in any and all capacities, to sign the registration statement on Form N-2 of GoldenTree Opportunistic Credit Fund (File No. 333-284624), including any and all pre-effective amendments and/or post-effective amendments or supplements thereto, and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any other regulatory authority, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or his or her substitutes, may lawfully do or cause to be done by virtue hereof.

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Kathy Sutherland | Chief Executive Officer and Principal Executive Officer |
| Kathy Sutherland | Chief Executive Officer and Principal Executive Officer |
| /s/ Wei Zhong | Chief Financial Officer and Principal Accounting Officer |
| Wei Zhong | Chief Financial Officer and Principal Accounting Officer |
| /s/ Steven Shapiro | Trustee |
| Steven Shapiro |  |
| /s/ Jill Iacono Mavro | Trustee |
| Jill Iacono Mavro | Trustee |
| /s/ Ellen Needham | Trustee |
| Ellen Needham |  |
| /s/ Leon Wagner | Trustee |
| Leon Wagner |  |

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Dated: May 27, 2025