# EDGAR Filing Document

**Accession Number:** 0002097023
**File Stem:** 0001999371-26-011107
**Filing Date:** 2026-5
**Character Count:** 820996
**Document Hash:** c2bd3a6b7e3051e70b1b031dd26db270
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-011107.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001999371-26-011107

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OHA DIRECT CREDIT FUND
- **CENTRAL INDEX KEY:** 0002097023

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

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24145
- **FILM NUMBER:** 261000439

**BUSINESS ADDRESS:**
- **STREET 1:** 1 VANDERBILT AVENUE, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212) 326-1500

**MAIL ADDRESS:**
- **STREET 1:** 1 VANDERBILT AVENUE, 16TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**As filed with the Securities and Exchange Commission on May 19, 2026**

**Investment Company Act File No. 811-24145**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

☒ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

☒ **AMENDMENT NO. 2**

**OHA DIRECT CREDIT FUND**<br> (Exact name of Registrant as specified in charter)

**1 Vanderbilt Avenue, 16<sup>th</sup> Floor**<br> **New York, NY 10017**<br> (Address of Principal Executive Offices)

**Registrant's Telephone Number, including Area Code: (212) 326-1500**

**Grove Stafford, Esq.**<br> **OHA Private Credit Advisors II, L.P.**<br> **1 Vanderbilt Avenue, 16<sup>th</sup> Floor**<br> **New York, NY 10017**<br> (Name and Address of Agent for service)

***Copies of information to:***

**Jonathan Gaines, Esq.**

**Simpson Thacher & Bartlett LLP**

**425 Lexington Avenue** 

**New York, NY 10017**

**Telephone: 212-455-2000**

**Facsimile: 212-455-2502**

**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.

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:

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

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;☒ Interval
 Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase
 offers under Rule 23c-3 under the 1940 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.

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

This Registration Statement has been filed by Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended. Shares of the Registrant have not been and will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), and have been and will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of, and/or Regulation D under, the 1933 Act. Investments in Registrant may only be made by individuals or entities meeting the definition of an "accredited investor" in Regulation D under the 1933 Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, Shares of the Registrant.

**OFFERING DOCUMENT**

**OHA DIRECT CREDIT FUND**

**COMMON SHARES OF BENEFICIAL INTEREST**

**May 19, 2026**

In making an investment decision, an investor must rely upon his, her or its own examination of OHA Direct Credit Fund (the "Fund") and the terms of the offering, including the merits and risks involved, of acquiring shares of the Fund ("Shares") as described in this offering document. The Shares have not been registered with, or approved or disapproved by, the U.S. Securities and Exchange Commission (the "SEC") or any other U.S. federal or state governmental agency or regulatory authority or any national securities exchange. No agency, authority or exchange has passed upon the accuracy or adequacy of this offering document or the merits of an investment in the Shares. Any representation to the contrary is a criminal offense.

**TO ALL INVESTORS**

SHARES OF THE FUND ARE NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), SINCE SUCH SHARES WILL BE ISSUED SOLELY IN PRIVATE PLACEMENT TRANSACTIONS WHICH DO NOT INVOLVE ANY "PUBLIC OFFERING" WITHIN THE MEANING OF SECTION 4(A)(2) OF THE 1933 ACT. INVESTMENT IN THE FUND MAY BE MADE ONLY BY ENTITIES THAT ARE "ACCREDITED INVESTORS" WITHIN THE MEANING OF REGULATION D UNDER THE 1933 ACT. SHARES WILL BE OFFERED AND SOLD UNDER THE EXEMPTION PROVIDED BY SECTION 4(A)(2) OF THE 1933 ACT AND RULE 506(C) OF REGULATION D PROMULGATED THEREUNDER AND SIMILAR EXEMPTIONS IN THE LAWS OF THE STATES AND OTHER JURISDICTIONS WHERE THE OFFERING WILL BE MADE, WHICH PERMIT GENERAL SOLICITATION. THIS OFFERING DOCUMENT SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, AND THERE SHALL NOT BE ANY SALE OF SHARES, IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER, SOLICITATION, OR SALE.

T. ROWE PRICE INVESTMENT SERVICES, INC.

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The Fund is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that is operated as an interval fund.

*No Public Offering.* The Fund is not available to members of the public. The Fund has no intention of listing its Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for its Shares. The Fund is only available to funds managed by T. Rowe Price Associates, Inc., ("T. Rowe Price"), including open-end and closed-end registered investment companies; advisory clients of T. Rowe Price, OHA Private Credit Advisors II, L.P. (the "Adviser") or an affiliate; and certain unaffiliated funds or trusts or trusts that are exempt from registration under the 1940 Act and held solely by collective investment trusts sponsored by T. Rowe Price or an affiliate; each of which is subject to a contractual fee for investment management services ("Investing Funds" or "Shareholders"). To provide some liquidity to Investing Funds, the Fund is structured as an "interval fund" and conducts periodic repurchase offers for a portion of its outstanding Shares, as described below.

*Investment Objective*. The Fund's investment objective is to produce current income. There can be no assurance that the Fund will achieve its investment objective.

*Interval Fund.* The Fund is designed for long-term investment by the Investing Funds, 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 ("NAV"). It is possible that a repurchase offer may be oversubscribed, with the result that Shareholders may only be able to have a portion of their Shares repurchased. In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. The Fund does not currently intend to engage in a public offering or 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 try to provide liquidity to Shareholders, Investing Funds should consider the Shares to have limited liquidity. The Fund will commence its first quarterly repurchase offer in the fourth calendar quarter of 2026.

The Fund has submitted an application for exemptive relief that, if granted, will permit the Fund to make monthly repurchase offers of no less than 5% of the Fund's outstanding shares at NAV. If granted, written notification of each monthly repurchase offer will be sent to Shareholders between 7 and 14 calendar days before the repurchase request deadline (i.e., the date by which Shareholders must tender their shares in response to a repurchase offer). There is no guarantee that any such exemptive relief will be granted. Prior to relying on the requested relief, if granted, the Fund's Board will revise the Fund's fundamental policy of making quarterly repurchase offers such that the Fund will make monthly repurchase offers. In addition, the Fund will obtain the approval of all Shareholders by unanimous written consent in lieu of a meeting. In addition, the Fund will disclose in its offering document and annual reports its fundamental policy to make monthly offers to repurchase a portion of its common shares at net asset value, as permitted by Rule 23c-3(b)(1).

See "Repurchase Offers Risks" beginning on page 30 of this prospectus.

*Principal Investment Strategies*. Under normal circumstances, the Fund intends to invest at least 80% of its assets in directly originated fixed-income securities and credit instruments ("Direct Credit"). The Fund defines Direct Credit to consist primarily of the following credit strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Direct
 Lending (including first lien loans and unitranche loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Junior
 Capital Solutions (including second lien loans, unsecured debt, mezzanine loans and preferred equity); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Asset-based
 Lending (including, but not limited to, credit investments, investments in infrastructure, aviation and telecommunications).

In addition, the fund may also invest in the following Direct Credit strategies to a lesser extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Structured
 Credit (including CLOs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Liquid
 Credit (including broadly syndicated loans and credit selection in high yield bonds and leveraged loans).

The Fund will opportunistically allocate its investments across any number of the foregoing strategies, and the Fund's allocation across the various Direct Credit strategies is expected to change over time. The Fund may invest in additional strategies in the future. **The Fund may invest a substantial portion of its assets in credit instruments that are rated below investment grade by rating agencies or would be rated below investment grade if they were rated. Credit instruments 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 instruments will have no credit rating at all.**

*Unlisted Closed-End Fund.* An investment in the Fund is subject to, among others, the following risks:

● **There is not expected to be a public offering of Shares or any secondary trading market in the Shares.** 

● **Shareholders should consider that they may not have access to any money invested for an indefinite period of time.** 

● **The Fund will provide limited liquidity through quarterly offers to repurchase a limited amount of the Fund's Shares (at least 5%). In connection with any given repurchase offer, it is likely that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding shares.** 

● **Because Shareholders will be unable to sell Shares or have them repurchased immediately, Shareholders may find it difficult to reduce exposure on a timely basis during a market downturn.** 

● **Certain Investing Funds are expected to own a significant percentage of the Fund's shares ("Large Shareholders"). The risks associated with limited liquidity may be amplified for Large Shareholders. In addition, repurchases by Large Shareholders could have a negative impact on the Fund, including the liquidity that may be available for other Shareholders.** 

● **If a Shareholder is able to sell its Shares outside the quarterly repurchase process, the Shareholder likely will receive less than the then-current NAV per Share.** 

● **There is no assurance that monthly distributions will be paid at all.** 

● **The Fund's distributions may be unrelated to the Fund's performance and funded from unlimited amounts of offering proceeds, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment.** 

● **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 Fund 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 OHA Private Credit Advisors II, L.P. (the "Adviser"), which are not subject to repayment by the Fund. 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.** 

**See "Types of Investments and Related Risks" beginning on page 12 of this offering document.**

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 **The date of this offering document is May 19, 2026.** 

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*Structure.* The Fund is only available to the Investing Funds and is not available to members of the public. Shares are being offered through the fund's distributor on a continuous basis at an offering price equal to the Fund's then-current NAV per share. The Fund has no intention of listing its Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for its Shares. Shareholders are not able to have their Shares redeemed or otherwise sell their Shares on a daily basis because the Fund is an unlisted closed-end fund. The Fund is structured as an interval fund and conducts periodic repurchase offers for a portion of its outstanding Shares, as described below.

*Fees and Expenses.* The Fund has entered into an investment advisory agreement (the "Agreement") with the Adviser pursuant to which the Fund is not subject to any management fees or incentive fees. Under the Agreement, the Adviser or one of its affiliates, on behalf of the Fund, pays all of the Fund's operating expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses, if applicable).

*Investment Adviser.* The investment adviser to the Fund is OHA Private Credit Advisors II, L.P. (the "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").

This offering document provides the information that an Investing Fund should know about the Fund before investing. Investors are advised to read this offering document carefully and to retain it for future reference. Additional information about the Fund, including a statement of additional information about the Fund, dated May 19, 2026 (the "Statement of Additional Information"), as may be amended, supplemented or restated, has been filed with the SEC and is incorporated by reference in its entirety into this offering document. The Statement of Additional Information and the Fund's annual and semi-annual reports and other information filed with the SEC, can be obtained upon request and without charge by calling toll-free 1-844-700-1478. The Statement of Additional Information, other material incorporated by reference into this offering document and other information about the Fund is also available on the SEC's website at *http://www.sec.gov*. The address of the SEC's website is provided solely for the information of Investing Funds and is not intended to be an active link.

**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 Board of Governors of the Federal Reserve System or any other government agency.**

**Neither the SEC nor any state securities commission has approved or disapproved these securities or determined if this offering document is truthful or complete. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS**

**Page**

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| | |
|:---|:---|
| [SUMMARY OF TERMS](#ohan2aa001) | 1 |
| [FEES AND EXPENSES](#ohan2aa002) | 9 |
| [THE FUND](#ohan2aa003) | 9 |
| [INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES](#ohan2aa004) | 9 |
| [THE ADVISER](#ohan2aa005) | 15 |
| [USE OF PROCEEDS](#ohan2aa006) | 15 |
| [TYPES OF INVESTMENTS AND RELATED RISKS](#ohan2aa007) | 16 |
| [MANAGEMENT OF THE FUND](#ohan2aa008) | 38 |
| [FUND EXPENSES](#ohan2aa009) | 39 |
| [DETERMINATION OF NET ASSET VALUE](#ohan2aa010) | 40 |
| [CONFLICTS OF INTEREST](#ohan2aa011) | 41 |
| [SHARE REPURCHASE PROGRAM](#ohan2aa012) | 49 |
| [DESCRIPTION OF CAPITAL STRUCTURE](#ohan2aa013) | 50 |
| [TAX ASPECTS](#ohan2aa014) | 52 |
| [ERISA CONSIDERATIONS](#ohan2aa015) | 57 |
| [ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST](#ohan2aa016) | 57 |
| [PLAN OF DISTRIBUTION](#ohan2aa017) | 58 |
| [DIVIDENDS AND DISTRIBUTIONS](#ohan2aa018) | 58 |
| [FISCAL YEAR; REPORTS](#ohan2aa019) | 59 |
| [PRIVACY NOTICE](#ohan2aa020) | 59 |

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**SUMMARY OF TERMS**

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

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| | |
|:---|:---|
| THE FUND | The Fund is a Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company. The Fund is operated as an interval fund (as defined below). |
| THE ADVISER | OHA Private Credit Advisors II, L.P. (the "Adviser") serves as the Fund's investment adviser. The Adviser is registered as an investment adviser with the SEC under the Advisers Act. The Adviser is, a subsidiary of Oak Hill Advisors, L.P. (together with its affiliated investment advisors and predecessor firms, "OHA" or the "Firm"). OHA is a subsidiary of T. Rowe Price Group, Inc. ("TRPG") and is affiliated with T. Rowe Price Associates, Inc. ("T. Rowe Price") and other entities controlled by or under common control with TRPG. |
| INVESTMENT OBJECTIVE | The Fund's investment objective is to produce current income. |
| INVESTMENT OPPORTUNITIES AND STRATEGIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under normal circumstances, the Fund intends to invest at least 80% of its assets in directly originated fixed-income securities and credit instruments ("Direct Credit"). The Fund defines Direct Credit to consist primarily of the following credit strategies:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Direct Lending (including first lien loans and unitranche loans); <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Junior Capital Solutions (including second lien loans, unsecured debt, unsecured debt, mezzanine loans and preferred equity); and <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Asset-based Lending (including, but not limited to, credit investments, investments in infrastructure, aviation and telecommunications).<br>In addition, the fund may also invest in the following Direct Credit strategies to a lesser extent:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Structured Credit (including CLOs); and <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Liquid Credit (including broadly syndicated loans and credit selection in high yield bonds and leveraged loans).<br>The Fund will opportunistically allocate its investments across any number of the foregoing strategies, and the Fund's allocation across the various Direct Credit strategies is expected to change over time. The Fund will also hold cash and cash equivalents, U.S. Treasury securities, U.S. government agency securities, and other highly liquid investments. In accordance with applicable SEC rules, the Fund's investment in other funds (including most CLOs and other funds exempt from registration under Sections 3(c)(1) and 3(c)(7) of the 1940 Act) is limited to 10% of its total assets.<br>The Fund may invest in additional strategies in the future.<br>While some of the loans in which the Fund intends to invest pursuant to the foregoing may be secured, the Fund may also invest in debt securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. Some of the loans in which the Fund may invest may be "covenant-lite" loans. <br>|
|  | The Fund normally may invest in a number of different countries. There is no minimum or maximum limit on the amount of the Fund's assets that may be invested in non-U.S. securities. |

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|:---|:---|
|  | ***Providing Investing Funds with Access to OHA's Transaction Flow and Expertise.***<br>OHA is a leading global alternatives investment firm specializing in private lending, distressed credit, structured credit, real assets, special situations, leveraged loans and high yield bonds. OHA manages approximately $112 billion<sup>1</sup> of assets across credit strategies in pooled funds, CLOs and single investor mandates. The global and primarily institutional investor base of OHA and its affiliates includes pension funds, sovereign wealth funds, insurance companies, foundations, endowments, fund of funds, family offices and high net worth individuals. <br>OHA's leading private lending platform focuses on directly originated and customized financing solutions for larger well-established corporate borrowers and, where applicable, their private equity sponsors. Approximately $47 billion of OHA's capital under management is invested in private strategies including private lending.<br>The Fund intends to capitalize on the significant ongoing growth in Direct Credit, particularly for financing solutions for well-established, larger companies generally with earnings before interest, taxes, depreciation and amortization ("EBITDA") of $75 million or greater ("Larger Borrowers") and OHA's deep expertise in this area. The Adviser may also provide financing solutions for middle market and/or less established companies, or companies that are highly leveraged. The Adviser believes that the competitive advantages discussed below position the Fund to deliver premium yields while mitigating downside risk on behalf of the Investing Funds.<br>The Fund will seek to source opportunities through OHA's extensive global relationships and proprietary network and through the deep infrastructure the Adviser has developed in each of the Fund's Direct Credit strategies.  |
| PORTFOLIO COMPOSITION | The Fund's portfolio will consist of some combination of the following types of investments below. The Fund's allocation across each of these investment strategies may vary from time to time.<br>*Direct Lending.* Through its Direct Lending strategy, the Fund will primarily focus on directly originated and customized private financing solutions, focused on "large cap" senior secured direct lending (including first lien senior secured loans and "unitranche" loans) targeting Larger Borrowers. The Adviser may also provide financing solutions for middle market and/or less established companies, or companies that are highly leveraged. The Fund may originate loans in accordance with its investment objective, investment strategies, fundamental investment restrictions and the limitations of the 1940 Act, including but not limited to Section 17 thereof. While the Fund will not be involved in servicing such loans, an affiliated person of the Fund may act as an agent in connection with the loans in accordance with the limitations of the 1940 Act. Additionally, consistent with its fundamental investment restriction relating to industry concentration, the Fund will not originate loans to issuers in any one industry or group of industries in an amount exceeding 25% of the Fund's total assets. The Fund's investments generally have stated terms of three to seven years, and the expected average life of the Fund's investments is generally two to three years. However, there is no limit to the maturity or duration of any investment that the Fund may hold in its portfolio.  |

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<sup>1</sup> Assets under management ("AUM") estimated as of March 31, 2026. Refers to the discretionary and non-discretionary assets of investment advisory clients and of certain tactical relationships to which OHA provides management, advisory or sourcing and administrative services. AUM includes net asset value, drawn and undrawn debt at the portfolio level, portfolio value and/or unfunded capital, as applicable. AUM uses USD exchange rates as of the applicable month-end for any non-USD-denominated assets.

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| |
|:---|
| *Junior Capital Solutions*. Through its Junior Capital Solutions strategy, the Fund intends to have the flexibility to invest in junior parts of the capital structure (such as second lien loans, unsecured debt, mezzanine loans and preferred equity).<br>*Asset-based Lending.* Through its Asset-based Lending strategy, the Fund intends to provide directly originated and privately negotiated capital solutions with bespoke documentation for real assets primarily within the infrastructure, aviation and telecommunications categories, including, without limitation, (i) ships, (ii) aircraft (including parts thereof) or aircraft-related assets, (iii) containers, railcars and other similar equipment, (iv) automobiles, (v) real estate and real estate related assets, including real estate investment trusts, (vi) infrastructure and infrastructure-related assets, (vii) energy and energy-related assets, (viii) telecommunication and telecommunication-related assets, (ix) data centers and (x) equipment and other related assets. The Fund will focus on debt transactions. <br>To a lesser extent, the Fund's portfolio may include the following types of investments:<br>*Collateralized Loan Obligations*. Through its collateralized loan obligations ("CLOs")/Structured Credit strategy, the Fund intends to invest in the debt and equity tranches of CLOs that are backed by senior secured corporate loans made to companies operating primarily in the U.S. or Europe. The Fund will focus on CLO investments sourced from the secondary market. The Fund may also invest in asset-backed securities and other structured products.<br>*Liquid Credit.* Through its Liquid Credit strategy, the Fund intends to focus on idiosyncratic credit selection within high yield bonds and leveraged loans.<br>*Other Investment Strategies.* The Fund may also invest in notes, bills, debentures, convertible and preferred securities, government and municipal obligations and other credit instruments with similar economic characteristics. In addition, from time to time, the Fund may invest in or hold common stock and other equity securities incidental to the purchase or ownership of a credit investment or in connection with a reorganization of a borrower. To a limited extent, the Fund may use derivatives to hedge all or a portion of the Fund's foreign currency risk through the use of foreign currency forward contracts. Any derivatives that provide exposure to Direct Credit instruments will be counted (as applicable) toward compliance with the Fund's 80% investment policy. Derivatives may allow the Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than transactions in other types of instruments.<br>|
| *Other Characteristics*<br>*Foreign Instruments*. The Fund may make investments in non-U.S. entities, including issuers in emerging markets. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations, such as the United States or most nations in Western Europe. Emerging market countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Fund expects that its investment in non-U.S. issuers will be made primarily in U.S. dollar denominated securities, but it reserves the right to purchase securities that are foreign currency denominated. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S. issuers. Factors considered in determining whether an issuer may be deemed to be from a particular foreign country or geographic region include, among others, the issuer's principal trading market, the country in which the issuer was legally organized, whether the issuer derives a substantial portion of its operations or assets from a particular country or region or derives a substantial portion of its revenue or profits from businesses, investments or sales outside of the United States. |

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|:---|:---|
|  | *Illiquid and Restricted Securities*. The Fund invests in instruments that, at the time of investment, are illiquid (generally, those securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities). The Fund may also invest, without limit, in securities that are unregistered (but are eligible for purchase and sale by certain qualified institutional buyers) or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale.<br>|
|  | *Cash and Short-Term Investments*. The Fund may invest its cash balances in money market instruments, U.S. government securities, commercial paper, certificates of deposit, repurchase agreements and other high-quality debt instruments maturing in one year or less, among other instruments. In addition, for temporary defensive purposes, liquidity management or in connection with implementing changes in its asset allocation, the Fund may invest in high-quality fixed income securities, money market instruments and money market funds. For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash equivalents and short-term debt securities. |
| LEVERAGE | The Fund may borrow money for short-term purposes but does not expect to borrow for investment purposes. The Fund does not intend to issue preferred stock. Any expenses related to the use of borrowings is expected to be minimal. |
| BOARD OF TRUSTEES | The Board of Trustees (the "Board"), including a majority of the members of the Board (each, a "Trustee") that are considered independent and are not "interested persons" (as defined in the 1940 Act) of the Fund or the Adviser (collectively, the "Independent Trustees"), oversees and monitors the Fund's management and operations. See "Management of the Fund." |
| FEES AND EXPENSES | Pursuant to the Agreement, the Adviser serves as the Fund's investment manager and provides advisory services to the Fund. The Fund does not pay any fees for management related services under the Agreement. In addition, pursuant to an administration agreement (the "Administration Agreement") with the Adviser, the Adviser and/or one of its affiliates pays all the Fund's expenses, on behalf of the Fund, with the following exceptions: interest; expenses related to borrowings, taxes, and brokerage; expenses incident to purchasing or disposing of investments, including transaction expenses; nonrecurring, extraordinary expenses; and acquired fund fees and expenses, if applicable.<br>Pursuant to the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of our Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.<br>The Board will periodically review the Agreement to determine, among other things, that the services provided are reasonable. The Fund is only available to Investing Funds, each of which pay T. Rowe Price or an affiliate a contractual management fee.<br>|
| DIVIDENDS AND DISTRIBUTIONS | Dividends are not re-invested in the Fund and are distributed to Shareholders monthly. The Fund's distributions may be funded from unlimited amounts of offering proceeds, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. 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 Fund Shares, even if such Shares are sold at a loss relative to the Shareholder's original investment. See "Dividends and Distributions."<br>The Board reserves the right to change the distribution policy from time to time. |

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| PURCHASES OF SHARES | The Fund's Shares are offered on a daily basis, at an offering price equal to the Fund's then-current NAV per Share. Shares of the Fund are not registered under the 1933 Act and are not available for public purchase. The Fund is only available to the Investing Funds. |
|  | There are no minimum initial or subsequent investment amounts, or minimum balance requirements.<br>|
| PLAN OF DISTRIBUTION | T. Rowe Price Investment Services, Inc., located at 1307 Point Street, Baltimore, MD 21231, (the "Distributor") 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 for sale through the Distributor at NAV.<br>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 sale 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. <br>|
| NON-PUBLIC, UNLISTED CLOSED-END INTERVAL FUND STRUCTURE | The Fund believes that a non-public, closed-end structure is most appropriate for the long-term nature of the Fund's strategy and the Fund's limited availability. The Fund's NAV per Share may be volatile. As the Shares are not traded, Investing Funds will not be able to dispose of their investment in the Fund, except through repurchases conducted through the share repurchase program, no matter how the Fund performs. |
| VALUATIONS | The Board has designated the Adviser as the Fund's valuation designee for purposes of Rule 2a-5 under the 1940 Act. The Adviser is responsible for the valuation of the Fund's portfolio investments for which market quotations are not readily available, as determined in good faith pursuant to the Adviser's and the Fund's valuation policy and consistently applied valuation process. Pursuant to the portfolio valuation process set forth in the Adviser's and the Fund's valuation policy, the Adviser utilizes independent third-party pricing services and independent third-party valuation services. Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Adviser has adopted methods for determining the fair value of such securities and other assets. The Fund determines NAV per Share in accordance with the methodology described in the Adviser's and the Fund's valuation policy. Valuations of Fund investments are disclosed in reports publicly filed with the SEC.<br>The Fund calculates the NAV of its Shares on a daily basis. Pursuant to Rule 23c-3(b)(7) under the 1940 Act, the Fund, as an interval fund, must calculate the share price (i) on at least a weekly basis at a time set by the Board and (ii) on a daily basis for the five business days before a repurchase request deadline. The Adviser will provide the Board with periodic reports, no less than quarterly, that discuss, among other things, the fair valuation of the Fund's assets, as applicable. As the Fund's valuation designee, the Adviser, subject to the Board's oversight, is responsible for the accuracy, reliability or completeness of any market or fair market valuation determinations made with respect to the Fund's assets. See "Determination of Net Asset Value." |

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| SHARE REPURCHASE PROGRAM | The Fund has adopted a fundamental policy to make 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, which may not be changed without the vote of the holders of a majority of the Fund's outstanding securities (as defined in the 1940 Act). Written notification of each quarterly repurchase offer (the "Repurchase Offer Notice") is sent to Shareholders at least 21 calendar days before 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"); however, the Fund will seek to provide such written notification earlier but no more than 42 calendar days before the Repurchase Request Deadline. The NAV will be calculated no later than the 14th calendar day (or the next business day if the 14th calendar day is not a business day) after the Repurchase Request Deadline (the "Repurchase Pricing Date"). The Fund will distribute payment to Shareholders within seven calendar days after the Repurchase Pricing Date. |

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|:---|:---|
|  | The Fund has submitted an application for exemptive relief that, if granted, will permit the Fund to make monthly repurchase offers of no less than 5% of the Fund's outstanding shares at NAV and no more than 25% per quarter. If granted, written notification of each monthly repurchase offer will be sent to Shareholders between 7 and 14 calendar days before the repurchase request deadline (i.e., the date by which Shareholders must tender their shares in response to a repurchase offer). There is no guarantee that any such exemptive relief will be granted.<br>Prior to relying on the requested relief, the Fund's Board will revise the fundamental policy of making quarterly repurchase offers to reflect that the Fund will make monthly repurchase offers, and the Fund will obtain the approval of Shareholders. In addition, the Fund will disclose in its offering documents and annual reports its fundamental policy to make monthly offers to repurchase a portion of its common shares at NAV.<br>In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares.<br>The Fund will commence its first quarterly repurchase offer in the fourth calendar quarter of 2026. <br>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. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks. See "Types of Investments and Related Risks—Repurchase Offers Risks."  |
| SUMMARY OF TAXATION | The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that is distributed as dividends for U.S. federal income tax purposes to Shareholders, as applicable. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its "investment company taxable income" (generally, its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses) and its net tax-exempt interest income, determined without regard to any deduction for dividends paid, each tax year to Shareholders. See "Dividends and Distributions" and "Tax Aspects." |

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| FISCAL YEAR | For accounting purposes, the Fund's fiscal year is the 12-month period ending on December 31. |
| REPORTS TO SHAREHOLDERS | As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to Internal Revenue Service ("IRS") reporting. In addition, the Fund will prepare and transmit 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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| RISK FACTORS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investing in the Fund involves risks, including the risk that a Shareholder may receive little or no return on their investment or that a Shareholder may lose part or all of their investment. Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, see "Types of Investments and Related Risks." Shareholders should consider carefully the following principal risks before investing in the Fund:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unlike most closed-end funds, the Fund's Shares will not be listed on any securities exchange;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Although the Fund will implement a program to periodically repurchase shares, there is no guarantee that an investor will be able to sell all of the Shares that the investor desires to sell. The Fund should therefore be considered to offer limited liquidity;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The risks associated with limited liquidity may be amplified for Large Shareholders. In addition, repurchases by Large Shareholders could have a negative impact on the Fund, including the liquidity that may be available for other Shareholders;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is exposed to risks associated with changes in interest rates;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's distributions may be funded from offering proceeds, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Because bank loans are not typically registered under the federal securities laws like stocks and bonds, investors in loans have less protection against improper practices than investors in registered securities;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk, require a high level of analytical sophistication for successful investment and require active monitoring; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund may invest a portion of its assets in securities and credit instruments associated with real assets, including infrastructure, aviation and telecommunications, which have historically experienced substantial price volatility;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund may invest a portion of its assets in securities and credit instruments of companies in the real estate industry, which has historically experienced substantial price volatility; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Below investment grade instruments (also known as "junk bonds") have predominantly speculative characteristics and may be particularly susceptible to economic downturns, which could cause losses;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mezzanine investments generally are subject to various risks, including, without limitation: (i) a subsequent characterization of an investment as a "fraudulent conveyance"; (ii) the recovery as a "preference" of liens perfected or payments made on account of a debt in the 90 days before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called "lender liability" claims by the issuer of the obligations; and (v) environmental liabilities that may arise with respect to collateral securing the obligations.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Certain investments may be exposed to the credit risk of the counterparties with whom the Fund deals; <br>

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|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The valuation of securities or instruments that lack a central trading place (such as fixed-income securities or instruments) may carry greater risk than those that trade on an exchange;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund may be materially adversely affected by market, economic and political conditions and natural and man-made disasters, including pandemics, wars and supply chain disruptions, globally and in the jurisdictions and sectors in which the Fund invests;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Non-U.S. securities may be traded in undeveloped, inefficient and less liquid markets and may experience greater price volatility and changes in value – changes in foreign currency exchange rates may adversely affect the U.S. dollar value of and returns on foreign denominated investments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● CLOs may present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund's ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund's principal investment. Investments in structured vehicles, including equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk;<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● To qualify for and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Code, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements, and failure to do so could result in the loss of RIC status.<br>Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and Investing Funds should invest in the Fund only if they can sustain a complete loss of their investment.  |

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**FEES AND EXPENSES**

The following table illustrates the aggregate fees and expenses that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly.

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|:---|:---|
| **SHAREHOLDER TRANSACTION EXPENSES** |  |
| Sales Load (as a percentage of offering price) |  |
| Dividend Reinvestment and Cash Purchase Plan Fees |  |
| **ANNUAL EXPENSES**  |  |
| **(as a percentage of average net assets attributable to common shares)** |  |
| Management Fee | 0.00% |
| Interest Payments on Borrowed Funds | 0.00% |
| Distribution and/or Service (12b-1) fee |  |
| Other expenses<sup>(1)</sup> | 0.00% |
| Total annual fund operating expense after fee waiver and/or expense reimbursement | 0.00% |

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(1) Pursuant
 to the Administration Agreement with the Adviser, the Adviser and/or one of its affiliates
 pays all the Fund's expenses, on behalf of the Fund, with the following exceptions:
 interest; expenses related to borrowings, taxes, and brokerage; expenses incident to purchasing
 or disposing of investments, including transaction expenses; nonrecurring, extraordinary
 expenses; and acquired fund fees and expenses.

**THE FUND**

The Fund is a newly organized non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund is structured as an interval fund and continuously offers its Shares. The Fund was organized as a Delaware statutory trust on September 8, 2025 and has no operating history. The principal office of the Fund is located at 1 Vanderbilt Avenue, 16<sup>th</sup> Floor, New York, NY 10017 and its telephone number is 1-844-700-1478.

**INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES**

**Investment Objective**

The Fund's investment objective is to produce current income. The Fund's investment objective and investment opportunities and strategies described in the Fund's offering document, except for the six investment restrictions designated as fundamental policies, are not fundamental and may be changed by the board of trustees without shareholder approval.

**Investment Opportunities and Strategies**

Under normal circumstances, the Fund intends to invest at least 80% of its assets in Direct Credit. The Fund defines Direct Credit to consist primarily of the following credit strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Direct
 Lending (including first lien loans and unitranche loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Junior
 Capital Solutions (including second lien loans, unsecured debt, mezzanine loans and preferred equity); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Asset-based
 Lending (including, but not limited to, credit investments, investments in infrastructure, aviation and telecommunications).

In addition, the fund may also invest in the following Direct Credit strategies to a lesser extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Structured
 Credit (including CLOs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Liquid
 Credit (including broadly syndicated loans and credit selection in high yield bonds and leveraged loans).

The Fund will opportunistically allocate its investments across any number of the foregoing strategies, and the Fund's allocation across the various Direct Credit strategies is expected to change over time. The Fund may invest in additional strategies in the future.

While some of the loans in which the Fund intends to invest pursuant to the foregoing may be secured, the Fund may also invest in debt securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. Some of the loans in which the Fund may invest may be "covenant-lite" loans.

The Fund normally may invest in a number of different countries. There is no minimum or maximum limit on the amount of the Fund's assets that may be invested in non-U.S. securities.

**Access to OHA's Transaction Flow and Expertise*.*** OHA is a leading global alternatives investment firm specializing in private lending, distressed credit, structured credit, real assets, special situations, leveraged loans and high yield bonds. OHA manages approximately $112 billion of assets across credit strategies in pooled funds, CLOs and single investor mandates. The global and primarily institutional investor base of OHA and its affiliates includes pension funds, sovereign wealth funds, insurance companies, foundations, endowments, fund of funds, family offices and high net worth individuals.<sup>2</sup>

OHA's leading private lending platform focuses on directly originated and customized financing solutions for larger well-established corporate borrowers and, where applicable, their private equity sponsors. Approximately $47 billion of OHA's assets under management is invested in private strategies including private lending.

The Fund intends to capitalize on the significant ongoing growth in Direct Credit, particularly for financing solutions for Larger Borrowers and OHA's deep expertise in this area.

**Portfolio Composition**

The Fund's portfolio will consist of some combination of the following types of investments below. The Fund's allocation across each of these investment strategies may vary from time to time.

*Direct Lending.* Through its Direct Lending strategy, the Fund will focus on directly originated and customized private financing solutions, focused on "large cap" senior secured direct lending (including first lien senior secured loans and "unitranche" loans) targeting Larger Borrowers, although the Fund may make investments in issuers with EBITDA outside of such range, including middle market and/or less established companies or companies that are highly leveraged. The Adviser believes that credit profiles of Larger Borrowers generally benefit from greater business diversification, stronger market positions, experienced management teams and a greater ability to navigate challenging markets. The Fund may originate loans in accordance with its investment objective, investment strategies, fundamental investment restrictions and the limitations of the 1940 Act, including but not limited to Section 17 thereof. While the Fund will not be involved in servicing such loans, an affiliated person of the Fund may act as an agent in connection with the loans in accordance with the limitations of the 1940 Act. Additionally, consistent with its fundamental investment restriction relating to industry concentration, the Fund will not originate loans to issuers in any one industry or group of industries in an amount exceeding 25% of the Fund's total assets. The Fund's investments generally have stated terms of three to seven years, and the expected average life of the Fund's investments is generally two to three years. However, there is no limit to the maturity or duration of any investment that the Fund may hold in its portfolio. As part of its Direct Lending strategy, the Fund may issue letters of credit to certain portfolio companies. The payment obligations under a letter of credit would be subject to the satisfaction of certain conditions set forth in the letter of credit. The Fund will treat each letter of credit as an unfunded commitment for regulatory purposes.

*Junior Capital Solutions.* Through its Junior Capital Solutions strategy, the Fund intends to have the flexibility to invest in junior parts of the capital structure, with a focus on second lien loans, subordinated debt and preferred equity. The Adviser believes that the Fund's flexibility to invest across the capital structure is a distinctive component of its Direct Credit strategy that enhances the Fund's potential value-add to borrowers and sponsors and, in turn, the Fund's opportunity set over time. The Adviser believes that there are attractive opportunities for the Fund to engage very early in a financing process, particularly when junior capital is required, and to act as an anchor investor positioning it to drive deal terms.

*Asset-based Lending.* Through its Asset-based Lending strategy, the Fund intends to provide directly originated and privately negotiated capital solutions with bespoke documentation for real assets primarily within the infrastructure, aviation and telecommunications categories, including, without limitation, (i) ships, (ii) aircraft (including parts thereof) or aircraft-related assets, (iii) containers, railcars and other similar equipment, (iv) automobiles, (v) real estate and real estate related assets, including real estate investment trusts, (vi) infrastructure and infrastructure-related assets, (vii) energy and energy-related assets, (viii) telecommunication and telecommunication-related assets, (ix) data centers and (x) equipment and other related assets. The Fund will focus on debt transactions.

To a lesser extent, the Fund's portfolio will include the following types of investments:

<sup>2</sup> AUM estimated as of March 31, 2026. Refers to the discretionary and non-discretionary assets of investment advisory clients and of certain tactical relationships to which OHA provides management, advisory or sourcing and administrative services. AUM includes net asset value, drawn and undrawn debt at the portfolio level, portfolio value and/or unfunded capital, as applicable. AUM uses USD exchange rates as of the applicable month-end for any non-USD-denominated assets.

*CLOs/Structured Credit.* Through its CLOs/Structured Credit strategy, the Fund intends to invest in the debt and equity tranches of CLOs that are backed by senior secured corporate loans made to companies operating primarily in the U.S. or Europe. The Fund will focus on CLO investments sourced from the secondary market. The Fund expects that it may purchase tranches from sellers who are impacted by fund redemptions or regulatory pressures. The Fund will actively seek out CLOs backed by pools of collateral that have overlap with the Adviser's analyst coverage universe and portfolios and that are managed by third-party investment advisers with a demonstrated track record in CLO management. The Fund may also invest in asset-backed securities and other structured products.

*Liquid Credit.* Through its Liquid Credit strategy, the Fund intends to focus on idiosyncratic credit selection within high yield bonds and leveraged loans. The Fund intends to invest in instruments with robust liquidity profiles, including, but not limited to, publicly traded debt instruments (broadly syndicated loans, high yield bonds (junk bonds), convertible securities and notes) and Treasury securities. The Fund expects these investments to enhance its risk/return profile and serve as a source of liquidity for the Fund.

*Other Investment Strategies.* The Fund may also invest in notes, bills, debentures, convertible and preferred securities, government and municipal obligations and other credit instruments with similar economic characteristics. In addition, from time to time, the Fund may invest in or hold common stock and other equity securities incidental to the purchase or ownership of a credit investments or in connection with a reorganization of a borrower. The Fund may seek to hedge all or a portion of the Fund's foreign currency risk through the use of foreign currency forward contracts. Derivative instruments used by the Fund will be counted toward the Fund's policy of investing at least 80% of its assets in Direct Credit instruments. As a result, the market value of a derivative instrument that provides the Fund with indirect exposure to Direct Credit instruments will be counted toward the Fund's 80% policy. Derivatives may allow the Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than transactions in other types of instruments.

*Other Characteristics:*

*Foreign Instruments.* The Fund may make investments in non-U.S. entities, including issuers in emerging markets. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations, such as the United States or most nations in Western Europe. Emerging market countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Fund expects that its investment in non-U.S. issuers will be made primarily in U.S. dollar denominated securities, but it reserves the right to purchase securities that are foreign currency denominated. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S. issuers. Factors considered in determining whether an issuer may be deemed to be from a particular foreign country or geographic region include, among others, the issuer's principal trading market, the country in which the issuer was legally organized, whether the issuer derives a substantial portion of its operations or assets from a particular country or region or derives a substantial portion of its revenue or profits from businesses, investments or sales outside of the United States.

*Illiquid and Restricted Securities.* The Fund invests in instruments that, at the time of investment, are illiquid (generally, those securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities). The Fund may also invest, without limit, in securities that are unregistered (but are eligible for purchase and sale by certain qualified institutional buyers) or are held by control persons of the issuer and securities that are subject to contractual restrictions on their resale.

*Cash and Short-Term Investments*. The Fund may invest its cash balances in money market instruments, U.S. government securities, commercial paper, certificates of deposit, repurchase agreements and other high-quality debt instruments maturing in one year or less, among other instruments. In addition, for temporary defensive purposes, liquidity management or in connection with implementing changes in its asset allocation the Fund may invest in high-quality fixed income securities, money market instruments and money market funds. For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash equivalents and short-term debt securities.

 **The Investment Process**

The Adviser implements the Fund's strategy through a highly disciplined and consistent investment process. The key features of this process have been tested through multiple cycles since OHA's inception. These features include a deep, fundamental "private equity-style" due diligence process and a focus on loss avoidance and risk-adjusted returns. The investment process leverages the vast library of knowledge that OHA and its affiliates have gained investing in thousands of companies since the early 1990s. In addition, across its platform, OHA and its affiliates generally will have investments in several hundred companies at any given time. The Adviser believes that the strong integration of its investment team positions its investment process to benefit significantly from the vast amount of information gleaned on the broader economy, financial markets, and at the industry and company level across the platform. These insights are regularly shared between industry teams, portfolio managers and product specialists through frequent dialogue and collaboration leading to a diversity of perspective from all areas of OHA and its affiliates. The Fund's investment process will leverage OHA's over 130-person investment team across the U.S. and Europe. The Adviser believes that the consistency of OHA's process and the depth and experience of its investment team position it to build a diversified portfolio of Credit investments that generate attractive income-oriented returns with downside protection for the Fund.

 **Sourcing:** The Adviser believes that OHA has developed a strong sourcing network over its more than 30 years as a credit market specialist in the U.S. and Europe, which enhances its ability to generate a wide range of differentiated investment ideas. OHA has developed deep strategic relationships partnering with private equity sponsors, company management teams, bankers, attorneys, consultants, restructuring advisors and other key industry participants. The Adviser believes that having a broad sourcing strategy that focuses on direct origination from sponsors and management teams, as well as working with banks, advisors and other market participants positions the Adviser to source the greatest number of potentially attractive investments. This robust and diversified deal flow is particularly important given the Adviser's highly selective investment process and focus on risk-adjusted returns. Moreover, the Adviser believes that OHA and its affiliates have proven, and are viewed, to be creative and thoughtful partners that can work quickly and constructively to meet the needs of its counterparties.

The Adviser believes that the integration of its liquid and private credit investment strategies into a $112 billion<sup>3</sup> credit specialist platform solving diverse, often complex financing needs across these markets is a distinct sourcing advantage. Notably, the scale of OHA's firm-wide investment activities creates a high volume and frequency of engagement with sponsors, borrowers and other partners and counterparties. This framework continuously enriches knowledge of issuers, sponsors and their strategic and financing objectives across OHA's platform which drives private lending deal flow. For example, at any given time, OHA may be in dialogue with a sponsor on a private new issue transaction, a syndicated new issue transaction and a stressed or distressed investment that OHA acquired in the secondary market. That dialogue may be focused on existing portfolio companies, potential new buy-out or M&A opportunities. The Adviser believes that this frequency of dialogue not only enhances its relationships but also positions it to engage early when the next financing opportunity arises.

The Adviser further believes that OHA's industry-specialist investment model facilitates the working relationship and optimizes connectivity between market participants and the Adviser, further enhancing deal flow and proprietary sourcing. A private equity sponsor does not need to contact a separate team at OHA or be concerned that OHA may not have the appropriate capital to participate. OHA's integrated model fosters a highly efficient and consistent process for counterparties. For example, as the financing strategy evolves for a company, a transaction can shift from the liquid to private markets or from a second lien loan to a streamlined unitranche solution, and the Adviser believes that OHA can drive and transition nimbly with the opportunity toward the ultimate outcome. Given these dynamics, the Adviser believes that OHA has developed particularly strong relationships with the more active sponsors and transaction partners who work on larger transactions, which will be the focus of the Fund. Overall, the Adviser believes it is positioned to see both a large number of opportunities and a broad range of investment types across the capital structure.

<sup>3</sup> AUM estimated as of March 31, 2026. Refers to the discretionary and non-discretionary assets of investment advisory clients and of certain tactical relationships to which OHA provides management, advisory or sourcing and administrative services. AUM includes net asset value, drawn and undrawn debt at the portfolio level, portfolio value and/or unfunded capital, as applicable. AUM uses USD exchange rates as of the applicable month-end for any non-USD-denominated assets.

 **Screening:** A critical component of the investment process is screening to determine which opportunities will advance to the full due diligence process. Given the large number of potential opportunities that the Adviser expects to source for the Fund and the highly rigorous nature of its credit process, initial investment screening is highly selective. The screening process, which typically will include one or more members of the portfolio management team and the relevant industry team, will seek to ensure appropriate prioritization of Fund opportunities and resources. At this initial phase, the relevant team members will assess the likelihood that the opportunity may meet the Fund's return objectives while offering appropriate downside protection. The Adviser believes OHA's industry expertise and deep "library of knowledge" across companies and capital structures is particularly helpful in assessing opportunities. With respect to real asset-oriented and structured credit opportunities, the research team leverages deep relationships with real asset owners, securitization issuers and key service providers, where applicable. As part of the Adviser's intensive credit analysis, investment professionals also evaluate environmental, social and governance ("ESG") risks during the underwriting process. The entry into force of certain ESG-related regulatory regimes and further developments in regulatory expectations and best practices under such regimes, as well as any subsequent changes to the regulatory frameworks applying to ESG standards, reporting and compliance obligations, as applicable to the Adviser or the Fund, impose additional costs and the Adviser may require additional resources to monitor, report and comply with wide ranging ESG-related requirements. Considering ESG factors in the investment process could result in higher ESG compliance expenses or costs or the foregoing of certain opportunities. Furthermore, there are no universally accepted ESG standards, and not all investors may agree on the appropriate ESG standards to apply in a particular situation.

The Adviser emphasizes sectors it believes to be recession-resistant and in which it has significant experience by virtue of its industry specialization. The Adviser seeks to concentrate its investments in market leading businesses or unique assets and typically focuses on significant asset collateralization, protection through seniority in the capital structure, the quality of transaction documentation, attractive creation multiples and/or a current yield component. The Adviser believes OHA's expertise across the capital structure also enhances its ability to assess relative value, price risk and, in turn, prioritize opportunities that meet the Adviser's standards for full underwriting. With respect to real asset-oriented and structured credit investments, the process centers around an in-depth analysis of the underlying assets at a granular level, the structural documentation, and where applicable, manager behavior. The Adviser believes that its due diligence process across all asset types is significantly enhanced by the use of various proprietary analytic tools that it has developed over time.

 **Credit Underwriting:** Opportunities that screen positively for the Adviser's investment criteria proceed to the rigorous due diligence process by which the Adviser "surrounds" the credit with its full capabilities and resources. As noted, OHA's relevant industry team typically leads the analysis, leveraging its extensive knowledge and other teams as relevant.

Each industry team focuses on understanding the full competitive landscape of their sector, regulatory considerations, key performance drivers and other industry-specific risks and opportunities. They maintain relationships with management teams, sponsors and other relevant constituents, including customers, suppliers, industry consultants, bankers and rating agencies. Active dialogue with companies and industry participants allows the Adviser to better understand the drivers of a company's success, risks, strategy, culture and management team dynamics, which the Adviser believes leads to a better assessment of a company's long-term business prospects and value. The Adviser seeks to engage with management teams prior to making an investment and on a regular basis thereafter as part of its investment process. Sustainability matters are discussed and, if relevant, pursued with the company with the purpose of contributing to positive change.

Credit underwriting leverages the Adviser's "private-equity-style" due diligence process based on deep fundamental research. This process benefits from OHA's frequently advantaged access to borrowers and sponsors from its experience and reputation as a trusted financing partner and incumbent, or repeat, lender to companies in private and public markets. The continuity and depth of OHA's industry coverage also often offers opportunities to leverage proprietary insights from underwriting and investing in competitors and companies in the same industry ecosystem. Dedicated private credit investment professionals with primary responsibility for maintaining external relationships augments each industry team's ability to engage with sponsors and other transaction partners. The underwriting process seeks to be both quantitatively rigorous and qualitatively strong. It is highly iterative, with frequent conversations between the industry and portfolio management teams. Credit underwriting typically entails business analysis, capital structure analysis and valuation analysis, among other workflows. Business analysis typically involves a comprehensive fundamental evaluation of a company, including historical and projected financial modeling. Capital structure analysis evaluates the terms and structure of a company's debt and equity securities relative to the company's business risk. Valuation analysis considers the enterprise value of a company in both the public and private markets. In addition, the Adviser conducts in-depth analysis of underlying assets and their impact to potential loss scenarios as it consistently emphasizes loss avoidance and downside protection. The Adviser further believes that OHA's due diligence process across all asset types is enhanced by the use of various proprietary analytic tools that it has developed over time.

Detailed written reports will typically steer the discussions between the investment team and the portfolio management team members. These reports are used to evaluate an investment's merits and concerns and, if relevant, will include an analysis of environmental, social and governance (ESG) factors. These discussions are critical to the decision to make an investment, or to redirect the diligence process to areas that warrant further evaluation. In most cases, an extensive financial model is constructed to test how cash flows vary under different business scenarios, enriching the Adviser's understanding of business strengths, weaknesses and performance outlook for the company and financing options. The process is iterative with the model output prompting further research into the company's business and market and with the results of that research driving refinements to the model. Moreover, the Adviser believes that OHA's existing deep industry and company knowledge combined with its rigorous process and often advantaged engagement with borrowers and sponsors enable due diligence that is proprietary and differentiated relative to its peers.

Investment decisions for the Fund will be made by its portfolio management team. In reaching their decisions, the portfolio management team members will seek to draw upon all relevant expertise developed throughout their careers and across OHA for any given investment, with primary input coming from industry team members, asset class specialists and other portfolio managers of OHA.

 **Structuring/Execution:** the Adviser believes OHA's scale, integrated approach, structuring expertise and flexibility across capital structures position it to move quickly and drive transaction processes and optimal outcomes for all parties. In many cases, OHA has accumulated information on a specific company or investment opportunity over multiple years prior to making an investment, positioning it to execute more quickly than other potential financing providers. OHA typically works with lender groups that are small and seeks true partnerships between the lenders and sponsors and management teams, reinforcing its ability to drive transaction processes. The Adviser believes that OHA's demonstrated ability to lead private credit transactions is a potential source of incremental return as it allows Adviser to influence private credit deal terms and structures to the benefit of the Fund. The Adviser further believes that benefits of OHA's private solutions to borrowers, including process and customization advantages, better position it to structure legal documentation with a certain degree of downside protection in addition to negotiating attractive pricing. OHA's breadth and expertise also often enable it to offer multiple financing solutions increasing the opportunity to develop a structure that satisfies borrower objectives and the Adviser's return and downside protection priorities. The Adviser is actively involved in structuring and negotiates pricing, covenants and other terms directly with the sponsor and/or company. Industry teams work alongside the Fund's highly experienced and dedicated in-house documentation experts to ensure the Fund is securing the protections the Fund requires for completed investments. Every investment memorandum contains a detailed covenant analysis which is discussed in depth with the portfolio management team. If the team is unable to negotiate changes to weaker documentation relative to OHA's high standard, the Adviser often declines the investment opportunity on that basis.

 **Monitoring/Management:** Once an investment is made, the Adviser continuously monitors the activities and the financial condition of each portfolio company with the consistent analytical rigor of its credit underwriting process to proactively manage risk and optimize investment results. The monitoring process benefits from OHA's industry-specialist model as the same team that underwrote the investment monitors it until exited, which the Adviser believes leads to greater connectivity with the borrowers, advantaged access to company information, increased accountability and enhanced ability to anticipate and manage borrower challenges. Maintaining team consistency between the underwriting and post-investment phases ensures seamless monitoring of a company. The industry-specialist team is responsible for staying abreast of all news flow and keeping the portfolio managers informed of all relevant and material developments on the names they cover. In many cases, monitoring also involves significant dialogue with management and may involve more direct involvement with management and decision making, potentially including participation in management meetings and/or board level discussion. Typically, research analysts will attempt to meet with issuer management teams several times during the year. In addition, analysts will seek to leverage the breadth of their knowledge and their industry contacts to stay abreast of trends and anticipate how changes at suppliers and customers might impact the portfolio. The Adviser continues to leverage its role as a trusted financing partner to enhance this dialogue management teams. The Adviser believes that OHA's distressed investment expertise, which it has developed and honed in the North American and European markets since its inception, provides it with a distinct advantage monitoring investments. If one of the Adviser's performing credit investments encounters difficulty, OHA's distressed team will work directly with the relevant industry team to re-evaluate the company and capital structure from a distressed investing perspective and implement a strategy to optimize results. The industry team continues to maintain responsibility for their investment, sharing their accumulated knowledge and monitoring the investment through its entire life. The Adviser believes this collaborative approach is critical to forming a comprehensive understanding of a company's options in a stressed or distressed scenario, with the goals of preserving capital and capitalizing on opportunities to enhance returns if possible. The Adviser believes this is a key differentiating factor that has historically benefited performance across its strategies.

 **Real Asset-Oriented and Securitized Credit**: The Adviser's real asset investment process relies on the same fundamental approach as its general investment process described above. The Adviser utilizes OHA's vast library of industry knowledge and structuring expertise to perform its deep bottom-up diligence and in certain cases works closely with outside consultants. OHA also has dedicated internal resources focused primarily on the real asset space who work alongside industry-aligned investment professionals to combine deep knowledge of both the industry and the asset class. The Adviser relies on a granular analysis of underlying collateral, including matching collateral cash flows with structural protections and optimizing structures to create attractive risk-adjusted returns. The Adviser often seeks to create opportunities with equity-like return components that include strong downside structural protections. Similarly, the investment process for corporate securitized credit draws heavily on OHA's fundamentally-driven, research-oriented investment process employed within the corporate credit space. This process is based upon the belief that appropriate valuation relies on granular analysis of underlying collateral as well as, with respect to the Fund's CLO investments, an analysis of CLO manager behavior. OHA uses its proprietary CLO analytics platform to conduct various base case, upside and downside scenario analyses. This platform draws information from a variety of external service providers (e.g., financial news providers, pricing services and rating agencies), as well as data from OHA's Pulse system.

**THE ADVISER**

OHA Private Credit Advisors II, L.P., an investment adviser registered with the SEC under the Advisers Act, serves as the Adviser. The Adviser is a subsidiary of OHA, which is a subsidiary of TRPG.

OHA is a leading global alternatives investment firm specializing in private lending, distressed credit, structured credit, real assets, special situations, leveraged loans and high yield bonds. As of March 31, 2026, OHA manages approximately $112 billion<sup>4</sup> of assets across credit strategies in pooled funds, CLOs and single investor mandates.

OHA's leading private lending platform focuses on directly originated and customized financing solutions for larger, well-established corporate borrowers and, where applicable, their private equity sponsors. Approximately $47 billion of OHA's capital under management is invested in private strategies including private lending. OHA has a long history of private credit investing starting in 2002, which it believes demonstrates its capabilities and success in private lending. OHA manages numerous investment programs that focus on senior secured corporate private credit investments primarily in North America and Europe. These investment programs seek to capitalize on OHA's significant history and demonstrated success investing in private first lien and unitranche financings, as well as second lien loans and other corporate secured debt. These client solutions include other pooled investment vehicles and single investor mandates structured to solve the various objectives and requirements of OHA's global investor base.

OHA is headquartered in New York, New York, with additional primary offices in London, England; Fort Worth, Texas; Sydney, Australia; Hong Kong; and Luxembourg. OHA's professionals are fully integrated across industry and asset class specialists and geographies, have significant expertise across their respective functional areas and utilize a team-oriented approach. See "Conflicts of Interest" for further information regarding employees of OHA.

OHA has partnered with its parent TRPG (NASDAQ: TROW) (together with its subsidiaries, "T. Rowe") to offer the Adviser's institutional-quality investment strategy with T. Rowe's differentiated investor experience and world-class client service. T. Rowe Price is a wholly-owned subsidiary of TRPG, and OHA is a wholly-owned subsidiary of T. Rowe Price.

OHA was founded by Glenn R. August, the Chief Executive Officer of OHA. On December 29, 2021, T. Rowe acquired OHA, enhancing OHA's client solutions capabilities and accelerating T. Rowe's expansion into alternative credit markets. OHA operates as a standalone business of T. Rowe with autonomy over its consistent investment process and maintains its experienced team and collaborative culture. OHA and T. Rowe coordinate on product development initiatives, including the Fund, to deliver value-added client solutions that capitalize on their complementary capabilities.

T. Rowe offers investors around the globe an unparalleled combination of investment management excellence and world-class service. The firm has been managing investments since 1937 and, today, stands as a leader in its industry. T. Rowe is a financially strong, independent organization with a high level of employee ownership. T. Rowe is publicly traded, and its shares are included in the Standard & Poor's 500 Index.

T. Rowe offers global investors a broad array of equity, fixed income, multi-asset and alternative investment strategies through its various subsidiaries and affiliates. Across all of its investment strategies, T. Rowe emphasizes proprietary, fundamental research and risk management. With this focus, the firm believes that it can continue to provide superior, long-term risk-adjusted performance to investors.

**USE OF PROCEEDS**

The proceeds from the sale of Shares, net of the Fund's fees and expenses (if any), are invested by the Fund to pursue its investment program and strategies.

<sup>4</sup> AUM estimated as of March 31, 2026. Refers to the discretionary and non-discretionary assets of investment advisory clients and of certain tactical relationships to which OHA provides management, advisory or sourcing and administrative services. AUM includes net asset value, drawn and undrawn debt at the portfolio level, portfolio value and/or unfunded capital, as applicable. AUM uses USD exchange rates as of the applicable month-end for any non-USD-denominated assets. For the CLOs OHA manages, OHA's AUM is equal to the aggregate principal balance of collateral and principal proceeds, as applicable, in each case, based on the relevant Trustee report. Additional information on the AUM calculation methodology is available upon request. Private Strategies, Liquid Strategies and Structured Credit are based on the primary strategy of each investment vehicle and/or account, each of which may invest in multiple asset classes. The AUM provided here is distinct from regulatory assets under management (as reported on the Form ADV), GIPS assets under management calculations, and capital under management. Totals may not add due to rounding.

The Fund expects to invest the proceeds obtained by it promptly (and in any event, within three months) after receipt of such proceeds to pursue its investment program, investing the proceeds first in more liquid credits, then into other credit strategies as the opportunities become available to the Fund.

**TYPES OF INVESTMENTS AND RELATED RISKS**

*This section discloses further detail on the types of investments and the principal risk factors associated with investment in the Fund. Investors should carefully consider the risk factors described below before deciding on whether to make an investment in the Fund. The risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund's business, financial condition and/or operating results. If any of the following events occur, the Fund's business, financial condition and results of operations could be materially adversely affected. In such case, the NAV of the Fund's Shares could decline, and investors may lose all or part of their investment. Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and health conditions over the world, the risks below are heightened significantly compared to normal conditions. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions.*

**Risks Relating to Investment Strategies, Fund Investments and the Fund's Investment Program**

***Nature of the Fund's Investments.*** The Fund has a very broad mandate with respect to the type and nature of investments in which it participates. While some of the loans in which the Fund intends to invest may be secured, the Fund may also invest in debt or equity securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. In such instances, the ability of the Fund to influence an issuer's affairs, especially during periods of financial distress or following an insolvency is likely to be substantially less than that of senior creditors. For example, under terms of subordination agreements, senior creditors are typically able to block the acceleration of the debt or other exercises by the Fund of its rights as a creditor. Accordingly, the Fund may not be able to take the steps necessary to protect its investments in a timely manner or at all. In addition, the debt securities in which the Fund intends to invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and may not be rated by a credit rating agency.

The borrowers of loans constituting the Fund's assets may seek the protections afforded by bankruptcy, insolvency and other debtor relief laws. Bankruptcy proceedings are unpredictable as described further below in "Investments in Restructurings." Additionally, the numerous risks inherent in the insolvency process create a potential risk of loss by the Fund of its entire investment in any particular investment. Insolvency laws may, in certain jurisdictions, result in a restructuring of the debt without the Fund's consent under the "cramdown" provisions of applicable insolvency laws and may also result in a discharge of all or part of the debt without payment to the Fund.

Debt securities are also subject to other risks, including (i) the possible invalidation of an investment transaction as a "fraudulent conveyance," (ii) the recovery of liens perfected or payments made on account of a debt in the period before an insolvency filing as a "preference," (iii) equitable subordination claims by other creditors, (iv) so called "lender liability" claims by the issuer of the obligations (see "Risks Related to Investments in Loans") and (v) environmental liabilities that may arise with respect to collateral securing the obligations. Additionally, adverse credit events with respect to any issuer, such as missed or delayed payment of interest and/or principal, bankruptcy, receivership, or distressed exchange, can significantly diminish the value of the Fund's investment in any such company. The Fund's investments may be subject to early redemption features, refinancing options, pre-payment options or similar provisions which, in each case, could result in the issuer repaying the principal on an obligation held by the Fund earlier than expected. Accordingly, there can be no assurance that the Fund's investment objective will be realized.

In addition, during periods of market disruption, borrowers of loans constituting the Fund's assets may be more likely to seek to draw on unfunded commitments the Fund has made, and the Fund's risk of being unable to fund such commitments is heightened during such periods.

***Market Risk.*** The success of the Fund's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), trade barriers or tariffs, currency exchange controls, disease outbreaks, pandemics, and national and international political, environmental and socioeconomic circumstances (including wars, terrorist acts or security operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, as well as the impact of geopolitical tension. United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict, recent escalation of conflict in the Middle East and Southwest Asia and continued political and social unrest in various countries, such as Venezuela and Mexico, which have led, are currently leading, and for an unknown period of time will continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby. Most recently, on February 28, 2026, the United States and Israel launched a major assault on Iran with the stated aim of toppling the regime in Tehran, triggering regional Iranian retaliation across the Gulf, including attacks against targets in Qatar, the United Arab Emirates (UAE), Kuwait, Bahrain and Saudi Arabia. An escalation in this or other global conflicts may have a material adverse impact on the Fund, its portfolio companies and the market generally, including as a result of intense regional and global military and/or economic retaliation, major maritime disruptions in the Strait of Hormuz, and large-scale cyber warfare.

Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund's ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund's investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices.

Current and historic market turmoil has illustrated that market environments may, at any time, be characterized by uncertainty, volatility and instability. Serious economic disruptions may result in governmental authorities and regulators enacting significant fiscal and monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and considerably increasing or lowering interest rates, which, in some cases resulted in negative interest rates.

As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. These types of events quickly and significantly impact markets in the U.S. and across the globe leading to extreme market volatility and disruption. The extent and nature of the impact on supply chains or economies and markets from these events is unknown, particularly if a health emergency or other similar event, such as the COVID-19 outbreak in 2020, persists for an extended period of time. The value of the Fund's investment may decrease as a result of such events, particularly if these events adversely impact the operations and effectiveness of the Adviser or key service providers or if these events disrupt systems and processes necessary or beneficial to the investment advisory or other activities on behalf the Fund.

Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which the Fund invests, in ways that are unforeseeable. Future legislation or regulation or other governmental actions could limit or preclude the Fund's abilities to achieve its investment objective or otherwise adversely impact an investment in the Fund. Political and diplomatic events within the United States, including a contentious domestic political environment, changes in political party control of one or more branches of the U.S. government, the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, the threat of a U.S. government shutdown, and disagreements over, or threats not to increase, the U.S. government's borrowing limit (or "debt ceiling"), as well as political and diplomatic events abroad, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. government debt obligations, or concerns about the U.S. government's credit quality in general, could have a substantial negative effect on the U.S. and global economies. For example, concerns about the U.S. government's credit quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt. Moreover, although the U.S. government has honored its credit obligations, there remains a possibility that the United States could default on its obligations. The consequences of such an unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund's investments.

The Fund's investment strategy and the availability of opportunities satisfying the Fund's risk-adjusted return parameters relies in part on observable trends and conditions in the financial markets and in some cases the improvement of such conditions. Trends and historical events do not imply, forecast or predict future events and, in any event, 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.

Many of the issuers in which the Fund will make investments may be susceptible to economic slowdowns or recessions and may be unable to repay the loans made to them during these periods. Therefore, non-performing assets may increase and the value of the Fund's portfolio may decrease during these periods as the Fund is required to record the investments at their current fair value. Adverse economic conditions also may decrease the value of collateral securing some of the Fund's loans and the value of its equity investments. Economic slowdowns or recessions could lead to financial losses in the Fund's portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase the Fund's and the issuers' funding costs, limit the Fund's and the issuers' access to the capital markets or result in a decision by lenders not to extend credit to the Fund or the issuers. These events could prevent the Fund from increasing investments and harm its operating results.

An issuer's failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on its secured assets, which could trigger cross- defaults under other agreements and jeopardize the issuer's ability to meet its obligations under the debt that the Fund holds. The Fund may incur additional expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. In addition, if one of the issuers were to go bankrupt, depending on the facts and circumstances, including the extent to which the Fund will actually provide significant managerial assistance to that issuer, a bankruptcy court might subordinate all or a portion of the Fund's claim to that of other creditors.

The prices of financial instruments in which the Fund may invest can be highly volatile. General fluctuations in the market prices of securities may affect the value of the investments held by the Fund. Instability in the securities markets may also increase the risks inherent in the Fund's investments.

***Credit Risk.*** One of the fundamental risks associated with the Fund's investments is credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due. The Fund's return to investors would be adversely impacted if an issuer of debt in which the Fund invests becomes unable to make such payments when due.

Although the Fund may make investments that the Adviser believes are secured by specific collateral, the value of which may initially exceed the principal amount of such investments or the Fund's fair value of such investments, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. The Fund may also invest in leveraged loans, high yield securities, marketable and non-marketable common and preferred equity securities and other unsecured investments, each of which involves a higher degree of risk than senior secured loans. Furthermore, the Fund's right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of a senior lender, to the extent applicable. Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In addition, loans may provide for payments-in-kind, which have a similar effect of deferring current cash payments. In such cases, an issuer's ability to repay the principal of an investment may depend on a liquidity event or the long-term success of the company, the occurrence of which is uncertain.

With respect to the Fund's investments in any number of credit products, if the borrower or issuer breaches any of the covenants or restrictions under the credit agreement that governs loans of such issuer or borrower, it could result in a default under the applicable indebtedness as well as the indebtedness held by the Fund. Such default may allow the creditors to accelerate the related debt and may result in the acceleration of any other debt to which a cross-acceleration or cross-default provision applies. This could result in an impairment or loss of the Fund's investment or a pre-payment (in whole or in part) of the Fund's investment.

Similarly, while the Fund will generally target investing in companies it believes are of high quality, these companies could still present a high degree of business and credit risk. Companies in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or the continuation or worsening of the current (or any future) economic and financial market downturns and dislocations. As a result, companies that the Fund expected to be stable or improve may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial condition or experience financial distress. In addition, exogenous factors such as fluctuations of the equity markets also could result in warrants and other equity securities or instruments owned by the Fund becoming worthless.

***Credit Spread Risk.*** Credit spread risk is the risk that credit spreads (*i.e.*, the difference in yield between securities that is due to differences in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent years, the U.S. capital markets experienced extreme volatility and disruption following the spread of COVID-19, the conflict between Russia and Ukraine and other economic disruptions, which increased the spread between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Central banks and governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits of these financial institutions from the market may reintroduce temporary illiquidity. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***Risks Related to Investments in Loans.*** The Fund may invest in loans, either through primary issuances or in secondary transactions, including potentially on a synthetic basis. The value of the Fund's loans may be detrimentally affected to the extent a borrower defaults on its obligations. There can be no assurance that the value assigned by the Adviser can be realized upon liquidation, nor can there be any assurance that any related collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a borrower) that could cause the Fund's security interest in the loan's collateral to be invalidated. Also, much of the collateral will be subject to restrictions on transfer intended to satisfy securities regulations, which will limit the number of potential purchases if the Fund intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time cost involved in collecting on defaulted loans and, if applicable, taking possession of various types of collateral.

The portfolio may include first lien senior secured, second and third lien loans and any other loans.

***Covenant-Lite Loans.*** Some of the loans in which the Fund may invest may be "covenant-lite" loans. "Covenant-lite" loans refer generally to loans that do not have a complete set of financial maintenance covenants. 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 the Fund invests in "covenant-lite" loans, the Fund 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.

***First Lien Senior Secured Loans.*** It is expected that when the Fund makes a senior secured term loan investment in an issuer, it will generally take a security interest in substantially all of the available assets of the issuer, including the equity interests of its domestic subsidiaries, which the Fund expects to help mitigate the risk that it will not be repaid. However, there is a risk that the collateral securing the Fund's loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the issuer to raise additional capital, and, in some circumstances, the Fund's lien could be subordinated to claims of other creditors. In addition, deterioration in an issuer's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that the Fund will receive principal and interest payments according to the loan's terms, or at all, or that it will be able to collect on the loan should it be forced to enforce its remedies.

***Second Lien Senior Secured Loans and Junior Debt investments.*** Second and third lien loans are subject to the same investment risks generally applicable to senior loans described above. The Fund's second lien senior secured loans will be subordinated to first lien loans and the Fund's junior debt investments, such as mezzanine loans, generally will be subordinated to both first lien and second lien loans and have junior security interests or may be unsecured. As such, to the extent the Fund holds second lien senior secured loans and junior debt investments, holders of first lien loans may be repaid before the Fund in the event of a bankruptcy or other insolvency proceeding. Therefore second and third lien loans are subject to additional risk that the cash flow of the related obligor and the property securing the second or third lien loan may be insufficient to repay the scheduled payments to the lender after giving effect to any senior secured obligations of the related obligor. This may result in an above average amount of risk and loss of principal. Second and third lien loans are also expected to be more illiquid than senior loans.

***Unsecured Loans.*** Unsecured loans are subject to the same investment risks generally applicable to loans described above but are subject to additional risk that the assets and cash flow of the related obligor may be insufficient to repay the scheduled payments to the lender after giving effect to any secured obligations of the obligor. Unsecured loans will be subject to certain additional risks to the extent that such loans may not be protected and such loans are not secured by collateral, financial covenants or limitations upon additional indebtedness. Unsecured loans are also expected to be a more illiquid investment than senior loans for this reason.

***Other Risks Related to Loans.*** Under the agreements governing most syndicated loans, should a holder of an interest in a syndicated loan wish to call a default or exercise remedies against a borrower, it could not do so without the agreement of at least a majority of the other lenders. Actions could also be taken by a majority of the other lenders, or in some cases, a single agent bank, without the consent of all lenders. Each lender would nevertheless be liable to indemnify the agent bank for its ratable share of expenses or other liabilities incurred in such connection and, generally, with respect to the administration and any renegotiation or enforcement of the syndicated loans. Moreover, an assignee or participant in a loan may not be entitled to certain gross-up payments in respect of withholding taxes and other indemnities that otherwise might be available to the original holder of the loan.

Furthermore, the Adviser may invest a portion of the Fund's assets in bank loans and participations. The special risks associated with these obligations include (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (ii) adverse consequences resulting from participating in such instruments with other institutions with lower credit quality and (iii) limitations on the ability of the Fund or the Adviser to directly enforce its rights with respect to participations. The Adviser will seek to balance the magnitude of these and other risks identified by it against the potential investment gain prior to entering into each such investment. Successful claims by third parties arising from these and other risks, absent bad faith, may be borne by the Fund. Bank loans are frequently traded on the basis of standardized documentation which is used in order to facilitate trading and market liquidity. There can be no assurance, however, that future levels of supply and demand in bank loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue or that the same documentation will be used in the future. The settlement of trading in bank loans often requires the involvement of third parties, such as administrative or syndication agents, and there presently is no central clearinghouse or authority which monitors or facilitates the trading or settlement of all bank loan trades. Often, settlement may be delayed based on the actions of any third party or counterparty, and adverse price movements may occur in the time between trade and settlement, which could result in adverse consequences for the Fund.

In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed "lender liability"). Generally, 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 a 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.

The Fund may acquire interests in bank loans either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting party under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating out the interest and not with the borrower. In purchasing participations, the Fund typically will not have the right to vote on matters requiring a vote of holders of the underlying debt and may have no right to enforce compliance by the borrower with the terms of the loan agreement, or any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, if the Fund were to hold a participation, it would assume the credit risk of both the borrower and the institution selling the participation to the Fund. In certain circumstances, investing in the form of participation may be the most advantageous or only route for the Fund to make or hold any such investment, including in light of limitations relating to local laws or the willingness of administrative agents or borrowers to allow the Fund to become a direct lender.

Finally, loans may become non-performing for a variety of reasons. Non-performing debt obligations may require substantial workout negotiations, restructuring or bankruptcy filings that may entail a substantial reduction in the interest rate, deferral of payments and/or a substantial write-down of the principal of a loan or conversion of some or all of the debt to equity. Additional costs associated with these activities may reduce returns.

***Unitranche Loans.*** Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the "first out" tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the "last out" tranche, which is generally paid after the "first out" tranche is paid. The Fund intends to participate in "first out" and "last out" tranches of unitranche loans and make single unitranche loans.

***Investments in Middle-Market Companies.*** Investments in middle-market companies such as those that the Fund may invest in, while often presenting greater opportunities for growth, may also entail larger risks than are customarily associated with investments in large companies. Middle-market companies may have more limited product lines, capitalization, markets and financial resources, and may be dependent on a smaller management group. As a result, such companies may be more vulnerable to general economic trends and to specific changes in markets and technology. In addition, future growth may be dependent on additional financing, which may not be available on acceptable terms when required. Furthermore, there is ordinarily a more limited marketplace for the sale of interests in smaller, private companies, which may make realizations of gains more difficult, by requiring sales to other private investors. In addition, the relative illiquidity of investments held by closed-end funds generally, and the somewhat greater illiquidity of closed-end fund investments in middle-market companies, could make it difficult for the Fund to react quickly to negative economic or political developments.

***Investments in Less Established Companies.*** The Fund may invest a portion of its assets in the securities of less established companies. Certain of the investments may be in businesses with little or no operating history. Investments in such early-stage growth companies may involve greater risks than are generally associated with investments in more established companies. To the extent there is any public market for the securities held by the Fund, such securities may be subject to more abrupt and erratic market price movements than those of larger, more established companies. Less established companies tend to have lower capitalizations and fewer resources and are, therefore, often more vulnerable to financial failure. Such companies also may have shorter operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow. There can be no assurance that any such losses will be offset by gains (if any) realized on the Fund's other investments. In addition, less mature companies could be deemed to be more susceptible to irregular accounting or other fraudulent practices. In the event of fraud by any company in which the Fund invests, the Fund may suffer a partial or total loss of capital invested in that company.

The Fund may invest in issuers that: (i) have little or no operating history, (ii) offer services or products that are not yet ready to be marketed, (iii) are operating at a loss or have significant fluctuations in operating results, (iv) are engaged in a rapidly changing business or (v) need substantial additional capital to set up internal infrastructure, hire management and personnel, support expansion or achieve or maintain a competitive position. Such issuers may face intense competition, including competition from companies with greater financial resources, more extensive capabilities and a larger number of qualified managerial and technical personnel.

***High Yield Debt.*** The Fund may invest in debt securities that may be classified as "higher-yielding" (and, therefore, higher-risk) debt securities (also known as "junk bonds"). In most cases, such debt will be rated below "investment grade" or will be unrated and will face both ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer's failure to make timely interest and principal payments. The market for high yield securities (junk bonds) has experienced periods of volatility and reduced liquidity. High yield securities (junk bonds) may or may not be subordinated to certain other outstanding securities and obligations of the issuer, which may be secured by all or substantially all of the issuer's assets. High yield securities (junk bonds) may also not be protected by financial covenants or limitations on additional indebtedness. The market values of certain of these debt securities may reflect individual corporate developments. General economic recession or a major decline in the demand for products and services in the industry in which the borrower operates would likely have a materially adverse impact on the value of such securities or could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high yield debt securities (junk bonds).

***Distressed Credit Investments.*** The Fund's distressed credit investments (*e.g.*, investments in defaulted, out-of-favor or distressed bank loans and debt and equity securities) are inherently speculative and are subject to a high degree of risk. Companies experiencing financial distress are often those operating at a loss or with substantial variations in operating results from period to period. Companies experiencing financial distress may be involved in insolvency proceedings and have the need for substantial additional capital to support continued operations or to improve their financial condition and may have very high amounts of leverage. Distressed companies typically are in default under, or have a significant risk of an inability to service, their debt obligations, especially during an economic downturn or periods of rising interest rates, may not have access to more traditional methods of financing and may be unable to repay debt by refinancing. Investments in distressed companies may be premised on a turnaround strategy. If turnarounds are not achieved, these companies could experience failures or substantial declines in value, and the Fund may not be able to divest itself of such unprofitable investments in a timely fashion or at all. Additionally, turnarounds may not be achieved within the contemplated investment horizons.

The value of distressed instruments tends to be more volatile and may have an increased price sensitivity to changing interest rates and adverse economic and business developments than other securities or instruments. Distressed credit investments are often more sensitive to company-specific developments and changes in economic conditions than other securities. Furthermore, distressed debt instruments are often unsecured and may be subordinated to senior debt. Accordingly, an investment in the Fund should only be considered by persons who can afford a loss of their entire investment.

***Mezzanine Investments.*** The Fund may make mezzanine investments. Such investments, if made, may be unsecured and made in companies whose capital structures have significant indebtedness ranking ahead of the Fund's investments, all or a significant portion of which may be secured. While the Fund's mezzanine investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking ahead of such investments and may benefit from cross-default provisions and security over the assets of the issuer, 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 insolvency, is likely to be substantially less than that of senior creditors. Mezzanine investments generally are subject to various risks, including, without limitation: (i) a subsequent characterization of an investment as a "fraudulent conveyance"; (ii) the recovery as a "preference" of liens perfected or payments made on account of a debt in the 90 days before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called "lender liability" claims by the issuer of the obligations; and (v) environmental liabilities that may arise with respect to collateral securing the obligations.

***Collateralized Loan Obligations.*** In the case of most CLOs, the 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 mezzanine tranches, and scheduled payments to mezzanine tranches have a priority in right of payment to subordinated/equity tranches.

In light of the above, CLOs may therefore present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund's ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund's principal investment. Investments in structured vehicles, including 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.

In addition to the general risks associated with investing in debt securities, CLO securities carry additional risks, including: (1) the possibility that distributions from collateral assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) investments in CLO equity and junior debt tranches will likely be subordinate in right of payment to other senior classes of CLO debt; and (4) the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. Additionally, changes in the collateral held by a CLO may cause payments on the instruments held by the Fund to be reduced, either temporarily or permanently. CLOs also may be subject to prepayment risk. Further, the performance of a CLO may be adversely affected by a variety of factors, including the security's priority in the capital structure of the issuer thereof, the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral and the capability of the servicer of the securitized assets. There are also the risks that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. In addition, the complex structure of the security may produce unexpected investment results, especially during times of market stress or volatility.

Investing in securities of CLOs involves the possibility of investments being subject to potential losses arising from material misrepresentation or omission on the part of borrowers whose loans make up the assets of such entities. Such inaccuracy or incompleteness may adversely affect the valuation of the receivables or may adversely affect the ability of the relevant entity to perfect or effectuate a lien on the collateral securing its assets. The CLOs in which the Fund invests will rely upon the accuracy and completeness of representations made by the underlying borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness. The quality of the Fund's investments in CLOs is subject to the accuracy of representations made by the underlying borrowers. In addition, the Fund is subject to the risk that the systems used by the originators of CLOs to control for accuracy are defective. Under certain circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment.

To the extent underlying default rates with respect to the securities in which the Fund invests occur or otherwise increase, the performance of the Fund's investments may be adversely affected. The rate of defaults and losses on debt instruments will be affected by a number of factors, including global, regional and local economic conditions in the area where the borrower operates, the financial circumstances of the borrower as well as the general market conditions. A decline in global markets (or any particular sub-market thereof) may result in higher delinquencies and/or defaults as borrowers may not be able to repay or refinance their outstanding debt obligations when due for a variety of reasons, which may adversely affect the performance of the Fund's investments.

CLOs typically will have no significant assets other than the assets underlying such CLOs, including, but not limited to, secured loans, leveraged loans, project finance loans, unsecured loans, cash collateralized letters of credit and other asset-backed obligations, and/or instruments (each of which may be listed or unlisted and in bearer or registered form) that serve as collateral. Payments on the CLO securities are and will be payable solely from the cash flows from the collateral, net of all management fees and other expenses.

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

Issuers may be subject to management, administration and incentive or performance fees. Payment of such additional fees will adversely impact on the returns achieved by the Fund.

The Fund may hold securities that are in a first loss or subordinated position with respect to realized losses on the collateral of its issuers. The leveraged nature of CLOs, in particular, magnifies the adverse impact of loan defaults. CLO investments represent a leveraged investment with respect to the underlying loans. Therefore, changes in the market value of the CLO investments could be greater than the change in the market value of the underlying loans, which are subject to credit, liquidity and interest rate risk.

The Fund's investments and the assets that collateralize them may prepay more quickly than expected and have an impact on the value of the Fund. Prepayment rates are influenced by changes in interest rates and a variety of factors beyond the Fund's control and consequently cannot be accurately predicted. Early prepayments give rise to increased re-investment risk, as the Fund or a CLO collateral manager might realize excess cash from prepayments earlier than expected. If the Fund or a CLO collateral manager is unable to reinvest such cash in a new investment with an expected rate of return at least equal to that of the investment repaid, this may reduce net income and the fair value of that asset.

The Fund is expected to rely on CLO collateral managers to administer and review the portfolios of collateral they manage. The actions of the CLO collateral managers may significantly affect the return on investments. The ability of each CLO collateral manager to identify and report on issues affecting its securitization portfolio on a timely basis could also affect the return on investments, as the Fund may not be provided with information on a timely basis in order to take appropriate measures to manage its risks. The Fund is also expected to rely on CLO collateral managers to act in the best interests of a CLO it manages. If any CLO collateral manager were to act in a manner that was not in the best interest of the CLOs (*e.g.*, gross negligence, with reckless disregard or in bad faith), this could adversely impact the overall performance of investments.

There could in the future be circumstances when uncertainty exists with respect to the roles of certain parties in respect of the Fund's issuers. Various issues may arise for which there may not be a clear answer in the transaction documents of such issuers, such as, for example only, whether the trustee is obligated to actively search for breaches of representations and warranties, whether holders of the issuer should be allowed access to all deal documents and whether principal forgiveness should be treated as a realized loss. The manner in which these open issues are resolved, specifically those which impact the receipt and allocation of underlying cash flows and losses, could adversely impact the Fund's future investments in issuers.

The failure of servicers to effectively service the loans underlying certain of the investments in the Fund would materially and adversely affect the Fund. Most securitizations of loans require a servicer to manage collections on each of the underlying loans. Both default frequency and default severity of loans may depend upon the quality of the servicer. If servicers are not vigilant in encouraging borrowers to make their monthly payments, the borrowers may be far less likely to make these payments, which could result in a higher frequency of default. If servicers take longer to liquidate non-performing assets, loss severities may tend to be higher than originally anticipated. The failure of servicers to effectively service the receivables underlying certain assets in the Fund's investments could negatively impact the value of its investments and its performance. Servicer quality is of prime importance in the default performance of certain personal loans. Servicers may go out of business which would require a transfer of servicing to another servicer. Such transfers take time and loans may become delinquent because of confusion or lack of attention. Servicers may be required to advance interest on delinquent loans to the extent the servicer deems those advances recoverable. In the event the servicer does not advance, interest may be interrupted even on more senior securities. Servicers may also advance more than is in fact recoverable once a defaulted loan is disposed, and the loss to the trust may be greater than the outstanding principal balance of that loan (greater than 100% loss severity). For securitizations with corporate loans, the collateral manager's role in reinvestment of principal amortization in performing credits and with respect to loans that default, as well as its ability to actively manage the portfolio through trading, will have a significant impact on the value of the underlying collateral and the performance of its securitization. If the collateral manager reinvests proceeds into loans which then default, does not sell loans before such loans default close to the original purchase price or does not effectively contribute to a restructuring process to maximize value of the loan the securitization owns, the collateral manager could materially and adversely impact the Fund's investments.

The Fund's investment strategy with respect to certain investments (or types of investments) may be based, in part, upon the premise that interests in issuers and/or an issuer's underlying collateral that are otherwise performing may from time to time be available for participation by the Fund at "discounted" rates or at "undervalued" prices. Purchasing debt instruments and/or other interests at what may appear to be "undervalued" or "discounted" levels is no guarantee that these investments will generate attractive risk-adjusted returns to the Fund or will not be subject to further reductions in value. 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 and other securities in which the Fund invests may decline substantially. In particular, purchasing debt instruments or other assets at what may appear to be "undervalued" or "discounted" levels is no guarantee that these assets will not be trading at even lower levels at a time of valuation or at the time of sale. It may not be possible to predict such "spread widening" risk. Additionally, the perceived discount in pricing from previous environments described herein may still not reflect the true value of the collateral assets underlying debt instruments in which the Fund invests.

The fair value of investments may be significantly affected by changes in interest rates. Investments in senior-secured loans through CLOs are sensitive to interest rate levels and volatility. Although CLOs are generally structured to mitigate the risk of interest rate mismatch, there may be some difference between the timing of interest rate resets on the assets and liabilities of a CLO. Such a mismatch in timing could have a negative effect on the amount of funds distributed to CLO investors. In addition, CLOs may not be able to enter into hedge agreements, even if it may otherwise be in the best interests of the CLO to hedge such interest rate risk. Furthermore, in the event of a significant 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 its assets and operating results.

CLOs are typically actively managed by an investment manager, and as a result the interests therein are traded, subject to credit rating agency and other constraints, by such investment manager. The aggregate return on the CLO equity securities will depend in part upon the ability of each investment manager to actively manage the issuer's portfolio of assets. Additionally, CLOs may be negatively impacted by rating agency actions, and if the securities issued by, or the portfolio securities of, a CLO are downgraded, the Fund's investment may decline in value. It is possible that an affiliate of the Fund may participate (in certain instances) in the review and approval of the initial collateral selection of the Fund's issuers as well as any collateral additions to the portfolio. In times of market stress, valuation of CLO securities may reflect wide bid-ask spreads from numerous valuation sources and be subject to good faith valuations. However, the exercise of control over an issuer could expose the assets of the Fund to claims by such issuer, its investors and its creditors. While the Adviser intends to manage the Fund in a manner that will minimize the exposure of these risks, the possibility of successful claims cannot be precluded.

Between the closing date and the effective date of a CLO, the CLO collateral manager will generally expect to purchase additional collateral obligations for the CLO. During this period, the price and availability of these collateral obligations may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of collateral obligations that will satisfy specified concentration limitations and allow the CLO to reach the target initial par amount of collateral prior to the effective date. An inability or delay in reaching the target initial par amount of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the CLO debt securities and distributions on the CLO equity securities and could result in early redemptions which may cause CLO debt and equity investors to receive less than face value of their investment.

***Interest Rate Risk.*** General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on the Fund's investments and investment opportunities and, accordingly, may have a material adverse effect on the Fund's rate of return on invested capital, the Fund's net investment income and the Fund's NAV. Certain of the Fund's debt investments will have variable interest rates that reset periodically based on benchmarks such as SOFR and the prime rate, so an increase in interest rates may make it more difficult for issuers to service their obligations under the debt investments that the Fund will hold. In addition, to the extent the Fund borrows money to make investments, its returns will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on the Fund's net investment income to the extent it uses debt to finance its investments. In periods of rising interest rates, the Fund's cost of funds would increase, which could reduce its net investment income. In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner, although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). From time to time, the Fund may be exposed to medium- to long-term spread duration securities. Longer spread duration securities have a greater adverse price impact to increases in interest rates. Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules.

If general interest rates rise, there is a risk that the portfolio companies in which the Fund holds floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on the Fund to provide fixed rate loans to the Fund's portfolio companies, which could adversely affect the Fund's net investment income, as increases in the cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

***Inflation Risk.*** Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely increase, which would tend to further reduce returns to shareholders.

***Real Assets Investments Risk.*** The Fund may invest a portion of its assets in credit instruments associated with real assets, including infrastructure and aviation, which have historically experienced substantial price volatility. The value of companies engaged in these industries is affected by (i) changes in general economic and market conditions; (ii) changes in environmental, governmental and other regulations; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) surplus capacity and depletion concerns; (viii) the availability of financing; and (ix) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing typically plays a critical role in the success of these investments. As a result, such investments are subject to credit risk because borrowers may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The Adviser's assessment, or a rating agency's assessment, of borrower credit quality may prove to be overly optimistic. The value of securities in these industries may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general.

***Real Estate Investments Risk.*** The Fund may acquire, directly or indirectly, debt and/or equity interests in real estate. The real estate investments of the Fund will be subject to the risks generally incident to the ownership of real property, including uncertainty of cash flow to meet fixed and other obligations; adverse changes in local market conditions, population trends, neighborhood values, community conditions, general economic conditions, local employment conditions, interest rates, and real estate tax rates; changes in fiscal policies; competition from other properties; and uninsured losses and other risks that are beyond the control of the Fund, such as the threat of terrorism and their consequences. There can be no assurance of profitable operations because the cost of owning the Fund's real estate investments may exceed the income produced, particularly since certain expenses related to real estate and its development and ownership, such as property taxes, utility costs, maintenance costs and insurance, tend to increase over time and are largely beyond the control of the owner. In addition, the Fund's ownership of equity interests in real estate may have tax consequences for certain investors that do not apply in the case of the Fund's ownership of debt interests in real estate. To the extent the Fund makes investments in real estate assets (or a pool of real estate assets) that are geographically dispersed, leased to (or otherwise exposed to the credit risk of) a geographically diverse group of counterparties whose location changes on an ongoing basis and/or that otherwise have a "global" risk profile, the Adviser will, in its discretion, assign a country of risk for purposes of any applicable investment limitations or other purposes, which country of risk may not correspond with the actual geographic risk of some or all of such assets, and/or determine to exclude such assets from any such geographic limitations.

Certain real estate investment opportunities may originate from owners who are insolvent or in serious financial difficulty. As a result, the recourse to the sellers and/or the standards by which such properties are being serviced or operated may be adversely affected.

With respect to particular real estate credit investments, real estate debt instruments that are in default may require a substantial amount of workout negotiations and/or restructuring, which may entail, among other things, a substantial reduction in the interest rate and/or a substantial write-down of the principal of such debt instruments. Even if a restructuring were successful, a risk exists that upon maturity of such real estate debt instrument, replacement "takeout" financing will not be available. It is possible that the Adviser may find it necessary or desirable to foreclose on collateral securing one or more real estate debt instruments purchased by the Fund. The foreclosure process can be lengthy, uncertain and expensive. Real estate risks typically include fluctuations in the real estate markets, slowdown in demand for the purchase or rental of properties, changes in the relative popularity of property types and locations, the oversupply of a certain type of property, changes in regional, national and international economic conditions, adverse local market conditions, the financial conditions of tenants, buyers and sellers of properties, changes in building, environmental, zoning and other laws and other governmental rules and fiscal policies, changes in real property tax rates or the assessed values of the investments, changes in interest rates and the availability or terms of debt financing, changes in operating costs, risks due to dependence on cash flow, environmental claims arising in respect of real estate acquired with undisclosed or unknown environmental problems or as to which inadequate reserves had been established, uninsured casualties, risks due to dependence on cash flow and risks and operating problems arising out of the presence of certain construction materials, unavailability of or increased cost of certain types of insurance coverage, such as terrorism insurance, fluctuations in energy prices, acts of God, natural disasters and uninsurable losses, acts of war (declared and undeclared), terrorist acts, strikes and other factors which are not within the control of the Adviser.

***Preferred Stock.*** Preferred stock generally has a preference as to dividends and upon the event of liquidation over an issuer's common stock, but it ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash (or additional shares of preferred stock) at a defined rate, but unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock may also be subject to optional or mandatory redemption provisions.

***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 a different issuer within a particular period of time at a specified price or formula. A convertible security generally entitles its holder to receive interest or a dividend until the convertible security matures or is redeemed or converted. Convertible securities generally: (i) have higher yields than the dividends on the underlying common stocks, but lower yields than non-convertible securities of a comparable duration; (ii) are less volatile in price than the underlying common stock due to their fixed-income characteristics; (iii) have a significant option component to their value which is directly impacted by the prevailing market volatility and interest rates; and (iv) 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 feature) 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) as well as market volatility (with the conversion value increasing as market volatility increases). The credit standing of the issuer and other factors may also have an effect on 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 that 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 with an option) as the convertible security approaches maturity.

A convertible security may be subject to redemption at the option of the issuer. If a convertible security held by the Fund is called for redemption, the Fund will be required either to permit the issuer to redeem the security or convert it into the underlying common stock. Either of these actions could have an adverse effect on the value of the position.

***Limited Amortization Requirements.*** The Fund may invest in loans that have limited mandatory amortization requirements. While these loans may obligate an issuer to repay the loan out of asset sale proceeds, with annual excess cash flow or by refinancing upon maturity, repayment requirements may be subject to substantial limitations that would allow an issuer to retain such asset sale proceeds or cash flow, thereby extending the expected weighted average life of the investment. In addition, a low level of amortization of any debt over the life of the investment may increase the risk that an issuer will not be able to repay or refinance the loans held by the Fund when it matures.

***Securities on a When-Issued or Forward Commitment Basis.*** The Fund may purchase securities on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions. The settlements of secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants are subject to delayed compensation. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.

***Prepayment Risk.*** Prepayment risk relates to the early repayment of principal on a loan or debt security. Loans are generally callable at any time, and certain loans may be callable at any time at no premium to par. The Adviser is generally unable to predict the rate and frequency of such repayments. Whether a loan is called will depend both on the continued positive performance of the issuer and the existence of favorable financing market conditions that allow such issuer the ability to replace existing financing with less expensive capital. As market conditions change frequently, the Adviser will often be unable to predict when, and if, this may be possible for each of the Fund's issuers. Having the loan or other debt instrument called early may have the effect of reducing the Fund's actual investment income below its expected investment income if the capital returned cannot be invested in transactions with equal or greater yields.

***Investments in Highly Leveraged Issuers.*** The Fund's investments are expected to include investments in issuers whose capital structures have significant leverage (including substantial leverage senior to the Fund's investments), a considerable portion of which may be at floating interest rates. The leveraged capital structure of such issuers will increase their exposure to adverse economic factors such as rising interest rates, downturns in the economy or further deteriorations in the financial condition of the issuer or its industry. This leverage may result in more serious adverse consequences to such companies (including their overall profitability or solvency) in the event these factors or events occur than would be the case for less leveraged issuers. In using leverage, these issuers may be subject to terms and conditions that include restrictive financial and operating covenants, which may impair their ability to finance or otherwise pursue their future operations or otherwise satisfy additional capital needs. Moreover, rising interest rates may significantly increase the issuers or project's interest expense, or a significant industry downturn may affect a company's ability to generate positive cash flow, in either case causing an inability to service outstanding debt. The Fund's investments may be among the most junior financing in an issuer's capital structure. In the event such issuer cannot generate adequate cash flow to meet debt obligations, the company may default on its loan agreements or be forced into bankruptcy resulting in a restructuring or liquidation of the company, and the Fund, particularly in light of the subordinated and/or unsecured position of the Fund's investments, may suffer a partial or total loss of capital invested in the company, which could adversely affect the return of the Fund.

***Non-Performing Investments.*** The Fund's portfolio may include investments whose underlying collateral are "non-performing" and that are typically highly leveraged, with significant burdens on cash flow and, therefore, involve a high degree of financial risk. During an economic downturn or recession, securities of financially troubled or operationally troubled issuers are more likely to go into default than securities or instruments of other issuers. Securities or instruments of financially troubled issuers and operationally troubled issuers are less liquid and more volatile than securities or instruments of companies not experiencing financial difficulties. Investment, directly or indirectly in the financially and/or operationally troubled issuers involves a high degree of credit and market risk. These difficulties may never be overcome and may cause borrowers to become subject to bankruptcy or other similar administrative proceedings. There is a possibility that the Fund may incur substantial or total losses on its investments and in certain circumstances, subject the Fund to certain additional potential liabilities that may exceed the value of the Fund's original investment therein.

***Risks of Certain Non-U.S. Investments.*** The Fund expects to invest a portion of its aggregate commitments outside of the United States. Non-U.S. securities or instruments involve certain factors not typically associated with investing in U.S. securities or instruments, including risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various non-U.S. currencies in which the Fund's non-U.S. investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) differences in conventions relating to documentation, settlement, corporate actions, stakeholder rights and other matters; (iii) differences between the U.S. and non-U.S. securities markets, including higher rates of inflations, higher transaction costs and potential price volatility in, and relative illiquidity of, some non-U.S. securities markets; (iv) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less governmental supervision and regulation in some countries; (v) certain economic, social and political risks, including potential exchange control regulations and restrictions on non-U.S. investment and repatriation of capital, the risks of political, economic or social instability, including the risk of sovereign defaults, and the possibility of expropriation or confiscatory taxation and adverse economic and political development; (vi) the possible imposition of non-U.S. taxes on income and gains recognized with respect to such securities or instruments; (vii) differing, and potentially less well developed or well-tested laws regarding creditor's rights (including the rights of secured parties), corporate governance, fiduciary duties and the protection of investors; (viii) difficulty in enforcing contractual obligations; (ix) differences in the legal and regulatory environment or enhanced legal and regulatory compliance; (x) reliance on a more limited number of commodity inputs, service providers and/or distribution mechanisms; (xi) political hostility to investments by foreign or private investment fund investors; and (xii) less publicly available information.

In addition, the Fund's investments in the debt of issuers located in certain non-U.S. jurisdictions may be adversely affected as a result of the ownership or control of an equity stake in such issuers by the Adviser and/or its affiliates. For example, in certain circumstances, the Fund could be subject to German "equity substitution rules" (similar to equitable subordination in the United States) if an issuer in which the Fund holds a debt investment and in which the Adviser and/or its affiliates holds an equity investment was to become insolvent. In such case, among other things, (i) the Fund may not be able to enforce its rights with respect to collateral, if any, (ii) the debt held by the Fund may be subordinated and (iii) the receiver may be entitled to reclaim amounts paid to the Fund within one year of the filing for commencement of insolvency proceedings or thereafter. The laws of other non-U.S. jurisdictions in which the Fund may seek to invest may have rules similar to Germany's "equity substitution rules" discussed above, and the consequences to the Fund with respect to such rules may be more or less severe. Moreover, additional laws and regulations in non-U.S. jurisdictions in which the Fund may invest may affect the Fund's investments in such jurisdictions in a manner that differs adversely from the results that would occur under U.S. laws and regulations applied to similar facts.

Additionally, the Fund may be less influential than other market participants in jurisdictions where it or the Adviser do not have a significant presence. The Fund may be subject to additional risks, which include possible adverse political and economic development, possible seizure or nationalization of non-U.S. deposits and possible adoption of governmental restrictions which might adversely affect the payment of principal and interest to investors located outside the country of the issuer, whether from currency blockage or otherwise. Furthermore, some of the securities may be subject to brokerage taxes levied by governments, which has the effect of increasing the cost of such investment and reducing the realized gain or increasing the realized loss on such securities at the time of sale. While the Adviser intends, where deemed appropriate, to seek to manage the Fund in a manner that will minimize exposure to the foregoing risks and will take these factors into consideration in making investment decisions for the Fund, there can be no assurance that adverse developments with respect to such risks will not adversely affect the assets of the Fund that are held in certain countries.

***Risks Related to Investments in Companies in the Software Industry.*** The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

***Foreign Currency Risks.*** A significant portion of the Fund's investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. However, the books of the Fund will be maintained, and contributions to and distributions from the Fund will generally be made, in U.S. dollars. Accordingly, changes in foreign currency exchange rates and exchange controls may materially adversely affect the value of the investments and the other assets of the Fund. For example, any significant depreciation in the exchange rate of the Euro, or any other currency in which the Fund makes investments, against the U.S. dollar, could adversely affect the value of dividends or proceeds on investments denominated in the Euro or such other currencies. In addition, the Fund will incur costs, which may be significant, in connection with the conversion of various currencies.

***Currency Hedging Risk.*** The Adviser may seek to hedge all or a portion of the Fund's foreign currency risk. For example, the Fund may enter into foreign currency forward contracts to reduce the Fund's exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. There is no guarantee that it will be practical to hedge currency risks or that any efforts to do so will be successful. The use of foreign currency forward contracts is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments, and there is no guarantee that the use of foreign currency forward contracts will achieve their intended result. If the Adviser is incorrect in its expectation of the timing or level of fluctuation in securities prices, currency prices or other variables, the use of foreign currency forward contracts could result in losses, which in some cases may be significant. A lack of correlation between changes in the value of foreign currency forward contracts and the value of the portfolio assets (if any) being hedged could also result in losses.

***Use of Leverage: Risks Associated with the Fund's Use of Borrowing.*** From time to time, the Fund may employ short term leverage to achieve its investment objective, but does not expect to borrow for investment purposes. For example, in certain circumstances, the Fund may receive a subscription from one or more Shareholders that does not settle with the Fund in time for the Fund to invest in a particular investment opportunity. Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more (for leverage obtained through debt) or 200% or more (for leverage obtained through preferred stock, although the Fund does not intend to issue preferred stock). For example, if the Fund has $100 in net assets, it may utilize leverage through obtaining debt of up to $50, resulting in $150 in total assets (or 300% asset coverage). In addition, if the Fund has $100 in net assets, it may issue $100 in Preferred Shares, resulting in $200 in total assets (or 200% asset coverage). Any expenses related to the use of borrowings is expected to be minimal.

In addition, pursuant to Rule 18f-4 under the 1940 Act, registered investment companies that make significant use of derivatives are required to operate subject to a value-at-risk leverage limit, adopt a derivatives risk management program and appoint a derivatives risk manager, and comply with various testing and board reporting requirements. Such requirements may limit the ability of the Fund to invest in derivatives, short sales and similar financing transactions, limit the Fund's ability to employ certain strategies that use these instruments and/or adversely affect the Fund's efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objective.

Subject to certain exceptions, the Fund is required to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions if the Fund has elected to treat them as borrowings) subject to a limit on notional derivatives exposure as a limited derivatives user. These requirements may limit the ability of the Fund to invest in derivatives, short sales and similar financing transactions, limit the Fund's ability to employ certain strategies that use these instruments and/or adversely affect the Fund's efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives.

The Fund is expected to utilize leverage less frequently than other interval funds and other investment products such as BDCs, which may have a negative impact on the Fund's overall performance. In addition, the Fund may hold significant amounts of cash to fund investments or to meet repurchase requests, which may negatively impact the Fund's performance.

***Change of Law Risk.*** Government counterparties or agencies may have the discretion to change or increase regulation of a portfolio investment's operations or implement laws or regulations affecting the portfolio investment's operations, separate from any contractual rights it may have. A portfolio investment also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such portfolio company. Governments have considerable discretion in implementing regulations and tax reform, including, for example, the possible imposition or increase of taxes on income earned by a portfolio company or gains recognized by the Fund on its investment in such portfolio company, that could impact a portfolio company's business as well as the Fund's return on investment with respect to such portfolio company.

***Force Majeure Risk.*** Issuers may be affected by force majeure events (*i.e.*, events beyond the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party (including an issuer or a counterparty to the Fund or an issuer) to perform its obligations until it is able to remedy the force majeure event. In addition, the cost to an issuer or the Fund of repairing or replacing damaged assets resulting from such force majeure event could be considerable. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which the Fund may invest specifically. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more issuers or its assets, could result in a loss to the Fund, including if its investment in such issuer is canceled, unwound or acquired (which could be without what the Fund considers to be adequate compensation). Any of the foregoing may therefore adversely affect the performance of the Fund and its investments.

***Terrorist Activities.*** Terrorist attacks have caused instability in the world financial markets and may generate global economic instability. The continued threat of terrorism and the impact of military or other action could affect the Fund's financial results.

***Volatility of Commodity Prices.*** The performance of certain of the Fund's investments may be substantially dependent upon prevailing prices of electricity, oil, natural gas, natural gas liquids, coal and other commodities (such as metals) and the differential between prices of specific commodities that are a primary factor in the profitability of certain conversion activities such as petroleum refining ("crack spread") and power generation ("spark spread"). Commodity prices have been, and are likely to continue to be, volatile and subject to wide fluctuations in response to any of the following factors: (i) relatively minor changes in the supply of and demand for electricity or such other commodities; (ii) market uncertainty and the condition of various economies (including interest rates, levels of economic activity, the price of securities and the participation by other investors in the financial markets); (iii) political conditions in the United States and other project locations; (iv) the extent of domestic production and importation of oil, natural gas, natural gas liquids, coal or metals in certain relevant markets; (v) the foreign supply of oil, natural gas and metals; (vi) the prices of foreign imports; (vii) the level of consumer demand; (viii) the price and availability of alternative electric generation options; (ix) the price of steel and the outlook for steel production; (x) pandemics, wars, sanctions and weather conditions; (xi) the competitive position of electricity, ethanol/biodiesel, oil, gas or coal as a source of energy as compared with other energy sources; (xii) the industry-wide or local refining, transportation or processing capacity for natural gas or transmission capacity for electric energy; (xiii) the effect of United States and non-U.S. federal, state and local regulation on the production, transportation and sale of electric energy and other commodities; (xiv) breakthrough technologies (such as improved storage or clean coal technologies) or government subsidies, tax credits or other support that allow alternative fuel generation projects to produce more reliable electric energy or lower the cost of such production compared to natural gas fueled electric generation projects; (xv) with respect to the price of oil, actions of the Organization of Petroleum Exporting Countries; or (xvi) the expected consumption of coking coal in steel production. While the Adviser will endeavor to take into account existing and anticipated future applicable greenhouse gas regulation in its investment decisions, changes in the regulation of greenhouse gases could impact an investment or make future investments undesirable.

***Regulatory Approvals.*** The Fund may invest in portfolio companies believed to have obtained all material United States federal, state, local or non-U.S. approvals, if any, required as of the date thereof to acquire and operate their facilities. In addition, the Fund may be required to obtain the consent or approval of applicable regulatory authorities in order to acquire or hold certain ownership positions in portfolio companies. A portfolio company could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such portfolio company. For example, in the case of oil and gas drilling, handling and transportation, such activities are extensively regulated, and statutory and regulatory requirements may include those imposed by energy, zoning, environmental, health, safety, labor and other regulatory or political authorities. Moreover, additional regulatory approvals, including without limitation, renewals, extensions, transfers, assignments, reissuances or similar actions, may become applicable in the future due to a change in laws and regulations, a change in the companies' customers or for other reasons. There can be no assurance that a portfolio company will be able to (i) obtain all required regulatory approvals that it does not have at the time of the Fund's investment or that it may be required to have in the future; (ii) obtain any necessary modifications to existing regulatory approvals; or (iii) maintain required regulatory approvals. Delay in obtaining or failure to obtain and maintain in full force and effect any regulatory approvals, or amendments thereto, or delay or failure to satisfy any regulatory conditions or other applicable requirements could prevent operation of a facility or sales to or from third parties or could result in fines or additional costs to a portfolio company. Regulatory changes in a jurisdiction where a portfolio investment is located may make the continued operation of the portfolio investment infeasible or economically disadvantageous and any expenditures made to date by such portfolio investment may be wholly or partially written off. The locations of the portfolio investments may also be subject to government exercise of eminent domain power or similar events. Any of these changes could significantly increase the regulatory-related compliance and other expenses incurred by the portfolio investments and could significantly reduce or entirely eliminate any potential revenues generated by one or more of the portfolio investments, which could materially and adversely affect returns to the Fund.

***Political and Societal Challenges.*** Energy and energy-related infrastructure projects may be subject to siting requirements. Siting of energy projects is also frequently subject to regulation by applicable state, county and local authorities. For example, proposals to site an energy plant or engage in drilling activities in a particular location may be challenged by a number of parties, including special interest groups based on alleged security concerns, disturbances to natural habitats for wildlife and adverse aesthetic impacts, including the common "not in my backyard" phenomenon. Concerns regarding some of the techniques used in the extraction of shale gas in order to enhance recovery, such as the use of natural gas hydraulic fracturing (also known as "fracking") may also arise, which may require governmental permits or approvals and which have recently been the subject of heightened environmental concerns and public opposition in some jurisdictions (as more fully described below). The failure of any portfolio investment to receive, renew or maintain any required permits or approvals or any inability to satisfy any requirement of any permits or approvals may result in increased compliance costs, the need for additional capital expenditures or a suspension of project operations.

***Environmental Matters.*** Environmental laws, regulations and regulatory initiatives play a significant role in the electric power industry and can have a substantial impact on investments in this industry. For example, global initiatives to minimize pollution have played a major role in the increase in demand for natural gas and alternative energy sources, creating numerous new investment opportunities. Conversely, required expenditures for environmental compliance have adversely impacted investment returns in a number of segments of the industry. The electric power industry will continue to face considerable oversight from environmental regulatory authorities and significant influence from nongovernmental and special interest groups, and the Adviser will seek to evaluate carefully the expected impact of environmental compliance on all potential investments. The Fund may invest in portfolio companies that are subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements. There can be no guarantee that all costs and risks regarding compliance with environmental laws and regulations can be identified. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations of current laws or regulations could impose substantial additional costs on portfolio companies or potential investments. Compliance with such current or future environmental requirements does not ensure that the operations of the portfolio companies will not cause injury to the environment or people under all circumstances or that the portfolio companies will not be required to incur additional unforeseen environmental expenditures. In particular, the oil and gas industry, for example, is subject to environmental hazards, such as oil spills, natural gas leaks and ruptures, discharges of petroleum products and hazardous substances and historic disposal activities. These environmental hazards could expose the Fund's investments to material liabilities for property damages, personal injuries or other environmental harm, including costs of investigating and remediating contaminated properties. Moreover, failure to comply with any regulatory or legal requirements could have a material adverse effect on a portfolio company, and there can be no assurance that portfolio companies will at all times comply with all applicable environmental laws, regulations and permit requirements. Past practices or future operations of portfolio companies could also result in material personal injury or property damage claims. Any noncompliance with these laws and regulations could subject the Fund and its properties to material administrative, civil or criminal penalties or other liabilities. Certain environmental laws and regulations may require that an owner or operator of an asset address prior environmental contamination, which could involve substantial cost. Such laws and regulations often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of environmental contamination. The Fund may therefore be exposed to substantial risk of loss as a result of environmental claims against portfolio companies. Community and environmental groups may protest about the development or operation of power generation assets which may induce government action to the detriment of the Fund. Some of the most onerous environmental requirements regulate air emissions of pollutants and greenhouse gases; these requirements may particularly affect companies in the energy sector, and in particular in its power generation fragment.

***Counterparty Risk.*** The Fund is exposed to the risk that third parties that may owe the Fund, or its issuers, money, securities or other assets will not perform their obligations. These parties include trading counterparties, clearing agents, exchanges, clearing houses, custodians, prime brokers, administrators and other intermediaries. These parties may default on their obligations to the Fund or its issuers, due to bankruptcy, lack of liquidity, operational failure or other reasons. This risk may arise, for example, from entering into swap or other derivative contracts under which counterparties have long-term obligations to make payments to the Fund or its issuers, or executing securities, futures, currency or commodity trades that fail to settle at the required time due to non-delivery by the counterparty or systems failure by clearing agents, exchanges, clearing houses or other intermediaries. Also, any practice of rehypothecation of securities of the Fund or its issuers held by counterparties could result in the loss of such securities upon the bankruptcy, insolvency or failure of such counterparties. In addition, any of the Fund's cash held with a prime broker, custodian or counterparty may not be segregated from the prime broker's, custodian's or counterparty's own cash, and the Fund therefore may rank as an unsecured creditor in relation thereto. The inability to recover the Fund's assets could have a material impact on the performance of the Fund. The consolidation and elimination of counterparties resulting from the disruption in the financial markets has generally increased the concentration of counterparty risk and has decreased the number of potential counterparties.

***Payment-in-Kind ("PIK") Income Risk.*** The Fund may hold investments that result in PIK income or PIK dividends. PIK income creates the risk that incentive fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while the Adviser will be under no obligation to reimburse the Fund for these fees. PIK income may have a negative impact on liquidity, as it represents a non-cash component of the Fund's taxable income that may require cash distributions to shareholders in order to maintain the Fund's ability to be subject to tax as a RIC. PIK income has the effect of generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the Adviser. Similarly, all things being equal, the deferral associated with PIK income also increases the loan-to-value ratio at a compounding rate. 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. The market prices of PIK securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality. Because PIK income results in an increase in the size of the PIK securities held, the Fund's exposure to potential losses increases when a security pays PIK income.

***Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.***

There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. There is significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

The U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. In addition, the U.S. government has recently imposed tariffs on certain foreign goods, including steel and aluminum, and has indicated a willingness to impose tariffs on imports of other products. Related to this action, certain foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods, and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, together with future downturns in the global economy, significant introductions of trade barriers and bilateral trade frictions between the region's major trading partners and the U.S. and key export markets in Europe could adversely affect the financial performance of the Company and the Company could lose both invested capital and anticipated profits from the affected investments. The U.S. government's approach to international trade policy in general and tariffs in particular is dynamic and could change materially from time to time.

**Other Risks Relating to the Fund**

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

The Fund's ability to achieve its investment objective depends on the Adviser's ability to identify, analyze, invest in, finance and monitor companies that meet the Fund's investment criteria. The Adviser's capabilities in managing the investment process, providing competent, attentive and efficient services to the Fund, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. Under a resource sharing agreement between the Adviser and OHA (the "Resource Sharing Agreement"), OHA has agreed to provide the Adviser with experienced investment professionals necessary to fulfill its obligations under the Agreement. The Resource Sharing Agreement, however, may be terminated by either party on 60 days' notice. The Fund cannot assure shareholders that OHA will fulfill its obligations under the Resource Sharing Agreement. The Fund also cannot assure shareholders that the Adviser will enforce the Resource Sharing Agreement if OHA fails to perform, that such agreement will not be terminated by either party or that the Fund will continue to have access to the investment professionals of OHA and its affiliates or their information and deal flow. Further, to achieve the Fund's investment objective, the Adviser may need to hire, train, supervise and manage new investment professionals to participate in the Fund's investment selection and monitoring process. The Adviser may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund's investment process could have a material adverse effect on the Fund's business, financial condition and results of operations.

In addition, the Agreement has termination provisions that allow the parties to terminate the agreements without penalty. The Agreement may be terminated at any time, without penalty, by the Adviser upon 60 days' notice to the Fund. If the Agreement is terminated, it may adversely affect the quality of the Fund's investment opportunities. In addition, in the event the Agreement is terminated, it may be difficult for the Fund to replace the Adviser. Furthermore, the termination of the Agreement may adversely impact the terms of the Fund's or its subsidiaries' financing facilities or any financing facility into which the Fund or its subsidiaries may enter in the future, which could have a material adverse effect on the Fund's business and financial condition.

***Key Personnel Risk.*** The Adviser depends on the diligence, skill and network of business contacts of certain professionals. The Adviser also depends, to a significant extent, on access to other investment professionals and the information and deal flow generated by these investment professionals in the course of their investment and portfolio management activities. The Fund's success depends on the continued service of such personnel. The investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. The departure of any of the senior managers of the Adviser, or of a significant number of the investment professionals or partners of the Adviser's affiliates, could have a material adverse effect on the Fund's ability to achieve its investment objective. Individuals not currently associated with the Adviser may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals. In addition, there is no assurance that the Adviser will remain the Fund's investment adviser or that the Adviser will continue to have access to the investment professionals and partners of its affiliates and the information and deal flow generated by the investment professionals of its affiliates.

***The Adviser's Relationships.*** The Fund expects that the Adviser will depend on its existing relationships with private equity sponsors, investment banks and commercial banks, and the Fund expects to rely to a significant extent upon these relationships for purposes of potential investment opportunities. If the Adviser fails to maintain its existing relationships or develop new relationships with other sources or sponsors of investment opportunities, the Fund may not be able to expand its investment portfolio. In addition, individuals with whom the Adviser has relationships are not obligated to provide the Fund with investment opportunities and, therefore, there is no assurance that such relationships will generate investment opportunities for the Fund.

***Large Shareholder Risks.*** Certain shareholders of the Fund are expected own a significant percentage of the Fund's shares (Large Shareholders). Large Shareholders may sell all or a portion of their shares of a fund at any time or may be required to sell all or a portion of their shares in order to comply with applicable regulatory restrictions (including, but not limited to, limits on investments in illiquid securities). Certain Investing Funds may add or remove the Fund from their list of permissible investments, change their allocation to the Fund, which could cause some (but not all) Shareholders to submit large repurchase requests. These actions could also cause the Fund to sell securities or invest additional cash at disadvantageous prices. In an effort to minimize any potential adverse impact on the Fund or the Fund's other Shareholders, applicable Investing Funds may purchase or submit repurchase offers to the Fund gradually over time.

***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 most 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 Risks.*** 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. An investor should not invest in the Fund if the investor needs 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 (and, if exemptive relief is obtained, as requested, monthly) offers to repurchase between 5% and 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. In connection with any given repurchase offer, it is likely that 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 its Shares when and/or in the amount that it desires.

***Competition for Investment Opportunities.*** The Fund competes for investments with other closed-end funds and investment funds, as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested. As a result of these new entrants, competition for investment opportunities may intensify. Many of the Fund's competitors are substantially larger and may have considerably greater financial, technical and marketing resources than the Fund. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to the Fund. In addition, some of the Fund's competitors may have higher risk tolerances or different risk assessments than it has. These characteristics could allow the Fund's competitors to consider a wider variety of investments, establish more relationships and pay more competitive prices for investments than it is able to do. The Fund may lose investment opportunities if it does not match its competitors' pricing. If the Fund is forced to match its competitors' pricing, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of the Fund's competitors could force it to accept less attractive investment terms. Furthermore, many of the Fund's competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the 1940 Act imposes on it as a closed-end fund.

***Inadequate Return Risk.*** No assurance can be given that the returns on the Fund's investments will be commensurate with the risk of investment in its Shares.

***Registration under the U.S. Commodity Exchange Act.*** Registration with the CFTC as a "commodity pool operator" or any change in the Fund's operations necessary to maintain the Adviser's ability to rely upon exemption from registration as such could adversely affect the Fund's ability to implement its investment program, conduct its operations and/or achieve its objective and subject the Fund to certain additional costs, expenses and administrative burdens.

***Repurchase Offers Risks.*** As described under "Share Repurchase Program," 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.

The Fund has submitted an application for exemptive relief that, if granted, will permit the Fund to make monthly repurchase offers of no less than 5% of the Fund's outstanding shares at NAV. If granted, written notification of each monthly repurchase offer will be sent to Shareholders between 7 and 14 calendar days before the repurchase request deadline (i.e., the date by which Shareholders must tender their shares in response to a repurchase offer). There is no guarantee that any such exemptive relief will be granted. Prior to relying on the requested relief, if granted, the Fund's Board will revise the Fund's fundamental policy of making quarterly repurchase offers such that the Fund will make monthly repurchase offers. In addition, the Fund will obtain the approval of all Shareholders by unanimous written consent in lieu of a meeting. In addition, the Fund will disclose in its offering document and annual reports its fundamental policy to make monthly offers to repurchase a portion of its common shares at net asset value, as permitted by Rule 23c-3(b)(1).

The need to sell portfolio securities to fund repurchase offers may affect the market for the portfolio securities being sold, which may, in turn, diminish the value of an investment in the Fund. 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 ratios. 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 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 these 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 quarterly (or monthly, if the Fund receives the requested exemptive relief) period, 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.

See "Share Repurchase Program."

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. In addition, the repurchase of Shares by the Fund may increase the Fund's portfolio turnover rate, which may result in increased transaction costs and reduced returns to shareholders.

To the extent that the Fund invests a portion of its portfolio in foreign markets, there is the risk of a possible decrease in Share value as a result of currency fluctuations between the date of tender and the Repurchase Pricing Date.

***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 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 of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the Shareholder's original investment.

***Risks Associated with the Fund Distribution Policy.*** The Fund intends to make regular distributions. 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 ratios. 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.

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 then-current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), such distribution 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 Fund Shares. When a Shareholder sells Fund Shares, the amount, if any, by which the sales price exceeds the Shareholder's tax basis in Fund Shares may be treated as a gain subject to tax. Because a return of capital reduces a Shareholder's tax basis in Fund 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 Fund Shares. To the extent that the amount of any return of capital distribution exceeds a Shareholder's tax basis in Fund Shares, such excess generally will be treated as gain from a sale or exchange of the Shares.

***Investment Dilution Risk.*** The Fund's investors do not have preemptive rights to any Shares the Fund may issue in the future. The Fund's second amended and restated declaration of trust (the "Declaration of Trust") authorizes it to issue an unlimited number of Shares. The Board may make certain amendments to the Declaration of Trust. After an investor purchases Shares, the Fund may sell additional Shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests after an investor purchases its Shares, such investor's percentage ownership interest in the Fund will be diluted.

***Anti-Takeover Risk.*** The Declaration of Trust and bylaws, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire it. Subject to the limitations of the 1940 Act, the Board may, without Shareholder action, authorize the issuance of Shares in one or more classes or series, including preferred Shares; and the Board may, without Shareholder action, make certain amendments to the Declaration of Trust. These anti-takeover provisions may inhibit a change of control in circumstances that could give Shareholders the opportunity to realize a premium over the value of the Shares.

***Conflicts of Interest Risk.*** The Adviser is an entity in which the Fund's Interested Trustees, officers and members of the investment committee of the Adviser may have indirect ownership and economic interests. Certain of the Fund's Trustees and officers and members of the investment committee of the Adviser also serve as officers or principals of other investment managers affiliated with the Adviser that currently, and may in the future, manage investment funds with investment objectives similar to the Fund's investment objective. In addition, certain of the Fund's officers and Trustees and the members of the investment committee of the Adviser serve or may serve as officers, trustees or principals of entities that operate in the same or related line of business as the Fund does or of investment funds managed by the Fund's affiliates. Accordingly, the Fund may not be made aware of and/or given the opportunity to participate in certain investments made by investment funds managed by advisers affiliated with the Adviser. However, the Adviser intends to allocate investment opportunities in a fair and equitable manner in accordance with the Adviser's investment allocation policy, consistent with each fund's or separate account's investment objective and strategies and legal and regulatory requirements.

The Fund serves as an underlying investment option for various T. Rowe Price open-ended and closed-ended investment companies and certain funds or trusts exempt from registration under the 1940 Act. If the interests of the Fund's Shareholders (i.e., the Investing Funds) and the Fund ever diverge, it is possible that a conflict of interest could arise and affect how the Fund's Trustees and officers fulfill their fiduciary duties. The Adviser, T. Rowe Price, and their affiliates believe they have structured the Fund to avoid these concerns. However, a situation could conceivably occur where proper action for one particular Shareholder or all of the Fund's Shareholders could be adverse to the interests of the Fund, or the reverse could occur. If the possibility of such a situation arises, the Adviser and T. Rowe Price, along with applicable directors and/or Trustees and officers, will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict or adverse impacts. For example, one or more Shareholders may add or remove the Fund from their list of permissible investments, change their asset allocations among their various asset classes, which could cause large purchases into the Fund or large repurchase requests. Such actions could cause the Fund to sell securities or invest additional cash at disadvantageous prices. In an effort to minimize any potential adverse impacts on the Fund or its Shareholders, Shareholders of the Fund may purchase Shares or submit repurchase requests gradually over time, but are not required to do so.

***Potential Conflicts of Interest Risk—Allocation of Investment Opportunities.*** The Fund generally is prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Independent Trustees and, in some cases, the SEC. The 1940 Act prohibits certain "joint" transactions with certain of the Fund's affiliates, which could include investments in the same issuers (whether at the same or different times), without prior approval of the Independent Trustees and, in some cases, the SEC. The Fund's ability to transact with the Fund's officers or Trustees or their affiliates is limited. These prohibitions will affect the manner in which investment opportunities are allocated between the Fund and other funds managed by the Adviser or its affiliates. Most importantly, the Fund generally is prohibited from co-investing with other OHA Clients or affiliates of the Adviser in Adviser-originated loans and financings unless the Fund co-invests in accordance with the applicable regulatory guidance or with the co-investment exemptive relief. The Adviser, the Fund and certain of their affiliates rely on an exemptive order from the SEC, which expands the Fund's ability to co-invest alongside the Adviser's affiliates in privately negotiated transactions. Subject to the conditions specified in the exemptive order, the Fund is permitted to co-invest with those affiliates in certain additional investment opportunities, including investments originated and directly negotiated by the Adviser. These co-investment transactions may give rise to conflicts of interests or perceived conflicts of interests among the Fund and the participating affiliates. Accordingly, while the Adviser intends to allocate suitable opportunities among the Fund and other OHA Clients or affiliates of the Adviser based on the principles described above, the prohibition on co-investing with affiliates could significantly limit the scope of investment opportunities available to the Fund. In particular, the decision by the Adviser to allocate an opportunity to one or more other OHA Clients or to an affiliate of the Adviser, or the existence of a prior co-investment structure, might cause the Fund to forgo an investment opportunity that it otherwise would have made. The Fund may in certain circumstances also be required to sell, transfer or otherwise reorganize assets in which the Fund has invested with other OHA Clients or affiliates of the Adviser at times that the Fund may not consider advantageous.

***Potential Conflicts of Interest Risk—Allocation of Personnel.*** The Fund's executive officers and Trustees, and the employees of the Adviser, serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Fund or of investment funds or accounts managed by the Adviser or its affiliates. As a result, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or its Shareholders. Additionally, certain personnel of the Adviser and their management may face conflicts in their time management and commitments.

***Potential Conflicts of Interest Risk—Lack of Information Barriers.*** By reason of the various activities of the Adviser and its affiliates, the Adviser and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Fund investments that might otherwise have been sold at the time.

***Portfolio Fair Value Risk.*** Under the 1940 Act, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value. There is not a public market for the securities of the privately held companies in which the Fund may invest. Many of the Fund's investments are not exchange-traded, but are, instead, traded on a privately negotiated OTC secondary market for institutional investors. The Adviser, as valuation designee, is responsible for the valuation of the Fund's portfolio investments and implementing the portfolio valuation process set forth in the Adviser's and the Fund's valuation policy. Valuations of Fund investments are disclosed quarterly in reports publicly filed with the SEC. See "Determination of Net Asset Value."

A high proportion of the Fund's investments relative to its total investments are valued at fair value. Certain factors that may be considered in determining the fair value of the Fund's investments include dealer quotes for securities traded on the OTC secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company's earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to selected publicly-traded companies, discounted cash flow and other relevant factors. The factors and methodologies used for the valuation of such securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize the fair value assigned to a security if it were to sell the security. Such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, and they often reflect only periodic information received by the Adviser about such companies' financial condition and/or business operations, which may be on a lagged basis and can be based on estimates. Determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities existed. Investments in private companies are typically governed by privately negotiated credit agreements and covenants, and reporting requirements contained in the agreements may result in a delay in reporting their financial position to lenders, which in turn may result in the Fund's investments being valued on the basis of this reported information. Further, the Fund is offered on a daily basis and calculates a daily NAV per Share. The Adviser seeks to evaluate on a daily basis material information about the Fund's portfolio companies; however, for the reasons noted herein, the Adviser may not be able to acquire and/or evaluate properly such information on a daily basis. Due to these various factors, the Adviser's fair value determinations could cause the Fund's NAV on a valuation day to materially differ from what it would have been had such information been fully incorporated. As a result, investors who purchase shares may receive more or less shares and investors who tender their shares may receive more or less cash proceeds than they otherwise would receive.

***Portfolio Turnover Risk.*** The Fund's annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. However, portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to the Fund and, ultimately, received by Shareholders, will be taxable as ordinary income. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund.

***Cybersecurity Risks.*** Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Adviser faces various security threats on a regular basis, including ongoing cyber security threats to and attacks on its information technology infrastructure that are intended to gain access to its proprietary information, destroy data or disable, degrade or sabotage its systems. These security threats could originate from a wide variety of sources, including unknown third parties outside of the Adviser. Although the Adviser is not currently aware that it has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these threats will be sufficient to prevent disruptions to its systems.

The Adviser's and issuers' information and technology systems may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes.

In addition, the Fund will heavily rely on the Adviser's and third parties' financial, accounting, information and other data processing systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third- party service providers, could cause delays or other problems in its activities. If any of these systems do not operate properly or are disabled for any reason or if there is any unauthorized disclosure of data, whether as a result of tampering, a breach of its network security systems, a cyber-incident or attack or otherwise, the Fund and/or the Adviser could suffer substantial financial loss, increased costs, a disruption of its businesses, liability to its investors, regulatory intervention or reputational damage. In addition, the Adviser operates in a business that is highly dependent on information systems and technology. The information systems and technology that the Adviser relies on may not continue to be able to accommodate their growth, and the cost of maintaining such systems may increase from its current level. Such a failure to accommodate growth, or an increase in costs related to such information systems, could have a material adverse effect on the Fund and/or the Adviser.

A cybersecurity incident could have numerous material adverse effects, including on the operations, liquidity and financial condition of the Fund. Cyber threats and/or incidents could cause financial costs from the theft of Fund assets (including proprietary information and intellectual property) as well as numerous unforeseen costs including, but not limited to: litigation costs, preventative and protective costs, remediation costs and costs associated with reputational damage, any one of which, could be materially adverse to the Fund. There can be no guarantee that the Fund will be able to prevent or mitigate such incidents. If systems and measures to manage risks relating to these types of events, are compromised, become inoperable for extended periods of time or cease to function properly, the Adviser, the Fund and/or an issuer may have to make a significant investment to fix or replace them. The failure of these systems and/or of disaster recovery plans for any reason could cause significant interruptions in the Adviser's, the Fund's and/or an issuer's operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors).

In addition, the Fund or the Adviser may not be in a position to verify the risks or reliability of third parties with which the Fund's and the Adviser's operations interface with and/or depend on third parties, including the Fund's Administrator, sub-administrator, and other service providers. The Fund may suffer adverse consequences from actions, errors or failure to act by such third parties, and will have obligations, including indemnity obligations, and limited recourse against them.

***Risks Relating to Fund's RIC Status.*** Although the Fund intends to elect to be treated as a RIC under Subchapter M of the Code, no assurance can be given that the Fund will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, the Fund generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or deemed distributed) as dividends for U.S. federal income tax purposes to its Shareholders. To qualify as a RIC under the Code and to be relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to the Fund's Shareholders, the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if the Fund distributes dividends each tax year for U.S. federal income tax purposes of an amount generally at least equal to 90% of the sum of its "investment company taxable income" (generally, its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses) and its net tax-exempt interest income, determined without regard to any deduction for dividends paid, to the Fund's Shareholders.

***RIC-Related Risks of Investments Generating Non-Cash Taxable Income.*** Certain of the Fund's investments will require the Fund to recognize taxable income in a tax year in excess of the cash generated on those investments during that year. In particular, the Fund expects to invest in loans and other debt instruments that will be treated as having "market discount" and/or original issue discount ("OID") (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with equity or warrants) for U.S. federal income tax purposes. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income (*e.g.*, PIK interest), the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of Shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the Fund liquidates assets to raise cash, the Fund may realize additional gain or loss on such liquidations. In the event the Fund realizes additional net capital gains from such liquidation transactions, Shareholders may receive larger capital gain distributions than they would in the absence of such transactions.

Instruments that are treated as having OID for U.S. federal income tax purposes may have unreliable valuations because their continuing accruals require judgments about the collectability of the deferred payments and the value of any collateral. Loans that are treated as having OID generally represent a significantly higher credit risk than coupon loans. Accruals on such instruments may create uncertainty about the source of Fund distributions to Shareholders. OID creates the risk of non-refundable cash payments to the Adviser based on accruals that may never be realized. In addition, the deferral of PIK interest also reduces a loan's loan-to-value ratio at a compounding rate.

***Uncertain Tax Treatment.*** The Fund may invest a portion of its 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 connection with the Fund's general intention to distribute sufficient income to qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, and to minimize the risk that it becomes subject to U.S. federal income or excise tax.

**MANAGEMENT OF THE FUND**

**Trustees**

Pursuant to the Declaration of Trust and bylaws, the Fund's business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Fund's management and operations. The Board consists of five members, three of whom are considered Independent Trustees. The Trustees are subject to removal or replacement in accordance with Delaware law and the Declaration of Trust. The Trustees serving on the Board were elected by the initial sole Shareholder of the Fund. The Statement of Additional Information provides additional information about the Trustees.

The Board, including a majority of the Independent Trustees, oversees and monitors the Fund's management and operations. The Board reviews on an annual basis the Agreement to determine, among other things, whether the services provided under the Agreement are reasonable. The Fund is only available to Investing Funds, each of which pay T. Rowe Price or an affiliate a contractual management fee.

**The Adviser**

OHA Private Credit Advisors II, L.P. serves as the Fund's investment adviser pursuant to the terms of the Agreement and subject to the authority of, and any policies established by, the Board. Pursuant to the Agreement, the Adviser manages the Fund's investment portfolio, directs purchases and sales of portfolio securities and reports thereon to the Fund's officers and Trustees regularly. As an investment adviser, the Adviser has expertise in managing a range of credit portfolios, including portfolios of illiquid investments. The Adviser's investment activities are concentrated primarily both in the U.S. and Europe, and the Adviser will leverage this expertise when evaluating any foreign investments.

**Portfolio Manager**

Eric Muller serves as the Fund's portfolio manager and is responsible for the day-to-day management of the Fund. As portfolio manager, Mr. Muller is responsible for setting the investment direction of the Fund and has discretion over the investments in the Fund.

Mr. Muller also serves on the Fund's Board of Trustees.

Below is biographical information for Mr. Muller.

**Eric Muller**, *Portfolio Manager & Partner, Chief Executive Officer – BDCs*, shares responsibility for leading OHA's private credit business and has primary management responsibility for OHA's BDCs. Prior to joining OHA, Mr. Muller worked in Goldman Sachs' Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. He previously worked as a private equity investor for the Cypress Group. Additionally, Mr. Muller serves as a Member of the Board of Trustees for Boston University and on the Investment Committee for the University's Endowment. He is Co-Chairman of the Board of Trustees for StreetSquash, an after-school youth enrichment program. He earned an M.B.A. from Harvard Business School, a J.D. from Harvard Law School and a B.A., summa cum laude, salutatorian, from Boston University.

The Statement of Additional Information provides additional information about the portfolio manager's compensation and other accounts managed by the portfolio manager. The portfolio manager is not eligible to invest in the Fund.

**Administrative Services**

Under the terms of the Administration Agreement, the Adviser provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of our other service providers), preparing reports to shareholders and reports filed with the SEC and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. In addition, pursuant to the terms of the Agreement, the Adviser may delegate its administrative obligations to an affiliate or to a third party. The Adviser has hired a sub-administrator to assist in the provision of certain administrative services. Any expenses associated with the sub-administrator's services will be paid for by the Adviser or one of its affiliates.

**Indemnification**

The 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, its members and their respective officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any of them are entitled to indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations as investment adviser under the Agreement or otherwise as an investment adviser of the Fund.

**Custodians, Distribution Paying Agent, Transfer Agent and Registrar**

The Fund's securities are held under a custody agreement by State Street Bank and Trust Company. The address of the custodian is One Lincoln Street, Boston, Massachusetts 02111.

T. Rowe Price Services, Inc., which has its principal office at 4515 Painters Mill Road, Owings Mills MD 21117, serves as the Fund's distribution paying agent, registrar and transfer agent (the "Transfer Agent").

**FUND EXPENSES**

The Fund does not pay any fees or expenses, excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (if applicable).

**Approval of the Investment Advisory Agreement**

Board approval of the Agreement was made in accordance with, and on the basis of an evaluation satisfactory to the Board, as required by Section 15(c) of the 1940 Act and the applicable rules and regulations thereunder, including consideration of, among other factors, (i) the nature, quality and extent of the services provided by the Adviser under the Investment Advisory Agreement; (ii) comparative information with respect to advisory fees and other expenses paid by other comparable investment companies; and (iii) information about the services performed by the Adviser and the personnel of the Adviser providing such services under the Investment Advisory Agreement.

The Agreement has an initial term of two years from the date of its execution. The Agreement will continue in effect from year to year 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 in person at a meeting called for the purpose of voting on such approval. The Agreement is terminable by the Fund without penalty, on 60 days' prior written notice: by the Board; by vote of a majority of the outstanding voting securities of the Fund; or by the Adviser. The Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

A discussion regarding the basis for the Board's approval of the Agreement will be available in the Fund's annual report on Form N-CSR for the fiscal-year ended December 31, 2026, which will be publicly filed with the SEC.

**DETERMINATION OF NET ASSET VALUE**

The Fund's NAV per Share will be determined daily by the Adviser. In accordance with the procedures adopted by the Board, the NAV per Share of the Fund's outstanding Shares of beneficial interest is determined by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

The Fund conducts the valuation of its investments, upon which its NAV is based, at all times consistent with GAAP and the 1940 Act. The Fund values its investments in accordance with Accounting Standards Codification 820 ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices or values derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferrable are valued at either the closing price (in the case of securities and futures) or the mean of the closing bid and offer (in the case of options) on the principal exchange on which the investment is listed or traded. Investments for which other market quotations are readily available will typically be valued at those market quotations. To validate market quotations, the Fund will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Where it is possible to obtain reliable, independent market quotations from a third-party vendor, the Fund will use these quotations to determine the value of the Fund's investments. The Fund utilizes mid-market pricing (*i.e.*, mid-point of average bid and ask prices) to value these investments. The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or whose market prices are not readily available, as will be the case for a substantial portion of the Fund's investments, are valued at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board, based on, among other things, the input of the Adviser, the Audit Committee and independent valuation firms engaged at the direction of the Board to review the Fund's investments. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. The Fund's Board may modify the Fund's valuation procedures from time to time.

The Fund calculates the NAV of its Shares daily. Pursuant to Rule 23c-3(b)(7) under the 1940 Act, the Fund, as an interval fund, must calculate the share price (i) on at least a weekly basis at a time set by the Board and (ii) on a daily basis for the five business days before a repurchase request deadline. The Adviser, subject to the Board's oversight, is responsible for the determination, in good faith, of the fair value of the Fund's portfolio investments. As the Fund's valuation designee, the Adviser, subject to the Board's oversight, is responsible for the accuracy, reliability or completeness of any market or fair market valuation determinations made with respect to the Fund's assets.

With respect to the valuation of investments, the Fund undertakes a multi-step valuation process in connection with determining the fair value of the Fund's investments for which reliable market quotations are not readily available, which includes, among other procedures, the following:

● The valuation process begins with each investment being preliminarily valued by the Adviser's valuation team in conjunction with the Adviser's investment professionals responsible for each portfolio investment;

● In addition, independent valuation firms engaged by the Adviser prepare quarter-end valuations of each such investment that was originated or purchased prior to the first calendar day of the quarter and (ii) is not a de minimis investment, as determined by the Adviser. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;

● The Adviser's Valuation Committee reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and compares such valuations to the independent valuation firms' valuation ranges to ensure the Adviser's valuations are reasonable; and

● The Adviser's Valuation Committee determines the fair value of each investment in the portfolio in good faith.

If an individual asset for which reliable market quotations are not readily available is known by the Adviser's valuation team to have experienced a significant observable change (generally referring to the material loss of physical assets, a payment default or payment deferral, a bankruptcy filing or a liquidity event relating to the interests held or the issuer), an independent valuation firm may from time-to-time be asked by the Adviser's valuation team to provide an independent fair value range for such asset. The independent valuation firm will provide a final range of values for each such investment to the Adviser's Valuation Committee, along with analyses to support its valuation methodology and calculations.

As part of the valuation process, the Adviser will take into account relevant factors in determining the fair value of the Fund's investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, of: (i) the estimated enterprise value of a portfolio company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the portfolio company's ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser will consider whether the pricing indicated by the external event corroborates its valuation.

**CONFLICTS OF INTEREST**

**General**

The Fund is subject to a number of actual and potential conflicts of interests. The following represent the known inherent or potential conflicts of interest that should be considered by prospective investors before subscribing for the Shares. The Adviser and its affiliates, direct and indirect members, direct and indirect partners and/or employees, do now and may in the future manage or co-manage other investment vehicles, BDCs, CLOs and/or separate accounts (the "OHA Clients"), some of which follow, or may follow, investment programs substantially similar to that of the Fund. The existence of multiple OHA Clients (including the Fund) may create a number of potential conflicts of interest.

The Adviser will devote as much of its time to the activities of the Fund as it deems sufficient and appropriate. The Adviser and its affiliates are not restricted from forming (or allocating investment opportunities to) other OHA Clients, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser and/or its affiliates. The Adviser is not restricted from establishing new OHA Clients. These activities could be viewed as creating a conflict of interest in that the time and effort of the Adviser, the Adviser's other partners and their respective officers and employees will not be devoted exclusively to the business of the Fund, but will be allocated between the business of the Fund and other business activities, including, without limitation, the management of the assets of the other OHA Clients.

The Adviser has multiple advisory, transactional, financial and other interests that conflict or may conflict with those of the Fund and its Shareholders. The Adviser may, in the future, engage in additional activities that result in additional conflicts of interest not addressed below. Any such conflicts could have a material adverse effect on the Fund and its Shareholders.

**Allocation of Investment Opportunities**

The Adviser (or an affiliate), on behalf of the Fund or other OHA Clients, may, from time to time, be presented with investment opportunities that fall within the investment objective of the Fund and the other OHA Clients. The Adviser (or an affiliate) have established policies and procedures for allocating investment opportunities among the Fund and such other OHA Clients.

When the Adviser (or an affiliate) determines that it would be appropriate for the Fund and one or more of the other OHA Clients to participate in an investment opportunity, the Adviser (or an affiliate) will seek to execute orders on an equitable basis for all of the participating OHA Clients, including the Fund. This could, among other adverse consequences, affect the prices of the securities or other obligations in which the Fund invests and will affect the availability of such securities or obligations to the Fund. Orders may be combined for all such accounts, and if any order is not filled at the same price, they may (or may not) 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 or other obligations may be allocated among the different accounts on a basis which the Adviser or its affiliates consider equitable. There is no obligation for the Fund to dispose of any investment at the same time as any other OHA Client, nor for any other OHA Client to dispose of any investment at the same time as the Fund. Situations may occur where the Fund could be disadvantaged because of the investment activities conducted by the Adviser (or an affiliate) for other investment accounts and redemption or withdrawal requests by investors in such other OHA Clients. This could increase or decrease the concentration of certain investment holdings of the Fund and could possibly lead to situations where the Fund either has to or, conversely, cannot, enter into a transaction or capitalize on an investment opportunity with respect to such investment holdings.

In determining initial allocations of investments among the OHA Clients (including the Fund), the Adviser and its affiliates will take into account relative amounts of available capital and maximum issuer sizes. The available capital and maximum issuer sizes will be determined at the discretion of the Adviser and its affiliates, taking into consideration applicable investment guidelines of the OHA Clients (including the Fund) and other applicable factors, including, without limitation, available cash, unfunded capital commitments, planned capital flows, leverage and certain liquid investments. Following the determination of the initial allocation, other factors may be considered by the Adviser and its affiliates, as they deem appropriate, in making final allocation determinations among the OHA Clients, including (as applicable), without limitation: investment objectives; the timing of capital inflows and outflows and anticipated capital commitments, subscriptions and distributions and/or withdrawals (or redemptions); liquidity; yield; transaction costs; transaction-specific minimum investment obligations, eligibility requirements and/ or other statutory or contractual restrictions or obligations; portfolio diversification; relative market or industry exposure; tax efficiencies and potential adverse tax consequences; regulatory, policy and/or other restrictions applicable to participating OHA Clients and/or to their investors; the avoidance of odd lots or a de minimis allocation to one or more participating OHA Clients; the risk profile of an investment opportunity and the applicable OHA Clients; the type of asset (*e.g.*, loan versus equity); the capital available for the investment opportunity; and any other factors similar to the foregoing or any other considerations deemed relevant by the Adviser and its affiliates. In addition to the foregoing factors, the Adviser and its affiliates also consider the length of the investment period and any applicable post-investment period term of each OHA Client, which may differ. As a result, an OHA Client that is approaching the end of its investment period may not be allocated investment opportunities that have longer investment time horizons or that are more illiquid, even if such opportunity is otherwise an eligible investment for such OHA Client. The Adviser and its affiliates in certain situations will adjust investment allocations in cases where they are limited in their ability to allocate across all OHA Clients. Subsequent purchases of an investment may be allocated based on the relative existing positions in such investment among the OHA Clients (including the Fund).

Based on the foregoing investment allocation methodology, an OHA Client with higher available capital than a similarly sized or even larger sized OHA Client will, if the maximum issuer size is equal, have a higher initial allocation percentage to an investment. Additionally, an OHA Client with a larger maximum issuer size than a similarly sized or even larger sized OHA Client will, if the amount of available capital is equal, have a higher initial allocation percentage to an investment.

Furthermore, an OHA Client may invest in certain investment strategies, and then the Adviser and its affiliates may subsequently offer other OHA Clients the same or similar investment strategies through stand-alone vehicles, which may serve as the primary vehicles for such strategies. Any opportunity to invest in such a stand-alone vehicle will be considered for all OHA Clients who invested previously in such investment strategies. An OHA Client whose investment activities commenced after the establishment of a stand-alone vehicle may not be able to participate in such stand-alone vehicle if it is a closed-end vehicle or the Adviser determines it could dilute or adversely impact the existing OHA Clients in such vehicle.

The outcome of any allocation determination by the Adviser and its affiliates may result in the allocation of all or none of an investment opportunity to the Fund. There can be no assurance that the Fund will have an opportunity to participate in certain investments that fall within the Fund's investment objective. The Adviser's investment allocation policies and procedures may be amended at any time without the Shareholders' consent.

When multiple of the OHA Clients participate in specific investments together with the Fund, the Adviser and/ or its affiliates will seek to allocate expenses among such OHA Clients pursuant to the Adviser's expense allocation policy.

In certain circumstances, in order to ensure that allocations are being made in the best interests of the OHA Clients involved, from time to time, the Adviser and its affiliates may review an OHA Client's exposure to certain investments, determine exposure targets for such OHA Clients and allocate investment opportunities accordingly.

**Related Clients**

The Adviser is expected to conduct the Fund's investment program in a manner that is similar (or in some cases, substantially similar) to the investment programs of certain other OHA Clients (such OHA Clients, the "Related Clients"). Related Clients are expected to co-invest with, or, at times, invest on a side-by-side basis with, the Fund, including through master, joint or commingled accounts or investment vehicles. However, there are, or may be, differences among the Fund and the Related Clients with respect to investment objectives, investment strategies, investment parameters and restrictions, hedging strategies, portfolio management personnel, tax considerations, liquidity considerations, legal and/or regulatory considerations, asset levels, timing and size of investor capital contributions and redemptions or withdrawals, cash flow considerations, market conditions, considerations related to existing exposures to an issuer or security and other considerations deemed relevant by the Adviser and its affiliates (the nature and extent of such differences, if any, will vary from Related Client to Related Client), which, as applicable, will cause variation among the investment portfolios of the Fund and the Related Clients and in the allocation of investment opportunities among the Fund and the Related Clients. In addition, certain investments (*e.g*., odd lots, investments with limited capacity and/or stub pieces) may not be feasible to allocate to the Fund and/ or one or more Related Clients.

Given the foregoing considerations, there may be circumstances where: (i) the Fund and only some of the Related Clients participate in parallel investment transactions; (ii) the level of participation by the Fund and the Related Clients in parallel investment transactions is not on a *pro rata* basis; (iii) the terms of parallel investment transactions vary between and among the Fund and one or more Related Clients; (iv) the Fund and one or more Related Clients effectively engage in opposite transactions with respect to a particular investment (*e.g.*, the Fund buys an investment and one or more Related Clients sells the same investment and/or the Fund takes a "long" position in an investment and one or more Related Clients takes a "short" position with respect to the same investment); and/or (v) investment transactions between and among the Fund and the Related Clients vary in other respects. Such non-parallel and/or non-pro rata investment transactions between or among the Fund and the Related Clients will be made at the discretion of the Adviser and its affiliates including, without limitation, when deemed: (1) appropriate because of the differences between the clients involved (or the terms applicable to the Fund and/or such Related Clients) and/or (2) otherwise to be in the interests of the clients involved. In addition, there may be circumstances where the Fund and one or more Related Clients participate in the same investment, but either (A) the Fund does not enter into certain hedging transactions entered into by such Related Client(s) with respect to such investment, or (B) the Fund enters into certain hedging transactions not entered into by such Related Client(s) with respect to such investment.

In addition, Related Clients are, or may be, subject to terms that differ from the terms described in this offering document, which may include, without limitation, restrictions on investing in certain investment products or terms related to tax, legal, regulatory and/or other similar considerations. In addition, the governing documents of one or more Related Clients may contain terms, certain of which could be considered more favorable than the terms set forth in this offering document, including, without limitation, terms relating to fee reductions, expenses, portfolio transparency and/or liquidity. For example, one or more Related Clients may receive more detailed portfolio information or information on a more frequent basis and/or have rights to make additional subscriptions or contributions and/or have more favorable liquidity rights (such as a right to redeem or withdraw and/or a right to redeem or withdraw with shorter prior notice periods and/or with more frequency), in each case, than compared to the Fund. Any such different and/or preferential terms could have an adverse impact on the investments of the Fund and/or the value of Shares.

**Special Purpose Entities**

The Adviser may, in its discretion, structure any investment, in whole or in part, as an investment made directly by the Fund and/or through one or more special purpose entities or subsidiaries and/or restructure an existing investment that was initially held directly by the Fund and/or one or more other OHA Clients such that, following such restructuring, such investment is held indirectly through one or more special purpose entities or subsidiaries, in each case, in order to address legal, tax, regulatory, currency or other considerations with respect to the Fund and/or one or more of such other OHA Clients (which considerations may only affect one or more of such other OHA Clients (and not the Fund) and may include the administrative convenience of the Adviser, its affiliates, the Fund and/or one or more other OHA Clients), as deemed appropriate by the Adviser in its discretion. Such subsidiaries may include entities that engage in investment activities in securities or other assets that are primarily controlled (as defined by the 1940 Act) by the Fund ("Subsidiaries"). A Subsidiary is "primarily controlled" by a fund when (a) the registered fund controls the unregistered entity within the meaning of Section 2(a)(9) of the 1940 Act; and (b) the registered fund's control of the unregistered entity is greater than that of any other person. In addition, the Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned or majority-owned by the Fund. The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole member or shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund and/or any other OHA Clients investing through any such special purpose entity or subsidiary will bear any and all fees, costs and expenses in connection with the formation, organization, operation, management and dissolution of such special purpose entity or subsidiary (including the fees, costs and expenses of preparing the constituent documents and any other agreements of (or related to) such special purpose entity or subsidiary and/or any fees, costs and expenses related to borrowings incurred by such special purpose entity or subsidiary), even in circumstances where such special purpose entity or subsidiary is intended primarily or solely for the benefit of one or more other OHA Clients (and not the Fund). The Fund does not presently intend to create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund.

To the extent the Fund holds an investment through a special purpose entity or subsidiary, the Fund's returns may be adversely impacted.

The Fund complies with the provisions of the 1940 Act, including those relating to investment policies (Section 8) and capital structure and leverage (Section 18) on an aggregate basis with each subsidiary, and as a result, the Fund will treat Subsidiaries' debt as its own for purposes of Section 18. In addition, each Subsidiary complies with the provisions relating to affiliated transactions and custody (Section 17).

**Conflicts Arising from Organizational, Ownership and Investment Structure**

The organizational, ownership and investment structure of the Fund involves a number of relationships that give rise to potential conflicts of interest. In certain instances, the interests of the Adviser and its affiliates could differ from the interests of the Fund's Shareholders, including with respect to the types of investments made, the timing and method in which investments are exited, the timing and amount of distributions to the Shareholders, and the appointment of outside advisers and service providers. There can be no assurance that any such conflict would be resolved in favor of the Shareholders and this may negatively affect the value of the Shares.

The terms of this offering document and the Fund's overall investment objective were established by persons who were, at the relevant time, employees of the Adviser and/or an affiliate thereof. Because these arrangements were initially drafted and negotiated between and among related parties, their terms, including terms relating to compensation, contractual or fiduciary duties, conflicts of interest and termination rights, the activities of the Fund and limitations on indemnification and exculpation, are likely less favorable than otherwise might have resulted if such negotiations had involved unrelated parties.

**Conflicts with Borrowers and Issuers**

In certain instances, partners, officers and/or employees of the Adviser may serve as directors of certain issuers of loans in which the Fund invests and, in that capacity, will be required to make decisions that they consider to be in the best interests of such issuers. In certain circumstances, such as in situations involving bankruptcy or near insolvency of an issuer, actions that may be in the best interests of such issuer may not be in the best interests of the Fund, and vice versa. Accordingly, in these situations, there is the potential for conflicts of interest between an individual's duties as a partner, officer or employee of the Adviser and such individual's duties as a director of such issuer.

**Information Barriers and Material Non-Public Information**

From time to time, partners, officers and/or employees of the Adviser receive material non-public information. Any partner, officer or employee of the Adviser may serve as an officer, director, advisor or in comparable management functions for issuers in which the Fund invests, and any such partner, officer or employee may obtain material non-public information in connection therewith, or in connection with such partner's, officer's or employee's other activities in the financial markets. The Adviser generally operates without permanent information barriers to separate persons who make investment decisions from others who might possess material non-public information that could influence such decisions. In an effort to manage possible risks arising from the Adviser's decision not to implement such barriers, the Adviser maintains a list of restricted securities with respect to which the Adviser may have access to material non-public information and in which the OHA Clients are restricted from trading. The Adviser's ability to implement the Fund's strategy effectively will be limited to the extent that trading is restricted due to material non-public information. In some cases, material non-public information is obtained deliberately, in the context of specific OHA Client investments, and the subsequent restriction on trading applies also to other OHA Clients (such as the Fund) who did not participate in such investments. For example, if the Adviser obtains material non-public information with respect to loan positions held by certain OHA Clients, the Adviser will be restricted from trading securities of the same issuer for other OHA Clients (such as the Fund) on the basis of such material non-public information in the absence of an information barrier.

From time to time, the Adviser arranges limited-purpose, issuer-specific information barriers with respect to one or more issuers, including barriers in the context of private loan investments. One purpose of an information barrier is to retain material non-public information on one side of the information barrier, and allow for public trading on the side of the barrier that possesses only publicly available information. Another purpose is to enable independent investment decision making across OHA Clients or across an issuer's capital structure where there is a conflict of interest. An information barrier is also used to enable the Adviser to work with one or more potential bidders in an acquisition financing opportunity, in order to enhance the likelihood of working with the winning bidder. If an issuer is subject to an information barrier, the investment professionals on one side of the barrier will be limited in their ability to leverage the expertise of the investment professionals on the other side of the barrier with respect to such issuer. If information is inadvertently crossed over an information barrier (or no information barrier exists), OHA Clients (such as the Fund) may be prohibited or restricted by law, policy or contract, for a period of time, from: (i) unwinding a position in such issuer, (ii) establishing an initial position or taking any greater position in such issuer, (iii) pursuing other investment opportunities related to such issuer and/or (iv) engaging in negotiations or structuring discussions with respect to such issuer, any of which could impact the returns generated for the Fund.

**Shareholder Rights Against Third Parties**

An investment in the Fund will not of itself confer upon Shareholders any rights against third parties engaged by the Adviser to provide services to the Adviser or the Fund. In certain situations, the Adviser may take appropriate action against such third parties on behalf of the Fund or the Shareholders in order to protect the interests of the Fund, but is under no obligation to do so.

**Other Activities**

None of the Adviser or any of its partners and/or employees are required to manage the Fund as their sole and exclusive function and each may engage in other business ventures and other activities unrelated to the affairs of the Fund, including directly or indirectly purchasing, selling, holding or otherwise dealing with any securities (including securities in which the Fund invests) for the account of other investment funds, for their own accounts or for the accounts of their family or the OHA Clients.

The Adviser, the partners of the Adviser and their respective affiliates may give advice and recommend securities or other obligations to the other OHA Clients that may differ from advice given to, or securities or other obligations recommended or bought for, the Fund, though their investment objective may be the same or similar.

In addition, the Adviser may cause the Fund to invest in a security or an issuer (*e.g.*, a pooled investment vehicle or a portfolio company) in which the Adviser, one or more direct and/or indirect partners of the Adviser and/ or one or more persons otherwise associated with the Adviser has a direct or indirect economic interest. In making such a decision, the Adviser would have an incentive to cause the Fund to invest in such security or issuer partially because of such direct or indirect economic interest therein.

The Adviser and its affiliates may expand the range of services that they provide over time. Except as provided herein and the Fund's governing documents, the Adviser and its affiliates will not be restricted in the scope of their business or in the performance of any such services (whether now offered or undertaken in the future) even if such activities could give rise to conflicts of interest, and whether or not such conflicts are described herein. The Adviser and its affiliates have, and will continue to develop, relationships with a significant number of companies, private equity sponsors and their senior managers, including relationships with investors in the OHA Clients who may hold or may have held investments similar to those intended to be made by the Fund.

In addition, employees of the Adviser and its affiliates from time to time hold personal interests in companies to whom the Adviser and its affiliates direct work for the benefit of one or more OHA Clients, including the Fund, and for which the expense is payable by one or more OHA Clients, including the Fund.

**Investments in Other investment vehicles**

The Fund may hold certain portfolio investments through investment vehicles managed in whole or in part by third-party managers or persons where the Adviser determines this is necessary or appropriate due to investment, regulatory or similar reasons. Any compensation of such third-party managers will be borne by the Fund.

**Co-Investments**

The Adviser may, from time to time, depending on the type of investment opportunity, in its discretion, offer co-investment opportunities with respect to the Fund's investments to: (i) co-investment vehicles formed to invest in one or more investments of the Fund, (ii) other OHA Clients, (iii) affiliates or employees of the Adviser (and/or their respective family members) or (iv) any other person or entity, including, without limitation, any person or entity who the Adviser believes, in its discretion, will be of benefit to the Fund (or to one or more investments of the Fund) or who may provide a strategic, sourcing or similar benefit to the Adviser, the Fund, any investment of the Fund or one or more of their respective affiliates due to industry expertise or otherwise, including finders, senior advisors, originators and/or consultants of the Fund (and the Adviser may also organize one or more entities to invest in the Fund or to co-invest alongside the Fund to facilitate personal investments by any of the foregoing persons or entities) (collectively, "Co-Investors"), and in allocating co-investment opportunities, the Adviser may consider any factors it deems relevant in its discretion, including, without limitation, the sophistication, transaction speed and the tenure of a prospective Co-Investor as an OHA Client, the amount a prospective Co-Investor is offering to commit to a co-investment opportunity, any commitments (contractual or otherwise) to make co-investment opportunities available to a prospective Co-Investor, any commitments or indications of interest by a prospective Co-Investor to invest in current or future Adviser products (including, without limitation, the Fund or any successor fund), the strategic expertise of a prospective Co-Investor or the ability of a prospective Co-Investor to provide a sourcing or other benefit to the Adviser and/or its affiliates. In such circumstances, together with any allocations made to the other OHA Clients (as discussed above under "Allocation of Investment Opportunities"), the size of the investment opportunity otherwise available to the Fund may be less than it would otherwise have been. Co-Investors may not be subject to or otherwise charged any management fees and/or performance fees or other performance compensation.

In addition, certain Co-Investors co-investing with the Fund may invest on different (and more favorable) terms than those applicable to the Fund and may have interests or requirements that conflict with and adversely impact the Fund (for example, with respect to their liquidity requirements, available capital, the timing of acquisitions and dispositions or control rights). The Adviser will generally seek to ensure that the Fund, any Co-Investors and the other OHA Clients participate in any investment (and any related transactions) on comparable economic terms to the extent the Adviser determines appropriate in its discretion and subject to legal, tax, accounting, structural, regulatory, operational and/or other considerations or limitations and/or if the Adviser determines in its discretion that participation on different economic terms is advisable in order to facilitate a transaction. Investors should note, however, that participation by the Fund in certain investments on comparable economic terms with Co-Investors and the other OHA Clients may not be appropriate in all circumstances and that the Fund may participate in such investments on different and potentially less favorable economic terms than such parties if the Adviser deems such participation as being otherwise in the Fund's best interests (*e.g.*, by allowing the Fund to participate in an investment in which it would otherwise not have been able to participate due to, among other reasons, required minimum commitment amounts). This may have an adverse impact on the Fund.

In order to facilitate an investment and/or for other purposes that the Adviser determines appropriate in its discretion, an OHA Client (such as the Fund) may make (or commit to make) an investment with a view to selling all or a portion of such investment to non-affiliate Co-Investors and/or other persons or entities, in each case, prior to or after making (or closing / settling) such investment. An OHA Client (such as the Fund) will generally retain all net proceeds received in respect of any such investment during the period it holds such investment (unless the Adviser otherwise determines appropriate in its discretion), however, such OHA Client (such as the Fund) will bear the risk that any or all of such investment may not be sold as intended (or at the amounts intended) or may only be sold on less-favorable terms than initially expected (*e.g.*, at prices lower than expected) due to, among other reasons, market events (or issuer specific events) that occur during the period that such OHA Client (such as the Fund) is holding such investment. If (i) non-affiliate Co-Investors and/or other persons or entities choose not to participate in an investment or (ii) such investment is not ultimately consummated, and unless otherwise agreed with such non-affiliate Co-Investors and/or other persons or entities, such OHA Client (such as the Fund) that initially acquired such investment will bear its pro rata share of the entire amount (including any amount otherwise allocable to any such non-affiliate Co-Investors and/or other persons or entities) of any break-up fees or broken deal expenses or other fees, costs and expenses related to such investment. In addition, subject to the terms of the applicable governing documents, an OHA Client (such as the Fund) may borrow to fund the portion of an investment that it intends to sell to non-affiliate Co-Investors and/or other persons or entities. If the prospective non-affiliate Co-Investors and/or other persons or entities do not ultimately acquire all or any portion of such investment (or if they do not agree to reimburse such OHA Client (including the Fund) for such borrowing costs even if such investment is ultimately acquired), such OHA Client (such as the Fund) that initially acquired such investment will bear the interest and other expenses relating to a borrowing it incurred only for purposes of acquiring a larger than desired portion of such investment. Any investment that an OHA Client (such as the Fund) acquires with the intent to sell all or a portion of such investment to non-affiliate Co-Investors and/or other persons or entities, will be sold on such terms and conditions and at such price as the Adviser (or an affiliate thereof), in its discretion, determines to be equitable, which determination, with respect to price, may include the original cost price (with or without interest) or at the fair value of such investment (or portion thereof) as of the date of such sale. Each OHA Client (including the Fund), whether as a buyer or seller of an investment described in this paragraph, will bear the risk that its sale or acquisition (as applicable) of such investment will be at a price that does not reflect the then-current value of such investment. As a consequence of all of the foregoing considerations, an OHA Client (such as the Fund) may hold a larger portion than expected in an investment and/or may realize lower than expected returns from an investment. There is no guarantee for the Fund itself that it will be offered any co-investment opportunities. In addition, the terms of any co-investment will be negotiated by the Adviser with the applicable Co-Investor and no such Co-Investor should assume that a particular advisory fee rate, performance fee rate or other term or provision will be offered as a result of, among other things, such Co-Investor's investment in the Fund or any of the other OHA Clients.

**Investments in Which the Other OHA Clients Have a Different Principal Interest**

The other OHA Clients invest in a broad range of asset classes throughout the corporate capital structure. These investments include investments in corporate loans and debt securities, preferred equity securities and common equity securities. As a result, the Fund may invest in investments or other issuers in which the other OHA Clients may invest in different parts of the capital structure.

For example, with respect to the Fund's investments in certain issuers, the other OHA Clients, subject to applicable law, may invest in different classes of debt or equity interests issued by the same issuers, including interests that are senior to the Fund's interests or convertible into such senior interests. The interests of the Fund may not be aligned in all circumstances with the interests of the other OHA Clients to the extent they hold more junior or senior debt or equity interests, as the case may be, which could create actual or potential conflicts of interest or the appearance of such conflicts for the OHA Clients (including the Fund), the Adviser and/or its affiliates. In that regard, actions may be taken by the Adviser and/or its affiliates on behalf of the other OHA Clients that are adverse to the Fund. The interests of the Fund and/or the other OHA Clients investing in different parts of the capital structure of an issuer are particularly likely to conflict in the case of financial distress of the issuer (or increased financial stress after the Fund invests in the issuer). For example, if additional financing is necessary as a result of financial or other difficulties, it may not be in the best interests of the Fund, as a holder of senior secured debt issued by such issuer, to provide such additional financing. If the other OHA Clients holding more junior debt or equity positions were to lose their respective investments as a result of such difficulties, the ability of the Adviser to recommend actions that are in the best interests of the Fund might be impaired. The reverse is true where another of the OHA Clients holds debt in an issuer that is more senior to that held by the Fund. In addition, it is possible that, in a bankruptcy proceeding, the Fund's interests may be subordinated or otherwise adversely affected by virtue of such other OHA Clients' involvement and actions relating to their investment. Finally, if the Adviser becomes a member of a creditors' committee in connection with certain loan positions held by OHA Clients, it may be restricted from trading securities of the same issuer for other OHA Clients. There can be no assurance that the terms of or the return on the Fund's investment will be equivalent to or better than the terms of or the returns obtained by the other OHA Clients participating in the transaction. This may result in a loss or substantial dilution of the Fund's investment, while another OHA Client recovers all or part of amounts due to it. Similarly, the Adviser's ability to implement the Fund's strategies effectively may be limited to the extent that contractual obligations entered into in respect of the activities of the other OHA Clients impose restrictions on the Fund engaging in transactions that the Adviser may be interested in otherwise pursuing. In addition, where the Adviser invests on behalf of multiple OHA Clients in the same debt or equity security or other debt obligation, one OHA Client (such as the Fund) may not be able to sell its position in that security or obligation at a time that may be the most advantageous to such OHA Client to do so, as the investment is managed by the Adviser not only on behalf of such OHA Client, but on behalf of all of the OHA Clients on whose behalf the Adviser manages such investment.

**Investing on Behalf of Multiple Clients**

When the Adviser trades on behalf of one OHA Client ahead of, or contemporaneously with, an investment on behalf of another OHA Client, market impact, liquidity constraints or other factors could result in one OHA Client receiving less favorable pricing or trading results, paying higher transaction costs or otherwise being disadvantaged. The Adviser may also pursue or enforce on behalf of one OHA Client rights or actions with respect to a particular issuer in which another OHA Client is invested, even though such action or inaction could materially adversely affect such other OHA Client. The liquidation of one OHA Client may impact other OHA Clients, for example, if the liquidating OHA Client liquidates a position that other OHA Clients continue to hold, particularly if the sale takes the Adviser's aggregate OHA Clients' holdings from a majority position to a minority position, or below another control or influential position level. Also, the investment or regulatory limitations of one OHA Client may impact the way the Adviser manages certain investments for other OHA Clients. In addition, in certain cases, an investor in a commingled fund OHA Client may have specific investment limitations which may impact the Adviser's investment decisions for such OHA Client as whole.

**Creation of Other Entities; Restructuring**

The Adviser will be permitted to market, organize, sponsor, act as advisor, general partner or manager or as the primary source for transactions for other pooled investment vehicles, which may be offered on a public or private placement basis, and to restructure and monetize interests in the Adviser, or to engage in other investment and business activities. Such activities could raise conflicts of interest for which the resolution may not be currently determinable.

**Placement Activities**

The Adviser's personnel involved in offering Shares in the Fund are acting for the Adviser and not acting as investment, tax, financial, legal or accounting advisors to potential investors in connection with the offering of Shares. Potential investors must independently evaluate the offering and make their own investment decisions.

The Adviser may in the future enter into arrangements with third-party placement agents to solicit prospective investors. Placement agents that solicit prospective investors on behalf of the Fund are subject to a conflict of interest because they will be compensated by the Fund and/or the Adviser in connection with their solicitation activities. Placement agents or other financial intermediaries may also receive other compensation, including placement fees with respect to the acquisition of Shares by Shareholders. Such agents or intermediaries will have an incentive in promoting the acquisition of Shares in preference to products with respect to which they receive a smaller fee. Prospective investors should take the existence of such fees and other compensation into account in evaluating an investment in the Fund. Prospective investors solicited by placement agents will be advised of, and asked to consent to, any compensation arrangements relating to their solicitation.

**Service Providers**

Certain advisors, other service providers and/or their respective affiliates (including accountants, administrators, lenders, bankers, brokers, attorneys (including attorneys from law firms retained by the Adviser on secondment at the Adviser's offices), consultants and investment or commercial banking firms), to the Fund and the issuers of the Fund's investments may also provide goods or services to or have business, personal, political, financial or other relationships with the Adviser or an affiliate. Such advisors and service providers may be investors in the other OHA Clients, sources of investment opportunities for the Adviser or one of its affiliates, the Fund or the other OHA Clients or may otherwise be co-investors with or counterparties to transactions involving the foregoing. These relationships could influence the Adviser in deciding whether to select or recommend any such advisor or service provider to perform services for the Fund or an issuer. Notwithstanding the foregoing, the Adviser will generally seek to engage advisors and service providers in connection with investment transactions for the Fund that require their use on the basis of the overall quality of advice and other services provided, the evaluation of which includes, among other considerations, such service provider's provision of certain investment-related services and research that the Adviser believes to be of benefit to the Fund. In certain circumstances, advisors and other service providers or their respective affiliates may charge rates or establish other terms in respect of advice and services provided to OHA, the other OHA Clients or their respective issuers that are different and more favorable than those established in respect of advice and services provided to the Fund and its investments.

***The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Fund. Prospective investors should read this Registration Statement and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program develops and changes over time, an investment in the Fund may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.***

**SHARE REPURCHASE PROGRAM**

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and will conduct periodic offers to repurchase 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 transfer their investment from the Fund to 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 will 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), which may not be changed without the vote of the holders of a majority of the Fund's outstanding securities (as defined in the 1940 Act). In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. The Fund will commence its first quarterly repurchase offer in the 4<sup>th</sup> calendar quarter of 2026.

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 will be sent to Shareholders at least 21 calendar days before the Repurchase Request Deadline; however, the Fund will seek to provide such written notification earlier but no more than 42 calendar days before the Repurchase Request Deadline. The NAV will be calculated no later than the Repurchase Pricing Date, which will be no later than 14 calendar days after the Repurchase Request Deadline or the next business day if the fourteenth day is not a business day. The Fund will distribute payment to Shareholders within seven calendar days after the Repurchase Pricing Date. 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.

The Fund has submitted an application for exemptive relief that, if granted, will permit the Fund to make monthly repurchase offers of no less than 5% of the Fund's outstanding shares at NAV. If granted, written notification of each monthly repurchase offer will be sent to Shareholders between 7 and 14 calendar days before the repurchase request deadline (i.e., the date by which Shareholders must tender their shares in response to a repurchase offer). There is no guarantee that any such exemptive relief will be granted. Prior to relying on the requested relief, if granted, the Fund's Board will revise the Fund's fundamental policy of making quarterly repurchase offers such that the Fund will make monthly repurchase offers. In addition, the Fund will obtain the approval of all Shareholders by unanimous written consent in lieu of a meeting. In addition, the Fund will disclose in its offering document and annual reports its fundamental policy to make monthly offers to repurchase a portion of its common shares at net asset value, as permitted by Rule 23c-3(b)(1).

**Determination of Repurchase Offer Amount**

The Board, 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 between 5% and 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 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 no more than 42 days before each Repurchase Request Deadline, the Fund shall send to each Shareholder of record and to each beneficial owner of the Shares that are the subject of the repurchase offer a notification ("Shareholder Notification"). 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 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.

**Repurchase Price**

The repurchase price of the Shares will be the Fund's NAV as of the close of regular trading on the New York Stock Exchange ("NYSE") on the Repurchase Pricing Date. You may call 1-844-700-1478 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**

The Fund will commence its first quarterly repurchase offer in the fourth calendar quarter of 2026. 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. Shareholders may withdraw or change a Repurchase Request with a proper instruction submitted in good form at any point before the 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 calendar 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 amount 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. In the event that shareholders in the aggregate 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 honoring the full amount of a required minimum distribution requested by a shareholder.

**DESCRIPTION OF CAPITAL STRUCTURE**

*The following description is based on relevant portions of the Delaware Statutory Trust Act, as amended, and on the Declaration of Trust and bylaws. This summary is not intended to be complete. Please refer to the Delaware Statutory Trust Act, as amended, and the Declaration of Trust and bylaws, copies of which have been filed as exhibits to the registration statement of which this offering document forms a part, for a more detailed description of the provisions summarized below.*

**Shares of Beneficial Interest**

The Declaration of Trust authorizes the Fund's issuance of an unlimited number of common shares of beneficial interest, par value $0.001 per share. There is currently no market for Shares and the Fund does not expect that a market for Shares will develop in the foreseeable future. Pursuant to the Declaration of Trust and as permitted by Delaware law, Shareholders are entitled to the same limitation of personal liability extended to stockholders of private corporations organized for profit under the General Corporation Law of the State of Delaware, as amended (the "DGCL") and therefore generally will not be personally liable for the Fund's debts or obligations.

*Shares*

Under the terms of the Declaration of Trust, all Shares, when consideration for Shares is received by the Fund, will be fully paid and nonassessable. Distributions may be paid to Shareholders if, as and when authorized and declared by the Board. Shares will have no preference, preemptive, appraisal, conversion, exchange or redemption rights, and will be freely transferable, except where their transfer is restricted by law or contract. The Declaration of Trust provides that the Board shall have the power 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, 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. 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 or removal of Trustees. Under the Declaration of Trust, the Fund is not required to hold annual meetings of Shareholders. The Fund only expects to hold Shareholder meetings to the extent required by the 1940 Act or pursuant to special meetings called by the Board or a majority of Shareholders.

*Preferred Shares and Other Securities*

The Declaration of Trust provides that the Board may, subject to the Fund's investment 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 Shares, 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. The Fund has no current intention to issue preferred shares or other senior securities.

Preferred Shares could be issued with rights and preferences that would adversely affect 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.

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

Pursuant to the Declaration of Trust, Trustees and officers of the Fund will not be 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 or disposition of any 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, or in the case of a criminal proceeding, matters for which such person had reasonable cause to believe that his or her conduct was unlawful. 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.

The Fund has entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder, the Adviser is not liable for any error of judgment or mistake of law or for any loss the Fund suffers.

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 a written 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; Vacancies; Removal**

The Declaration of Trust provides that the number of Trustees shall be no less than one and no more than 15, 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. To the extent that the 1940 Act requires that Trustees be elected by Shareholders, any such Trustees will be elected by a plurality of all Shares voted at a meeting of Shareholders at which a quorum is present.

The Fund has a total of five members of the Board, three of whom are Independent Trustees. Each Trustee will hold office until his or her successor is duly elected and qualified. While the Fund does not intend to list its Shares on any securities exchange, if any class of the Fund's Shares is listed on a national securities exchange, the Board will be divided into three classes of Trustees serving staggered terms of three years each.

**Action by Shareholders**

The Declaration of Trust provides that Shareholder action can be taken only at a meeting of Shareholders or by unanimous written consent in lieu of a meeting. Subject to the 1940 Act, the Declaration of Trust or a resolution of the Board specifying a greater or lesser vote requirement, the affirmative vote of a majority of Shares present in person or represented by proxy at a meeting and entitled to vote on the subject matter shall be the act of the Shareholders with respect to any matter submitted to a vote of the Shareholders.

**Amendment of Declaration of Trust and Bylaws**

Subject to the provisions of the 1940 Act, pursuant to the Declaration of Trust, the Board may make certain amendments to the Declaration of Trust without any vote of Shareholders. Pursuant to the Declaration of Trust and bylaws, the Board has the exclusive power to amend or repeal the bylaws or adopt new bylaws at any time.

**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.

**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 provisions under the Code applicable to the Fund as a RIC or 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 the Declaration of Trust or affect the validity of any action taken or omitted to be taken prior to such determination.

**TAX ASPECTS**

The following is a general summary of certain material U.S. federal income tax considerations applicable to the Fund and an investment in the Fund. The discussion below provides general tax information related to an investment in the Fund, but does not purport to be a complete description of the U.S. federal income tax consequences of an investment in the Fund and does not address any state, local, non-U.S. or other tax consequences. It is based on the Code, U.S. Treasury regulations thereunder, administrative pronouncements and judicial decisions, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. In addition, it does not describe all of the tax consequences that may be relevant in light of a Shareholder's particular circumstances, including (but not limited to) alternative minimum tax consequences and tax consequences applicable to Shareholders subject to special tax rules, such as certain financial institutions; dealers or traders in securities who use a mark-to-market method of tax accounting; persons holding Shares as part of a hedging transaction, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Shares; entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; insurance companies; U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar; or tax-exempt entities, including "individual retirement accounts" or "Roth IRAs." Unless otherwise noted, the following discussion applies only to a Shareholder that holds Shares as a capital asset and is a U.S. Shareholder. A "U.S. Shareholder" generally is a beneficial owner of Shares who is for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

● an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

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

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A partner in a partnership that is a prospective Shareholder should consult the partner's personal advisors with respect to the tax treatment of the purchase, ownership and disposition of Shares by the partnership.

The discussion set forth herein does not constitute tax advice. Tax laws are complex and often change, and Shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S. tax consequences of an investment in the Fund.

**Taxation of the Fund**

The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes as dividends to Shareholders. To qualify as a RIC in any tax year, the Fund must, among other things, satisfy both a source of income test and asset diversification tests. The Fund will satisfy these tests if (i) at least 90% of the Fund's gross income for such tax year consists of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of stock, securities or foreign currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and net income derived from interests in "qualified publicly-traded partnerships" (such income, "Qualifying RIC Income"); and (ii) the Fund's holdings are diversified so that, at the end of each quarter of such tax year, (a) at least 50% of the value of the Fund's total assets is represented by cash and cash equivalents, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested (x) in securities (other than U.S. government securities or securities of other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or (y) in the securities of one or more "qualified publicly-traded partnerships." The Fund's share of income derived from a partnership other than a "qualified publicly-traded partnership" will be treated as Qualifying RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A "qualified publicly-traded partnership" is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes if (1) interests in such entity are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (2) less than 90% of its gross income for the relevant tax year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign currency gains that are not directly related to the RIC's principal business of investing in stock or securities (or options and futures with respect to stock or securities). The Fund anticipates that, in general, its foreign currency gains will be directly related to its principal business of investing in stock and securities.

In addition, to maintain RIC tax treatment, the Fund must distribute on a timely basis with respect to each tax year dividends of an amount at least equal to 90% of the sum of its "investment company taxable income" and its net tax-exempt interest income, determined without regard to any deduction for dividends paid, to Shareholders (the "90% distribution requirement"). If the Fund qualifies as a RIC and satisfies the 90% distribution requirement, the Fund generally will not be subject to U.S. federal income tax on its "investment company taxable income" and net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes as dividends to Shareholders. In general, a RIC's "investment company taxable income" for any tax year is its taxable income, determined without regard to net capital gains and with certain other adjustments. The Fund intends to distribute all or substantially all of its "investment company taxable income," net tax-exempt interest income (if any) and net capital gains on an annual basis. Any taxable income, including any net capital gains that the Fund does not distribute in a timely manner, will be subject to U.S. federal income tax at regular corporate rates.

If the Fund retains any net capital gains for reinvestment, it may elect to treat such capital gains as having been distributed to Shareholders. If the Fund makes such an election, each Shareholder will be required to report its share of such undistributed net capital gains attributed to the Fund as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gains as a credit against its own U.S. federal income tax liability, if any, and to claim a refund on a properly-filed U.S. federal income tax return to the extent that the credit exceeds such liability. In addition, each Shareholder will be entitled to increase the adjusted tax basis of its Shares by the difference between its share of such undistributed net capital gains and the related credit. There can be no assurance that the Fund will make this election if it retains all or a portion of its net capital gains for a tax year.

As a RIC, the Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed amounts for each calendar year (the "4% excise tax"). To avoid the 4% excise tax, the Fund must distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains for previous calendar years that were not distributed during those calendar years. For purposes of determining whether the Fund has met this distribution requirement, the Fund will be deemed to have distributed any income or gains previously subject to U.S. federal income tax. The Fund generally intends to avoid the imposition of the 4% excise tax, but there can be no assurance in this regard.

Furthermore, any dividend declared by the Fund in 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 tax purposes as if it had been paid on December 31 of the calendar year in which the dividend was declared.

If the Fund fails to qualify as a RIC or fails to satisfy the 90% distribution requirement in respect of any tax year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gains, even if such income were distributed, and all distributions out of earnings and profits would be taxed as ordinary dividend income. Such distributions generally would be eligible for the dividends-received deduction in the case of certain corporate Shareholders and to be taxed as qualified dividend income in the case of certain non-corporate Shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy either the income test or asset diversification tests described above, however, in certain cases, the Fund may be able to avoid losing its status as a RIC by timely providing notice of such failure to the IRS, curing such failure and possibly paying an additional tax or penalty.

Some of the investments that the Fund is expected to make, such as investments in debt instruments having market discount and/or treated as issued with OID, may cause the Fund to recognize income or gain for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. As a result, the Fund may have difficulty meeting the 90% distribution requirement necessary to maintain RIC tax treatment. Because this income will be included in the Fund's investment company taxable income for the tax year it is accrued, the Fund may be required to make a distribution to Shareholders to meet the distribution requirements described above, even though the Fund will not have received any corresponding cash or property. The Fund may be required to borrow money, dispose of other securities or forgo new investment opportunities for this purpose.

There may be uncertainty as to the appropriate treatment of certain of the Fund's investments for U.S. federal income tax purposes. In particular, the Fund expects to invest a portion of its net assets in below investment grade instruments. U.S. federal income tax rules with respect to such instruments are not entirely clear about issues such as whether and to what extent the Fund should recognize 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 connection with the Fund's general intention to distribute sufficient income to qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, and to minimize the risk that it becomes subject to U.S. federal income or excise tax.

Income received by the Fund from sources outside the United States may be subject to withholding and other taxes imposed by such countries, thereby reducing income available to the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Fund generally intends to conduct its investment activities to minimize the impact of foreign taxation, but there is no guarantee that the Fund will be successful in this regard. If more than 50% of the value of the Fund's total assets at the close of its tax year consists of stock or securities of foreign corporations, the Fund will be eligible to elect to "pass-through" to its Shareholders the respective amount of foreign taxes paid or deemed paid by the Fund. If the Fund so elects, each Shareholder would be required to include in gross income, even though not actually received, such Shareholder's *pro rata* share of the foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both). For purposes of the foreign tax credit limitation rules of the Code, each Shareholder would treat as foreign source income its pro rata share of such foreign taxes paid or deemed paid by the Fund.

The Fund may invest in shares of foreign companies that are classified under the Code as passive foreign investment companies ("PFICs"). In general, a foreign company is considered a PFIC if at least 50% of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. In general, under the PFIC rules, an "excess distribution" received with respect to PFIC shares is treated as having been realized ratably over the period during which the Fund held the PFIC shares. The Fund generally will be subject to tax on the portion, if any, of the excess distribution that is allocated to the Fund's holding period in prior tax years (and an interest factor will be added to the tax, as if the tax had actually been payable in such prior tax years) even if the Fund distributes the corresponding income to Shareholders. Excess distributions include any gain from the sale of PFIC shares as well as certain distributions from a PFIC. All excess distributions are taxable as ordinary income.

The Fund may be eligible to elect alternative tax treatment with respect to PFIC shares. Under one such election (*i.e.*, a "QEF" election), the Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether any distributions are received from the PFIC. If this election is made, the special rules, discussed above, relating to the taxation of excess distributions would not apply. Alternatively, the Fund may be able to elect to mark its PFIC shares to market, resulting in any unrealized gains at the Fund's tax year end being treated as though they were recognized and reported as ordinary income. Any mark-to-market losses and any loss from an actual disposition of the PFIC's shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income in prior tax years with respect to shares in the same PFIC.

Because the application of the PFIC rules may affect, among other things, the character of gains and losses, the amount of gain or loss and the timing of the recognition of income, gain or loss with respect to PFIC shares, as well as subject the Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to Shareholders, and which will be recognized by Shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. Note that distributions from a PFIC are not eligible for the reduced rate of tax on distributions of "qualified dividend income" as discussed below.

Some of the CLOs in which the Fund may invest may be PFICs, which are generally subject to the tax consequences described above. Investment in certain equity interests of CLOs that are subject to treatment as PFICs for U.S. federal income tax purposes may cause the Fund to recognize income in a tax year in excess of the Fund's distributions from such CLOs and other PFICs and the Fund's proceeds from sales or other dispositions of equity interests in such CLOs and other PFICs during that tax year. As a result, the Fund generally would be required to distribute such income to satisfy the distribution requirements applicable to RICs.

If the Fund holds more than 10% (by vote or value) of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation ("CFC"), including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation of an amount equal to the Fund's *pro rata* share of the foreign corporation's "subpart F income" for such tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution to the Fund during such tax year. This deemed distribution is required to be included in the income of certain U.S. shareholders of a CFC, such as the Fund, regardless of whether a U.S. shareholder has made a QEF election with respect to such CFC. The Fund is generally required to distribute such income in order to satisfy the distribution requirements applicable to RICs, even to the extent the Fund's income from a CFC exceeds the distributions from the CFC and the Fund's proceeds from the sales or other dispositions of CFC stock during that tax year. In general, a foreign corporation will be treated as a CFC for U.S. federal income tax purposes if more than 50% of the shares of the foreign corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by "United States shareholders. A "United States shareholder," 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 corporation.

The functional currency of the Fund, for U.S. federal income tax purposes, is the U.S. dollar. Gains or losses attributable to fluctuations in foreign currency exchange rates that occur between the time a Fund accrues interest income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are respectively characterized as ordinary income or ordinary loss for U.S. federal income tax purposes. Similarly, on the sale or other disposition of certain investments, including debt securities, certain forward contracts, as well as other derivative financial instruments, denominated in a foreign currency, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition also are generally treated as ordinary gain or loss. These gains and losses, referred to under the Code as "section 988" gains and losses, may increase or decrease the amount of the Fund's investment company taxable income subject to distribution to Shareholders as ordinary income. For example, fluctuations in exchange rates may increase the amount of income that the Fund must distribute to qualify for tax treatment as a RIC and to prevent application of an excise tax on undistributed income. Alternatively, fluctuations in exchange rates may decrease or eliminate income available for distribution. If section 988 losses exceed other investment company taxable income during a tax year, the Fund would not be able to distribute amounts considered ordinary income dividends for U.S. federal income tax purposes, and any such distributions during a tax year made by the Fund before such losses were recognized would be re-characterized as a return of capital to Shareholders for U.S. federal income tax purposes, rather than as ordinary income, and would reduce each Shareholder's tax basis in Fund Shares.

The Fund has no current intention of issuing preferred Shares or of borrowing. However, if the Fund utilizes leverage through the issuance of preferred Shares or borrowings in the future, it will be prohibited from declaring a distribution or dividend if it would fail the applicable asset coverage test(s) under the 1940 Act after the payment of such distribution or dividend. In addition, certain covenants in credit facilities or indentures may impose greater restrictions on the Fund's ability to declare and pay dividends on Fund Shares. Limits on the Fund's ability to pay dividends on Fund Shares may prevent the Fund from meeting the distribution requirements described above and, as a result, may affect the Fund's ability to be subject to tax as a RIC or subject the Fund to the 4% excise tax. The Fund endeavors to avoid restrictions on its ability to make distribution payments. If the Fund is precluded from making distributions on Fund Shares because of any applicable asset coverage requirements, the terms of preferred Shares (if any) may provide that any amounts so precluded from being distributed, but required to be distributed by the Fund to enable the Fund to satisfy the distribution requirements that would enable the Fund to be subject to tax as a RIC, will be paid to the holders of preferred Shares as a special distribution. This distribution can be expected to decrease the amount that holders of preferred Shares would be entitled to receive upon redemption or liquidation of such preferred Shares.

Certain of the Fund's investments are expected to be subject to special U.S. federal income tax provisions that may, among other things, (1) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (2) convert lower-taxed long-term capital gains into higher-taxed short-term capital gains or ordinary income, (3) convert an ordinary loss or a deduction into a capital loss, the deductibility of which is more limited, (4) adversely affect when a purchase or sale of shares or securities is deemed to occur, (5) adversely alter the intended characterization of certain complex financial transactions, (6) cause the Fund to recognize income or gain without a corresponding receipt of cash, (7) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (8) treat dividends that would otherwise be eligible for the corporate dividends-received deduction as ineligible for such treatment and (9) produce income that will not constitute Qualifying RIC Income. The application of these rules could cause the Fund to be subject to U.S. federal income tax or the 4% excise tax and, under certain circumstances, could affect the Fund's status as a RIC. The Fund will monitor its investments and may make certain tax elections to mitigate the effect of these provisions.

The remainder of this discussion assumes that the Fund has qualified for and maintained its treatment as a RIC for U.S. federal income tax purposes and has satisfied the distribution requirements described above.

**Taxation of U.S. Shareholders**

***Distributions***

Distributions of the Fund's ordinary income and net short-term capital gains will, except as described below with respect to distributions of "qualified dividend income," generally be taxable to Shareholders as ordinary income to the extent such distributions are paid out of the Fund's then-current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described above), if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time a Shareholder has owned Shares. The ultimate tax characterization of the Fund's distributions made in a tax year cannot be determined until after the end of the tax year. As a result, the Fund may make total distributions during a tax year in an amount that exceeds the then-current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of the Fund's then-current and accumulated earnings and profits will be treated by a Shareholder as a return of capital that will be applied against and reduce the Shareholder's tax basis in its Shares. To the extent that the amount of any such distribution exceeds the Shareholder's tax basis in its Shares, the excess will be treated as gain from a sale or exchange of Shares.

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 Fund Shares, even if such Shares are sold at a loss relative to the Shareholder's original investment.

It is expected that a substantial portion of the Fund's income will consist of ordinary income. For example, interest and OID derived by the Fund will be characterized as ordinary income for U.S. federal income tax purposes. In addition, gain derived by the Fund from the disposition of debt instruments with "market discount" (generally, securities with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund at a price below their stated redemption price at maturity or, in the case of securities with OID, their revised issue price, provided such discount equals or exceeds a statutory de minimis amount) will be characterized as ordinary income for U.S. federal income tax purposes to the extent of the market discount that has accrued, as determined for U.S. federal income tax purposes, at the time of such disposition, unless the Fund makes an election to accrue market discount on a current basis. Notwithstanding the foregoing, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross income no later than the time at which such items are taken into account as revenue in the taxpayer's financial statements. Treasury regulations provide that Section 451 does not apply to market discount. If the IRS were to change its position and Section 451 were to apply to the accrual of market discount, the Fund would be required to include in income any market discount as it takes the same into account on its financial statements.

Distributions made by the Fund to a corporate Shareholder, if properly reported by the Fund, will qualify for the dividends-received deduction to the extent that the distributions consist of qualifying dividends received by the Fund. However, any portion of the Fund's dividends otherwise qualifying for the dividends-received deduction will be disallowed or reduced if the corporate Shareholder fails to satisfy certain requirements, including a holding period requirement, with respect to its Shares. Distributions of "qualified dividend income" to an individual or other non-corporate Shareholder, if properly reported by the Fund, will be treated as "qualified dividend income" to such Shareholder and generally will be taxed at long-term capital gain rates, provided the Shareholder satisfies the applicable holding period and other requirements. "Qualified dividend income" generally includes dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria. Given the Fund's investment strategy, it is not expected that a significant portion of the distributions made by the Fund will be eligible for the dividends-received deduction or the reduced rates applicable to "qualified dividend income."

Certain distributions reported by the Fund as Section 163(j) interest dividends may be eligible to be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Code Section 163(j). Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations. 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.

If a Shareholder acquires Shares shortly before the record date of a distribution, the price of the Shares may include the value of the distribution, and the Shareholder will be subject to tax on the distribution even though economically it may represent a return of the Shareholder's investment in such Shares.

Distributions paid by the Fund generally will be treated as received by a Shareholder at the time the distribution is made. However, the Fund may, under certain circumstances, elect to treat a distribution that is paid during the following tax year as if it had been paid during the tax year in which the income or gains supporting the distribution was earned. If the Fund makes such an election, the Shareholder will still be treated as receiving the distribution in the tax year in which the distribution is received. In this instance, however, any dividend declared by the Fund in 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 tax purposes as if it had been received by Shareholders on December 31 of the calendar year in which the dividend was declared.

The Fund will send to each of its U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per Share and per distribution basis, the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS, including the amount of distributions, if any, eligible for the preferential maximum rate generally applicable to long-term capital gains. Distributions paid by the Fund generally will not be eligible for the corporate dividends-received deduction or the preferential tax rate applicable to long-term capital gains because the Fund's income generally will not consist of dividends. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

***Sale or other Disposition of Shares***

The repurchase or transfer of Shares may result in a taxable gain or loss to the tendering or transferring 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 the repurchase proceeds may instead be treated as a distribution to that Shareholder. In such case, there is also a risk of 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. The amount of the gain or loss will be equal to the difference between the amount received for the Shares and the Shareholder's adjusted tax basis in the relevant Shares. Such gain or loss generally will be a long-term capital gain or loss if the Shareholder has held such Shares as capital assets for more than one year. Otherwise, the gain or loss will be treated as short-term capital gain or loss.

Losses realized by a Shareholder on the sale or other disposition of Shares held as capital assets for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term capital gains received (or deemed received, as discussed above) with respect to such Shares. In addition, no loss will be allowed on a sale or other disposition of Shares if the Shareholder acquires Shares, or enters into a contract or option to acquire Shares, within 30 days before or after any disposition of such Shares at a loss. In such a case, the basis of the Shares acquired will be adjusted to reflect the disallowed loss.

In general, non-corporate Shareholders currently are generally subject to a maximum federal income tax rate of either 15% or 20% (depending on whether the Shareholder's income exceeds certain threshold amounts) on their net capital gain (*i.e.*, the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in Shares. Such rate is lower than the maximum rate on ordinary income currently payable by non-corporate Shareholders. Corporate Shareholders currently are subject to U.S. federal income tax on net capital gain at the 21% rate also applied to ordinary income. Non-corporate Shareholders with net capital losses for a tax year (*i.e.*, capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each tax year. Any net capital losses of a non-corporate Shareholder in excess of $3,000 generally may be carried forward and used in subsequent tax years as provided in the Code. Corporate Shareholders generally may not deduct any net capital losses for a tax year, but may carry back such losses for three tax years or carry forward such losses for five tax years.

Under U.S. Treasury regulations, if a Shareholder recognizes losses with respect to Shares of $2 million or more for an individual Shareholder or $10 million or more for a corporate Shareholder, the Shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Reporting of adjusted cost basis information is required for covered securities, which generally include shares of a RIC acquired on or after January 1, 2012, to the IRS and to taxpayers. Shareholders should contact their financial intermediaries with respect to reporting of cost basis and available elections for their accounts.

***Medicare Tax***

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from repurchases or other taxable dispositions of Shares) of U.S. individuals, estates and trusts to the extent that such person'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. U.S. persons that are individuals, estates or trusts are urged to consult their tax advisors regarding the applicability of this tax to their income and gains in respect of their investment in the Fund.

***Backup Withholding and Information Reporting***

Information returns will be filed with the IRS in connection with payments on Shares and the proceeds from a sale or other disposition of Shares. A Shareholder will be subject to backup withholding on all such payments if it fails to provide the payor with its correct taxpayer identification number (generally on an IRS Form W-9) and to make required certifications or otherwise establish an exemption from backup withholding. Corporate Shareholders and certain other Shareholders generally are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld as backup withholding may be credited against the applicable Shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Other Taxes**

Shareholders may be subject to state, local and non-U.S. taxes applicable to their investment in the Fund. In those states, localities or non-U.S. jurisdictions, entity-level tax treatment and the treatment of distributions made to Shareholders under those jurisdictions' tax laws may differ from the treatment under the Code. Accordingly, an investment in Shares may have tax consequences for Shareholders that are different from those of a direct investment in the Fund's portfolio investments. Shareholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**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 will not be 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.

**ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST**

The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund.

The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office with cause only by action taken by a majority of the remaining Trustees (or, in the case of an Independent Trustee, only by action taken by a majority of the remaining Independent Trustees). The Fund may not pursue certain extraordinary transactions set forth in the Declaration of Trust without the approval of at least two-thirds of the Trustees. These anti-takeover provisions may inhibit certain changes of control that could benefit shareholders, such as by leading to improvements in Fund operations, by leading to increased returns of capital to shareholders or through other means.

The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund's asset, or liquidation. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.

**PLAN OF DISTRIBUTION**

T. Rowe Price Investment Services, Inc., 1307 Point Street, Baltimore MD, 21231, 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 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.

**Purchasing Shares and Purchase Terms**

Shares of the Fund are not registered under the 1933 Act and are not available for public purchase. The Fund is offered for sale through its Distributor to Investing Funds at NAV. 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.

In compliance with the USA Patriot Act of 2001, the Transfer Agent will verify certain information for each Shareholder as part of the Fund's Anti-Money Laundering Program.

If the Transfer Agent does not have a reasonable belief of the identity of an Investing Fund, that Investing Fund will not be allowed to perform a transaction 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.

There is no minimum initial investment and no minimum for additional purchases.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund intends to make a distribution each month to its Shareholders of the net investment income of the Fund after payment of Fund operating expenses (if any). The dividend rate may be modified by the Board from time to time.

To the extent that any portion of the Fund's monthly distributions are considered a return of capital to Shareholders, such portion would not be considered dividends for U.S. federal income tax purposes, and would represent a return of the amounts that such Shareholders invested. Although such return of capital distributions are not currently taxable to Shareholders, such distributions will have the effect of lowering a Shareholder's tax basis in his or her Shares, and could result in a higher tax liability when the Shares are sold, even if they have not increased in value, or in fact, have lost value. The Fund's final distribution for each tax year is expected to include any remaining investment company taxable income and net tax-exempt income undistributed during the tax year, as well as any undistributed net capital gain realized during the tax year. If the total distributions made in any tax 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 then-current or accumulated earnings and profits. This distribution policy, may, under certain circumstances, have 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 ratios. The distribution policy also may cause the Fund to sell securities at a time it would not otherwise do so to manage the distribution of income and gain. The initial distribution will be declared on a date determined by the Board.

Each year, a statement on Form 1099-DIV identifying the sources of the distributions (*i.e.*, paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be furnished to Shareholders subject to IRS reporting. Fund distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. 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. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

As discussed in the "Tax Aspects" section, to qualify for and maintain RIC tax treatment, the Fund is required to distribute on a timely basis with respect to each tax year dividends for U.S. federal income tax purposes of an amount at least equal to the sum of 90% of "investment company taxable income" and net tax-exempt interest income, determined without regard to any deduction for dividends paid, for such tax year. To avoid certain excise taxes imposed on RICs, the Fund is required to distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gain net income for previous calendar years that were not distributed during such calendar years and on which the Fund paid no U.S. federal income tax. The Fund can offer no assurance that it will achieve results that will permit the payment of any cash distributions. If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Fund's borrowings. Any such limitations would adversely impact the Fund's ability to make distributions to Shareholders.

**FISCAL YEAR; REPORTS**

For accounting purposes, the Fund's fiscal year and tax year is expected to end on December 31. As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to IRS reporting. In addition, the Fund will prepare and transmit to Shareholders an unaudited semiannual 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.

 **PRIVACY NOTICE** 

 **<u>OHA Direct Credit Fund Privacy Notice</u>**

 ***Commitment to Privacy***

This Privacy Notice is provided by the OHA Direct Credit Fund (the "**Fund**"), Oak Hill Private Credit Advisors II, LP and its affiliates, including T. Rowe Price Investment Services, Inc. and other affiliates within the Oak Hill Advisors and T. Rowe Price family of companies in their capacity in providing investment management, administrative, operational, and other services for the Fund (collectively, "**we**" unless specified otherwise)<sup>1</sup>. We are committed to handling "non-public personal information" and "personal data" in accordance with applicable laws, rules and regulations.

Technology has dramatically changed the way information of all kinds is gathered, used and stored, but the importance of preserving the security and confidentiality of information has remained a core value of ours. We recognize and respect the privacy expectations of website visitors, clients, investors and their affiliated individuals. Confidentiality and protection of non-public personal information and personal data are among our fundamental responsibilities. This Privacy Notice applies to "**Relevant Individuals**," defined in this Privacy Notice as anybody acting in one of the following capacities:

● An "**Individual Investor**," i.e., a natural person investing with the Fund or otherwise acting as a client of the Fund in their individual capacity;

● Directors and managers of the Fund; and

● Any natural person affiliated with a client, investor, counterparty, or supplier of or to the Fund (such as an employee, director, officer, partner, member, shareholder, beneficial owner, affiliate, agent or representative).

This Privacy Notice is current as of the date stated at the end of the Notice, but as circumstances or requirements change, we may need to amend this Privacy Notice. We will notify Relevant Individuals of any material amendment by posting an updated version on the Website and/or taking other steps.

------

<sup>1</sup> This Privacy Notice addresses the collection and use of Personal Information as related to the Fund. If you are interacting with Oak Hill Advisors or T. Rowe Price in relation to a different product, service, subsidiary, affiliate, or digital property, a separate privacy policy or privacy notice will apply.

 ***What We Need You to Do***

 **Please provide this Privacy Notice to any Relevant Individuals whose Personal Information (as defined below) may be provided to us. In addition, to the extent we are provided with sensitive Personal Data (as defined below), we recommend it is encrypted before being sent.**

 ***Key Concepts***

"**Personal data**" is any information relating to an identified or identifiable natural person (as further defined in the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020, and their related regulations (collectively, "**CCPA**"), the Gramm-Leach-Bliley Act ("**GLBA**") and other applicable laws and regulations relating to privacy, data protection, breach notification, or the processing of personal information). "**Non-public personal information**" is any personally identifiable financial information relating to natural persons that is not publicly available. We refer in this Privacy Notice to "non-public personal information" and other "personal data" together as "**Personal Information**".

 ***Personal Information Collected***

We may collect or otherwise process some or all of the following categories of Personal Information:

● **Identifiers**, such as full name, residential / office address, and other contact information, as well as government-issued identification details (e.g., social security number, or details from a driver's license, state identification card or passport);

● **Commercial information**, such as:

● information about a Relevant Individual's interests in the Fund (such as account balances and percentage interests);

● transaction and interaction information, such as transaction history, client service records, communications with or concerning the Fund by email or other methods, and other information about the Relevant Individual's investments with us or other dealings with us;

● other financial information (e.g., assets, net worth, income, investments, beneficial interests, investment history, bank account details, utility bills and other personal financial data);

● **Professional and employment information**, such as education history;

● **Internet or other electronic network activity information**, including information collected by automated means when an individual visits the Website that may sometimes qualify as Personal Information, such as IP address, details about navigation on the Website, and details about the individual's browser or device, a unique identifier or other information that we or our partners may store or read on the visitor's browser or device with cookie technology (details further below);

● **Other Personal Information**, such as date of birth, compliance program data including records related to tax laws, Know Your Customer (KYC), Office of Foreign Assets Control (OFAC), anti-money laundering (AML), and Foreign Corrupt Practices Act (FCPA),background check information; and

● **Inferences** we generate based on the data above.

Where the client or investor is an individual, we will usually collect this information directly from the individual. Where the client or investor (or other party engaging with us concerning the Fund) is a corporate entity, we will usually collect the information from the client or investor or their professional advisors or agents. In some cases, we may receive the information from another party, such as a background check provider.

Some of the personal information we collect is described in Cal. Civ. Code Section 1798.80.

 ***Sensitive Personal Information***

Some of the Personal Information described in the "Personal Information Collected" section above also constitutes "sensitive personal information" under the CCPA. We use and disclose sensitive personal information for our business and compliance functions and for other legally authorized purposes. We do not use or disclose it in a manner that would give rise to a right to limit its use or disclosure under the CCPA.

● **Government-issued identification numbers** are used and disclosed for identification, compliance, and related purposes, and as otherwise authorized by the CCPA;

● **Account login credentials** (user names with password, access code or other credential that permits access to an account) are used and disclosed as needed to allow you to access your account and/or account information, for related account security purposes, and as otherwise authorized by the CCPA; and

● **Financial account number or payment card number with any password, access code, or other credential that permits access to an account** are used and disclosed as needed to allow you to access your account and/or account information, for related account security purposes, and as otherwise authorized by the CCPA.

 ***Uses of Personal Information***

We will use Personal Information for some or all of the following purposes:

● to provide the service, information, or product requested;

● in managing our relationship with the client or investor or other party (for example, to send transactional messages, to maintain the integrity of our records, to identify you);

● in managing our business operations and information technology resources (for example, managing internal directories and client relationship management systems);

● in protecting the Fund, its clients, investors, trading partners and others (for example, risk management and fraud prevention);

● to address legal requirements (including laws designed to protect the integrity of the financial sector, which require measures such as anti-money laundering checks and the recording of calls and emails); and

● for Fund-related informational or marketing communications, where appropriate and permitted by applicable law.

From time to time, we may also use a Relevant Individual's Personal Information in other situations, such as with the Relevant Individual's consent.

 ***Retention of Personal Information***

The Personal Information we collect, including sensitive Personal Information, will be retained for at least as long as necessary to satisfy the purposes for which it was collected and our legal obligations. As described above, these purposes include our business operations and complying with reporting, legal, tax and accounting obligations. In determining how long to retain information, we generally will consider the amount, nature and sensitivity of the information, the purposes for which we process the Personal Information and whether we can achieve those purposes in other ways, the applicable legal requirements, internal recordkeeping practices and/or our legitimate interests.

Because we may collect and use the same category of personal information for different purposes and in different contexts, there is not typically a fixed retention period that always will apply to a particular category of personal information.

 ***Disclosures of Personal Information***

For the purposes described in the previous section, where permitted by applicable law, we may disclose Personal Information in some or all of the following ways:

● to the client or investor;

● to other entities that assist in carrying out the activities described above, including professional advisors, technology providers, auditors, administrators, registrars, depositaries and other service providers;

● to regulatory bodies and governmental authorities;

● to other participants in certain transactions with the Fund (for example, to assist another party in discharging their legal obligations in respect of, for example, anti-money laundering legislation and to honor their legal right to obtain a recording of certain regulated calls or a copy of certain regulated electronic communications between us and that other party);

● to others (such as litigants, or an acquirer or others connected with an acquisition or similar transaction involving the Fund); and

● to agents, delegates, or related, associated or affiliated entities of the foregoing.

From time to time, we may also disclose a Relevant Individual's Personal Information in other situations, such as at the Relevant Individual's request.

 ***Security of Personal Information***

We take steps to restrict access to Personal Information, including various physical, electronic, and procedural safeguards. The specific security measures we use in a particular context depend on that context, but we draw from measures such as access controls, malware defenses, encryption, facility security, and various monitoring strategies. We also maintain incident response procedures.

 ***California Privacy Information – CCPA***

This section provides detailed information applicable only to eligible California residents under the CCPA. This section does not apply to Individual Investors, as our processing of their Personal Information is exempt from the CCPA, and it also does not cover any other Personal Information for which we are exempt from the CCPA, such as "publicly available information" as defined in the CCPA. Data that is not subject to the CCPA may be handled differently than described here.

During the past 12 months, we may have collected all of the types of personal information described in the "Personal Information Collection" section of this Privacy Notice, and disclosed at least some of each category of personal information in some instances to our affiliates, service providers and other entities that assist us with our business. We also made the other disclosures described in this paragraph. We disclosed government-issued identification details (e.g., social security number, or details from a driver's license, state identification card or passport), other identifiers (such as full name, residential address and other contact information) and professional and employment information to regulatory bodies and governmental authorities, transaction participants and entities involved in legal matters. We disclosed other Personal Information (except account credentials, inferences and internet or electronic network activity), such as date of birth and background check information, to regulatory bodies and governmental authorities, transaction participants and entities involved in legal matters. We made these disclosures of personal information about Californians for the purposes described in the "Disclosure of Personal Information" section above.

We do not "sell" or "share" Personal Information (as those terms are defined in the CCPA) nor have we over the last 12 months. We do not "sell" or "share" personal information if we have actual knowledge that the individual is less than 16 years of age.

Subject to some limitations, the CCPA allows you to ask us to:

● provide access to and/or a copy of certain personal information we hold about you;

● correct certain personal information we have about you;

● delete certain personal information we have about you; and

● inform you about the categories of personal information we have collected about you in the preceding 12 months, the categories of sources of such information, the business or commercial purpose for collecting or selling your personal information, the categories of third parties to whom we have disclosed certain personal information, confirmation that we did not "sell" or "share" your Personal Information, and more specific detail about what categories of information were otherwise disclosed to particular categories of third parties.

If you would like to exercise any of these rights, you may submit your request by completing the CCPA Rights Request Form or calling us at 1 (888) 992-0501. We may need to request specific information from the Relevant Individual to confirm their identity and ensure their right to access the Personal Information (or to exercise any of their other rights). For example, we may request that you confirm, depending on the sensitivity of the information involved, the nature of our relationship with you, and the type of request you are making, verifying your name, email address, account number, and other information regarding your interactions with the Fund.

You can designate an authorized agent to make a CCPA request on your behalf. To do so, we must receive a legally sufficient power of attorney signed by you pursuant to California Probate Code sections 4121 to 4130, or other written authorization acceptable to us, for the agent to act on your behalf. You may still need to verify your identity and confirm the agent's authority directly with us. For security and legal reasons, we may refuse to accept requests that require us to visit an agent's website. You have the right not to be retaliated against for exercise of the privacy rights conferred by the CCPA, regardless of the nature of your relationship or potential relationship with us.

 ***Cookies***

We and service providers and vendors may collect information from your computer or other device by automated means such as cookies, web beacons, local storage, JavaScript, mobile-device functionality and other computer code (collectively, "**cookies**"). This information may include unique browser identifiers, IP address, browser and operating system information, device identifiers, other device information, Internet connection information, as well as details about your interactions with our Website (for example, the URL of the website from which you came, the pages on our Website that you visit, and the links you click on in our Website). In some cases (such as cookies), the tools described here may involve storing unique identifiers or other information on your device for later use.

You may be able to set your browser to refuse certain types of cookies, or to alert you when certain types of cookies are being used. Some browsers offer similar settings for HTML5 local storage and other technologies. However, if you block or otherwise reject cookies, local storage, JavaScript or other technologies, some current or future interactive aspects of our Website may not function as expected.

 ***Contacting Us***

To notify us of your preferences, or to provide us with complaints, concerns or questions, please contact us via oakhilladvisorsupdate@oakhilladvisors.com.

**OFFERING DOCUMENT**

**OHA DIRECT CREDIT FUND**

**COMMON SHARES OF BENEFICIAL INTEREST**

**Statement of Additional Information**

**May 19, 2026**

OHA Direct Credit Fund (the "Fund") is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that is operated as an interval fund.

The Fund's investment objective is to produce current income.

There can be no assurance that the Fund will achieve its investment objective.

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the Fund's prospectus ("Prospectus") dated May 19, 2026. A copy of the Prospectus may be obtained by calling toll-free 1-844-700-1478.

Capitalized terms used but not defined in this Statement of Additional Information have the meanings ascribed to them in the Prospectus.

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | |
|:---|:---|
| [INVESTMENT OBJECTIVE, POLICIES AND RISKS](#ohan2ab001) | B-1 |
| [INVESTMENT RESTRICTIONS](#ohan2ab002) | B-10 |
| [MANAGEMENT OF THE FUND](#ohan2ab003) | B-11 |
| [PORTFOLIO TRANSACTIONS](#ohan2ab004) | B-18 |
| [PROXY VOTING POLICY AND PROXY VOTING RECORD](#ohan2ab005) | B-18 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#ohan2ab006) | B-19 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#ohan2ab007) | B-19 |
| [LEGAL COUNSEL](#ohan2ab008) | B-19 |
| [ADDITIONAL INFORMATION](#ohan2ab009) | B-19 |
| [FINANCIAL STATEMENTS](#ohan2ab010) | B-19 |

---

**INVESTMENT OBJECTIVE, POLICIES AND RISKS**

The following disclosure supplements the disclosure set forth under the caption "Types of Investments and Related Risks" in the Prospectus and does not, by itself, present a complete or accurate explanation of the matters disclosed. Prospective investors must refer also to "Types of Investments and Related Risks" in the Prospectus for a complete presentation of the matters disclosed below.

**Bank Loan Assignments and Participations**

The Fund's investment program may include bank loan assignments and participations. These obligations are subject to unique risks, including (i) the possible avoidance of an investment transaction as a "preferential transfer," "fraudulent conveyance" or "fraudulent transfer," among other avoidance actions, under relevant bankruptcy, insolvency and/or 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; (iv) limitations on the ability of the Fund to directly enforce its rights with respect to participations; and (v) the contractual nature of participations where the Fund takes on the credit risk of the participant rather than the actual borrower.

The Fund may acquire interests in loans either directly or indirectly (by way of assignment or participation). The Fund typically acquires loans directly, but may in some instances purchase loans by assignment or participation. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting party under the loan agreement with respect to the loan; however, its rights can be more restricted than those of the assigning institution. Participation in a portion of a loan typically results in a contractual relationship only with the institution participating out the interest and not with the obligor. The Fund would, in such a case, have the right to receive payments of principal and interest to which it is entitled only from the institution selling the participation, and not directly from the obligor, and only upon receipt by such institution of such payments from the obligor. As the owner of a participation, the Fund generally will have no direct right to enforce compliance by the obligor with the terms of the loan agreement or to vote on amendments to the loan agreement, nor any rights of set-off against the obligor, and the Fund may not directly benefit from collateral supporting the loan in which it has purchased the participation. In addition, in the event of the insolvency of the selling institution, the Fund may be treated as a general creditor of such selling institution, and may not have any exclusive or senior claim with respect to the selling institution's interest in, or the collateral with respect to, the applicable loan. Consequently, the Fund will assume the credit risk of both the obligor and the institution selling the participation to the Fund. As a result, concentrations of participations from any one selling institution subject the Fund to an additional degree of risk with respect to defaults by such selling institution. In addition, because bank loans are not typically registered under the federal securities laws like stocks and bonds, investors in loans have less protection against improper practices than investors in registered securities.

***Investments in Restructurings.*** The Fund may invest in restructurings that involve, or otherwise invest in the debt securities of, companies that are experiencing or are expected to experience severe financial difficulties. These severe financial difficulties may never be overcome and may cause such companies to become subject to bankruptcy proceedings. The return on investment sought or targeted by the Fund in any investment in a restructuring may depend upon the restructuring progressing in a particular manner or resulting in a particular outcome (including regarding the conversion or repayment of the Fund's investments). There can be no assurance that any such outcome, development or result will occur or be successful and, as a result, the premise underlying the Fund's investment may never come to fruition and the Fund's returns may be adversely affected. Investments in restructurings could, in certain circumstances, subject the Fund to certain additional potential liabilities that may exceed the value of the Fund's original investment therein. For instance, under certain circumstances, payments to the Fund and distributions to Shareholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court's discretionary power to disallow, subordinate or disenfranchise particular claims or characterize investments made in the form of debt as equity contributions. For certain restructurings, the Fund may utilize blocker corporations, which may incur federal and state income taxes. In restructurings, whether constituting liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the restructuring 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 or instrument 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. 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 restructuring is consummated. Under certain circumstances, a lender that has inappropriately exercised control of the management and policies of a debtor may have its claims subordinated or disallowed, or may be found liable for damages suffered by parties as a result of such actions.

When a company seeks relief under the U.S. Bankruptcy Code (or has a petition filed against it), an automatic stay prevents all entities, including creditors, from foreclosing or taking other actions to enforce claims, perfect liens or reach collateral securing such claims. Creditors who have claims against the company prior to the date of the bankruptcy filing must petition the court to permit them to take any action to protect or enforce their claims or their rights in any collateral. Such creditors may be prohibited from doing so if the court concludes that the value of the property in which the creditor has an interest will be "adequately protected" during the proceedings. If the Bankruptcy Court's assessment of adequate protection is inaccurate, a creditor's collateral may be wasted without the creditor being afforded the opportunity to preserve it. Thus, even if the Fund holds a secured claim, it may be prevented from collecting the liquidation value of the collateral securing its debt, unless relief from the automatic stay is granted by the court. Bankruptcy proceedings are inherently litigious, time consuming, highly complex and driven extensively by facts and circumstances, which can result in challenges in predicting outcomes. The equitable power of bankruptcy judges also can result in uncertainty as to the ultimate resolution of claims.

Security interests held by creditors are closely scrutinized and frequently challenged in bankruptcy proceedings and may be invalidated for a variety of reasons. For example, security interests may be set aside because, as a technical matter, they have not been perfected properly under the Uniform Commercial Code or other applicable law. If a security interest is invalidated, the secured creditor loses the value of the collateral and because loss of the secured status causes the claim to be treated as an unsecured claim, the holder of such claim will almost certainly experience a significant loss of its investment. There can be no assurance that the security interests securing the Fund's claims will not be challenged vigorously and found defective in some respect, or that the Fund will be able to prevail against the challenge.

Moreover, debt may be disallowed or subordinated to the claims of other creditors if the creditor is found guilty of certain inequitable conduct resulting in harm to other parties with respect to the affairs of a company filing for protection from creditors under the U.S. Bankruptcy Code. Creditors' claims may be treated as equity if they are deemed to be contributions to capital, or if a creditor attempts to control the outcome of the business affairs of a company prior to its filing under the U.S. Bankruptcy Code. Serving on an official or unofficial creditors' committee, for example, increases the possibility that the Fund will be deemed an "insider" or a "fiduciary" of an issuer it has so assisted and may increase the possibility that the Bankruptcy Court would invoke the doctrine of "equitable subordination" with respect to any claim or equity interest held by the Fund in such issuer and subordinate any such claim or equity interest in whole or in part to other claims or equity interests in such issuer. Claims of equitable subordination may also arise outside of the context of the Fund's committee activities. If a creditor is found to have interfered with a company's affairs to the detriment of other creditors or shareholders, the creditor may be held liable for damages to injured parties. While the Fund will attempt to avoid taking the types of action that would lead to equitable subordination or creditor liability, there can be no assurance that such claims will not be asserted or that the Fund will be able to successfully defend against them. In addition, if representation of a creditors' committee of an issuer causes the Fund or the Adviser to be deemed an affiliate of such issuer, the securities of such issuer held by the Fund may become restricted securities, which are not freely tradable.

While the challenges to liens and debt described above normally occur in a bankruptcy proceeding, the conditions or conduct that would lead to an attack in a bankruptcy proceeding could in certain circumstances result in actions brought by other creditors of the debtor, shareholders of the debtor or even the debtor itself in other state or U.S. federal proceedings, including pursuant to state fraudulent transfer laws. As is the case in a bankruptcy proceeding, there can be no assurance that such claims will not be asserted or that the Fund will be able to defend against them successfully. To the extent the Fund assumes an active role in any legal proceeding involving the debtor, the Fund may be prevented from disposing of securities or instruments issued by the debtor due to the Fund's possession of material, non-public information concerning the debtor.

From time to time, the Fund may invest in or extend loans to companies that have filed for protection under Chapter 11 of the U.S. Bankruptcy Code. These debtor-in-possession or "DIP" loans are most often revolving working-capital facilities put into place at the outset of a Chapter 11 case to provide the debtor with both immediate cash and the ongoing working capital that will be required during the reorganization process. While such loans are generally less risky than many other types of loans as a result of their seniority in the debtor's capital structure and because their terms have been approved by a federal bankruptcy court order, it is possible that the debtor's reorganization efforts may fail and the proceeds of the ensuing liquidation of the DIP lender's collateral might be insufficient to repay in full the DIP loan.

In addition, issuers located in non-U.S. jurisdictions may be involved in restructurings, bankruptcy proceedings and/or reorganizations that are not subject to laws and regulations that are similar to the U.S. Bankruptcy Code and the rights of creditors afforded in U.S. jurisdictions. To the extent such non-U.S. laws and regulations do not provide the Fund with equivalent rights and privileges necessary to promote and protect its interest in any such proceeding, the Fund's investments in any such issuer may be adversely affected. For example, bankruptcy law and process in a non-U.S. jurisdiction may differ substantially from that in the United States, resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification, seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for reorganization remains highly uncertain.

**Cash Equivalents and Short-Term Debt Securities**

The Fund may hold uninvested cash or may invest it in cash equivalents such as money market securities, repurchase agreements, or shares of short-term bond or money market funds, including shares of short-term bond or money market funds advised by affiliates of the Adviser. Generally, these securities offer less potential for gains than other types of securities.

For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash equivalents and short-term debt securities. Short-term debt securities are defined to include, without limitation, the following:

(1) U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities issued by: (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and Government National Mortgage Association, the securities of which are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks and Tennessee Valley Authority, the securities of which are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, the securities of which are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, the securities of which are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate. The economic crisis in the United States during 2008 and 2009 negatively impacted government-sponsored entities. As the real estate market deteriorated through declining home prices and increasing foreclosure, government-sponsored entities, which back the majority of U.S. mortgages, experienced extreme volatility, and in some cases, a lack of liquidity. The Adviser will monitor developments and seek to manage the Fund's portfolio 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.

(2) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation.

(3) Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period, since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect to obligations of the U.S. government, its agencies or instrumentalities; certificates of deposit; or bankers' acceptances in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Adviser will monitor the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Adviser will do so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.

(4) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Adviser will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation's ability to meet all of its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

**Rights Offerings and Warrants to Purchase**

The Fund may participate in rights offerings and may purchase warrants, which are privileges issued by corporations enabling the warrant holders to subscribe for and purchase a specified number of shares of the corporation at a specified price during a specified period of time. Subscription rights normally have a short life span to expiration. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe for additional shares is not exercised prior to the rights' or warrants' expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the related security's market price such as when there is no movement in the level of the underlying security. In addition, the shares purchased upon exercise of the warrants may not be immediately liquid and the value of such shares may fluctuate.

**Equity Securities**

In addition to common stock, the Fund may invest in other equity securities, such as depositary receipts.

*Depositary Receipts.* The Fund may hold investments in sponsored and unsponsored American depositary receipts ("ADRs"), European depositary receipts ("EDRs"), global depositary receipts ("GDRs") and other similar global instruments. ADRs typically are issued by a U.S. bank or trust company and evidence ownership of underlying securities issued by a non-U.S. corporation. EDRs, which are sometimes referred to as continental depositary receipts, are receipts issued in Europe, typically by non-U.S. banks and trust companies, that evidence ownership of either non-U.S. or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international basis. Unsponsored ADR, EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the issuer. Investments in ADRs, EDRs and GDRs present the additional investment considerations of non-U.S. securities.

**When-Issued and Forward Commitment Securities**

The Fund may purchase securities on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. Securities purchased on a when-issued or forward-settling basis will be deemed not to involve a senior security, provided that: (i) the Fund intends to physically settle the transaction; and (ii) the transaction will settle within 35 days of its trade date. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions and accordingly are not subject to the foregoing restrictions.

Securities purchased on a forward commitment or when-issued basis are subject to changes in value (generally changing in the same way, *i.e.*, appreciating when interest rates decline and depreciating when interest rates rise) based upon the public's perception of the creditworthiness of the issuer and changes, actual or anticipated, in the level of interest rates. Securities purchased on a forward commitment or when-issued basis may expose the Fund to risks because they may experience such fluctuations prior to their actual delivery. Purchasing securities on a when-issued basis can involve the additional risks that the yield available in the market when the delivery takes place actually may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment or when-issued basis when the Fund is fully invested may result in greater potential fluctuation in the Fund's net asset value ("NAV").

The risks and effect of settlements in the ordinary course on the Fund's NAV are not the same as the risks and effect of when-issued and forward commitment securities.

The purchase price of when-issued and forward commitment securities are expressed in yield terms, which reference a floating rate of interest, and is therefore subject to fluctuations of the security's value in the market from the date of the Fund's commitment (the "Commitment Date") to the date of the actual delivery and payment for such securities (the "Settlement Date"). There is a risk that, on the Settlement Date, the Fund's payment of the final purchase price, which is calculated on the yield negotiated on the Commitment Date, will be higher than the market's valuation of the security on the Settlement Date. This same risk is also borne if the Fund disposes of its right to acquire a when-issued security, or its right to deliver or receive, a forward commitment security, and there is a downward market movement in the value of the security from the Commitment Date to the Settlement Date. In some instances, no income accrues to the Fund during the period from the Commitment Date to the Settlement Date. On the other hand, the Fund may incur a gain if the Fund invests in when-issued and forward commitment securities and correctly anticipates the rise in interest rates and prices in the market.

The settlements of secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants (*i.e.*, T+7 for par loans and T+20 for distressed loans, in other words more than seven or twenty business days beyond the trade date, respectively) are subject to the delayed compensation mechanics prescribed by the Loan Syndications and Trading Association ("LSTA"). For par loans, income accrues to the buyer of the senior loan (the "Buyer") during the period beginning on the last date by which the senior loan purchase should have settled (T+7) to and including the actual settlement date. Should settlement of a par senior loan purchase in the secondary market be delayed beyond the T+7 period prescribed by the LSTA, the Buyer is typically compensated for such delay through a payment from the seller of the senior loan (this payment may be netted from the wire released on settlement date for the purchase price of the senior loan paid by the Buyer). In brief, the adjustment is typically calculated by multiplying the notional amount of the trade by the applicable margin in the Loan Agreement prorated for the number of business days (calculated using a year of 360 days) beyond the settlement period prescribed by the LSTA, plus any amendment or consent fees that the buyer should have received. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.

**Other Fund Strategies**

***Short Sales***

The Fund may engage in short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own as a means of attractive financing for purchasing other assets or in anticipation that the market price of that security will decline. The Fund may make short sales for financing, for risk management, to maintain portfolio flexibility or to enhance income or gain.

When the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities.

The Fund's obligation to replace the borrowed security may be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. The Fund may also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer.

Short selling involves a number of risks. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may, but is not expected to, have substantial short positions and may engage in short sales where it does not own or have the immediate right to acquire the security sold short, and as such must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement any short sale strategy it employs due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

Until the Fund replaces a security borrowed in connection with a short sale, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund's short position.

Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund's ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract. In such instances, the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding.

In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions generally may exist for as long as six months and, in some cases, much longer.

***Derivatives***

*General Limitations on Futures and Options Transactions.* 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 U.S. Commodity Futures Trading Commission (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"). 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.

Various exchanges and regulatory authorities have undertaken reviews of options and futures trading in light of market volatility. Among the possible actions that have been presented are proposals to adopt new or more stringent daily price fluctuation limits for futures and options transactions and proposals to increase the margin requirements for various types of futures transactions.

*Options.* The Fund may purchase put and call options on currencies or securities. A put option gives the purchaser the right to compel the writer of the option to purchase from the option holder an underlying currency or security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying currency or security covered by the option or its equivalent from the writer of the option at the stated exercise price.

As a holder of a put option, the Fund will have the right to sell the currencies or securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the currencies or securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may seek to terminate its option positions prior to their expiration by entering into closing transactions. The ability of the Fund to enter into a closing sale transaction depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires.

*Certain Considerations Regarding Options.* The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities on which the option is based. Imperfect correlation between the options and securities markets may detract from the effectiveness of attempted hedging. Options transactions may result in significantly higher transaction costs and portfolio turnover for the Fund.

Some, but not all, of the Fund's options may be traded and listed on an exchange. There is no assurance that a liquid secondary market on an options exchange will exist for any particular option at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

*Futures Contracts.* The Fund may enter into securities-related futures contracts, including security futures contracts, as an anticipatory hedge. The Fund's derivative investments may include sales of futures as an offset against the effect of expected declines in securities prices and purchases of futures as an offset against the effect of expected increases in securities prices. The Fund does not enter into futures contracts which are prohibited under the CEA and will, to the extent required by regulatory authorities, enter only into futures contracts that are traded on exchanges and are standardized as to maturity date and underlying financial instrument. A security futures contract is a legally binding agreement between two parties to purchase or sell in the future a specific quantity of a security or of the component securities of a narrow-based security index, at a certain price. A person who buys a security futures contract enters into a contract to purchase an underlying security and is said to be "long" the contract. A person who sells a security futures contract enters into a contract to sell the underlying security and is said to be "short" the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange.

Transaction costs are incurred when a futures contract is bought or sold and margin deposits must be maintained. To enter into a security futures contract, the Fund must deposit funds with its futures commission merchant equal to a specified percentage of the current market value of the contract as a performance bond. Moreover, all security futures contracts are marked-to-market at least daily, usually after the close of trading. At that time, the account of each buyer and seller reflects the amount of any gain or loss on the security futures contract based on the contract price established at the end of the day for settlement purposes.

An open position, either a long or short position, is closed or liquidated by entering into an offsetting transaction (*i.e.*, an equal and opposite transaction to the one that opened the position) prior to the contract expiration. Traditionally, most futures contracts are liquidated prior to expiration through an offsetting transaction and, thus, holders do not incur a settlement obligation. If the offsetting purchase price is less than the original sale price, a gain will be realized; if it is more, a loss will be realized. Conversely, if the offsetting sale price is more than the original purchase price, a gain will be realized; if it is less, a loss will be realized. The transaction costs must also be included in these calculations. However, there can be no assurance that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract and the Fund may not be able to realize a gain in the value of its future position or prevent losses from mounting. This inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the security futures contract or the underlying security; if trading is halted due to recent news events involving the issuer of the underlying security; if systems failures occur on an exchange or at the firm carrying the position; or, if the position is on an illiquid market. Even if the Fund can liquidate its position, it may be forced to do so at a price that involves a large loss.

Under certain market conditions, it may also be difficult or impossible to manage the risk from open security futures positions by entering into an equivalent but opposite position in another contract month, on another market or in the underlying security. This inability to take positions to limit the risk could occur, for example, if trading is halted across markets due to unusual trading activity in the security futures contract or the underlying security or due to recent news events involving the issuer of the underlying security.

There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures contract position. The Fund would continue to be required to meet margin requirements until the position is closed, possibly resulting in a decline in the Fund's NAV. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

Security futures contracts that are not liquidated prior to expiration must be settled in accordance with the terms of the contract. Depending on the terms of the contract, some security futures contracts are settled by physical delivery of the underlying security. At the expiration of a security futures contract that is settled through physical delivery, a person who is long the contract must pay the final settlement price set by the regulated exchange or the clearing organization and take delivery of the underlying securities. Conversely, a person who is short the contract must make delivery of the underlying securities in exchange for the final settlement price. Settlement with physical delivery may involve additional costs.

Depending on the terms of the contract, other security futures contracts are settled through cash settlement. In this case, the underlying security is not delivered. Instead, any positions in such security futures contracts that are open at the end of the last trading day are settled through a final cash payment based on a final settlement price determined by the exchange or clearing organization. Once this payment is made, neither party has any further obligations on the contract.

As noted above, margin is the amount of funds that must be deposited by the Fund to initiate futures trading and to maintain the Fund's open positions in futures contracts. A margin deposit is intended to ensure the Fund's performance of the futures contract. The margin required for a particular futures contract is set by the exchange on which the futures contract is traded and may be significantly modified from time to time by the exchange during the term of the futures contract.

If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund. In computing daily NAV, the Fund will mark to market the current value of its open futures contracts. The Fund expects to earn interest income on its margin deposits.

Because of the low margin deposits required, futures contracts trading involves an extremely high degree of leverage. As a result, a relatively small price movement in a futures contract may result in an immediate and substantial loss or gain to the investor. For example, if at the time of purchase 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before any deduction for the transaction costs, if the account were then closed out. A 15% decrease would result in a loss equal to 150% of the original margin deposit, before any deduction for the transaction costs, if the account were then closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount initially invested in the futures contract. However, the Fund would presumably have sustained comparable losses if, instead of the futures contract, it had invested in the underlying financial instrument and sold it after the decline.

In addition to the foregoing, imperfect correlation between futures contracts and the underlying securities may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Under certain market conditions, the prices of security futures contracts may not maintain their customary or anticipated relationships to the prices of the underlying security or index. These pricing disparities could occur, for example, when the market for the security futures contract is illiquid, when the primary market for the underlying security is closed or when the reporting of transactions in the underlying security has been delayed.

In addition, the value of a position in security futures contracts could be affected if trading is halted in either the security futures contract or the underlying security. In certain circumstances, regulated exchanges are required by law to halt trading in security futures contracts. For example, trading on a particular security futures contract must be halted if trading is halted on the listed market for the underlying security as a result of pending news, regulatory concerns or market volatility. Similarly, trading of a security futures contract on a narrow-based security index must be halted under circumstances where trading is halted on securities accounting for at least 50% of the market capitalization of the index. In addition, regulated exchanges are required to halt trading in all security futures contracts for a specified period of time when the S&P 500 Index experiences one-day declines of 7%, 13% and 20%. The regulated exchanges may also have discretion under their rules to halt trading in other circumstances, such as when the exchange determines that the halt would be advisable in maintaining a fair and orderly market.

A trading halt, either by a regulated exchange that trades security futures or an exchange trading the underlying security or instrument, could prevent the Fund from liquidating a position in security futures contracts in a timely manner, which could expose the Fund to a loss.

Each regulated exchange trading a security futures contract may also open and close for trading at different times than other regulated exchanges trading security futures contracts or markets trading the underlying security or securities. Trading in security futures contracts prior to the opening or after the close of the primary market for the underlying security may be less liquid than trading during regular market hours.

*Swap Agreements.* The Fund may enter into swap agreements. In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Some swaps are structured to include exposure to a variety of different types of investments or market factors, such as interest rates, commodity prices, non-U.S. currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates. Swap agreements may be negotiated bilaterally and traded OTC between two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Certain risks are reduced (but not eliminated) if a fund invests in cleared swaps. Certain standardized swaps, including certain credit default swaps, are subject to mandatory clearing, and more are expected to be in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives, but cleared contracts are not risk-free.

Swap agreements may increase or decrease the overall volatility of the Fund's investments and the price of Fund Shares. The performance of swap agreements may be affected by a change in the specific interest rate, currency or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses.

Generally, swap agreements have fixed maturity dates that are agreed upon by the parties to the swap. The agreement can be terminated before the maturity date only under limited circumstances, such as default by or insolvency of one of the parties and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, it is possible that the Fund may not be able to recover the money it expected to receive under the contract.

A swap agreement can be a form of leverage, which can magnify the Fund's gains or losses.

The use of swaps can cause the Fund to be subject to additional regulatory requirements, which may generate additional Fund expenses.

The Fund monitors any swaps with a view towards ensuring that the Fund remains in compliance with all applicable regulatory, investment and tax requirements.

*Equity Swaps*. In a typical equity swap, one party agrees to pay another party the return on a security, security index or basket of securities in return for a specified interest rate. By entering into an equity index swap, the index receiver can gain exposure to securities making up the index of securities without actually purchasing those securities. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the interest that the Fund will be committed to pay under the swap.

*Derivatives Regulatory Matters.* 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.

The Fund is required to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions if the Fund has elected to treat them as borrowings) subject to a limit on notional derivatives exposure as a limited derivatives user or subject to value-at-risk ("VaR") leverage limits and certain derivatives risk management program and reporting requirements. Such requirements may limit the ability of the Fund to invest in derivatives, short sales and similar financing transactions, limit the Fund's ability to employ certain strategies that use these instruments and/or adversely affect the Fund's efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives.

***Reverse Repurchase Agreements***

The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the investment restrictions set forth herein. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. The Fund may elect to treat reverse repurchase agreements as a borrowing by the Fund. The use by the Fund of reverse repurchase agreements involves many of the same risks of leverage since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund has sold but is obligated to repurchase. Also, reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price.

If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreement.

***Securities Lending***

To the extent permitted by the 1940 Act, the Fund may make secured loans of its marginable securities to brokers, dealers and other financial institutions; provided, however, that the value of such loaned securities may not exceed one-third of the Fund's total asset value, including collateral received in respect of such loans. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to broker-dealers and other financial institutions that are believed by the Adviser to be of relatively high credit standing. Loans of securities are made to broker-dealers pursuant to agreements requiring that such loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. The borrower pays to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent. The collateral must have a market value at least equal to 100% of the market value of the loaned securities at all times during the duration of the loan. The Fund invests the cash collateral received in accordance with its investment objective, subject to the Fund's agreement with the borrower of the securities. In the case of cash collateral, the Fund typically pays a rebate to the borrower. The reinvestment of cash collateral may result in a form of effective leverage for the Fund. Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, retains the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the Fund's investment. The Fund may also call such loans to sell the securities involved. When engaged in securities lending, the Fund's performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Fund in permissible investments.

**Involuntary Repurchases and Mandatory Redemptions**

The Fund, consistent with the requirements of the Fund's Declaration of Trust, the provisions of the 1940 Act and rules thereunder, including Rule 23c-2, has the right to repurchase or redeem Shares of a Shareholder or any person acquiring Shares from or through a Shareholder under certain circumstances, including:

● 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; or

● 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.

Any involuntary repurchase or mandatory redemption will be conducted consistent with Rule 23c-2.

**INVESTMENT RESTRICTIONS**

**FUNDAMENTAL INVESTMENT RESTRICTIONS**

The Fund's stated fundamental investment restrictions, 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, as amended (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 Fund's Shareholders duly called, (a) of 66-2/3% 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) May
 not purchase or sell commodities or contracts related to commodities 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) May
 purchase and sell real estate and real estate related assets, including real estate investment trusts, to the extent permitted by
 the 1940 Act or the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) May
 not issue senior securities or borrow money except as permitted by Section 18 of the 1940 Act or otherwise as permitted by applicable
 law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) May
 not underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act in selling
 its own securities or portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) May not make loans except (a) through the purchase of
 debt securities or other debt instruments, the purchase of syndicated loans or an interest in syndicated loans or the origination
 of loans in accordance with its investment objective and policies or (b) 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. ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) May
 not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers
 in any one industry or group of industries (excluding the U.S. Government or any of its agencies or instrumentalities).

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 expects to apply for exemptive relief that, if granted, will permit the Fund to make monthly repurchase offers of no less than 5% of the Fund's outstanding shares at NAV. If granted, written notification of each monthly repurchase offer will be sent to Shareholders at least 7 calendar days before the repurchase request deadline (i.e., the date by which Shareholders must tender their shares in response to a repurchase offer). There is no guarantee that any such exemptive relief will be granted. Prior to relying on the requested relief, the Fund's Board will revise the Fund's fundamental policy of making quarterly repurchase offers such that the Fund will make monthly repurchase offers and the Fund will obtain the approval of all Shareholders. In addition, the Fund will disclose in its prospectus and annual reports its fundamental policy to make monthly offers to repurchase a portion of its common shares at net asset value, as permitted by Rule 23c-3(b)(1). Please see the Fund's Prospectus for more information.

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

**NON-FUNDAMENTAL INVESTMENT RESTRICTIONS**

The Fund is also subject to the following non-fundamental restrictions and policies, which may be changed by the Board of Trustees without the approval of the holders of a majority of the outstanding voting securities of the Fund. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Change
 or alter the Fund's investment objective or 80% policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchase
 securities of other investment companies, except to the extent that such purchases are permitted by applicable law, and consistent
 with the Fund's investment objective and strategies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Purchase
 any securities on margin except as may be necessary in connection with transactions described under "Investment Objective,
 Policies and Risks" above and except that the Fund may obtain such short-term credit as may be necessary for the clearance
 of purchases and sales of portfolio investments (the deposit or payment by the Fund of initial or variation margin in connection
 with swaps, forward contracts and financial futures contracts and options thereon is not considered the purchase of a security on
 margin).

Compliance with any policy or limitation of the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities, except as otherwise required under the 1940 Act. The policy will not be violated if these limitations are exceeded because of changes in the market value or investment rating of the Fund's assets or if a borrower distributes equity securities incident to the purchase or ownership of a portfolio investment or in connection with a reorganization of a borrower. The Fund interprets its policies with respect to borrowing and lending to permit such activities as may be lawful for the Fund, to the full extent permitted by the 1940 Act or by exemption from the provisions therefrom pursuant to an exemptive order of the SEC.

**MANAGEMENT OF THE FUND**

The Fund's business and affairs are managed under the direction of the Board. The Board currently consists of five members, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act. The Fund refers to these individuals as its independent trustees. The Board annually elects the Fund's officers, who serve at the discretion of the Board. The Board maintains an audit committee, a nominating and governance committee and an independent trustees committee and may establish additional committees from time to time as necessary.

**Board of Trustees and Officers**

***Trustees***

Information regarding the members of the Board is set forth below. The Trustees have been divided into two groups—Interested Trustees and Independent Trustees. As set forth in the Fund's declaration of trust, each Trustee's term of office shall continue until his or her death, resignation or removal.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address<sup>(1)</sup> and age** <br>| **Position(s) Held with the Trust** <br>| **Term of Office and Length of Time Served<sup>2</sup>**  | **Principal Occupation(s) During Past 5 Years** <br>| **Number of Portfolios in Fund Complex Overseen by Trustee** <br>| **Other Trusteeships Held by Trustee** |
|  ******Interested Trustee***<sup>(2)</sup>*** |  ******Interested Trustee***<sup>(2)</sup>*** |  |  |  |  |
| Eric Muller (1972) | &nbsp;&nbsp; Chairman, Chief Executive Officer & Trustee | &nbsp;&nbsp; Since Inception | &nbsp;&nbsp; Portfolio Manager & Partner, Chief Executive Officer – BDCs at OHA (2018 – Present) | 3 | &nbsp;&nbsp; Chief Executive Officer and Board Member, T. Rowe Price OHA Select Private Credit Fund (2022 – Present); Chief Executive Officer and Board Member, OHA Senior Private Lending Fund (U) LLC (2022 – Present); Investment Committee Member, Boston University Endowment (2018 – Present); Dean's Advisory Board Member, Boston University Questrom School of Business (2015 – Present); Co-Chairman, Board of Trustees for StreetSquash (2012 – Present) |
| Andrew Winer<br> (1968) | &nbsp;&nbsp; President, Chief Operating Officer & Trustee | &nbsp;&nbsp; Since Inception | &nbsp;&nbsp; Managing Director, President – Registered Funds at OHA (2022 – Present); Portfolio Manager at Sound Point Capital (2016 – 2022) | 1 |  |
|  ***Independent Trustees*** |  |  |  |  |  |
| Kathleen M. Burke (1963) | &nbsp;&nbsp; Trustee and Chair of the Nominating and Governance Committee | &nbsp;&nbsp; Since Inception | &nbsp;&nbsp; Managing Director at Snowbridge Advisors (2016 – Present); Advisor at Pacific General Holdings (April 2022 – 2025.) | 5 | &nbsp;&nbsp; Trustee, T. Rowe Price OHA Select Private Credit Fund (2022 – present); Board Member, OHA Senior Private Lending Fund (U) LLC (2022 – present); Trustee, T. Rowe Price OHA Flexible Credit Income Fund (2024 – present); Board Member, APS BDC, LLC (2026 – present). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Name, address<sup>(1)</sup> and age** <br>| **Position(s) Held with the Trust** <br>| **Term of Office and Length of Time Served<sup>2</sup>**  | **Principal Occupation(s) During Past 5 Years**  | **Number of Portfolios in Fund Complex Overseen by Trustee**  | **Other Trusteeships Held by Trustee**  |
| Mark Manoff<br> (1956) | &nbsp;&nbsp; Trustee and Chair of the Audit Committee | &nbsp;&nbsp; Since Inception | &nbsp;&nbsp; Operating Partner at MidOcean Partners (2021 – Present); Vice Chair at Ernst & Young (1978-2021). | 5 | &nbsp;&nbsp; Trustee, T. Rowe Price OHA Select Private Credit Fund (2022 – present); Board Member, OHA Senior Private Lending Fund (U) LLC (2022 – present); Trustee, T. Rowe Price OHA Flexible Credit Income Fund (2024 – present); Board Member, APS BDC, LLC (2026 – present); Trustee, University of Maryland Smith Business School Advisory Board (2012 – Present); Trustee, Roundabout Theatre (2000 – 2020); Trustee, the First Tee (2011 – 2011). |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The address for each Trustee
 is c/o OHA Direct Credit Fund, 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "Interested person,"
 as defined in the 1940 Act, of the Fund.

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| | | | |
|:---|:---|:---|:---|
| **Name, address<sup>(1)</sup> and age** <br>| &nbsp;&nbsp; **Position(s) Held<br> with the Trust** <br>| &nbsp;&nbsp; **Term of Office<br> and Length of Time Served** <br>| &nbsp;&nbsp; **Principal Occupation(s)<br> During Past 5 Years** <br>|
|  ***Officers*** |  |  |  |
| Andrew Winer<br> (1968) | &nbsp;&nbsp; President, Chief Operating Officer & Trustee | &nbsp;&nbsp; May 19, 2026 | &nbsp;&nbsp; Managing Director, President – Registered Funds at OHA (2022 – Present); Portfolio Manager at Sound Point Capital (2016 – 2022) |
| Amaka Dike<br> (1986) | &nbsp;&nbsp; Chief Financial Officer, Principal Accounting Officer & Principal Financial Officer | &nbsp;&nbsp; May 12, 2026 | &nbsp;&nbsp; Managing Director & Chief Financial Officer - Registered Fund at OHA (2025 - Present). Principal and Fund CFO at The Carlyle Group (2021 – 2025); Senior Manager at EY (2010 – 2021) |
| Grove Stafford<br> (1977) | &nbsp;&nbsp; Chief Compliance Officer and Secretary | &nbsp;&nbsp; Since Inception | &nbsp;&nbsp; Managing Director, Deputy General Counsel Chief Compliance Officer – Registered Funds at OHA (2022 – Present); Executive Director and Chief Compliance Officer at Morgan Stanley Investment Management – Private Credit, Equity & Real Estate (2018-2022) |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The address of each officer
 is c/o OHA Direct Credit Fund, 1 Vanderbilt Avenue, 16<sup>th</sup>Floor, New York, NY 10017.

**Biographical Information and Discussion of Experience and Qualifications, etc.**

***Trustees***

The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the date of this Statement of Additional Information, that each Trustee should serve as a Trustee of the Fund.

**Interested Trustee**

**Eric Muller**, *Chairman, Chief Executive Officer & Trustee.* Mr. Muller shares responsibility for leading OHA's private credit business and has primary management responsibility for OHA's BDCs. Prior to joining OHA, Mr. Muller worked in Goldman Sachs' Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. He previously worked as a private equity investor for the Cypress Group. Additionally, Mr. Muller serves as a Member of the Board of Trustees for Boston University and on the Investment Committee for the University's Endowment. He is Co-Chairman of the Board of Trustees for StreetSquash, an after-school youth enrichment program. He earned an M.B.A. from Harvard Business School, a J.D. from Harvard Law School and a B.A., *summa cum laude*, salutatorian, from Boston University.

 **Andrew Winer**, *President, Chief Operating Officer, & Trustee*. Mr. Winer has primary responsibility for management of OHA's BDCs and Interval Funds. He serves on both OHA's valuation and finance committees. Prior to joining OHA, Mr. Winer was the Co-Founder and Portfolio Manager of Sound Point Capital's commercial real estate business and served as Chief Investment Officer of InPoint Commercial Real Estate Income Inc. Previously, he served as President of Global Net Lease, Inc. and worked at Credit Suisse and predecessor firms in a variety of commercial real estate and structured finance related positions. Mr. Winer earned a Master of Accountancy and a B.B.A. in Accounting from the University of Michigan School of Business.

**Independent Trustees**

**Kathleen M. Burke,** *Trustee*. Ms. Burke is currently a Partner at Snowbridge Advisors, an independent advisory firm serving managers of private equity funds worldwide with a focus on middle market private equity funds. Ms. Burke has more than thirty years' experience as an investment professional, both as an advisor and an investor, and is expert at executing, structuring and placing private alternative fund products and securities. Ms. Burke also managed private placements at Rothschild North America and Credit Suisse First Boston. At Credit Suisse First Boston, she led a team of professionals dedicated to raising private equity capital for venture stage and emerging growth companies in a variety of sectors including life sciences, healthcare, media, telecom, and technology services. Prior to Credit Suisse First Boston, Ms. Burke was on the buy-side and worked at both Prudential Insurance Company of America and GE Capital where she was responsible for a variety of investments, including control and growth transactions, mezzanine deals and senior loans.

**Mark Manoff,** *Trustee*. Mr. Manoff is an Operating Partner at MidOcean Partners, a premiere New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. He previously spent 39 years at Ernst & Young (EY) serving in many leadership positions, including as New York Office Managing Partner, and Americas Vice Chair Northeast Region Managing Partner, where he had P/L responsibility for a $4 billion business unit. Mr. Manoff was a member of EY's Executive Board and Operating Committee for 8 years. He founded and led EY's Center for Board Matters, EY's effort to support board members in their oversight role by helping them address complex boardroom issues. Mr. Manoff retired as Vice Chair Markets where he was responsible for EY's growth strategy and go-to-market activities. Following his retirement from EY, Mr. Manoff co-founded and was the CEO of a boutique consulting firm providing services to private equity and other high growth businesses. Mr. Manoff was also a member of the Board of Covetrus, a $4 billion formerly NASDAQ-listed global company that provided technology solutions and services to veterinarians, which was taken private in October 2022. Mr. Manoff is a CPA and has a BS from the University of Maryland Smith Business School where he was a past Chair.

**Jonathan Morgan,** *Trustee*. Mr. Morgan is the founding Principal of Sound Fund Advisors LLC, a firm he founded in March 2011, where he acts as an independent director. Mr. Morgan has over 22 years of experience in the financial markets, including nine years of investment experience as a strategist or portfolio manager at three different investment managers: Caxton Associates (1993-1996), Croesus Capital Management (1997-1998) and Parallax Capital Management (1999-2002). In addition, Mr. Morgan has more than nine years of experience researching and investing in investment funds. He was the Head of Research and Portfolio Management in the Alternative Investment Group of Julius Baer Investment Management (2002-2005) where he supervised both investment research as well as the operational risk group. In 2005, Mr. Morgan joined Barclays Global Investors (2005-2009) as the Head of Manager Selection and subsequently became the Head of Investments for their Hedge Fund Management Group. During his tenure, Mr. Morgan was the head of Barclays Global Investor's New York office. In 2009, Mr. Morgan joined UBP Asset Management (2009-2011) as the Head of Global Hedge Fund Research. Prior to 1993, Mr. Morgan worked for Morgan Stanley for five years. He has an AB from Princeton University (1986), an MPP from Harvard's Kennedy School of Government (1990) and an MDIV from Yale Divinity School (2019).

***Officers***

 **Amake Dike,** *Chief Financial Officer, Principal Accounting Officer, & Principal Financial Officer - Registered Funds*. Ms. Dike has primary responsibility for the financial oversight of OHA's business development companies (BDCs), interval funds and related vehicles. She serves on the firm's risk committee. Prior to joining OHA, Ms. Dike was a Principal at The Carlyle Group Inc., where she oversaw financial operations for multiple direct lending and cross strategy funds. Earlier in her career, she was a Senior Manager in EY's Financial Services audit practice, serving banking institutions and alternative investment managers. Ms. Dike holds a Master of Arts in Economics from Kent State University and a Bachelor of Business Administration in Accounting, summa cum laude, from West Virginia University. She is a Certified Public Accountant.

 **Grove Stafford**, *Chief Compliance Officer & Secretary – Registered Funds*. Mr. Stafford provides legal and compliance services to OHA. Prior to joining OHA, Mr. Stafford worked as an Executive Director for Morgan Stanley Investment Management where he served as Chief Compliance Officer for the firm's private credit, equity and real assets businesses as well as the firm's Business Development Companies. Prior to joining Morgan Stanley, he was employed by Resource America, Inc., serving as Vice President and Assistant General Counsel with responsibility for legal and compliance matters for Resource America's investment adviser and broker-dealer platforms. Mr. Stafford earned a J.D. from Tulane University and a B.A. from Boston University.

**Board Structure and Role of the Board in Risk Oversight**

The 1940 Act requires that at least 40% of the trustees be independent trustees. Certain exemptive rules promulgated under the 1940 Act require that at least 50% of the trustees be independent trustees. Currently, three of the five Trustees (60%) are Independent Trustees. The Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman of the Board of Trustees, regardless of whether the trustee happens to be independent or a member of management. Eric Muller, an Interested Trustee, serves as the Chairman of the Board of Trustees.

The Board expects to perform its risk oversight function primarily through (a) its three standing committees, which report to the entire Board and are comprised solely of Independent Trustees and (b) monitoring by the Fund's Chief Compliance Officer in accordance with the Fund's compliance policies and procedures.

**Committees of the Board**

The Board has established an audit committee, a nominating and governance committee and an independent trustees committee. The Fund does not have a compensation committee because its officers do not receive any direct compensation from the Fund.

***Audit Committee.*** The Audit Committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the Audit Committee. The primary function of the Audit Committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging our independent registered public accounting firm, reviewing the plans, scope and results of the audit engagement with our independent registered public accounting firm, approving professional services provided by our independent registered public accounting firm (including compensation therefore), reviewing the independence of our independent registered public accounting firm and reviewing the adequacy of our internal controls over financial reporting. The Audit Committee will also have principal oversight of the valuation process used to establish the Fund's NAV and for the determination the fair value of each of our investments. The Audit Committee is presently composed of three persons, including Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, all of whom are considered independent for purposes of the 1940 Act. Mr. Manoff serves as the chair of the Audit Committee. Our Board has determined that Mr. Manoff qualifies as an "Audit Committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act. Each of the members of the Audit Committee meet the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of the Fund or of the Adviser as defined in Section 2(a)(19) of the 1940 Act.

A copy of the charter of the Audit Committee is available in print to any shareholder who requests it.

***Nominating and Governance Committee.*** The Nominating and Governance Committee operates pursuant to a charter approved by our Board. The charter sets forth the responsibilities of the Nominating and Governance Committee, including making nominations for the appointment or election of Independent Trustees. The Nominating and Governance Committee consists of three persons, including Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, all of whom are considered independent for purposes of the 1940 Act. Ms. Burke serves as the chair of the Nominating and Governance Committee.

The Nominating and Governance Committee will consider nominees to the Board recommended by a shareholder, if such shareholder complies with the advance notice provisions of the bylaws. The bylaws provide that a shareholder who wishes to nominate a person for election as a Trustees at a meeting of shareholders must deliver written notice to the Corporate Secretary. This notice must contain, as to each nominee, all of the information relating to such person as would be required to be disclosed in a proxy statement meeting the requirements of Regulation 14A under the Exchange Act, and certain other information set forth in the bylaws. In order to be eligible to be a nominee for election as a Trustees by a shareholder, such potential nominee must deliver to the Corporate Secretary a written questionnaire providing the requested information about the background and qualifications of such person and a written representation and agreement that such person is not and will not become a party to any voting agreements, any agreement or understanding with any person with respect to any compensation or indemnification in connection with service on the Board, and would be in compliance with all of the publicly disclosed corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines.

A copy of charter of the Nominating and Governance Committee is available in print to any shareholder who requests it.

***Independent Trustees Committee.*** The Independent Trustees Committee operates pursuant to a charter approved by our Board. The Independent Trustees Committee consists of three persons, including Kathleen M. Burke, Mark Manoff, and Jonathan Morgan, all of whom are considered independent for purposes of the 1940 Act. Mr. Morgan serves as the chair of the Independent Trustees Committee. The Independent Trustees Committee assists the Board by acting as a liaison between the Board and our principal service providers, including without limitation, the Adviser.

The Independent Trustees Committee is responsible for assessing the flow of information between management and the Board and overseeing the annual approval process of the Advisory Agreement and the Administration Agreement. The Independent Trustees Committee is also responsible for addressing conflict of interest matters and directing the retention of any consultants that the Board may deem necessary or appropriate. The Independent Trustees Committee will also have principal oversight over the process used to approve co-investments for the Fund. Time is allotted at each quarterly meeting of our Board for the Independent Trustees to meet and discuss any issues that they deem necessary or appropriate. The Independent Trustees may also choose to meet in executive session outside the presence of the Interested Board members during the course of other meetings of our Board or at other times as they deem necessary or appropriate.

**Trustee Beneficial Ownership of Shares**

The Trustees are not eligible to invest in the Fund and therefore do not own Shares of the Fund.

**Compensation of Trustees**

Trustees who do not also serve in an executive officer capacity for the Fund or the Adviser are entitled to receive annual cash retainer fees, fees for participating in board and committee meetings and annual fees for serving as a committee chairperson. These Trustees are Kathleen M. Burke, Mark Manoff, and Jonathan Morgan. Amounts payable under the arrangement are determined and paid quarterly in arrears as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;**Annual Committee Chair Cash Retainer**  | &nbsp;&nbsp;**Annual Committee Chair Cash Retainer**  | &nbsp;&nbsp;**Annual Committee Chair Cash Retainer**  |
| <br>&nbsp;&nbsp;**Annual Cash Retainer** <br>| <br>&nbsp;&nbsp;**Board Meeting Fee** <br>| <br>&nbsp;&nbsp;**Committee Meeting Fee** <br>| &nbsp;&nbsp;**Audit** <br>| &nbsp;&nbsp;**Nominating and Governance** <br>| &nbsp;&nbsp;**Independent Trustees** <br>|
| &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $15000 | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; $2500 |

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The Trustees have not yet earned compensation since the Fund had not commenced operations as of the date of this SAI. Trustee fees are paid by the Adviser or one of its affiliates pursuant to the Administration Agreement.

The following table shows information regarding the estimated compensation to be earned by the Trustees, none of whom is an employee of the Fund, for services as a trustee for the fiscal year ending December 31, 2026. The Trustees who are not "interested persons", as defined in the 1940 Act, of the Fund and the Fund's officers will not receive compensation.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate Estimated Compensation from Fund<sup>(1)</sup>** | **Total Compensation from Fund and Fund Complex Paid to Trustees<sup>(2)</sup>** |
| **Interested Trustee** |  |  |
| Eric Muller |  |  |
| Andrew Winer |  |  |
| **Independent Trustees** |  |  |
| Kathleen M. Burke |  | $384520.82 |
| Mark Manoff |  | $340197.90 |
| Jonathan Morgan |  | $337670.13 |

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<sup>(1)</sup> Pursuant to the Administration Agreement, the Fund does not directly pay for Independent Trustee compensation. The Independent Trustees' compensation is paid by the Adviser or an affiliate.

<sup>(2)</sup> The "Fund Complex" consists of the Fund, T. Rowe Price OHA Select Private Credit Fund, OHA Senior Private Lending Fund (U) LLC, T. Rowe Price OHA Flexible Credit Income Fund and APS BDC, LLC.

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

The Fund will not pay compensation to Trustees who also serve in an executive officer capacity for the Fund or the Adviser.

**Codes of Ethics**

The Fund, the Adviser, and the Distributor have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restrict certain personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made in accordance with the applicable code's requirements. The codes of ethics are included as exhibits to the registration statement of which this Statement of Additional Information forms a part. The codes of ethics are available on the EDGAR database on the SEC's website at *http://www.sec.gov*. Shareholders may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**The Adviser**

OHA Private Credit Advisors II, L.P. (the "Adviser"), an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended, serves as the Fund's investment adviser. For more information regarding OHA, see "The Adviser" in the Prospectus. For more information on the services provided by the Adviser to the Fund, see "Management of the Fund" in the Prospectus.

An investment advisory agreement (the "Agreement") was approved by the Board and the Fund's initial sole Shareholder in 2025 and 2026, respectively, and became effective on September 17, 2025. Following an initial two-year term beginning on September 17, 2025, the Agreement will continue in effect for successive periods of twelve months, provided that continuance is specifically approved at least annually by both (1) the vote of a majority of the Board or the vote of a majority of the outstanding securities of the Fund entitled to vote and (2) by the vote of a majority of the Independent Trustees. In addition, the Agreement has termination provisions that allow the parties to terminate the agreement without penalty. The Agreement may be terminated at any time, without penalty, by the Adviser upon 60 days' notice to the Fund or by the Board on not more than 60 days' written notice to the Adviser.

**Portfolio Management**

***Other Accounts Managed by Portfolio Manager***

The Fund's portfolio manager, Eric Muller, also manages 3 other registered investment companies, 9 other pooled investment vehicles and 28 other accounts ("Accounts"). As of March 31, 2026, Mr. Muller managed 40 other Accounts (representing $45,603,000 in assets). 21 Accounts were subject to a performance fee (representing $30,941,000 in assets subject to a performance fee).

**Compensation of Portfolio Manager**

Under the Resource Sharing Agreement, OHA provides the Adviser with experienced investment professionals and access to the resources of OHA. These resources and personnel enable the Adviser to fulfill its obligations under the advisory agreement. Through the Resource Sharing Agreement, the Adviser benefits from the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of OHA's investment professionals.

OHA believes its compensation approach, which is based on individual as well as overall Firm performance, promotes Firm-wide cooperation and collaboration. This approach has been designed to attract, incentivize and retain key personnel and has been employed since the Firm's inception. Alignment of interests between the Firm, its employees and clients was a top priority when OHA designed its compensation policies.

Investment professionals are evaluated using both quantitative and qualitative methods, including their success in making investment recommendations as well as exhibiting the values that OHA promotes such as teamwork, collaboration and work ethic. OHA's compensation structure for non-partner investment professionals consists of salary, discretionary bonus and, for certain senior investment professionals (principals and above), a component based on fund performance. Employee salaries are paid in cash; discretionary bonuses are paid on both a current (cash) and deferred basis, with senior professionals typically having at least 20% of their discretionary bonus deferred for one to two years, with amounts invested in OHA Diversified Credit Strategies Fund on a shadow basis. Non-investment professionals receive competitive salaries and merit-based discretionary bonuses reasonably proportioned to their role and support of the overall Firm's business.

Certain accounts have carried interest. Carried interest is currently allocated only to employees at the partner level based on ownership interests. Carried interest allocations are subject to annual review and Glenn August can adjust allocations in certain circumstances. These allocations are subject to vesting provisions consistent with the relevant fund's structure.

**Securities Ownership of Portfolio Manager**

The Portfolio Manager is not eligible to invest in the Fund and therefore does not own Shares of the Fund.

**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.

The Fund will bear any commissions or spreads in connection with its portfolio transactions, if any. In placing orders, it is the policy of the Fund to seek to obtain the best results, taking into account the broker-dealer's general execution and operational facilities, the type of transaction involved, and other factors such as the broker-dealer's risk in positioning the securities involved. While the Adviser generally seeks reasonably competitive spreads or commissions, the Fund will not necessarily be paying the lowest spread or commission available. In executing portfolio transactions and selecting brokers or dealers, the Adviser seeks to obtain the best overall terms available for the Fund. In assessing the best overall terms available for any transaction, the Adviser considers factors deemed relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis.

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 operations facilities of the firm and the firm's risk and skill in positioning blocks of securities.

Subject to applicable legal requirements, 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.

**PROXY VOTING POLICY AND PROXY VOTING RECORD**

The Fund has delegated its proxy voting responsibility to the Adviser. The proxy voting policies and procedures of the Adviser are set forth below. The guidelines are reviewed periodically by the Adviser and the Independent Trustees and, accordingly, are subject to change.

As an investment adviser registered under the Advisers Act, the Adviser has a duty to monitor corporate events and to vote proxies, as well as a duty to cast votes in the best interest of clients and not subrogate client interests to its own interests. Rule 206(4)-6 under the Advisers Act places specific requirements on registered investment advisers with proxy voting authority.

***Proxy Policies***

The Adviser's policies and procedures are reasonably designed to ensure that the Adviser votes proxies in the best interest of the Fund and addresses how it will resolve any conflict of interest that may arise when voting proxies and, in so doing, to maximize the value of the investments made by the Fund, taking into consideration the Fund's investment horizons and other relevant factors. It will review on a case-by-case basis each proposal submitted for a shareholder vote to determine its impact on the portfolio securities held by its clients. Although the Adviser will generally vote against proposals that may have a negative impact on its clients' portfolio securities, it may vote for such a proposal if there exists compelling long-term reasons to do so.

Decisions on how to vote a proxy generally are made by the Adviser. The Investment Committee and the members of the investment team covering the applicable security often have the most intimate knowledge of both a company's operations and the potential impact of a proxy vote's outcome. Decisions are based on a number of factors which may vary depending on a proxy's subject matter, but are guided by the general policies described in the proxy policy. In addition, the Adviser may determine not to vote a proxy after consideration of the vote's expected benefit to clients and the cost of voting the proxy. To ensure that its vote is not the product of a conflict of interest, the Adviser will require the members of the Investment Committee to disclose any personal conflicts of interest they may have with respect to overseeing a Fund's investment in a particular company.

***Proxy Voting Records***

You may obtain information, without charge, regarding how we voted proxies with respect to our portfolio securities by making a written request for proxy voting information to: Chief Compliance Officer, OHA Private Credit Advisors II, L.P., 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017.

The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

The Adviser has provided the initial investment in the Fund. As of the date of this Prospectus, the Adviser owns 100% of the Fund's outstanding Shares. For so long as the Adviser has a greater than 25% interest in the Fund, it may be deemed to be a "control person" of the Fund for purposes of the 1940 Act.

The address of the Adviser is 1 Vanderbilt Avenue, 16th Floor, New York, NY 10017.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

An independent registered public accounting firm for the Fund performs an annual audit of the Fund's consolidated financial statements. The Board has engaged KPMG LLP to serve as the Fund's independent registered public accounting firm.

**LEGAL COUNSEL**

The Board has engaged Simpson Thacher & Bartlett LLP, located at 425 Lexington Avenue, New York, New York 10017 to serve as the Fund's legal counsel.

**ADDITIONAL INFORMATION**

A registration statement on Form N-2, including amendments thereto, relating to the Shares offered hereby, has been filed by the Fund with the SEC. The Prospectus and this Statement of Additional Information do not contain all of the information set forth in the registration statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Shares offered hereby, reference is made to the registration statement. A copy of the registration statement may be reviewed on the EDGAR database on the SEC's website at *http://www.sec.gov*. Prospective investors can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov).

**FINANCIAL STATEMENTS**

Not applicable.

**PART C**

(1) Financial Statements:

Part A: Not applicable, as Registrant has not yet commenced operations.

Part B: Not applicable, as Registrant has not yet commenced operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exhibits:

(a)(1) [Certificate of Trust](https://www.sec.gov/Archives/edgar/data/2097023/000199937125021078/ex99-a1.htm). (1)

(a)(2) [Declaration of Trust.](https://www.sec.gov/Archives/edgar/data/2097023/000199937125021078/ex99-a2.htm) (1)

(a)(3) [Amended and Restated Declaration of Trust.](https://www.sec.gov/Archives/edgar/data/2097023/000199937125021078/ex99-a3.htm)(1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws](https://www.sec.gov/Archives/edgar/data/2097023/000199937125021078/ex99-b.htm) .
 (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Investment Advisory Agreement](https://www.sec.gov/Archives/edgar/data/2097023/000199937125021078/ex99-g1.htm) . (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Form of Distribution Agent Agreement.](ex99-h.htm) (2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

(j)(1) [Custody Agreement.](ex99-j1.htm) (2) <br>(j)(2) [Form of Amendment to Custody Agreement](ex99-j2.htm) (2)

(k)(1) [Form of Administration Agreement.](ex99-k1.htm) (2)

(k)(2) [Form of Transfer Agency Services Agreement](ex99-k2.htm). (2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Subscription Agreement](ex99-p.htm) .
 (2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) [Code of Ethics of the Registrant and the Adviser.](ex99-r.htm) (2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/2097023/000199937126005641/ex99-s.htm) . (3)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 811-24145), filed on December 23, 2025](https://www.sec.gov/Archives/edgar/data/2097023/000199937125021078/oha-n2_121925.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 811-24145), filed on March 11, 2026](https://www.sec.gov/Archives/edgar/data/2097023/000199937126005641/oha_posami-031126.htm) .

**MARKETING ARRANGEMENTS**

Not Applicable.

**OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION**

The following table sets forth the estimated expenses to be incurred in connection with the private offering described in this registration statement:

---

| | |
|:---|:---|
| Blue Sky Fees | $1100 |
| Registration Fees | $0.00 |
| Legal Fees | $220000 |
| Miscellaneous fees and expenses | $0.00 |
| Total | $221100 |

---

These expenses will be paid by the Adviser or an affiliate.

**PERSONS CONTROLLED BY OR UNDER COMMON CONTROL**

None

**NUMBER OF HOLDERS OF SECURITIES**

As of May 19, 2026, there is one record holder of the Fund.

**INDEMNIFICATION**

Reference is made to the Fund's Declaration of Trust filed as Exhibit (a)(2) to this Registration Statement. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to the Advisers, officers and controlling persons of the Fund pursuant to the foregoing provisions or otherwise, the Fund has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by the Advisers, officer or controlling person of the Fund in the successful defense of any action, suit or proceeding) is asserted by the Advisers, officer or controlling person, the Fund 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 of 1933 and will be governed by the final adjudication of such issue.

The Fund hereby undertakes that it will apply the indemnification provisions of the Agreement and Declaration of Trust in a manner consistent with Investment Company Act Release No. 11330 (Sept. 4, 1980) issued by the Securities and Exchange Commission, so long as the interpretation of Sections 17(h) and 17(i) of the 1940 Act contained in that release remains in effect. The Fund, in conjunction with the Advisers and the Fund's Board of Trustees, maintains insurance on behalf of any person who is or was an Independent Trustee, officer, employee, or agent of the Fund, against certain liability asserted against him or her and incurred by him or her or arising out of his or her position. In no event, however, will the Fund pay that portion of the premium, if any, for insurance to indemnify any such person or any act for which the Fund itself is not permitted to indemnify.

**BUSINESS AND OTHER CONNECTIONS OF ADVISER**

A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each executive officer or partner of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set out in Registrant's Prospectus in the section entitled "Management of the Fund" and in the section of the Statement of Additional Information captioned "Management of the Fund." The information required by this Item 31 with respect to each director, officer or partner of the Adviser is incorporated by reference to Form ADV with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (File No. 801-126341).

**LOCATION OF ACCOUNTS AND RECORDS**

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the offices of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the sub-administrator.

**MANAGEMENT SERVICES**

Not Applicable.

**UNDERTAKINGS**

Not Applicable.

**SIGNATURES**

Pursuant to the requirements of the Investment Company Act of 1940, OHA Direct Credit Fund has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 19th of May, 2026.

---

| | |
|:---|:---|
| **OHA DIRECT CREDIT FUND** | **OHA DIRECT CREDIT FUND** |
| By: | /s/ Grove Stafford |
| Name: | Grove Stafford |
| Title: | Secretary |

---

---

| | | | |
|:---|:---|:---|:---|
| **Signature** | **Signature** | **Title** | **Date** |
| /s/ Eric Muller  | /s/ Eric Muller  | Chairman, Chief Executive Officer & Trustee | May 19, 2026 |
| Eric Muller | Eric Muller |  |  |
| /s/ Amaka Dike  | /s/ Amaka Dike  | Chief Financial Officer, Principal Accounting Officer & Principal Financial Officer | May 19, 2026 |
| Amaka Dike | Amaka Dike |  |  |
| /s/ Andrew Winer  | /s/ Andrew Winer  | President, Chief Operating Officer & Trustee | May 19, 2026 |
| Andrew Winer\* | Andrew Winer\* |  |  |
| /s/ Kathleen M. Burke  | /s/ Kathleen M. Burke  | Trustee | May 19, 2026 |
| Kathleen M. Burke\* | Kathleen M. Burke\* |  |  |
| /s/ Mark Manoff  | /s/ Mark Manoff  | Trustee | May 19, 2026 |
| Mark Manoff\* | Mark Manoff\* |  |  |
| /s/ Jonathan Morgan  | /s/ Jonathan Morgan  | Trustee | May 19, 2026 |
| Jonathan Morgan\* | Jonathan Morgan\* |  |  |
| \*By: | /s/ Grove Stafford  |  | May 19, 2026 |
|  | Grove Stafford<br> Attorney-in-fact |  |  |

---

 **Exhibit Index**

---

| | |
|:---|:---|
| [(h)](ex99-h.htm) | [Form of Distribution Agent Agreement.](ex99-h.htm) |
| [(j)(1)](ex99-j1.htm) | [Custody Agreement.](ex99-j1.htm) |
| [(j)(2)](ex99-j2.htm) | [Form of Amendment to Custody Agreement.](ex99-j2.htm) |
| (k)(1) | Form of Administration Agreement. |
| [(k)(2)](ex99-k2.htm) | [Form of Transfer Agency Services Agreement.](ex99-k2.htm) |
| [(p)](ex99-p.htm) | [Subscription Agreement.](ex99-p.htm) |
| [(r)](ex99-r.htm) | [Code of Ethics of the Registrant and the Adviser.](ex99-r.htm) |

---

## Ex-99.(H)

[OHA DIRECT CREDIT FUND POS AMI](oha-posami_051926.htm)

**Exhibit 99.(h)**

**DISTRIBUTION AGENT AGREEMENT**

THIS AGREEMENT made as of this [ ] day of [Month] 2026, by and among OHA Direct Credit Fund, a Delaware Statutory Trust (the "***Fund***") and T. Rowe Price Investment Services, Inc., a Maryland corporation, with its principal office and place of business at 4515 Painters Mill Road, Owings Mills, Maryland 21117 ("***Distributor***").

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

WHEREAS, common shares of beneficial interest in the Fund ("***Shares***") are not currently registered under the Securities Act of 1933 (as amended, the "***Act***"), however, the Fund may choose to register its Shares under the Act at a future date;

WHEREAS, investments in the Fund will be made upon the terms and subject to the conditions set forth in the private placement memorandum, registration statement and/or prospectus, of the Fund including the statement of additional information (as amended or supplemented from time to time, the "***Offering Memorandum***");

WHEREAS, the Fund desires to retain Distributor to advise, consult with, and assist the Fund with the private placement, and once registered under the Act, public distribution of Shares; and

WHEREAS, this Agreement sets forth the terms and conditions upon which Distributor will serve as distributor for the Fund;

NOW THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

**SECTION 1. OFFERING OF SHARES; DISTRIBUTOR'S DUTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Private Placement Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. During the time in which Shares are not registered under the Act, Distributor is hereby authorized to
act as agent of the Fund for the placement of the Shares during the term of this Agreement and subject to the rules and regulations of
the Securities and Exchange Commission (the "  ***SEC***") and the laws governing the sale of securities in the various
states (the "  ***Blue Sky Laws*** "). Notwithstanding anything to the contrary in this Agreement, the Distributor will
solicit potential investors, distribute marketing materials, subscription and other materials to potential investors, or otherwise service
or assist in the offering of the Shares during the term of this Agreement. Distributor shall identify U.S.-domiciled "  ***Institutional Investors***" (as defined in Section 2210(a)(4) of the Rules of the Financial Industry Regulatory Authority ("  ***FINRA*** "))
and certain qualified investors, who are "U.S. Persons" (as defined in Rule 902(k) under the Act), "accredited investors"
(as defined in Rule 501(a) under the Act), and meet other eligibility standards set forth in the Offering Memorandum, as amended or supplemented
from time to time (investors meeting all of the foregoing qualifications, "  ***Eligible Investors*** "). The provisions
of this paragraph do not obligate Distributor to register as a broker or dealer under the Blue Sky Laws of any jurisdiction when it determines
it would be uneconomical for it to do so or to maintain its registration in any jurisdiction in which it is now registered or obligate
Distributor to sell any particular number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Distributor agrees that if the Fund is relying upon the 506(c) exemption under Regulation D, during the
time in which Shares are not registered under the Act, it will undertake reasonable steps, and will request any Financial Intermediary
(as defined below) to undertake reasonable steps, to verify that potential investors are "accredited investors" (as such terms
are defined in Regulation D) prior to acquiring Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Subject to applicable law, during the time in which Shares are not registered under the Act, the Distributor
may enter into private placement agreements ("  ***Private Placement Agreements***") with such qualified broker-dealers
and other financial intermediaries as the Fund may select (each a "  ***Financial Intermediary***" and collectively,
"  ***Financial Intermediaries*** "). 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 Fund in compliance with applicable law, including, as appropriate,
the requirements of Rule 12b-1 under the 1940 Act, as may be made applicable to the Fund by a exemptive order issued by the SEC permitting
the issuance of multiple classes of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Public Offering Activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Once the Shares have been registered under the Act, the Distributor shall be authorized to sell, as agent
for the Fund, Shares authorized for issuance and registered under Act. Distributor may also sell Shares under offers of exchange between
and among the investment companies for which OHA Private Credit Advisors II, L.P. (the "  ***Investment Adviser*** "),
or its affiliates, acts as an investment adviser ("  ***Affiliated Funds*** "). Distributor may also purchase as principal
such Shares for resale to the public. Such sale will be made by Distributor on behalf of the Fund by accepting unconditional orders to
purchase the Shares placed with Distributor by investors or by selected dealers and such purchases will be made by Distributor only after
acceptance by Distributor of such orders. The sales price to the public of such Shares shall be the Public Offering Price (as defined
below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All Shares sold by the Distributor pursuant to this Section 1(b) of the Agreement shall be sold at the
Public Offering Price. The Public Offering Price for all accepted subscriptions will be the net asset value per share, as determined in
the manner provided in the Fund's Offering Memorandum, as now in effect, or as they may be amended, next determined after the order
is accepted by the Fund's transfer agent. The Fund's transfer agent will process orders submitted by Financial Intermediaries
for the sale of Shares at the public offering price exclusive of any commission charged by such Financial Intermediary to their customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Once Shares are registered under the Act, the Distributor may enter into selected selling agreements with
Financial Intermediaries of its choice for the sale of Shares (the "  ***Selling Agreements*** "). The form of such Selling
Agreement shall be approved by the Fund ("  ***Standard Selling Agreement*** "). In connection with any Selling Agreements,
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 in compliance with applicable law, including, as appropriate, the requirements of Rule 12b-1 under
the 1940 Act and (ii) such payments are pursuant to a plan that has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. For the avoidance of doubt, this Section 1(b) of the Agreement relates solely to the issuance and sale
of Shares that are duly authorized, registered, and available for sale by the Fund, including redeemed or repurchased Shares if and to
the extent that they may be legally sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall devote its best efforts to effect sales of Shares of the Fund, in compliance with Sections 1(a) and (b) above, but shall not be required to raise any minimum amount of funds, in connection with its services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to review all proposed advertising materials and sales literature for compliance with applicable laws and regulations, and, if required by law and/or regulation, shall file with appropriate regulators such advertising materials and sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement shall not be deemed to restrict or limit the ability of the Distributor and its affiliates to provide other services to the Fund or its affiliates or to receive compensation for such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All subscriptions for Shares shall be made through Financial Intermediaries and/or directed to the Fund for acceptance and shall not be binding on the Fund until accepted by it. The Fund and Distributor shall have the right to accept or reject any subscription in accordance with the terms of its governing documents and its Offering Memorandum. The Fund shall give notice of such determination to the individual subscriber and any Financial Intermediary responsible for the subscription. No interest will be paid to subscribers on rejected subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall be held harmless and shall incur no liability whatsoever in the event that the purchase of Shares under any subscription is not consummated due to any action or omission of the subscriber, the Fund, the Financial Intermediaries, or any other reason other than the willful misfeasance, bad faith or gross negligence of the Distributor. The Distributor shall not have any obligation to purchase any of the Shares as principal under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The activities that are conducted by Distributor with respect to the Fund shall be undertaken only in accordance with the terms and conditions set forth in the Offering Memorandum, applicable laws and regulations, and the terms of this Agreement. The Fund shall furnish copies of the Offering Memorandum and the Subscription Application (as defined below) to the Financial Intermediaries in reasonable quantities upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Distributor shall permit Financial Intermediaries to offer the Shares only to investors, and while the Shares are not registered under the Act, only to Eligible Investors, in jurisdictions in which the Fund is permitted to offer its Shares, provided that the Fund or the Investment Adviser has provided Distributor in advance with a list of jurisdictions in which such offering may not be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At all times during either the public or private offering, the Distributor shall have the right to enter into agreements with one or more entities that control or are controlled by, or under common control with, the Distributor ("***Foreign Affiliates***") to enable such Foreign Affiliates to engage in certain permitted distribution activities in order to effect the sale of Fund Shares, in limited circumstances, from investors and Financial Intermediaries in countries outside the United States ("***OUS Activities***"), subject to the rules, regulations, and legal requirements applicable to the country in which the investor or Financial Intermediary is located. Any Foreign Affiliates authorized to engage in OUS Activities with respect to the Shares shall not be considered a third-party beneficiary of this Agreement. Without limiting the generality of the foregoing, the Distributor shall require any such Foreign Affiliate to comply with any limitations on the Distributor set out in this Agreement (except to the extent such limitations relate solely to the compliance with U.S. laws, rules, regulations and legal requirements applicable to the conduct of the Distributor with respect to the offer and sale of Shares within the United States).

**SECTION 2. COMPLIANCE WITH APPLICABLE SECURITIES LAWS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with their respective activities under this Agreement, Distributor and the Fund each agree that it will comply with the applicable requirements of (i) the Act (including Regulation D, for so long as the Fund is not offered publicly), (ii) the 1940 Act, (iii) the Securities Exchange Act of 1934, as amended (the "***1934 Act***") (including all regulations, rules and releases under all such statutes), (iv) the Blue Sky Laws of the state or jurisdiction in which such sale is made, and (v) with respect to Distributor, with all applicable rules and regulations of FINRA. The Distributor shall require the applicable Foreign Affiliate to agree that all OUS Activities shall duly conform in all respects with the laws of the applicable country in which sales of such Shares are accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor acknowledges and agrees that it is not authorized to give any information or make any representation other than those contained in (i) the Offering Memorandum or (ii) any sales literature, performance reports, financial statements and other written materials provided by or on behalf of the Fund in connection with the sale of Shares (all such materials except the Offering Memorandum being collectively referred to as "***Related Offering Materials***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall prepare the Offering Memorandum and the application for Shares to be used in connection with all subscriptions (the "***Subscription Application***"). During the continuous offering, the Fund will deliver to the Distributor, without charge, at its principal place of business, as many copies of the foregoing documents as the Distributor may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall extend to prospective investors an opportunity, prior to purchase of any Shares, to ask questions and receive answers concerning the Fund and the terms and conditions of the offering, and to obtain such additional information as the prospective investor may consider necessary in making an informed investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor may rely upon advice given by the Fund and the Fund's counsel, from time to time, as to the legality of, and any restrictions placed on, the offer or sale of Shares in jurisdictions where Shares are or may be offered. Subject to the foregoing and other provisions of this Agreement, the Distributor is responsible for complying with all applicable U.S. federal and state laws, rules and regulations directly applicable to the Distributor in connection with its services hereunder, including applicable rules of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor will ensure that any Private Placement Agreement includes a requirement that the Financial Intermediary will comply with all laws, rules, and regulations applicable to the Financial Intermediary; provided, however, that the Distributor may enter into a Private Placement Agreement which does not contain such a requirement if approved by the Fund, or the Investment Adviser on its behalf.

**SECTION 3. STATE BLUE SKY QUALIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund will be responsible for ensuring that any notices or filings are made, that are necessary for the purposes of achieving an exemption from registration of the Shares under the Blue Sky Laws as may be applicable in connection with the transactions contemplated by this Agreement, including the filing of documents with the SEC and relevant states. The Fund will furnish any required consent to service of process in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund or the Investment Adviser shall advise Distributor from time to time concerning the states and other jurisdictions in which solicitations for the sale of fund shares by or on behalf of the Fund may be made under the applicable Blue Sky Laws. Upon request by Distributor, the Fund or the Investment Adviser shall provide evidence of qualification of Shares in each applicable state or jurisdiction.

**SECTION 4. INDEPENDENT AGENT**

In performing its duties hereunder, Distributor shall be regarded as an independent agent. Distributor may provide services similar to those provided under this Agreement for any other person or entity on such terms as may be arranged with such person or entity, and Distributor shall not be required to disclose to the Fund or the Investment Adviser any fact or thing that may come to the knowledge of Distributor in the course of so doing.

**SECTION 5. CONFIDENTIALITY**

Except as requested by a regulatory authority, required by law, or in order to facilitate a party's compliance with applicable regulatory requirements, (except to relevant Fund service providers, Financial Intermediaries, or customary in the ordinary course of business), each party undertakes to keep secure and confidential all information of a confidential nature relating to the business affairs or operations of the other party or the other party's associates, customers, or business partners, that is disclosed pursuant to, or as a result of, this Agreement. This clause shall survive the termination of this Agreement.

**SECTION 6. TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective with respect to the Fund as of the date first written above. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the effective date. Thereafter, if not terminated, this Agreement shall continue automatically in effect as to the Fund for successive one-year periods, provided such continuance is specifically approved at least annually by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the above, this Agreement may, on 60 days' written notice, be terminated at any time, without the payment of any penalty, by the vote of a majority of the directors of the Fund who are not interested persons of the Fund or by the Distributor. In interpreting the provisions of this Section 6, the definitions contained in Section 2(a) of 1940 Act (particularly the definitions of "interested person," "assignment," and "majority of the outstanding securities") shall be applied as well as interpretations by the SEC or its staff from time to time.

**SECTION 7. REPRESENTATIONS OF Distributor**

Distributor represents and warrants to the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a corporation duly organized and existing and in good standing under the laws of the State of Maryland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is empowered under applicable laws and by its organizational documents to enter into this Agreement and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All requisite corporate actions have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement in accordance with industry standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of Distributor, enforceable against Distributor 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;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither it nor any (i) general partner or managing member; (ii) directors, executive officers, or other officers participating in the offering of Shares; (iii) directors, executive officers, or other officers of Distributor's general partner or managing member participating in the offering of Shares; or (iv) any other person that has been or will be paid (directly or indirectly) remuneration by Distributor for the solicitation of purchasers in connection with such sale of Shares, if such individuals have been the subject of any of the disqualifying events enumerated in Rule 506(d)(i) through (viii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It is registered under the 1934 Act with the SEC as a broker-dealer, and it is a member in good standing of FINRA.

**SECTION 8. DUTIES AND REPRESENTATIONS OF THE FUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall furnish to Distributor copies of the Offering Memorandum, Subscription Agreement, and supplements or amendments thereto as requested, and shall otherwise cooperate with reasonable requests for documents or other information by Distributor in connection with its activities hereunder. The Fund shall make available to Distributor the number of copies of such materials as Distributor shall reasonably request. The Fund recognizes and confirms that in performing the services contemplated by this Agreement, Distributor does not assume responsibility for the accuracy or completeness of the documents described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund represents and warrants to Distributor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is organized and existing and in good standing under the laws of the jurisdiction of its organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is empowered under applicable laws and by its organizational documents to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All proceedings required by its organizational documents have been taken to authorize it to enter into and perform its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Pursuant to its organizational documents, the Fund is authorized to issue an unlimited number of Shares in the Fund. The liability of each holder of Shares in the Fund for the losses, debts and obligations of the Fund, whether arising in contract, tort or otherwise, shall generally be limited to the holder's capital contribution to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) This Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the Fund, enforceable against the Fund 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) 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 Shares in accordance with the terms of the Offering Memorandum 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) In connection with the initial private offering period of the Fund: (a) the Shares have not been and will not be registered under the Act or the Blue Sky Laws of any state of the United States or any other jurisdiction; (b) the Offering Memorandum has been prepared in conformity with the requirements of the 1940 Act; (c) the Shares have been authorized for sale as contemplated by the Offering Memorandum and any or all necessary Form D filings have been, or will be, completed within fifteen (15) days after the first sale of Shares; (d) once payment is received, the Shares issued will conform to the description contained in the Offering Memorandum, as amended or supplemented; (e) the offer and sale of the Shares in the manner contemplated by this Agreement and the Offering Memorandum will be exempt from the registration requirements of the Act pursuant to Section 4(a)(2) thereof and Regulation D thereunder; and (f) all statements of fact contained or to be contained in the Offering Memorandum are or will be true and correct in all material respects at the time indicated and the Offering Memorandum will not at any time include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Once the Fund informs the Distributor that the Shares have been registered under the Act; (a) the Fund will use its best efforts to register as many number of Shares as shall be necessary to effect a continuous offering of the Fund Shares and take such actions as may be necessary from time to time to qualify such Shares in all jurisdictions and territories of the United States where such Shares are sold; (b) the Offering Memorandum has been prepared in conformity with the requirements of the Act and the 1940 Act; (c) the Shares have been authorized for sale as contemplated by the Offering Memorandum; (d) once payment is received, the Shares issued will conform to the description contained in the Offering Memorandum, as amended or supplemented; (e) all statements of fact contained or to be contained in the Offering Memorandum are or will be true and correct in all material respects at the time indicated and the Offering Memorandum will not at any time include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of Shares; and (f) the offer and sale of the Shares in the manner contemplated by this Agreement and the Offering Memorandum will comply with Section 5 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Upon reasonable request, the Fund will provide the Distributor with any information regarding Financial Intermediary fees paid directly by its transfer agent as well as any other information the Distributor may reasonably request in order to remain in compliance with all applicable laws, rules and regulations in connection with the offering of Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Fund has policies, procedures and internal controls in place that are reasonably designed to comply with anti-money laundering laws and regulations, including a customer identification program, and the regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Fund is a closed-end investment company as defined in Section 5(a)(2) of the 1940 Act that makes periodic repurchase offers pursuant to Rule 23c-3(b) under the 1940 Act and offers its shares on a continuous basis pursuant to Rule 415(a)(1)(xi) of SEC Regulation C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Fund has adopted 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall, at its expense, amend or supplement the Offering Memorandum if, at any time, an amendment or supplement is necessary to comply with applicable laws, or is necessary to correct any materially untrue statement in the Offering Memorandum or to eliminate any material omission therein or any omission therein which makes any of the statements therein materially misleading. The Fund shall notify Distributor promptly (i) upon discovery of any untrue statement of a material fact in the Offering Memorandum or an omission to state therein a material fact required or necessary to make the statements therein not misleading, and/or (ii) of the occurrence of any event or change in circumstances, of which the Fund is aware or should be aware, that results in the Offering Memorandum containing an untrue statement of a material fact or omitting to state therein a material fact required or necessary to make the statements therein not misleading. The Fund shall not amend the Offering Memorandum without giving Distributor notice reasonably in advance of its effectiveness; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement shall, in any way limit the Fund's right to amend the Offering Memorandum as the Fund may deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall advise Distributor promptly: (i) of any request by the SEC or any state securities examiner for amendments to the Offering Memorandum or for additional information related to the Fund; (ii) in the event of the issuance by the SEC or any state securities examiner of any stop order suspending the use of the Offering Memorandum or the initiation of any proceedings for that purpose; (iii) of the happening of any material event, of which the Fund is aware or should be aware, that makes untrue any statement made in the Fund's then current Offering Memorandum or which requires the making of a change in such document(s) in order to make the statements therein not misleading; (iv) of all action of the SEC or any state securities examiner with respect to any amendments to the Fund; and (v) if legally permissible, any litigation or written threat of litigation of which the Fund is aware by any person relating to the offering of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the duties assigned to Distributor under this Agreement, the Fund shall bear full responsibility for conducting its operations and affairs (including the preparation of the Fund's governing documents, the Offering Memorandum, the Subscription Application, and all Related Offering Materials) in compliance with applicable laws, including (i) those governing the sales of shares under the Act, including private placement of Shares in accordance with Regulation D under the Act, as applicable; (ii) the 1940 Act, and rules thereunder, (iii) any relevant provisions of the Investment Advisers Act of 1940, as amended (the "***Advisers Act***") and the rules thereunder, and (iv) other applicable laws, rules and exemptions, such as (if applicable) Rule 4.5 under the Commodity Exchange Act, as amended. All restrictions relevant to the offering of Shares as may be necessary or appropriate in light of the foregoing at any time shall be set forth in the most recent version of the Offering Memorandum provided to Distributor by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise expressly provided in this Agreement, Distributor shall be under no duty to comply with or take any action as a result of any amendment to the Fund's governing documents, the Offering Memorandum, the Subscription Application, any Related Offering Materials or any Fund policy. No such amendment that is materially adverse to or imposes materially different or additional duties upon the Distributor may be made unless Distributor expressly consents thereto in advance in writing. The Fund will submit to Distributor for approval prior to use, the Offering Memorandum, any amendment or supplement thereto, and any other Related Offering Materials or documents distributed to Fund investors or potential investors (whether as part of a private placement or public distribution) in which Distributor is mentioned.

**SECTION 9. [RESERVED]**

**SECTION 10. STANDARD OF CARE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Distributor shall be under no duty to take any action under this Agreement except as specifically set forth herein or as may be specifically agreed to by Distributor in a written amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither Distributor nor any other Distributor Indemnitee (as defined in Section 10) shall be liable for any action taken or for any failure to take an action based on reasonable reliance upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the written instructions of the Fund (including an officer of the Fund), or of counsel to the Fund; for purposes of this clause, procedures adopted by Distributor related to the implementation by Distributor of its obligations hereunder and the other activities contemplated to be taken by Distributor hereunder (acting individually or through its registered representatives) that have been reviewed and approved by the Fund or counsel to the Fund shall be deemed to be written instructions of the Fund or counsel to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any written instruction or certified copy of any resolution of the Board of directors, trustees or managers of the Investment Adviser or the Fund, and Distributor may rely upon the genuineness of any such document or copy thereof reasonably believed by Distributor to have been validly executed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement, instrument, report, notice, consent, order, or other document reasonably believed by Distributor to be genuine and to have been signed or presented by the Investment Adviser or the Fund or other proper party or parties, and Distributor shall not be under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement, written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument which Distributor reasonably believes to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement to the contrary, Distributor shall be liable to the Fund and any of the Fund's shareholders only for any damages arising out of Distributor's failure to perform its duties under this Agreement to the extent such damages were caused by Distributor's willful misfeasance, negligence or reckless disregard in the performance of such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributor shall not be liable for the delays or errors of other service providers to the Fund, including the failure by any such service provider to provide information to Distributor when they have a duty to do so (irrespective of whether that duty is owed specifically to Distributor or a third party).

**SECTION 11. INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything in this Agreement to the contrary, Distributor shall not be responsible for, and the Fund will indemnify, defend and hold Distributor, its employees, agents, directors, representatives, and officers and any person who controls Distributor within the meaning of section 15 of the Act or section 20 of the 1934 Act (the "***Distributor Indemnitees***") free and harmless from and against any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses of every nature and character (including the cost of investigating or defending such claims, demands, actions, suits or liabilities and any reasonable counsel fees incurred in connection therewith) that any Distributor Indemnitee may incur, under the Act, the 1940 Act, the 1934 Act or under common law or otherwise, arising out of or based upon (collectively, "***Distributor Claims***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material action (or omission to act) of Distributor or its agents taken in connection with this Agreement; <u>provided</u> that such action (or omission to act) is taken without willful misfeasance, negligence or reckless disregard by Distributor of its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any untrue or alleged untrue statement of a material fact contained in the Offering Memorandum or Related Offering Materials or any omission or alleged omission to state a material fact required to be stated in the Offering Memorandum or Related Offering Materials, necessary to make the statements in any the Offering Memorandum or Related Offering Materials not misleading, unless such statement or omission was made in reliance upon, and in conformity with, information furnished in writing to the Fund or the Investment Adviser for use in such Fund's Offering Memorandum or Related Offering Materials by or on behalf of Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any material breach of the agreements, representations, warranties and covenants by the Fund in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the reliance on or use by Distributor or its agents or subcontractors of information, records, documents or services which have been prepared, maintained or performed by the Fund or the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is the result of a claim brought by a Financial Intermediary provided that the Distributor has not acted with willful misfeasance, bad faith, or negligence with respect to its duties hereunder or in any Private Placement Agreement or Selling Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) may be based upon any wrongful act by the Fund, its agents, service providers (other than the Distributor), as well as its directors, officers, employees, or other representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&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 the Fund, so elects, to assume the defense of any suit brought to enforce any Distributor Claim, but, if the Fund elects to assume the defense, such defense shall be conducted by legal counsel chosen by the Fund and approved by the Distributor and the Distributor Indemnitees, which approval shall not be unreasonably withheld. In the event that the Fund elects to assume the defense of any Distributor Claim and retain such legal counsel, the Distributor Indemnitees shall bear the fees and expenses of any additional legal counsel retained by them. If the Fund does not elect to assume the defense of any such Distributor Claim, or in case the Distributor Indemnitee(s) does not, in the exercise of reasonable judgment, approve of counsel chosen by the Funds 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 fees and expenses of any legal counsel retained by them. The Fund agrees to promptly notify Distributor of the commencement of any litigation or proceedings against the Distributor Indemnitee(s) in connection with the issue or sale of any Shares.

In no case (i) is the Fund's indemnity in favor of the Distributor, or any Distributor Indemnitee to be deemed to protect the Distributor or such indemnified person against any liability to which the Distributor Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of their duties or by reason of their reckless disregard of their obligations and duties under this Agreement, or (ii) is the Fund to be liable under its indemnity agreement contained in this Paragraph with respect to any claim made against a Distributor Indemnitee, unless Distributor, notifies the Fund in writing of the Distributor Claim within a reasonable time after the summons or other first written notification giving information of the nature of the Distributor Claim is served upon the Distributor Indemnitee; provided, however, that failure to notify the Fund of any such claim shall not relieve the Fund from any liability which the Fund may have to Distributor or any Distributor Indemnitee except to the extent that the ability of the Fund to defend such action has been materially adversely affected by the failure to provide notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement to the contrary, the Fund shall not be responsible for, and Distributor will indemnify, defend, and hold the Fund and each of their respective managers, 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 claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses of every nature and character (including the cost of investigating or defending such claims, demands, actions, suits or liabilities and any reasonable counsel fees incurred in connection therewith) that any Fund Indemnitee may incur, under the Act, the 1940 Act, the 1934 Act or under common law or otherwise, but only to the extent that such claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses result from, arise out of or are based upon (collectively, "***Fund Claims***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material action (or omission to act) of Distributor or its agents taken in connection with this Agreement; <u>provided</u> that such action (or omission to act) is the result of willful misfeasance, negligence or reckless disregard by Distributor of its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any untrue or alleged untrue statement of a material fact contained in the Offering Memorandum or Related Offering Materials or any omission or alleged omission to state a material fact required to be stated in the Offering Memorandum or Related Offering Materials or necessary to make the statements in the Offering Memorandum or Related Offering Materials not misleading, if such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund in writing by or on behalf of Distributor for use in the Offering Memorandum or Related Offering Materials; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any material breach of the agreements, representations, warranties and covenants by Distributor in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributor shall be entitled to participate, at its own expense, in the defense, or, if Distributor so elects, to assume the defense of any suit brought to enforce any Fund Claims, but, if Distributor elects to assume the defense, such defense shall be conducted by legal counsel chosen by Distributor and approved by the Fund and the Fund Indemnitees, which approval shall not be unreasonably withheld. In the event that Distributor elects to assume the defense of any Fund Claims and retain such legal counsel, the Fund and the Fund Indemnitees in the suit, shall bear the fees and expenses of any additional legal counsel retained by them. If Distributor does not elect to assume the defense of any Fund Claims, or in case the Fund Indemnitee(s) 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), Distributor will reimburse the Fund Indemnitee(s) such suit for the reasonable fees and expenses of any legal counsel retained by them. Distributor agrees to promptly notify the Fund of the commencement of any litigation or proceedings against the Fund Indemnitee(s) in connection with the issue or sale of any Shares.

In no case (i) is the Distributor's indemnity in favor of the Fund, or any Fund Indemnitee to be deemed to protect the Fund or such indemnified person against any liability to which the Fund Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of their duties or by reason of their reckless disregard of their obligations and duties under this Agreement, or (ii) is the Distributor to be liable under its indemnity agreement contained in this section with respect to any claim made against a Fund Indemnitee, unless the Fund notifies the Distributor in writing of the Fund Claim within a reasonable time after the summons or other first written notification giving information of the nature of the Fund Claim is served upon the Fund Indemnitee; provided, however, that failure to notify the Distributor of any such claim shall not relieve the Distributor from any liability which the Distributor may have to Fund or any Fund Indemnitee except to the extent that the ability of the Distributor to defend such action has been materially adversely affected by the failure to provide notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund acknowledges and agrees that certain large and significant Financial Intermediaries, require that Distributor enter into Selling Agreements and Private Placement Agreements that contain certain representations, undertakings and indemnification that are not included in the Standard Selling Agreement or which (i) place responsibilities and obligations on the Distributor beyond those contained in this Agreement or (ii) require the Distributor to make representations and warranties about the Fund, or its other service providers, that are not given to Distributor under this Agreement (each, a "***Non-Standard Dealer Agreement***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent that Distributor is requested or required by the Fund, or its Investment Adviser, to enter into any Non-Standard Dealer Agreement, 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: (i) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (ii) 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 Selling Agreement or is required to make additional representations or warranties about the Fund or its Shares beyond those given to Distributor by Fund in this Agreement; or (iii) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification currently provided by the Fund to Distributor under this 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 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The provisions of this Section and the parties' representations and warranties in this Agreement shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any Distributor Indemnitee or Fund Indemnitee and shall survive the sale and repurchase of any Shares made pursuant to subscriptions obtained by Distributor and the termination of this Agreement. The indemnification provisions of this Section will inure exclusively to the benefit of each person that may be a Distributor Indemnitee or Fund Indemnitee at any time and their respective successors and assigns (it being intended that such persons be deemed to be third party beneficiaries under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party agrees promptly to notify the other party of the commencement of any litigation or proceeding of which it becomes aware arising out of or in any way connected with the issuance or sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nothing contained herein shall require the Fund to take any action contrary to any provision of its Offering Memorandum or any applicable statute or regulation or shall require Distributor to take any action contrary to any provision of its governing documents or any applicable statute or regulation; provided, however, that neither the Fund nor Distributor may amend the Offering Memorandum or Related Offering Materials or their respective governing documents in any manner that would result in a violation of a representation or warranty made in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No party hereto shall be liable for any consequential, special or indirect losses or damages suffered by another party hereto, whether or not the likelihood of such losses or damages was known by the party.

**SECTION 12. COMPENSATION AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund will pay, or will cause to be paid, all costs and expenses relating to: (i) the preparation and photocopying or printing of its Offering Memorandum, and all amendments and supplements thereto, and Related Offering Materials; (ii) the exemption from registration or qualification of Shares for offer and sale under Regulation D, the 1940 Act, and under all relevant Blue Sky Laws and, once the Fund decides to engage in a public offering, the registration and qualification of Shares for offer and sale under the Act, the 1940 Act, and under all relevant Blue Sky Laws; (iii) the furnishing to Distributor of copies of the Fund's Offering Memorandum and all amendments or supplements thereto and of Related Offering Materials and other documents reasonably requested by Distributor, in such quantities as may be reasonably requested by Distributor, including costs of shipping and mailing; (iv) fees and disbursements of counsel to the Fund in connection with the organization and maintenance of the Fund and the transactions contemplated by this Agreement; (v) all fees listed on Exhibit A in connection with the relevant classes listed therein; and (vi) all other expenses of the Fund which are not the express obligations of Distributor as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As between Distributor and the Fund, Distributor shall be responsible for all expenses relating to its broker-dealer qualification.

**SECTION 13. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No provisions of this Agreement may be amended or modified in any manner except by a written agreement properly authorized and executed by all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be governed by, and the provisions of this Agreement shall be construed and interpreted under and in accordance with, the laws of the State of Maryland, without giving effect to the conflicts of laws, principles and rules thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement constitutes 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;&nbsp;&nbsp;&nbsp;&nbsp;(d) The liability and obligation of the Fund under or in connection with this Agreement is several (and not joint), whether or not so stated elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement may be executed in any number of counterparts, including facsimile copies thereof or electronic scan copies thereof delivered by electronic mail, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid. This Agreement shall be construed as if drafted jointly by all parties and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any notice required or permitted to be given hereunder by any party to the other parties shall be deemed sufficiently given if in writing and personally delivered or sent by, facsimile or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until changed by Distributor or the Fund. Notice shall be given to each party at the following addresses:

<u>If to Distributor</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Investment Services, Inc.

4515 Painters Mill Road

Owings Mills, MD 21117

Attn: Legal Department

Email: legal-us_intermediary_distribution_team@troweprice.com

<u>If to the Fund</u>:

OHA Direct Credit Fund

Attn: Gregory S. Rubin

c/o OHA Private Credit Advisors II, L. P.

1 Vanderbilt Avenue, 16<sup>th</sup> Floor

New York, NY 10017

Email: grubin@oakhilladvisors.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the undersigned expressly warrants and represents that they have full power and authority to sign this Agreement on behalf of the party indicated and that their signature will bind the party indicated to the terms hereof and each party hereto warrants and represents that this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the party, enforceable against the party in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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. 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;&nbsp;&nbsp;&nbsp;&nbsp;(k) No party to this Agreement shall 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, acts of civil or military authority, national emergencies, labor difficulties, fire, pandemic, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, acts of terrorism, riots or failure of the mails or any transportation medium, communication system or power supply; 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.

*[Signature Page Follows]*

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 persons, as of the day and year first above written.

Fund:

OHA Direct Credit Fund

By:   <br> Name:   <br> Date:  

Distributor:

T. Rowe Price Investment Services, Inc.

By:   <br> Name:   <br> Date:  

**<u>Exhibit A</u>**

<u>Compensation</u>

None.

## Ex-99.(J)(1)

[OHA DIRECT CREDIT FUND POS AMI](oha-posami_051926.htm)

**Exhibit 99.(j)(1)**

**Execution**

**CUSTODY AGREEMENT**

**This Agreement** (the "Agreement") is made as of October 28, 2024 (the "Effective Date") **between**:

**(1)** Each entity identified on <u>Appendix A</u>, whose jurisdiction of formation is identified
opposite its name (each, 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").

1 Definitions and Interpretation

Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

2 Appointment of the Custodian

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.

3 Safekeeping Securities

&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;**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 segregated 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;

Type text here

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Information Classification: Limited Access

&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 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;**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;**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;**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;**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;**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.

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Information Classification: Limited Access

&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 does not hold the money deposited on trust or segregated
from its proprietary assets. 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;**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;**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.

5 Transaction Settlement

&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;**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;**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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Information Classification: Limited Access

&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;**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.

6 Corporate Actions

&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;**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;**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;**6.4** **Fractional Positions.** Fractional positions resulting from Corporate Actions
will be dealt with in accordance with the Client Publications.

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Information Classification: Limited Access

7 Proxy Servicing

&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;**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.

8 Income Collection

&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;**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.

9 Statements and Reports

&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;**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.

10 Tax Withholding and Tax Relief

&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 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.

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Information Classification: Limited Access

&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;**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;**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;**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.

11 Physical Safekeeping of Investment Documents

&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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **No Other Services.** The Custodian will not otherwise perform any other Services
in relation to such Investment Documents.

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12 Alternative Asset Servicing

&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.

13 Foreign Exchange

&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;**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.

14 Subcustodians

&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;**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;**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 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;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 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.

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&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
at least 30 days' 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.** **Termination by Client of the Custodian as Foreign Custody Manager.** Upon
at least 30 days' prior written notice to the Custodian, Client may terminate the delegation to the Custodian as the Foreign Custody
Manager for the Client. Following the termination, the Custodian shall have no further responsibility in its capacity as Foreign Custody
Manager to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.9.** **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.

15 Central Securities Depositories

&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;**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;**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;**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. If following the foregoing notification of a material change in risks,
the Client determines that a custody arrangement with an Eligible Securities Depository no longer meets the requirements of Rule 17f-7,
the Custodian shall act in accordance with Proper Instructions to withdraw such Foreign Assets from the relevant depository to the extent
permissible.

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16 Delegation

&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Use of Delegates.** The Custodian shall have the right, without the 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.

&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;**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.

17 Standard of Care and Liability

&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;**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;**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;**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;**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;**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;**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;**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.

18 Error Correction

&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 shall notify the Client within a reasonable time of any material Loss or gain associated with an error
it has fully remediated.

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19 Limits on the Scope of the Services

&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;**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;**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;**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;**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 to the Client should the Client commence a legal or administrative proceeding
in an attempt to collect any such amounts.

&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;**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.

20 Indemnity

&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 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.

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&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;**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;**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;**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 defense 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;**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;**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

&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;**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;**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;**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 CSD's, Third Party Agents
and Market Participants.

&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;**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;**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;**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.

&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.

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&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;**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;**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;**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;**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.

&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;**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.

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&nbsp;&nbsp;&nbsp;&nbsp;**22.10** **Matters Not Requiring Proper Instructions.** Solely in connection with the
Services to be provided by the Custodian to the Client under this Agreement, the Client authorizes the Custodian in the absence of Proper
Instructions to attend to all matters which may be necessary or appropriate to discharge its duties hereunder 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.

23 Creditors Rights

&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;**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;**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.

&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

&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;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, an Investment Manager, any Affiliate of the Client or its Investment Manager, any investor
of a Client, or any investment 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;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 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).

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&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;&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;&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 to any non-authorized third party of 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.

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&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.

25 Term and Termination

&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;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;&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;&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 90 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;&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;&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;&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 25.2.2.1 or 25.2.2.2, 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;25.3 Actions on Termination.

&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.

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&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.

26 Representations and Warranties

&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;**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;**26.3** **Custodian.** The Custodian further represents and warrants to the Client that:
(i) it holds such authorizations and licenses as are necessary to lawfully perform its obligations under this Agreement;
and (ii) it will seek to maintain such authorizations and licenses for the term of this Agreement.

27 Record Retention and Audit Rights

&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;**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.

&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;**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

&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;**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;**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;**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;**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;

&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;**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;

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&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;**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;**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.

&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.

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&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;**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;**29.8** **Amendments.** This Agreement may be amended by written agreement between the
Parties. However, the Custodian may amend this Agreement by giving written notice to the Client of such proposed amendment and the Client
will be taken to have consented to the amendment if the Client does not affirmatively object in writing within thirty (30) days.

&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;**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.

&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;**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.

&nbsp;&nbsp;&nbsp;&nbsp;29.13 Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;**29.14** **Qualified Financial Contracts**. In the event that the Client is domiciled
and organized outside of the United States, such Client and the Custodian hereby agree to be bound by the terms of the QFC addendum attached
hereto as <u>Appendix B</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;29.15 The Parties; Additional Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.15.1** All references in this Agreement to the "Client" are to each of the
client entities listed on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual Client and the Custodian.
Any reference in this Agreement to "the Parties" shall mean the Custodian and the individual Client as to which the matter
relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.15.2** If any entity in addition to those listed on <u>Appendix A</u> would like the
Custodian to render Services under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees
in writing to provide the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client and that entity (together
with the Custodian) will be bound by all Sections of this Agreement.

30. Remote Access Services Addendum.

The Custodian and the Client agree to be bound by the terms of the Remote Access Services Addendum attached hereto. The Client acknowledges that the data and information it will be accessing from the Custodian is unaudited and may not be accurate due to inaccurate pricing of securities, delays of a day or more in updating the relevant account and other causes for which the Custodian will not be liable to the Client.

31. Loan Services Addendum.

If the Client directs the Custodian in writing to perform loan services, the Custodian and the Client will be bound by the terms of the Loan Services Addendum attached hereto. The Client shall reimburse Custodian for its fees and expenses related thereto as agreed upon from time to time in writing by the Client and the Custodian.

Signed by the Parties:

T. ROWE PRICE OHA FLEXIBLE CREDIT INCOME FUND

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| | |
|:---|:---|
| By: | ![](ex99j1001.jpg) |
| Name: | Gerard Waldt |
| Title: | Chief Financial Officer |
| Date: | October 25, 2024 |

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Information Classification: Limited Access

STATE STREET BANK AND TRUST COMPANY

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| | |
|:---|:---|
| By: | ![](ex99j1002.jpg) |
| Name: | Ahad Hayat |
| Title: | Managing Director |
| Date: | October 28, 2024 |

---

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Information Classification: Limited Access

**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 **Error! Reference source not found.**.

"**Client**" means the party named in the preamble. In the case of an investment entity that is structured as a series organization or umbrella scheme, all references in this Agreement to the "Client" are to the individual series or scheme, as applicable.

**"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.

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Information Classification: Limited Access

**"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 **Error! Reference source not found.**.

**"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 recognized 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.

"**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.

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Information Classification: Limited Access

"**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, 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.

"**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.

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Information Classification: Limited Access

"**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

(i) 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.

"**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>: Capitalized 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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Information Classification: Limited Access

**Schedule 2 Notices**

**(Section 29)**

CUSTODIAN: STATE STREET BANK AND TRUST COMPANY

Attention: Senior Vice President – Custody Operations

CC: Legal Department

Address: John Adams Building, 1776 Heritage Drive, Floor JAB5N North Quincy, MA 02171

Telephone No: 617-662-7245

Email: PE-PEP-CUSTODY@StateStreet.com

CLIENT: T. ROWE PRICE OHA FLEXIBLE CREDIT INCOME FUND

Attention: Gerard Waldt – Chief Financial Officer

Address: c/o Oak Hill Advisors, L.P.<br> 1 Vanderbilt Avenue, 16<sup>th</sup> Floor<br> New York, NY 10017

Telephone No: 212-852-1906

Email: gwaldt@oakhilladvisors.com

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Information Classification: Limited Access

**Appendix A**

**List of Client Entities**

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| | |
|:---|:---|
| **Client Name** | **Jurisdiction of Formation** |
| T. ROWE PRICE OHA FLEXIBLE CREDIT INCOME FUND | Delaware |

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Information Classification: Limited Access

**ppendix B QFC Addendum**

**Opt-In to U.S. Special Resolution Regime**. Notwithstanding anything to the contrary in this Agreement or any other agreement, the parties hereto expressly acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer or assignment of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) by the Custodian will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Custodian or an Affiliate of the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights with respect to this Agreement that may be exercised against the Custodian are permitted to be exercised to no greater extent than the Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States.

**Adherence to the ISDA Protocol.** At such times as the parties to this Agreement have adhered to the ISDA Protocol and this Agreement is or is deemed modified or amended by the ISDA Protocol, with respect to such adhering parties the terms of the ISDA Protocol will supersede the terms of this QFC Addendum as included as part of this Agreement, and in the event of any inconsistency between this QFC Addendum and the ISDA Protocol, the ISDA Protocol will prevail.

**Definitions**. As used in this QFC Addendum:

"Affiliate" has the meaning given in section 2(k) of the Bank Holding Company Act (12 U.S.C. §1841(k)) and section 225.2(a) of the Federal Reserve Board's Regulation Y (12 CFR § 225.2(a)). "Default Right" means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) right of a party, whether contractual or otherwise (including, without limitation, rights incorporated by reference to any other contract, agreement, or document, and rights afforded by statute, civil code, regulation, and common law), to liquidate, terminate, cancel, rescind, or accelerate such agreement or transactions thereunder, set off or net amounts owing in respect thereto (except rights related to same-day payment netting), exercise remedies in respect of collateral or other credit support or property related thereto (including the purchase and sale of property), demand payment or delivery thereunder or in respect thereof (other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure), suspend, delay, or defer payment or performance thereunder, or modify the obligations of a party thereunder, or any similar rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) right or contractual provision that alters the amount of collateral or margin that must be provided with respect to an exposure thereunder, including by altering any initial amount, threshold amount, variation margin, minimum transfer amount, the margin value of collateral, or any similar amount, that entitles a party to demand the return of any collateral or margin transferred by it to the other party or a custodian or that modifies a transferee's right to reuse collateral or margin (if such right previously existed), or any similar rights, in each case, other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure.

"ISDA" refers to the International Swaps and Derivatives Association, Inc.

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Information Classification: Limited Access

"ISDA Protocol" means the ISDA 2018 U.S. Resolution Stay Protocol as published by ISDA as of July 31, 2018.

"U.S. Special Resolution Regime" means the Federal Deposit Insurance Act (12 U.S.C. §1811– 1835a) and regulations promulgated thereunder and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 5381–5394) and regulations promulgated thereunder.

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Information Classification: Limited Access

**<u>REMOTE ACCESS SERVICES ADDENDUM TO CUSTODY AGREEMENT</u>**

ADDENDUM to that certain Custody Agreement dated as of October 28, 2024, between EACH ENTITY IDENTIFIED ON APPENDIX A thereto ("you" or the "Customer") and STATE STREET BANK AND TRUST COMPANY, including its subsidiaries and affiliates ("State Street").

State Street has developed and/or utilizes proprietary or third party accounting and other systems in conjunction with the services that State Street provides to you. In this regard, State Street maintains certain information in databases under State Street ownership and/or control that State Street makes available to customers (the "Remote Access Services").

**<u>The Services</u>**

State Street agrees to provide you, the Customer, and your designated employees, investment advisors, consultants or other third parties who agree to abide by the terms of this Addendum ("Authorized Designees") with access to State Street proprietary and third party systems as may be offered by State Street from time to time (each, a "System") on a remote basis.

**<u>Security Procedures</u>**

You agree to comply, and to cause your Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street or its third party vendors for use of the System and access to the Remote Access Services. You are responsible for any use and/or misuse of the System and Remote Access Services by your Authorized Designees. You agree to advise State Street immediately in the event that you learn or have reason to believe that any person to whom you have given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and you will cooperate with State Street in seeking injunctive or other equitable relief. You agree to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by you or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

**<u>Fees</u>**

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the RAA Fee Schedule in effect from time to time between the parties (the "RAA Fee Schedule"). You shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

**<u>Proprietary Information/Injunctive Relief</u>**

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, knowhow, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to you by State Street as part of the Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street and third party vendors related thereto are the exclusive, valuable and confidential proprietary property of State Street and its relevant licensors and third party vendors (the "Proprietary Information"). You agree on behalf of yourself and your Authorized Designees to keep the Proprietary Information confidential and to limit access to your employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

You agree to use the Remote Access Services only in connection with the proper purposes of this Addendum. You will not, and will cause your employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of yourself, as our Customer.

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Information Classification: Limited Access

You agree that neither you nor your Authorized Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will you or your Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

You acknowledge that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street or its third party licensors and vendors inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

**<u>Limited Warranties</u>**

State Street represents and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet, and the necessity of relying upon third party sources and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS" without warranty express or implied including as to availability of the System, and you and your Authorized Designees shall be solely responsible for the use of the System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors and third party vendors will not be liable to you or your Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

**<u>Infringement</u>**

State Street will defend or, at our option, settle any claim or action brought against you to the extent that it is based upon an assertion that access to or use of State Street proprietary systems by you under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that you notify State Street promptly in writing of any such claim or proceeding and cooperate with State Street in the defense of such claim or proceeding and allow State Street sole control over such claim or proceeding. Should the State Street proprietary system or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for you the right to continue using the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary system becomes noninfringing, or (iii) terminate this Addendum without further obligation. This section constitutes the sole remedy available to you for the matters described in this section.

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Information Classification: Limited Access

**<u>Termination</u>**

Either party may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days' prior written notice in the case of notice of termination by State Street to you or thirty (30) days' notice in the case of notice from you to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of any service agreement applicable to you. Your use of any third party System is contingent upon your compliance with any terms and conditions of use of such System imposed by such third party and State Street's continued access to, and use of, such third party System. In the event of termination, you will return to State Street all copies of documentation and other confidential information in your possession or in the possession of your Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

**<u>Miscellaneous</u>**

This Addendum constitutes our entire understanding with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by both of us and shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

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Information Classification: Limited Access

**<u>LOAN SERVICES ADDENDUM TO CUSTODY AGREEMENT</u>**

ADDENDUM to that certain Custody Agreement (the "***Custody Agreement***") dated as of October 28, 2024 by and between each entity identified on <u>Appendix A</u> thereto (the "***Company***") and STATE STREET BANK AND TRUST COMPANY, including its subsidiaries and other affiliates (the "***Custodian***").

The following provisions will apply with respect to interests in commercial loans, including loan participations, whether the loans are bilateral or syndicated and whether any obligor is located in or outside of the United States (collectively, "***Loans***"), made or acquired by the Company on behalf of one or more of its Accounts.

SECTION 1. <u>PAYMENT CUSTODY</u>. If the Company wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Company under the Custody Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company will cause the Custodian to be named as the Company's nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the Custodian of the payments with respect to the Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will credit to the bank account maintained by the Custodian for the Company under the Custody Agreement any payment on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment.

SECTION 2. <u>MONITORING</u>. If the Company wishes the Custodian to monitor payments on and forward notices relating to a Loan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company will deliver, or cause to be delivered, to the Custodian a schedule identifying the amount and due dates of the scheduled principal payments, the scheduled interest payment dates and related payment amount information, and such other information with respect to the Loan as the Custodian may reasonably require in order to perform its services hereunder (collectively, "***Loan Information***") and in such form and format as the Custodian may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Custodian will (i) if the amount of a principal, interest, fee or other payment with respect to the Loan is not received by the Custodian on the date on which the amount is scheduled to be paid as reflected in the Loan Information, provide a report to the Company that the payment has not been received and (ii) if the Custodian receives any consent solicitation, notice of default or similar notice from any syndication agent, lead or obligor on the Loan, undertake reasonable efforts to forward the notice to the Company.

Section 3. <u>Exculpation of the Custodian</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Payment Custody and Monitoring.* The Custodian will have no liability for any delay or failure by the Company or any third party in providing Loan Information to the Custodian or for any inaccuracy or incompleteness of any Loan Information. The Custodian will have no obligation to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness of any Loan Information or other information or notices received by the Custodian in respect of the Loan. The Custodian will be entitled to (i) rely upon the Loan Information provided to it by or on behalf of the Company or any other information or notices that the Custodian may receive from time to time from any syndication agent, lead or obligor or any similar party with respect to the Loan and (ii) update its records on the basis of such information or notices as may from time to time be received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Any Service*. The Custodian will have no obligation to (i) determine whether any necessary steps have been taken or requirements have been met for the Company to have acquired good or record title to a Loan, (ii) ensure that the Company's acquisition of the Loan has been authorized by the Company, (iii) collect past due payments on the Loan, preserve any rights against prior parties, exercise any right or perform any obligation in connection with the Loan (including taking any action in connection with any consent solicitation, notice of default or similar notice received from any syndication agent, lead or obligor on the Loan) or otherwise take any other action to enforce the payment obligations of any obligor on the Loan, (iv) become itself the record title holder of the Loan or (v) make any advance of its own funds with respect to the Loan.

------

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Miscellaneous*. The Custodian will not be considered to have been or be charged with knowledge of the sale of a Loan by the Company, unless and except to the extent that the Custodian shall have received written notice of the sale from the Company and the proceeds of the sale have been received by the Custodian for credit to the bank account maintained by the Custodian for the Company under the Custody Agreement. If any question arises as to the Custodian's duties under this Addendum, the Custodian may request instructions from the Company and will be entitled at all times to refrain from taking any action unless it has received Proper Instructions from the Company. The Custodian will in all events have no liability, risk or cost for any action taken or omitted with respect to the Loan pursuant to Proper Instructions. The Custodian will have no responsibilities or duties whatsoever with respect to the Loan except as are expressly set forth in this Addendum.

------

Information Classification: Limited Access

## Ex-99.(J)(2)

[OHA DIRECT CREDIT FUND POS AMI](oha-posami_051926.htm)

**Exhibit 99.(j)(2)**

**ACCESSION AND AMENDMENT AGREEMENT**

**Custody Agreement**

This Accession Agreement (this "Accession Agreement") is entered into and effective as of _______ __, 2026 by the undersigned, a Delaware statutory trust (the "New Client") pursuant to the terms of that certain Custody Agreement dated as of October 28, 2024 (as amended, restated and/or modified from time to time, the "Agreement") by and among State Street Bank and Trust Company, and those funds, investment vehicles and other entities set forth on Appendix A thereto, severally and not jointly (each such entity, a "Client" and collectively the "Clients"). By the execution of this Accession Agreement, the New Client hereby agrees (a) to become bound by all of the terms and conditions and provisions of the Agreement as a Client including, without limitation, the representations and warranties set forth in Section 26.1 and 26.2 therein, except for those provisions as expressly addressed below, and (b) adopts the Agreement with the same force and effect as if the New Client were originally a Party thereto.

The Appendix A to the Agreement is hereby deemed amended to include the New Client.

Solely as between the New Client and the Custodian, the Agreement is hereby amended to delete Section 31 ("Loan Services Addendum"), and the Agreement shall be read and interpreted without reference or regard to the "Loan Services Addendum to Custody Agreement" attached thereto. For the avoidance of doubt, Section 31 and the "Loan Services Addendum to Custody Agreement" shall remain in full force and effect as between the Custodian and each Client other than the New Client, expect as otherwise provided.

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Information Classification: Limited Access

IN WITNESS WHEREOF, this Accession Agreement has been executed for and on behalf of the undersigned as of the day and year first written above.

OHA Direct Credit Fund

By:   <br> Name: <br> Title:

Accepted and agreed:

State Street Bank and Trust Company

By:   <br> Name: <br> Title:

Information Classification: Limited Access

## Ex-99.(K)(1)

[OHA DIRECT CREDIT FUND POS AMI](oha-posami_051926.htm)

**Exhibit 99.(k)(1)**

**ADMINISTRATION AGREEMENT** 

**BETWEEN** 

**OHA DIRECT CREDIT FUND**

**AND** 

**OHA PRIVATE CREDIT ADVISORS II, L.P.**

This Agreement ("<u>Agreement</u>") is made as of ________________________, 2025 by and between OHA Direct Credit Fund, a Delaware statutory trust (the "<u>Fund</u>"), and OHA Private Credit Advisors II, L.P., a Delaware limited partnership (the "<u>Administrator</u>").

WHEREAS, the Fund is a newly organized registered closed-end management investment company under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>");

WHEREAS, the Fund desires to retain the Administrator to provide administrative services to the Fund in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Fund on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Fund and the Administrator hereby agree as follows:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Employment of Administrator</u>. The Fund hereby retains the Administrator to act as administrator of the Fund, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Fund (the "<u>Board</u>"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such retention and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator shall, for all purposes herein, be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund pursuant to this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative and compliance services necessary for the operation of the Fund, including, but not limited to, maintaining financial records, filing of the Fund's tax returns, overseeing the calculation of the Fund's net asset value, compliance monitoring (including diligence and oversight of the Fund's other service providers), preparing reports to the Fund's shareholders and reports filed with the Securities and Exchange Commission (the "<u>SEC</u>") and other regulators, preparing materials and coordinating meetings of the Board, managing the payment of expenses, the payment and receipt of funds for investments and the performance of administrative and professional services rendered by others, providing office space, equipment and office services, and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Fund, conduct relations with sub-administrators, custodians, depositories, depositaries, transfer agents, escrow agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable in fulfilling its administrative duties. The Administrator shall make reports to the Board of its performance of its 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, in its capacity as Administrator pursuant to this Agreement, provide any advice or recommendation relating to the securities and other assets that the Fund should purchase, retain or sell or any other investment advisory services to the Fund. For the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into and anticipates entering into sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Board.

**2. <u>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 will maintain and keep such books, accounts and records in accordance with the Investment Company Act. The Administrator may delegate the foregoing responsibility to a third party with the consent of the Board, subject to the oversight of the Administrator and the Fund. In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it or its delegate 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 the Agreement or otherwise on written request. The Administrator further agrees that all records which it or its delegate maintains for the Fund pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company 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 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 (regulated pursuant to Regulation S-P), 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 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>Allocation of Costs and Expenses</u>.** The Fund will not pay the Administrator a fee in connection with the services contemplated under this Agreement. The Administrator will bear all costs and expenses of the Fund's operations, administration and transactions, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;I. *Investment related expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. costs incurred directly in relation to entering into or exiting out of an
investment transaction, including, but not limited to, legal, tax, administrative, accounting, travel, meals, accommodations and entertainment,
advisory, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable,
and forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. investment fees, costs and expenses, including all fees, costs and expenses
incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding
prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax,
accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related
and other professional fees, costs and expenses in connection therewith (to the extent the Administrator is not reimbursed by a prospective
or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction)
and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Fund directly or indirectly
participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;II. *Interest and borrowings.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all interest and fees, costs and expenses arising out of all borrowings,
guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into
by the Fund, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees, costs and expenses of any loan servicers and other service providers
and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all fees, costs and expenses incurred in connection with the formation or
maintenance of entities or vehicles, including special purpose vehicles, to hold the Fund's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;III. *Taxes.* All taxes or governmental fees payable by or in respect of
the Fund to federal, state, or other governmental agencies, domestic or foreign, including stamp or other transfer taxes;

&nbsp;&nbsp;&nbsp;&nbsp;IV. *Acquired fund fees and expenses*; and

&nbsp;&nbsp;&nbsp;&nbsp;V. *Nonrecurring and Extraordinary Expenses.* Such nonrecurring or extraordinary
expenses as may arise, including the costs of actions, suits, or proceedings to which the Fund is a party and the expenses the Fund may
incur as a result of its legal obligation to provide indemnification to its officers, directors, shareholders, distributors and agents.

From time to time, the Administrator or its affiliates may pay third-party providers of goods or services. The Fund will reimburse the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf, if applicable. From time to time, the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

5. **<u>Limitation of Liability</u>.** The Administrator and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (the "<u>Indemnified Parties</u>") shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that the Administrator shall not be protected against any liability to the Fund or its shareholders to which the Administrator would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("<u>disabling conduct</u>"). An Indemnified Party may consult with counsel and accountants in respect of the Fund's affairs and shall be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care. Absent disabling conduct, the Fund will indemnify the Indemnified Parties against, and hold them harmless from, any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Administrator's services under this Agreement or otherwise as Administrator for the Fund. The Indemnified Parties shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Administrator in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where the Administrator had reasonable cause to believe its conduct was unlawful.

As to the disposition of any action, suit, investigation or other proceeding (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication or a decision on the merits by a court, or by any other body before which the proceeding has been brought, that an indemnitee is liable to the Fund or its shareholders by reason of willful misfeasance, bad faith or gross negligence, indemnification shall be provided in accordance with this Agreement if (i) approved as in the best interests of the Fund by a majority of the trustees of the Fund who are not interested persons (as defined below) (excluding any trustee who is or has been a party to any other action, suit, investigation or other proceeding involving claims similar to those involved in the action, suit, investigation or proceeding giving rise to a claim for indemnification under this Agreement) upon a determination based upon a review of readily available facts (as opposed to a full trial-type inquiry) that the indemnitee acted in good faith and in the reasonable belief that the actions were in the best interests of the Fund and that the indemnitee is not liable to the Fund or its shareholders by reason of willful misfeasance, bad faith or gross negligence or (ii) the trustees of the Fund secure a written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry) to the effect that indemnification would not protect the indemnitee against any liability to the Fund or its shareholders to which the indemnitee would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence

An Indemnified Party shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Fund a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification.

**6. <u>Activities of the Administrator</u>.** The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each Affiliate is free to render services to others. It is understood that board members, officers, employees and shareholders of the Fund are or may become interested in the Administrator and its Affiliates, as board members, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and board members, 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.

**7. <u>Duration and Termination</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any time, without the payment of any penalty, on 120 days' written notice, by the Fund or by the Administrator. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Administrator shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Administrator shall be entitled to any amounts owed under Section 4 through the date of termination or expiration, and Section 5 shall continue in force and effect and apply to the Administrator and its representatives as and to the extent applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 for purposes of Section 15(a)(4) of the Investment Company Act).

**8. <u>Amendments of this Agreement</u>.** This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

**9. <u>Governing Law</u>.** This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of New York, <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the Investment Company Act.

**10. <u>Entire Agreement</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.

**11. <u>Notices</u>.** Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

---

| |
|:---|
| **OHA DIRECT CREDIT FUND** |
| By: |
| Name: |
| Title: |
| **OHA PRIVATE CREDIT ADVISORS II, L.P.** |
| By: |
| Name: |
| Title: |

---

## Ex-99.(K)(2)

[OHA DIRECT CREDIT FUND POS AMI](oha-posami_051926.htm)

**Exhibit 99.(k)(2)**

**TRANSFER AGENCY AND SERVICE AGREEMENT**

**Between**

**T. ROWE PRICE SERVICES, INC.**

**And**

**THE OHA FUNDS**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Article A | Terms of Appointment | 2.0 |
| Article B | Duties of Price Services | 3.0 |
| Article C | Fees and Expenses | 7.0 |
| Article D | Representations and Warranties of Price Services | 7.0 |
| Article E | Representations and Warranties of the Fund | 8.0 |
| Article F | Standard of Care/Indemnification | 9.0 |
| Article G | Dual Interests | 11.0 |
| Article H | Documentation | 11.0 |
| Article I | Recordkeeping/Confidentiality | 12.0 |
| Article J | Compliance with Governmental Rules and Regulations | 13.0 |
| Article K | Ownership of Software and Related Material | 14.0 |
| Article L | Quality Service Standards | 14.0 |
| Article M | As Of Transactions | 14.0 |
| Article N | Term and Termination of Agreement | 18.0 |
| Article O | Notice | 19.0 |
| Article P | Assignment | 19.0 |
| Article Q | Amendment/Interpretive Provisions | 19.0 |
| Article R | Further Assurances | 20.0 |
| Article S | Maryland Law to Apply | 20.0 |
| Article T | Merger of Agreement | 20.0 |
| Article U | Counterparts | 20.0 |
| Article V | The Parties | 21.0 |
| Article W | Captions | 21.0 |
|  | SCHEDULE 1 |  |
|  | APPENDIX A |  |

---

**<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>**

AGREEMENT made as of [DATE], 2026, by and between T. ROWE PRICE SERVICES, INC., a Maryland corporation having its principal office and place of business at 1307 Point Street, Baltimore, Maryland 21231 **("Price Services")**, and EACH FUND WHICH IS LISTED ON APPENDIX A (as such Appendix may be amended from time to time) and which evidences its agreement to be bound hereby by executing a copy of this Agreement (each such Fund individually hereinafter referred to as the **"Fund"** and collectively as the "Funds" whose definition may be found in Article V);

WHEREAS, the Fund desires to appoint Price Services as its transfer agent, dividend disbursing agent and agent in connection with certain other activities and Price Services desires to accept such appointment;

WHEREAS, Price Services represents that it is registered with the Securities and Exchange Commission ("**SEC**") as a Transfer Agent under Section 17A of the Securities Exchange Act of 1934 (**"'34 Act"**) and will notify each Fund promptly if such registration is revoked or if any proceeding is commenced before the SEC which may lead to such revocation;

WHEREAS, Price Services has the capability of providing transfer agent and shareholder services on behalf of the Funds;

WHEREAS, shareholders and third-party intermediaries such as banks, broker- dealers, registered investment advisers or other financial institutions ("**Intermediary"**) may maintain accounts directly on the books of the Funds ("**Direct Accounts**") or through an account held and serviced through an Intermediary ("**Indirect Accounts**");

WHEREAS, certain of the Funds may be underlying investment options of portfolios of College Savings Programs (**"529 Plans"**) and Price Services has the capability of providing services, on behalf of the Funds, for the accounts of individuals participating in these 529 Plans; and

WHEREAS, certain of the Funds may be investment options in individual retirement accounts and under various retirement plans including, but not limited to, SEP-IRAs, SIMPLE IRAs, 403(b) plans, individual 401(k) plans, and certain other retirement plans (collectively referred to as **"Retirement Plans"**) and Price Services has the capability of providing services, on behalf of the Funds, for the accounts of these Retirement Plans and participants participating in these Retirement Plans ("**Plan Participants**") (collectively **"Retirement Accounts"**).

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

**A.**  **<u>Terms of Appointment</u>** 

Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs and appoints Price Services to act, and Price Services agrees to act, as the Fund's transfer agent, dividend disbursing agent and agent in connection with the Fund's authorized and issued shares of its common stock or shares of beneficial interest (all such stock and shares to be referred to as **"Shares"**) and provide services to shareholders of the Fund, account owners of 529 Plans, Retirement Plans and Plan Participants and Intermediaries maintaining Direct Accounts, each as applicable (collectively **"Shareholders"**).

The parties to the Agreement hereby acknowledge that from time to time, Price Services and its affiliates may enter into contracts with Retirement Plans and/or their sponsors and the sponsors of 529 Plans for the provision of certain services to Retirement Accounts and account owners of 529 Plans.

In rendering the services required under this Agreement, Price Services may, consistent with applicable law, from time-to-time employ, delegate, or appoint an affiliated or unaffiliated party or person to carry out some or all of the services or obligations under this Agreement (collectively, "**Service Providers**"). Price Services shall remain liable to the Fund, and the Fund shall remain liable to Price Services, for the performance of such services and obligations provided by the Service Provider, in the same manner and to the extent as if Price Services were itself providing the services or obligations, to the extent specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Duties of Price Services</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. Price Services agrees that it will perform the services set forth herein and on Schedule 1 of this Agreement, on behalf of the Fund, for Direct Accounts in accordance with all applicable rules and regulations, the Fund's then-current prospectus and policies and procedures adopted by Price Services and the Fund ("**Services**"). Price Services will implement and maintain the personnel, facilities, systems, data storage and reporting necessary to perform such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Agreements with Intermediaries</u>. The Fund authorizes Price Services to enter into agreements with Intermediaries, which maintain and service Indirect Accounts, to carry out the following:

● **Orders.** Process the purchase, sale, exchange, Fund repurchase offer and related repurchase request (including allocation of repurchased Shares relating to oversubscriptions), and transfer of Fund shares by shareholders (including Retirement Accounts and 529 Plans) and transmit and settle such orders to Price Services in accordance with procedures established by such agreement. Receipt of orders by the Intermediary in good order by the close of trading on the New York Stock Exchange ()"**NYSE**") on a day when the NYSE is open (or such other time as determined by the Fund) shall be deemed receipt by the Fund for that day's net asset value to the extent permitted by Rule 22c-1 of the Investment Company Act of 1940 ()"**'40 Act**") and the agreement between Price Services and the Intermediary.

● **To comply with Rule 22c-2 of the '40 Act.** Enter into Shareholder Information Agreements, on behalf of the Fund, with Intermediaries who hold shares in omnibus accounts for purposes of compliance with Rule 22c-2 of the '40 Act ()"**Shareholder Information Agreements** "). Certain intermediaries may (i) enforce the Fund's excessive trading policy, (ii) enforce an approved acceptable alternative excessive trading policy, or (iii) have accounts that are otherwise exempt from the Fund's excessive trading policy. Price Services, or its agent, shall monitor the Intermediary's omnibus accounts for certain trading activity in accordance with the Fund's excessive trading procedures and when certain activity is identified, pursuant to the Shareholder Information Agreement, Price Services, or its agent, shall request from the Intermediary personal and transaction data related to the Indirect Account. Alternatively, Price Services, or its agent, will request and receive regular periodic reporting from Intermediaries of Indirect Account identifying personal and transaction data. Once received, Price Services, or its agent, will review the data to determine if the Fund's excessive trading policy has been violated. Pursuant to the terms of the Shareholder Information Agreement, if Price Services, or its agent, determines that the Fund's policy has been violated, Price Services, or its agents, shall instruct the Intermediary to restrict or prohibit future purchases of Fund shares by Indirect Account holders (or warn these Indirect Account holders when appropriate) identified by Price Services or its agent as having violated the Fund's excessive trading policy.

● **Fee Payments**. Certain Funds may institute a program whereby each may, in its discretion, pay an Intermediary or a Retirement Plan a fee to compensate the third party providing certain services in accordance with the Fund's Administrative Fee Payment ()"**AFP**") Program, 12b- 1 Plan, or Shareholder Servicing and Distribution Plan (collectively, "**Fee Payments** "), as applicable. Each Fund authorizes Price Services or its affiliate to enter into, on its behalf, agreements with such Intermediaries for payments in consideration of such Intermediary's performance of certain services in accordance with the Fund's AFP Program or Shareholder Servicing and Distribution Plan, as applicable. Any payments owed under Fee Payment agreements shall be the obligation of the applicable Fund, not Price Services or its affiliates. Price Services or its affiliate shall also act as paying agent for such Fee Payments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Anti-Money Laundering Program</u>. The Fund authorizes Price Services to perform, on behalf of the Fund, Services to comply with the Bank Secrecy Act, USA PATRIOT Act, and other applicable Anti-Money Laundering **("AML")** laws and regulations in accordance with the AML program adopted by the Fund, including the Fund's Customer Identification Program, as applicable. Price Services shall maintain policies and procedures, and related internal controls, which are consistent with such AML program. Price Services will also maintain policies and procedures to comply with economic sanction programs administered by the U.S. Treasury Department's Office of Foreign Asset Control ("**OFAC**"), including checking Shareholder names against the OFAC list of sanctioned persons. Price Services is authorized to take, on behalf of the Fund, any action permitted by law and in accordance with the Fund's AML program in carrying out its responsibilities under the Fund's AML program or OFAC policy, including rejecting purchases, freezing Shareholder accounts, restricting certain services, or closing Shareholder accounts if (a) suspicious activity is detected, (b) it is unable to verify the identity of a Shareholder, or (c) a Shareholder matches a government list of known or suspected suspicious persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Privacy of Consumer Financial Information and Safeguarding Personal Information</u>. The Fund authorizes Price Services to perform, on behalf of the Fund, Services to comply with the Gramm-Leach-Bliley Act and Regulation S-P, including but not limited to safeguarding customer information and administration of an incident response program in accordance with Regulation S-P policies and procedures adopted by the Fund ("**Regulation S-P Framework**"). Price Services shall maintain policies and procedures, and related internal controls, which are consistent with such Regulation S-P Framework. The Fund designates Price Services as an authorized recipient of any notice of breach in security provided by a service provider under Regulation S-P in accordance with the Fund's Regulation S-P Framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Bank Accounts. The Fund authorizes Price Services to establish one or more bank accounts in its name or in the name of the Fund for the purpose of providing Services under this Agreement and, where applicable, may invest balances in such accounts in overnight repurchase agreements or money market funds. The Fund acknowledges that monies held for the benefit of a Fund may be held in an account with monies held for another Fund, provided, however, that in all cases Price Services shall keep records in the ordinary course of business as to the individual amounts held for the benefit of each Fund individually, as applicable.

**C.**  **<u>Fees and Expenses</u>** 

For the Services performed as described hereunder and on Schedule 1 of this Agreement, the Fund shall pay such fees and expenses as mutually agreed upon by the parties as set forth in a Fee Schedule between the parties.

**D.**  **<u>Representations and Warranties of Price Services</u>** 

Price Services represents and warrants to the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is a corporation duly organized and existing and in good standing under the laws of Maryland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is empowered under applicable laws and by its charter and by-laws to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;&nbsp;&nbsp;&nbsp;&nbsp;4. It is registered with the SEC as a Transfer Agent pursuant to Section 17A of the '34 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

**E.**  **<u>Representations and Warranties of the Fund</u>** 

Each Fund represents and warrants to Price Services that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is a statutory trust established under the laws of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is empowered under applicable laws and by its Declaration of Trust and By-Laws to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. c. All proceedings required by said Declaration of Trust and By- Laws have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. It is an investment company registered under the '40 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to Funds that are available for sale through a public offering, a registration statement under the '33 Act is currently effective and will remain effective, and 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.

**F.**  **<u>Standard of Care/Indemnification</u>** 

Notwithstanding anything to the contrary in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Price Services shall not be liable to any Fund for any act or failure to act by it or its Service Providers on behalf of the Fund in carrying or attempting to carry out the terms and provisions of this Agreement provided Price Services and its Service Providers have acted in good faith and without negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund shall indemnify and hold Price Services, and its affiliates, harmless from and against all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legal counsel, incurred by Price Services resulting from: (i) any action or omission by Price Services or its Service Providers in the performance of their duties hereunder; (ii) Price Services acting upon instructions believed by it to have been executed by a duly authorized officer of the Fund; or (iii) Price Services acting upon information provided by the Fund under policies agreed to by Price Services and the Fund. Price Services shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or willful misconduct of Price Services or its Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as provided in Article M of this Agreement, Price Services shall indemnify and hold harmless the Fund from all losses, costs, damages, claims, actions and expenses, including reasonable expenses for legal counsel, incurred by the Fund resulting from the negligence or willful misconduct of Price Services or its Service Providers. The Fund shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or willful misconduct of such Fund or its service providers; unless such negligence or misconduct is attributable to Price Services or its Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes or other causes reasonably beyond its control, such party shall not be liable to the other party for any loss, cost, damage, claim, action or expense resulting from such failure to perform or otherwise from such causes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In order that the indemnification provisions contained in this Article F shall apply, upon the assertion of a claim for which either party may be required to indemnify the other, the party seeking indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification in the defense of such claim, or to defend against said claim in its own name or in the name of the other party. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the other party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement.

**G.**  **<u>Dual Interests</u>** 

It is understood that some person or persons may be directors, officers, or shareholders of both the Fund and Price Services (including Price Services' affiliates), and that the existence of any such dual interest shall not affect the validity of this Agreement or of any transactions hereunder except as otherwise provided by a specific provision of applicable law.

**H.**  **<u>Documentation</u>** 

As requested by Price Services, the Fund shall promptly furnish to Price Services the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A certified copy of the resolution of the Board of Directors of the Fund ("**Board**") authorizing the appointment of Price Services and the execution and delivery of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the Articles of Incorporation and By-Laws of the Fund and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Information with respect to the validity of the stock, the number of Shares authorized, the status of redeemed Shares, and the number of Shares with respect to which a Registration Statement has been filed and is in effect, each resolution of the Board authorizing the original issue of its Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the Fund's current prospectus and shareholder reports issued by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each Registration Statement filed with the SEC and amendments and orders thereto in effect with respect to the sale of Shares with respect to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Certified copies of each vote of the Board authorizing officers to give instructions to the Transfer Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Such other documents or opinions which Price Services, in its discretion, may reasonably deem necessary or appropriate in the proper performance of its duties.

The delivery of any such document to either party hereto for the purpose of any other agreement to which the Fund and Price Services are or were parties shall be deemed to be delivery for the purposes of this Agreement.

Price Services hereby agrees to establish and maintain facilities and procedures reasonably acceptable to the Fund for safekeeping of check forms and signature imprinting devices, if any; and for the preparation or use, and for keeping account of, such forms and devices.

**I.**  **<u>Recordkeeping/Confidentiality</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Price Services shall keep records relating to the Services to be performed hereunder, in the form and manner as it may deem advisable, provided that Price Services shall keep all records in such form and in such manner as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Price Services and the Fund agree that all books, records, information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any other person, except: (a) after prior notification to and approval in writing by the other party hereto, which approval shall not be unreasonably withheld and may not be withheld where Price Services or the Fund may be exposed to civil or criminal contempt proceedings for failure to comply; (b) when requested to divulge such information by duly constituted governmental authorities; or (c) after so requested by the other party hereto.

Without limiting the foregoing, Price Services has implemented, and will maintain during the term of this Agreement, reasonable measures designed to (i) ensure the security and confidentiality of identifying information concerning Shareholders, (ii) use such information to provide the Services hereunder, (iii) protect against any anticipated threats or hazards to the security or integrity of such information, (iv) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to the subject of such information, and (v) ensure appropriate disposal of such information, to the extent such information is being disposed of by Price Services.

**J.**  **<u>Compliance with Governmental Rules and Regulations</u>** 

Except as otherwise provided in the Agreement and except for the accuracy of information furnished to the Fund by Price Services, each Fund assumes full responsibility for the preparation, contents and distribution of its prospectuses and compliance with all applicable requirements of the '40 Act, the '34 Act, the '33 Act, and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund. Price Services shall be responsible for complying with all laws, rules and regulations of governmental authorities having jurisdiction over transfer agents and their activities, as applicable, and cooperating with respect to examinations and requests from such governmental authorities.

**K.**  **<u>Ownership of Software and Related Material</u>** 

All hardware, software, data stores, written procedures, intellectual capital, and similar items used by Price Services in performance of the Agreement shall, as between the Fund and Price Services, be the property of Price Services and will not become the property of the Fund.

**L.**  **<u>Quality Service Standards</u>** 

Price Services and the Fund may from time to time agree to certain quality service standards, as well as incentives and penalties with respect to Price Services' Services hereunder.

**M.**  **<u>As Of Transactions</u>** 

For purposes of this Article M, the term **"As Of Transaction"** shall mean any single or "related transaction" (as defined below) involving the purchase or redemption of Shares (including exchanges) that is processed at a time other than the time of the computation of the Fund's net asset value per share next computed after receipt of any such transaction order by Price Services due to an act or omission of Price Services. **"As Of Processing"** refers to the processing of these As Of Transactions. All As Of Processing may only be performed in accordance with the requirements of Rule 22c-1 of the '40 Act. Price Services is responsible for monitoring As Of Transaction procedures that set forth the circumstances under which As Of Transactions are permitted. If more than one As Of Transaction (**"Related Transaction"**) in the Fund is caused by or occurs as a result of the same act or omission, such transactions shall be aggregated with other transactions in the Fund and be considered as one As Of Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Reporting** 

Price Services shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Have procedures in place to identify all As Of Transactions, and shall compute
the net effect of such As Of Transactions upon the Fund on a daily, monthly and rolling 365-day basis. The monthly and rolling 365-day
periods are hereafter referred to as **"Cumulative."** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Supply to the Fund, from time to time as mutually agreed upon, a report summarizing
the As Of Transactions and the daily and Cumulative net effects of such As Of Transactions both in terms of the aggregate dilution or
loss (**"Loss"**) or gain (**"Gain"**) experienced by the Fund, and the impact such Gain or Loss has had
upon the Fund's net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. With respect to any As Of Transaction which causes a Loss to the Fund of $100,000
or more (unless Price Services fully compensates the Fund for such Loss), Price Services shall provide the Fund: (i) a report identifying
the As Of Transaction and the Loss resulting therefrom, (ii) the reason such As Of Transaction was processed and (iii) the action Price
Services has or intends to take to prevent the reoccurrence of such As Of Processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It will be the normal practice of the Fund not to hold Price Services liable with
respect to any As Of Transaction that causes a Loss to any single Fund of less than
$25,000. Price Services will, however, closely monitor for each Fund the daily and Cumulative Gain/Loss that is caused by As Of Transactions
of less than $25,000. When the Cumulative Loss to any Fund exceeds 3/10 of 1% net asset value per share, Price Services, in consultation
with counsel to the Fund, will make appropriate inquiry to determine whether it should take any remedial action. Price Services will report
to the Board, as appropriate, any such remedial action it has taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Where an As Of Transaction causes a Loss to a Fund equal to or greater than
 $25,000 ("Significant As Of Transaction") but less than $100,000, if Price Services does not reimburse the Fund for the
 Loss, Price Services will review with Counsel to the Fund the circumstances surrounding the Significant As Of Transaction to
 determine whether the Significant As Of Transaction was caused by or occurred as a result of a negligent act or omission by Price
 Services. If it is determined that the Loss is not the result of a negligent action or omission by Price Services, Price Services
 and outside counsel for the Fund will negotiate settlement. Significant As Of Transactions causing a Loss to the Fund that are not
 reimbursed by Price Services will be reported to the Audit Committee of the Board at least annually. Any Significant As Of
 Transaction, however, causing a Loss in excess of the lesser of $100,000 or a penny per share that is not reimbursed by Price Services will be reported to
the Board as soon as reasonably practicable. Settlement for Significant As Of Transactions causing a Loss of $100,000 or more will not
be entered into until approved by the Board. For Related Transactions involving Funds with more than one class, the amount of Gain or
Loss resulting from an As Of Transaction shall be determined for each class; provided, however, that for purposes of determining Price
Services' liability for reimbursement of a Loss to any class, Gains in one class may be used to offset Losses in another class of
the same Fund. Any net Gains remaining after offsetting a loss in one or more classes, as well as aggregate Gains from a Significant As
Of Transaction causing a Gain of a penny or more per share in a class, will be allocated ratably to all of the classes in the affected
Fund.

The factors to consider in making any determination regarding the settlement of a Significant As Of Transaction would include but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Procedures and controls adopted by Price Services to prevent
As Of Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Whether such procedures and controls were being followed at the time of the Significant
As Of Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The volume of all transactions processed by Price Services on the day of the Significant
As Of Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The number of As Of Transactions processed by Price Services during prior relevant
periods, and the net Gain/Loss as a result of all such As Of Transactions to the Fund and to all other Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The prior response of Price Services to recommendations made by the Fund regarding
improvement to Price Services' As Of Transaction procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding the above, Price Services may require its Service Providers to
reimburse the Fund for losses of amounts less than the thresholds identified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **As Of Transactions – Intermediaries** 

If an As Of Transaction is performed by an Intermediary designated by the Fund to receive orders for Fund Shares, Price Services shall cause such Intermediary to promptly reimburse the Fund for any Loss caused by such As Of Transaction; provided, however, Price Services shall not be obligated to seek reimbursement from such Intermediary if the Loss to the Fund is less than an amount agreed upon between Price Services and the Fund. The Fund shall keep any Gains caused by such As Of Transactions.

**N.**  **<u>Term and Termination of Agreement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement shall run for a period of one (1) year from the date first written above and will be renewed from year to year thereafter unless terminated by either party as provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement may be terminated by the Fund upon one hundred twenty (120) days' written notice to Price Services; and by Price Services, upon three hundred sixty-five (365) days' written notice to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon termination hereof, the Fund shall pay to Price Services such compensation as may be due as of the date of such termination, and shall likewise reimburse for out-of-pocket expenses related to its Services hereunder.

**O.**  **<u>Notice</u>** 

Any notice as required by this Agreement shall be sufficiently given (i) when sent to an authorized person of the other party in writing, which may be electronic; or (ii) as otherwise agreed upon by appropriate officers of the parties hereto.

**P.**  **<u>Assignment</u>** 

Neither this Agreement nor any rights or obligations hereunder may be assigned either voluntarily or involuntarily, by operation of law or otherwise, by either party without the prior written consent of the other party, provided this shall not preclude Price Services from employing such Service Providers as it deems appropriate to carry out its obligations set forth hereunder.

**Q.**  **<u>Amendment/Interpretive Provisions</u>** 

The parties by mutual written agreement may amend this Agreement at any time. In addition, in connection with the operation of this Agreement, Price Services and the Fund may agree from time to time 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 are to be signed by all parties and annexed hereto, but no such provision shall contravene any applicable federal or state law or regulation and no such interpretive or additional provision shall be deemed to be an amendment of this Agreement.

**R.**  **<u>Further Assurances</u>** 

Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

**S.**  **<u>Maryland Law to Apply</u>** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Maryland.

**T.**  **<u>Merger of Agreement</u>** 

This Agreement, including the attached Appendices and Schedules, supersedes any prior agreement with respect to the subject hereof, whether oral or written.

**U.**  **<u>Counterparts</u>** 

This Agreement may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instruments. The parties agree that the executed signature page may be delivered using PDF format or similar file type transmitted via email, e-signature technology or other similar means, all having the same legal effect as delivery of an original signed copy of this Agreement.

**V.**  **<u>The Parties</u>** 

All references herein to "the Fund" are to each of the T. Rowe Price Funds listed on Appendix A individually, as if this Agreement were between such individual Fund and Price Services. In the case of a series Fund or a separate class of shares, all references to "the Fund" are to the individual series, portfolio or class of such Fund on behalf of the individual series, portfolio or class as appropriate. The "Fund" also includes any T. Rowe Price Funds that may be established after the execution of this Agreement. Any reference in this Agreement to "the parties" shall mean Price Services and such other individual Fund as to which the matter pertains.

**W.**  **<u>Captions</u>** 

The captions in the Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf under their seals by and through their duly authorized officers.

---

| | | | |
|:---|:---|:---|:---|
| **T. ROWE PRICE SERVICES, INC.** | **T. ROWE PRICE SERVICES, INC.** | **OHA FUNDS** | **OHA FUNDS** |
| By: | /s/ Stephen G. Swirnow | By: | /s/ Grove Stafford |
| Name: | Stephen G. Swirnow | Name: | Grove Stafford |
| Title: | Vice President | Title: | Secretary |

---

**<u>SCHEDULE 1</u>**

Price Services agrees that it will perform Services on behalf of the Fund for Direct Accounts in accordance with procedures developed and maintained by Price Services, all applicable laws and the Fund's then-current prospectus. Such Services include, but are not limited to, the following:

**Establishing Shareholder and Intermediary accounts**

**Processing purchase, redemption and exchange orders**

**Processing repurchase offers and related repurchase requests**

**Performing repurchase calculations relating to repurchase oversubscriptions in accordance with Fund instructions**

**Receiving and disbursing settlement proceeds**

**Processing checkwriting redemptions**

**Processing fund mergers and reorganizations**

**Processing transfer of ownership orders**

**Processing maintenance requests on Shareholder accounts**

**Processing transactions unique to Retirement Accounts (e.g., RMDs, etc.)**

**Processing adjustments in Shareholder accounts and monitoring and reporting Gains and Losses resulting from As Of Transactions**

**Processing electronic or digital debits or payments**

**Handling returned checks, ACH debits and uncollected funds**

**Processing dividends, distributions and other Fund corporate actions for Shareholder accounts**

**Preparing and transmitting Shareholder tax information and government reporting**

**Performing federal and state income tax withholding and remittance and associated reporting**

**Monitoring and enforcing the Fund's excessive trading policy**

**Performing lost Shareholder identification and searches**

**Performing unresponsive check payee notifications**

**Reviewing, reporting and remitting abandoned property to the states**

**Responding to Shareholder correspondence**

**Reporting lost or stolen Fund certificates**

**Maintaining telephone and digital access to service Shareholder accounts**

**Collecting and remitting Shareholder/Plan Participant fees**

**Calculating and paying Fee Payments**

**Preparing and delivering confirmations, statements and tax forms to Shareholders and Plan Participants**

**Oversight of the delivery of prospectuses, shareholder reports and other required mailings to Shareholders**

**Maintaining books and records for the Fund**

**Recording authorized issued and outstanding Shares**

**Performing bank reconciliation process**

**Coordinating with Independent Public Accountants for reviews and audits**

**Maintaining and providing information necessary for the completion of required regulatory filings**

**Furnishing Blue Sky and other information to the Fund**

**Developing, implementing and maintaining systems, policies and procedures designed to prevent unauthorized access to Shareholder accounts**

**Performing functions for compliance with the Fund's Anti-Money Laundering, OFAC and Identity Theft Program**

**Performing functions for compliance with the Fund's Regulation S-P Framework**

**Maintaining and testing of business continuity plan**

**Developing, implementing and maintaining policies and procedures to comply with new and existing regulations, as applicable**

**Oversight of third-party service providers**

**Performing such other services as mutually agreed upon by the parties**

**Coordinating with Independent Public Accountants for reviews and audits**

**Maintaining and providing information necessary for the completion of required regulatory filings**

**Furnishing Blue Sky and other information to the Fund**

**Developing, implementing and maintaining systems, policies and procedures designed to prevent unauthorized access to Shareholder accounts**

**Performing functions for compliance with the Fund's Anti-Money Laundering, OFAC and Identity Theft Program**

**Performing functions for compliance with the Fund's Regulation S-P Framework**

**Maintaining and testing of business continuity plan**

**Developing, implementing and maintaining policies and procedures to comply with new and existing regulations, as applicable**

**Oversight of third-party service providers**

**Performing such other services as mutually agreed upon by the parties**

**APPENDIX A**

OHA Direct Credit Fund

## Ex-99.(P)

[OHA DIRECT CREDIT FUND POS AMI](oha-posami_051926.htm)

**Exhibit 99.(p)**

![](ex99p001.jpg)

**OHA Direct Credit Fund**

Subscription Agreement

Subscription Amount ($):

Thank you for your interest in OHA Direct Credit Fund (the "Fund"). This Subscription Agreement applies to the offering of common shares of beneficial interest (the "Shares") of the Fund.

The Fund is not available to members of the public. The Fund has no intention of listing its Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for its Shares. The Fund is only available to funds managed by T. Rowe Price Associates, Inc., ("T. Rowe Price"), including open-end and closed-end registered investment companies; advisory clients of T. Rowe Price, OHA Private Credit Advisors II, L.P. (the "Adviser") or an affiliate; and certain unaffiliated funds or trusts or trusts that are exempt from registration under the 1940 Act and held solely by collective investment trusts sponsored by T. Rowe Price or an affiliate; each of which is subject to a contractual fee for investment management services ("Investing Funds" or "Shareholders"). To provide some liquidity to Investing Funds, the Fund is structured as an "interval fund" and intends to conduct periodic repurchase offers for a portion of its outstanding Shares.

☐ Initial Investment

☐ Subsequent Investment\*\*

\*\* A subsequent investment in the Fund will be added to the existing investment *exactly* as it is currently registered. Please provide current account number and complete Sections 1, 6, 8, 9, and 11.

Fund Account Number\*\*

(Subsequent Investment Only)

------

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| | |
|:---|:---|
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;**Account Registration (continued) (check only one type below; may not be a minor)** |

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ENTITIES or TRUSTS

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| | | | |
|:---|:---|:---|:---|
| i. Entity Accounts | i. Entity Accounts | ii. Entities – Please indicate if you are: | ii. Entities – Please indicate if you are: |
| ☐ | Trust | ☐ | Not-for-Profit Organization |
| ☐ | C-Corporation | ☐ | Pension Plan |
| ☐ | S-Corporation | ☐ | Profit Sharing |
| ☐ | Partnership | ☐ | 401K Plan |
| ☐ | Limited Liability Corporation | ☐ | Disregarded Entity |
| ![](ex99p002.jpg) | Other Entity: |  |  |
|  | The investor is a Collective Investment Trust that is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code, as amended, and a "group trust" pursuant to the requirements of Rev. Rul. 81-100. | The investor is a Collective Investment Trust that is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code, as amended, and a "group trust" pursuant to the requirements of Rev. Rul. 81-100. |  |

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NOTE: Trust documents (title and signature pages) or other organizational documentation required.

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| | | |
|:---|:---|:---|
| Entity Name | Tax Identification Number | Date of Trust (if applicable) |
| Authorized Signatory (if applicable) | Social Security Number | Date of Birth (if applicable) |
| Additional Authorized Signatory (if applicable) | Social Security Number | Date of Birth (if applicable) |

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Check if appropriate:

☐ The undersigned is an exempt recipient as defined under U.S. federal income tax regulations (e.g., C-Corporation, financial institution, registered broker-dealer, or tax-exempt organization)

Exempt Payee Code: <br>(see IRS Form W-9 for a list of exempt payee codes)

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| | |
|:---|:---|
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;**Mailing Address and Other Contact Information (Subscription Agreements will only be accepted if they contain a U.S. street address)** |

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<br> Street Address (If PO Box, please indicate the residential/street address below)

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| | | |
|:---|:---|:---|
| City | State | Zip |
| Telephone | E-mail Address |  |
| ☐ Additional Address ☐ Residential/Street Address (Copies of confirmations and statements will be sent to this address) | ☐ Additional Address ☐ Residential/Street Address (Copies of confirmations and statements will be sent to this address) | ☐ Additional Address ☐ Residential/Street Address (Copies of confirmations and statements will be sent to this address) |
| Name | E-mail Address |  |

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<br> Street Address City State Zip

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| | |
|:---|:---|
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;**Investment Selection, Terms and Wiring Instructions** |

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| | |
|:---|:---|
| ☐ | Purchase by check: make check payable to OHA Direct Credit Fund Purchase by wire: (wire instructions below) |
| This Subscription Agreement must be received FIVE BUSINESS days before the first business day of the month for your subscription to be accepted for that month.<br>If you purchase Shares by <u>wired funds</u>, your wire must be received THREE BUSINESS days before the first business day of the month for your subscription to be accepted for that month.<br>For more information or questions, please call [ ].<br>Completed Subscription Agreements may be sent to the addresses below. | This Subscription Agreement must be received FIVE BUSINESS days before the first business day of the month for your subscription to be accepted for that month.<br>If you purchase Shares by <u>wired funds</u>, your wire must be received THREE BUSINESS days before the first business day of the month for your subscription to be accepted for that month.<br>For more information or questions, please call [ ].<br>Completed Subscription Agreements may be sent to the addresses below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mail:<br>For Regular Mail:<br> OHA Private Credit<br> Advisors II, L.P. <br>4515 Painters Mill Rd<br> Owings Mills, MD 21117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mail:<br>For Regular Mail:<br> OHA Private Credit<br> Advisors II, L.P. <br>4515 Painters Mill Rd<br> Owings Mills, MD 21117 |
| Name: OHA Private Credit Advisors II, L.P. for OHA Direct Credit Fund | Name: OHA Private Credit Advisors II, L.P. for OHA Direct Credit Fund |
| Bank Name: [ ]<br>ABA: [ ]<br>Account No.: [ ] | Bank Name: [ ]<br>ABA: [ ]<br>Account No.: [ ] |

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| | |
|:---|:---|
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;**Electronic Delivery Consent** |

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| | |
|:---|:---|
| Instead of receiving paper copies of the prospectus, prospectus supplements, annual reports, proxy statements, and other shareholder communications and reports, you may elect to receive electronic delivery of shareholder communications from the Fund. If you would like to consent to electronic delivery, including pursuant to email, please sign below.<br>By consenting below to electronically receive shareholder communications, including your account-specific information, you authorize us to either (i) email shareholder communications to you directly or (ii) make them available on our website and notify you by email when and where such documents are available. You will not receive paper copies of these electronic materials unless specifically requested, the delivery of electronic materials is prohibited or we, in our sole discretion, elect to send paper copies of the materials.<br>By consenting to electronic access, you will be responsible for certain costs, such as your customary internet service provider charges, and may be required to download software in connection with access to these materials. You understand this electronic delivery program may be changed or discontinued and that the terms of this agreement may be amended at any time without your consent. You understand that there are possible risks associated with electronic delivery such as emails not transmitting, links failing to function properly and system failure of online service providers, and that there is no warranty or guarantee given concerning the transmissions of email, the availability of the website, or information on it, other than as required by law. | Instead of receiving paper copies of the prospectus, prospectus supplements, annual reports, proxy statements, and other shareholder communications and reports, you may elect to receive electronic delivery of shareholder communications from the Fund. If you would like to consent to electronic delivery, including pursuant to email, please sign below.<br>By consenting below to electronically receive shareholder communications, including your account-specific information, you authorize us to either (i) email shareholder communications to you directly or (ii) make them available on our website and notify you by email when and where such documents are available. You will not receive paper copies of these electronic materials unless specifically requested, the delivery of electronic materials is prohibited or we, in our sole discretion, elect to send paper copies of the materials.<br>By consenting to electronic access, you will be responsible for certain costs, such as your customary internet service provider charges, and may be required to download software in connection with access to these materials. You understand this electronic delivery program may be changed or discontinued and that the terms of this agreement may be amended at any time without your consent. You understand that there are possible risks associated with electronic delivery such as emails not transmitting, links failing to function properly and system failure of online service providers, and that there is no warranty or guarantee given concerning the transmissions of email, the availability of the website, or information on it, other than as required by law. |
| Owner or Authorized Person Signature | Date |

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| | |
|:---|:---|
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;**Accredited Investor Status (must be completed)** |

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The undersigned certifies that he, she or it is an "accredited investor" at the time of investment in the Fund because he, she or it satisfies one or more of the categories listed below. Please check the box next to ALL applicable categories.

A. ☐ A
natural person (or the grantor, in the case of a revocable grantor trust) who individually or together with a spouse or spousal equivalent
has a "net worth" in excess of $1.0 million. For purposes of determining net worth:

1. the person's primary residence is not included as an asset;

2. indebtedness that is secured by the person's primary residence, up to the estimated fair market
value of the primary residence at the time of the proposed subscription date, is not included as a liability (except that if the amount
of such indebtedness outstanding at the proposed subscription date exceeds the amount outstanding 60 days before such date, other than
as a result of the acquisition of the primary residence, the amount of such excess must be included as a liability); and

3. indebtedness that is secured by the person's primary residence in excess of the estimated fair
market value of the primary residence at the proposed subscription date shall be included as a liability.

B. ☐ A natural person (or the grantor, in the case of a revocable grantor trust) who had a gross
 individual income in excess of $200,000 (or joint income together with a spouse or spousal
equivalent in excess of $300,000) in each of the two previous years and reasonably expects a gross individual income in excess of $200,000
(or joint income together with a spouse or spousal equivalent in excess of $300,000) for this year.

C. ☐ A
natural person (or the grantor, in the case of a revocable grantor trust) who holds in good standing a Series 7, 65 and/or 82 license
and/or such other professional certification(s) or designation(s) or credential(s) from an accredited educational institution that the
Securities and Exchange Commission has designated as qualifying an individual for accredited investor status (please specify in the space
provided):

D. ☐ A natural person (or the grantor, in the case of a revocable grantor trust) who is a "knowledgeable
employee," as defined in Rule 3c-5(a)(4) under the Investment Company Act of 1940, as amended ("1940 Act"), of the Fund.

E. ☐ An
entity that has total Investments (as defined under the 1940 Act) in excess of $5,000,000 AND was not formed for the specific purpose
of acquiring the securities offered, AND is any of the following:

■ a corporation;

■ a partnership;

■ a Massachusetts or similar business trust; OR

■ an organization described in Section 501(c)(3) of the Internal
Revenue Code.

F. ☐ A
personal (non-business) trust, other than an employee benefit trust, with total assets in excess of $5,000,000, not formed for the specific
purpose of investing in the Fund whose purchase is directed by persons having such knowledge and experience in financial and business
matters that they are capable of evaluating the merits and risks of the prospective investment.

G. ☐ A
bank as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution as defined in Section
3(a)(5)(A) of the Securities Act (in each case, whether acting in its individual or fiduciary capacity).

H. ☐ A
broker or dealer registered under Section 15 of the U.S. Securities Exchange Act of 1934.

I. ☐ An
investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 Act ("Advisers Act") or pursuant
to the laws of a U.S. state or is an investment adviser relying on the exemption from registration with the Securities and Exchange Commission
under Section 203(1) or (m) of the Advisers Act.

J. ☐ An
insurance company as defined in Section 2(a)(13) of the Securities Act.

K. ☐ An
investment company registered under the 1940 Act.

L. ☐ A (i) business development company as defined in Section 2(a)(48) of
 the 1940 Act, (ii) Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d)
 of the Small Business Investment Act of 1958, as amended, or (iii) Rural Business Investment Company as defined in Section
384A of the Consolidated Farm and Rural Development Act.

M. ☐ An
employee benefit plan established and maintained by a state, or local government or agency which has total assets in excess of $5,000,000 *(if the employee benefit plan is a participant-directed plan (as defined below) please contact OHA Private Credit Advisors II, LP. (the "Investment Manager")).* 

■ The undersigned is a collective investment trust that is intended to constitute an exempt trust under
Section 501(a) of the Internal Revenue Code, as amended, and a "group trust" pursuant to the requirements of Rev. Rul. 81-100.
It may be deemed to be formed for the specific purpose of acquiring the securities offered. Its indirect investors are expected to be
employee benefit plans within the meaning of Title I of ERISA that have total assets in excess of $5,000,000 or whose investment decision
is being made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, savings and loan association, insurance
company, or registered investment adviser.

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| | |
|:---|:---|
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;**Accredited Investor Status (must be completed) (continued)** |

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N. ☐ An
employee benefit plan within the meaning of Title I of ERISA (including an Individual Retirement Plan), which satisfies at least one
of the following conditions:

☐ it has total assets in excess of $5,000,000 (If the employee benefit plan is a participant-directed plan (as defined below) please contact the Investment Manager); or

☐ the investment decision is being made by a plan fiduciary, as defined in section 3(21) or ERISA, which is either a bank, savings and loan association, insurance company or registered investment adviser; or

☐ it is a participant-directed plan (i.e., tax-qualified defined contribution plan in which a participant may exercise control over the investment of assets credited to his or her account and the decision to invest is made by those participants investing), and each such participant qualifies as an accredited investor (if this sub-category applies, please contact the Investment Manager).

O. ☐ A
private business development company as defined in Section 202(a)(22) of the Advisers Act.

P. ☐ A
"family office", as defined in Rule 202(a)(11)(G)-1 under the Advisers Act, not formed for the specific purpose of investing
in the Fund, with total assets under management in excess of $5,000,000 and whose prospective investment is directed by a person who
has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks
of the prospective investment.

Q. ☐ A
"family client," as defined in Rule 202(a)(11)(G)-1 under the Advisers Act, of a family office meeting the requirements in
clause (p) and whose prospective investment in the Fund is directed by such family office by a person who has such knowledge and experience
in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.

R. ☐ An
entity, of a type not listed in categories E through O above or S below, in each case not formed for the specific purpose of investing
in the Fund, with total Investments in excess of $5,000,000.

S. ☐ An
entity in which all of the equity owners are persons described above (including but not limited to an individual retirement account).

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| | | |
|:---|:---|:---|
| T. | ☐ | A collective investment trust that is intended to constitute an exempt trust under Section 501(a) of the Internal Revenue Code, as amended, and a "group trust" pursuant to the requirements of Rev. Rul. 81-100. It may be deemed to be formed for the specific purpose of acquiring the securities offered. Its indirect investors are expected to be employee benefit plans within the meaning of Title I of ERISA that have total assets in excess of $5,000,000 or whose investment decision is being made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser. |
| Please see Rule 501 of Regulation D under the Securities Act for more information and applicable definitions.<br>Acknowledgment – Signature Pages Follow at the end of the Subscription Agreement | Please see Rule 501 of Regulation D under the Securities Act for more information and applicable definitions.<br>Acknowledgment – Signature Pages Follow at the end of the Subscription Agreement | Please see Rule 501 of Regulation D under the Securities Act for more information and applicable definitions.<br>Acknowledgment – Signature Pages Follow at the end of the Subscription Agreement |

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A. The undersigned agrees to become a shareholder of the Fund and purchase Shares of the Fund on the terms
provided for in this Subscription Agreement, the Prospectus, the Statement of Additional Information, the Agreement and Declaration of
Trust and the By-Laws (collectively, the "Fund Agreements"), as well as in the Privacy Policy of the Fund, and agrees to be
bound by their terms and conditions. The undersigned certifies that he, she or it has the authority and legal capacity to make this purchase
in its state of residence.

B. The undersigned authorizes the Fund and its agents to act upon his, her or its instructions (by phone,
in writing or other means) that they believe to be genuine and in accordance with the procedures described in the Prospectus for this
account. The undersigned agrees that neither the Fund nor the transfer agent will be liable for any loss, cost or expense for acting on
such instructions.

C. The undersigned is aware that an investment in the Fund involves substantial risks and have determined
that a subscription is a suitable investment for he, she or it and that, at this time, he, she or it can bear a complete loss of his,
her or its entire investment in the Fund.

D. The undersigned understands that under the Fund Agreements, shareholders cannot withdraw from the Fund
and Shares cannot be transferred, except as provided in the Fund Agreements. The undersigned understands that liquidity will generally
only be available through periodic tender offers by the Fund. Consequently, the undersigned is aware that he, she or it may have to bear
the economic risk of investment in the Fund indefinitely.

E. The undersigned will acquire Shares of the Fund for his, her or its own account for investment purposes
only, and not with a view to or for the re-sale, distribution or fractionalization of the Shares, in whole or in part. The undersigned
agrees not to offer, sell, transfer, pledge, hypothecate or otherwise dispose of, directly or indirectly, any number of the Shares or
any interest therein, except in accordance with the terms and provisions of the Fund Agreements and applicable law.

■ Notwithstanding the foregoing, the undersigned represents that is a collective investment trust for which
the Fund is a component investment and which is used as a component in target date collective investment trust. No investor in the undersigned
is being offered exposure solely to the performance of the Fund.

F. The undersigned certifies that he, she or it is not a Foreign Financial Institution as defined in the U.S.A. Patriot Act.

G. In connection with the Fund's efforts to comply with applicable laws concerning money laundering
and related activities, the undersigned represents that to the best of his, her or its knowledge based upon reasonable diligence and investigation:

1. The undersigned is not (nor is any person or entity controlled by, controlling or under common control
with me, or any of he, she or its beneficial owners) any of the following:

a. A person or entity listed in the Annex
 to Executive Order 13224 (2001) issued by the President of the United States, which is posted
 on the website of the U.S. Department of Treasury (<u>http://www.treas. gov</u>).

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b. Named on the List of Specially Designated
 Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control (OFAC),
 which is posted on the website of the U.S. Department of Treasury (<u>http://www.treas.gov</u>)
 under "OFAC/SDN List."

c. A person or entity resident in, or whose subscription funds are transferred from or through an account
in, a foreign country or territory that has been designated as a "Non-Cooperative Jurisdiction" by the Financial Action Task
Force.

d. A person or entity resident in,
 or in the case of an entity organized or chartered under the laws of, a jurisdiction that
 has been designated by the Secretary of the U.S. Treasury under Sections 311 or 312 of the
 U.S.A. Patriot Act, and the regulations promulgated thereunder as warranting special measures
 due to money laundering concerns. For updates, see the website of the U.S. Department of
 Treasury (<u>http://www.treas.gov</u>).

e. A foreign shell bank (See U.S.A. Patriot Act and related regulations for definition).

f. A senior foreign political figure (See U.S.A. Patriot Act and related regulations for definition).
This restriction on senior foreign political figures also applies to any immediate family member of such Figure or close associate of
such figure.

2. No funds that the undersigned has contributed or will contribute to the Fund:

a. Shall originate from, nor will they be routed through, a foreign shell bank or a bank organized or chartered
under the laws of a Non-Cooperative Jurisdiction.

b. Has been or shall be derived from, or related to, any activity that is deemed criminal under U.S. law.

c. Shall cause the Fund or the Investment Manager to be in violation of the U.S. Bank Secrecy Act and
all other federal anti-money laundering regulations.

3. The undersigned understands and agrees that if at any time it is discovered that any of the representations
in this Section H are incorrect, or if otherwise required by applicable law related to money laundering and similar activities, the Investment
Manager, in its sole discretion and notwithstanding anything
to the contrary in the Fund Agreements, as they may be amended or modified from time to time, undertake appropriate actions to ensure
compliance with applicable law, including but not limited to freezing, segregating or redeeming his, her or its subscription in the Fund.

4. The undersigned further understands that the Fund or the Investment Manager may release confidential
information about the undersigned and, if applicable, any underlying beneficial owners, to proper authorities if the Fund or the Investment
Manager, in their sole discretion, determines that it is in the best interests of the Fund in light of applicable law concerning money
laundering and similar activities.

5. The undersigned agrees to provide to the Fund any additional information that the Fund deems necessary
or appropriate to ensure compliance with all applicable laws concerning money laundering and similar activities. The undersigned will
promptly notify the Fund if any of the representations in this Section G cease to be true and accurate. The undersigned agrees to contact
the Fund if the undersigned needs more information about Section G or if
he undersigned is unsure whether any of the categories apply to he, she or it.

ITEM H APPLIES ONLY TO FIDUCIARIES. ALL OTHER INVESTORS SHOULD CONTINUE TO "I"

H. 1. The undersigned certifies that if the undersigned is a Fiduciary executing this investor certification on behalf of a collective investment
trust that is subject to the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA") (a "Participating
Trust"), the undersigned represents and warrants that OHA Private Credit Advisors II, L.P. (the "Investment Manager"),
and its affiliates have not acted as a Fiduciary under ERISA with respect to the purchase, holding or disposition of Shares, and that
no advice provided by the Investment Manager or any of its affiliates has formed a basis for any investment decision in connection with
such purchase, holding or disposition.

2. The undersigned represents and warrants that the investment
by the Participating Trust in the Fund is consistent with its obligations under ERISA.

3. The undersigned represents and warrants that the Participating
Trusts purchase of the Shares does not, and will not (to the best of the undersigned's knowledge and assuming compliance by the
Fund with its governing agreements), result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the
Internal Revenue Code (or in the case of any governmental plan or other plan that is not subject to the foregoing-referenced Section
406 or Section 4975, any Federal, state or local law that is substantially similar thereto).

I. 1. The undersigned certifies that if the undersigned is a Fiduciary executing this investor certification on behalf of an employee benefit
plan as defined in Section 3(3) of the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
that is subject to ERISA (a "Plan"), the undersigned represents and warrants that OHA Private Credit Advisors II, L.P. (the
"Investment Manager"), and its affiliates have not acted as a Fiduciary under ERISA with respect to the purchase, holding
or disposition of Shares, and that no advice provided by the Investment Manager or any of its affiliates has formed a basis for any investment
decision by the Plan or he, she or it in connection with such purchase, holding or disposition.

2. The undersigned represents and warrants that the investment by the Plan in the Fund is prudent for the
Plan (taking into account any applicable liquidity and diversification requirements of ERISA), and that the investment in the Fund is
permitted under ERISA, the Internal Revenue Code, other applicable law and the governing plan documents of the Plan.

3. The undersigned represents and warrants that the Plan's purchase of the Shares does not, and will
not (to the best of the Plan's knowledge and assuming compliance by the Fund with its governing agreements), result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code (or in the case of any governmental plan
or other plan that is not subject to the foregoing-referenced Section 406 or Section 4975, any Federal, state or local law that is substantially
similar thereto).

J. The undersigned understands that the Fund and its affiliates are relying on the certification and agreements
made herein in determining his, her or its qualification and suitability as an investor in the Fund. The undersigned understands that
an investment in the Fund is not appropriate for, and may not be acquired by, any person who cannot make this certification, and, to the
extent permitted by applicable law, agree to indemnify the Fund, the Investment Manager and its affiliates, and their respective directors,
trustees, managers, members, shareholders, partners, officers, and employees and hold each of them harmless from any liability that they
may incur as a result of the certifications made in this Subscription Agreement being untrue in any respect.

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K. The representations, warranties, agreements, undertakings and acknowledgments made by me in this Subscription
Agreement are made with the intent that they be relied upon by the Fund in determining the undersigned's suitability as an investor
in the Fund and shall survive the investment. The undersigned agrees to provide, if requested, any additional information that may reasonably
be required to determine his he or its eligibility to invest in the Fund or to enable the Fund to determine the Fund's compliance
with applicable regulatory requirements or tax status. In addition, the undersigned undertakes to notify the Fund promptly of any change
with respect to the information or representations made herein and to provide the Fund with such further information as the Fund may reasonably
require.

L. The undersigned acknowledges that this Subscription Agreement will be governed by the laws of the State
of Delaware without regard to any applicable rules relating to conflicts of laws.

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| | |
|:---|:---|
| &nbsp;&nbsp;**7** | &nbsp;&nbsp;**Acknowledgment and Signature (All prospective investors account owners/trustees must sign on the following page)** |

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Substitute IRS Form W-9 Certification: Under penalty of perjury, the undersigned certifies each of the following:

1. The Social Security Number or Taxpayer Identification Number shown on this Subscription Agreement is correct.

2. The undersigned is not subject to backup withholding because: (a) the undersigned is exempt from backup
withholding; or (b) the undersigned has not been notified by the Internal Revenue Service (IRS) that he, she or it is subject to backup
withholding as a result of a failure to report all interest or dividends; or (c) the IRS has notified the undersigned that he, she or
it is no longer subject to backup withholding.

3. The undersigned is a U.S citizen or other U.S. Person (including resident alien).

4. The undersigned is exempt from the reporting obligations set forth under the Foreign Account Tax Compliance Act (FATCA).

Note: Cross out item 2 if you have been notified by the IRS that you are currently subject to backup withholding. The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid back-up withholding.

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&nbsp;&nbsp;**Signature pages**

If the investor is an ENTITY such as a trust, all trustees or beneficial owners must sign this Subscription Agreement in the signature block appearing below. If necessary, please attach multiple copies of this signature page to accommodate multiple trustees or owners.

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| | |
|:---|:---|
| Signature of Owner or Authorized Signatory | Date |
| Printed name(s) of Authorized Signer(s) (for verification purposes) |  |

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&nbsp;&nbsp;**Appendix A Supporting Document Requirements**

Please provide the following<br> supporting documentation<br> based on your account type.

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Trust ■ Certificate of Trust or Declaration of Trust

■ First and last page of the Trust document

■ UBO information for statutory trust or real estate trust

■ Appropriate
W-8 series form (see https://www.irs.gov/forms-pubs/about-form-w-8)

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Corporation<br> (including C Corp., S Corp., LLC) ■ Formation documents <br> ■ Articles of incorporation

■ Authorized signatory list

■ Required Customer Data Elements for all authorized traders

■ UBO Information

■ S & C Corps Only: Corporate Resolution

■ Appropriate W-8 series form (see https://www.irs.gov/forms-pubs/about-form-w-8)

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Partnership ■ Partnership Agreement

■ Required Customer Data Elements for all authorized traders

■ Authorized signatory list

■ Appropriate W-8 series form (see https://www.irs.gov/forms-pubs/about-form-w-8)

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## Ex-99.(R)

[OHA DIRECT CREDIT FUND POS AMI](oha-posami_051926.htm)

**Exhibit 99(r)**

**OAK HILL ADVISORS, L.P., ITS AFFILIATED INVESTMENT ADVISORS**

**CODE OF ETHICS AND PERSONAL TRADING POLICY**

**Effective June 26, 2024**

**This Policy Applies to All Employees and Access Persons**

**GENERAL**

This Code of Ethics and Personal Trading Policy (this "**Policy**") has been adopted by Oak Hill Advisors, L.P. (the "**Advisor**"), its affiliated investment advisors (collectively, "**ОНА**" or the "**Firm**"), and is expected to be adopted by one or more each applicable client of the Advisor ("**Client**") in compliance with Rule 204А-1 of the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), and Rule 17j-1 under the 1940 Act, in the case of clients that are closed-end management investment companies (each a "Company"), including such Companies that have elected to be regulated as a business development company.

**WHOM DOES THIS POLICY COVER?**

This Policy applies to all Employees and Access Persons of ОНА and that of each applicable Company. With respect to an applicable Company, this Policy may also apply to (i) certain affiliated persons of each Company and (ii) a trustee/director/board member (referred to herein as a "director"), officer or general partner of any principal underwriter engaged by a Company, in each case, as though they were an Employee or Access Person. For the purposes of this Policy, "**Employees**" includes employees, partners, directors and officers. "**Access Persons**" are persons who provide services to the Firm (including, but not limited to, certain consultants, advisors and temporary workers) that the Compliance Group may, from time to time, designate as such. "**Immediate Family Member**" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. These Immediate Family Members are considered to be living in the same household if they share a primary residence or permanent residence. Children in college are generally considered to be living in the same household, notwithstanding that they reside in dormitories or off-campus housing during college years. Please reach out to the Compliance Group if specific facts merit a different conclusion. Upon request, the Compliance Group will determine, on a facts and circumstances basis, whether the presumption of "**Beneficial Ownership**"<sup>1</sup> may be rebutted with respect to any immediate family member living in the same household.

<sup>1</sup> "Beneficial ownership," as set forth under Rule l6a-1(а)(2) of the Exchange Act shall mean the person has the right to enjoy some direct or indirect pecuniary interest (i.e., some economic benefit) from the ownership of a security. An Employee is presumed to have beneficial ownership in securities held by Immediate Family Members residing in the same household.

**All Employees and Access Persons ("Applicable Persons") are responsible for pre-approval and reporting requirements relating to their own brokerage accounts and securities as well as those of Immediate Family Members who live in their households and any direct or indirect pecuniary interests in personal investment holdings so designated by the Compliance Group.** If an Employee or Access Person is aware of any other securities or brokerage accounts in which he or she may have or share a direct or indirect pecuniary interest,<sup>2</sup> he or she must promptly report the situation to the Compliance Group.

Securities held and received in connection with directorships relating to ОНА business activities must be reported to the Compliance Group.

**Employees are required to report any violations of this Policy promptly to the Compliance Group.**

<sup>2</sup> As determined pursuant to Rule 16а-1(а)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"). "Pecuniary interest" in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security. An "indirect" pecuniary interest includes, but is not limited to: (i) a pecuniary interest in a security held by an Applicable Person's immediate family sharing the same household; (ii) a general partner's proportionate interest in the portfolio securities held by a general or limited partnership; (iii) a performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company, investment company, investment advisor, investment manager, trustee or person or entity performing a similar function (except where (1) the performance-related fee, regardless of when payable, is calculated based upon net capital gains and/or net capital appreciation generated from the portfolio or from the fiduciary's overall performance over a period of one year or more; and (2) equity securities of the issuer do not account for more than ten percent of the market value of the portfolio); (iv) an Applicable Person's right to dividends that is separated or separable from the underlying securities; (v) an Applicable Person's interest in securities held by a trust, as specified in Rule 16а-8(b) under the Exchange Act; and (vi) an Applicable Person's right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable. An Applicable Person shall not be deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the Applicable Person is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio.

**CODE OF ETHICS**

ОНА is a registered investment advisor. Accordingly:

All Applicable Persons must comply with applicable provisions of the federal securities laws<sup>3</sup> as well as other U.S. and applicable non-U.S. federal, state, and local laws, and with this Regulatory Compliance Program and with any (other) applicable Firm policy, including, without limitation, policies contained in the Firm's Employee Handbook.

All Applicable Persons must act with integrity, dignity, and in an ethical manner when dealing with Clients, investors, prospective Clients and investors, regulators, counterparties, colleagues, consultants, advisors and the general public.

All Applicable Persons must adhere to applicable standards concerning any potential conflicts of interest with Client accounts. No Employee or Access Person should ever enjoy a benefit at the expense of the account of any Client.

All persons associated with ОНА must preserve the confidentiality of information that he or she may obtain in the course of conducting business. Such information should be used properly and not in any way that would adversely affect the Clients' or the Firm's interests.

All Applicable Persons must conduct their personal financial affairs in a manner that does not compromise their ability to deal objectively with the Firm's Clients.

All Applicable Persons must use due care and exercise professional judgment and discretion when conducting investment analysis, making investment recommendations, taking investment actions, handling Client assets and engaging in other professional activities.

All Applicable Persons must operate, and encourage others to operate, in an ethical manner that will reflect favorably on themselves and the Firm.

All Applicable Persons must maintain and improve their professional competence and strive to maintain and improve the competence of other professionals.

<sup>3</sup> "Federal securities laws" means the Securities Act of 1933, as amended, the Exchange Act, as of amended, the Sarbanes-Oxley Act of 2002, as amended, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, Title V of the Gramm-Leach-Bliley Act, as amended, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, any rules adopted by the Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act, as amended, as it applies to funds and investment advisors, and any rules adopted thereunder by the Securities and Exchange Commission or the Department of the Treasury.

Under no circumstances are Applicable Persons permitted, in connection with any purchase or sale of a security "held or to be acquired"<sup>4</sup> by a Client, in each case, directly or indirectly, to:

- Employ any device, scheme or artifice to defraud a client;

Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

- Engage in any act, practice or course of business that operates or would operate as a fraud or deceit; or

- Engage in any manipulative practice.<sup>5</sup>

**PERSONAL TRADING POLICY**

The Personal Trading Policy applies to Reportable Securities and any accounts in which Reportable Securities may be held or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **What Are Reportable Securities?** 

"Reportable Security" means a security as defined in Section 202(а)(18) of the Advisers Act and 2(а)(36) of the 1940 Act and includes any note, stock, treasury stock, security future, 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, futures with underlying assets that are "Reportable Securities", any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "**security**", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing, <u>but does not include:</u>

Direct obligations of the Government of the United States;

<sup>4</sup> A security "held or to be acquired" is one that (i) within the most recent 15 days: (A) is or has been held by such Client; or (B) is being or has been considered by such Client or the Advisor for purchase by the Client; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in (A) or (B).

<sup>5</sup> With respect to a Fund, manipulative or fraudulent activity with respect to Reportable Securities by an Applicable Person or by any "affiliated person" of a Fund or the Fund advisor is expressly unlawful. For this purpose, an "affiliated person" of an entity includes (i) any person directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the entity; (ii) any person 5% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the entity; (iii) any person directly or indirectly controlling, controlled by, or under common control with, the entity; and (iv) any officer, director, partner, co-partner or employee of the entity.

Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments,<sup>6</sup> including repurchase agreements; and

Shares issued by open-end funds (mutual funds), including money market funds.

In addition, for purposes of this Policy, Reportable Securities do not include:

Currencies; and

Commodities, futures contracts and options on commodities or futures (except single-stock futures),

While there remains some regulatory ambiguity in this area, cryptocurrencies themselves are generally not treated as Reportable Securities. However, this depends on the facts, and a cryptocurrency investment can be in the form of a Reportable Security. Some examples include: trading options, derivatives, or ICOs of cryptocurrencies, an investment in or using cryptocurrencies in exchange for a note or a derivative on a cryptocurrency, and lending a cryptocurrency holding and generating fee income or interest income. It may be difficult for Applicable Persons to determine, or support the determination, that a cryptocurrency holding is or is not a Reportable Security. Please consult with the Compliance Group to discuss specific fact patterns.

An account that by its terms cannot hold Reportable Securities is not subject to this Policy. The following are accounts that typically cannot hold Reportable Securities:

Fixed insurance, endowment or annuities policies;

Pension plans; and

U.S. states' 529 accounts.

However, if an Employee or Access Person is aware that *any* account that appears to fall into this category actually can, in fact, hold Reportable Securities, he or she should discuss with the Compliance Group, as that account may be subject to ongoing reporting.

<sup>6</sup> The term "high quality short-term debt instruments" refers to instruments that have a maturity at issuance of less than 366 days and that are rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization.

**B.** **Trading Pre-Approval** 

*1.* *General*

Subject to the exceptions identified below (*Exceptions to Pre Approval Requirement*), any Employee or Access Person seeking to place a personal securities transaction, including making gifts or donations, in a Reportable Security (as defined below) must obtain pre-approval through the Compliance online platform. The Compliance online platform is set up to mandate approvals from all required approvers. This includes a senior member of the investment team, a member of the Compliance Group, and, in the case of any Employee or Access Person in the United Kingdom or Luxembourg, a London-based approver (each, an "**Approval Person**").<sup>7</sup> The Employee or Access Person will be notified by email upon approval. No Approval Person may approve his or her own transaction. OHА reserves the right to reject any proposed transaction that may have the appearance of improper conduct.

If an Employee or Access Person is aware of any actual or potential conflict of interest with respect to a proposed personal trade, whether or not such trade would be excepted from the pre-approval requirement, he or she should disclose all relevant facts to the Compliance Group and obtain approval prior to trading.

Even if an initial or subsequent trade authorization request with respect to a particular security is granted, there can be no assurance that a subsequent trade authorization request with respect to that security will also be granted, including for liquidating and covering transactions.

Upon pre-approval, the Employee or Access Person may choose not to trade, or to trade within the allotted approval window, any amount of the approved security. Trading of an amount or value greater than indicated in the pre-approval submission will not constitute a breach of this Policy.

<u>OHА reserves the right (i) to withdraw a previously-granted pre-approval at any time and/or (ii) to require an Employee or Access Person to break an in-progress trade prior to settlement</u>. Therefore, it is recommended that an Employee or Access Person who receives approval to trade a given security execute promptly. Each Employee or Access Person understands and agrees that none of OHА or any of its affiliates or a Company shall have any liability to any Employee or Access Person for any delay in clearing, failing to clear, or withdrawing pre-approval of a security trade.

<sup>7</sup> Steve Jones, Alan Schrager and Adam Kertzner are the designated investment team approvers as of the date of this Policy, and their approval is required, other than for private transactions. These approvers' own personal transactions may be approved by each other or Glenn August. The European General Counsel and CCO, or his designee, is the London-based approver for Employees or Access Persons in the UK.

No Employee or Access Person should ever disclose to a third party *(e.g.,* a broker or co-trustee) that he or she has not obtained pre-approval for trading in a security, because such a communication could give rise to the inference that OHА intends to trade in that security or is in possession of MNPI about that issuer.

No Employee or Access Person may trade in a security of an issuer that is on OHA's Restricted List.

*Two (2) Business Day Trading Window Following Pre Approval*

Once pre-approval is granted to an Employee or Access Person, such person generally has until the end of the second business day following the date of approval to transact in that Reportable Security (Approval Date + 2 business days). If the Employee or Access Person wishes to transact in that Reportable Security after that time, he or she must obtain pre-approval again as described above.

*90 Calendar Day Trading Window Following Pre-Approval Private Investments and Initial Public Offerings* ("***IPOs***")

For private investments and investments in IPOs only, after submitting a request for pre-approval through the Compliance online platform, the Employee or Access Person must provide relevant information and documentation describing the proposed investment, such as a confidential memorandum, term sheet, limited partnership agreement, and/or pitchbook, directly and promptly to the Compliance Group. The information and documentation provided needs to be sufficient to enable the Compliance Group to confirm the absence of any actual or potential conflict of interest. The submitting Employee or Access Person is responsible for identifying any conflicts or appearance of conflicts.

Examples of private investments may include an investment in a private fund or investments in private companies unaffiliated with the Firm (such as in a start-up business or family member or friend's restaurant or retail store). A private investment may be made, for example, via a subscription agreement or a privately placed bond, equity or note. For a commitment-style private investments, subsequent capital calls do not need to be individually pre-approved or reported, provided the full commitment has been previously pre-approved and reported, although holdings information needs to be updated annually as required.

An IPO is the first sale of a corporation's common shares in the public marketplace. The Employee is responsible for determining that his or her participation is permitted under FINRA Rule 5130 (Restrictions on the Purchase and Sale of IPOs of Equity Securities) and Rule 5131 (New Issue Allocations and Distributions). An Employee or Access Person shall not submit a pre-approval request for an IPO unless and until he or she has concluded the trade is permitted under the preceding sentence.

Once pre-approval is granted, the Employee or Access Person has until the end of the ninetieth calendar day following the date of approval to transact in that Reportable Security (Approval Date + 90 calendar days).

In order for an Employee or Access Person to invest in a private investment or IPO, the Compliance Group must conclude that (i) the transaction would not breach OHA's fiduciary duty owed to Clients and (ii) there is no conflict with any Client's holdings or trades.

**The reporting obligation is separate and in addition to the pre-approval requirement. If approved and transacted, the transaction itself must be separately reported in the Compliance online platform.**

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Interests in OHA Managed Funds* 

With regard to a private fund that is sponsored or managed by ОНА, Applicable Persons may not trade if they are in possession of information relating to the fund that would constitute material non-public information with respect to the fund interest, such as an unexpected extension vote or a large impending mark-down. Pre-approval is not required. Reporting is deemed made, as these reports are maintained by Client Coverage and must be made available to the Compliance Group upon request.

For any public funds that ОНА may manage from time to time, pre-approval and reporting requirements will apply, notwithstanding the above paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Employee Investments Made in Connection with an Outside Business Activity* 

In certain circumstances, a private investment may be incidental to an outside business activity. In general, such situations will be addressed pursuant to the Outside Business Activity policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions to Trading Pre-Approval Requirement** 

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Upper Tier Interests in the Firm and its Affiliates* 

A limited partnership interest in the Firm or other "upper tier" affiliates, including investment advisory or general partner entities, is exempt from both pre-approval and transaction reporting obligations. Reporting is deemed made, as these reports are maintained by Management Company Accounting and must be made available to the Compliance Group upon request.

*Other Exemptions*

The pre-approval requirements for Reportable Securities noted above shall not apply to the transactions that fall under any one of the following categories, provided that Applicable Persons are nonetheless prohibited from engaging in transactions that violate the guiding principles of this Policy, and any reporting rules continue to apply:

Purchases, sales or other transactions effected in any account over which an Employee or Access Person has no direct or indirect influence or control, such as transactions by a broker or an investment advisor outside the Firm who has been given, in writing, complete discretionary management over the account. The Compliance Group must evaluate and approve such exceptions if appropriate, on a case-by-case basis;

Involuntary transactions, *e.g.,* if the transaction was an involuntary forced sale out of a margin account;

Purchases that are part of an automatic investment plan (such as DRPs).<sup>8</sup> Employees or Access Persons who are enrolled in automatic investment plans and wish to claim this exemption from pre-clearance should notify the Compliance Group;

Purchases effected upon the exercise of rights issued by an issuer *pro rata* to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

Acquisitions or dispositions of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities;

Any investment grade fixed income securities transactions, or series of related transactions effected over a 30 calendar day period involving 500 units or less ($500,000 principal amount or less, or for assets denominated in euro or sterling, €500,000 or £500,000 or less, respectively), in the aggregate, if the Employee or Access Person has no prior knowledge of recent or imminent transactions in such securities by a Client, and any derivative (such as an option) thereon, provided that the derivative transaction shall be counted toward the limit;

Any investment grade sovereign securities transactions, if the Employee or Access Person has no prior knowledge of recent or imminent transactions in such sovereign credit by a Client, and any derivative (such as an option) thereon;

<sup>8</sup> "**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 and allocation. An automatic investment plan includes a dividend reinvestment plan ("**DRP**").

Purchases or sales in municipal or state bonds and any derivative (such as an option), if the Employee or Access Person has no prior knowledge of recent or imminent transactions in such municipal or state bonds by a Client, and any derivative thereon;

The assignment of or exercise of an option at expiration;

Any purchase or sale of any closed-end fund, unit investment trust, exchange-traded note, exchange-traded fund or index-linked note based on non-Reportable Securities (e.g., raw commodities) or based on an index or basket with **20 or more underlying securities**, and any derivative (such as option) thereon, <u>provided</u> that the exemption does not apply if based primarily on U.S. and/or European bank loan or high yield bond indices or baskets or if the applicable fund, trust or issuer is advised by the Firm; and

Any purchase or sale of any future or option on a securities index with **20 or more underlying securities**, and any derivative (such as option) thereon, <u>provided</u> that the exception does not apply if the future or option is based primarily on U.S. and/or European bank loan indices or high yield bond indices.

**A proposed transaction only needs to meet the requirements of one of the exemptions listed in order to be exempt from pre-approval. Some proposed transactions may qualify for more than one of the exemptions.**

**If approved and transacted, each transaction must be separately reported in the Compliance online platform.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **No Short-Term Trading or Trading Contemporaneously with OA** 

Applicable Persons are prohibited from profiting in the purchase and sale, or sale and purchase, of a Reportable Security within 30 calendar days, whether or not the security is also held by a Client, unless such security is otherwise exempt from the pre-approval requirements or the Employee or Access Person receives prior written approval from the Compliance Group. For purposes of determining compliance with this rule, the 30-day count re-sets each time the Employee or Access Person trades in a security, regardless of the size of the trade. For purposes of this 30-day rule only, generally, the purchase or sale of an option (but not the exercise of such option) will be considered as equivalent to a trade in the underlying security. For the avoidance of doubt, the exercise of options within 30 days of acquiring the option position does not breach the 30-day restriction.

Based on all information available to them at the time of the trade request, Applicable Access Persons are prohibited from trading a security within 5 business days before ОНА trades in that security for a Client, including a security with respect to which they are aware that a buy or sell order for a Client is pending. Applicable Persons are prohibited from trading in a security for 5 business days after ОНА trades in that security for a Client.

These prohibitions are designed to prohibit potential scalping, front running and piggybacking and to minimize the appearance that an Employee or Access Person is attempting to capitalize inappropriately on the market impact of trades in securities that may be held by a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Opening New Brokerage Accounts** 

Applicable Persons may only open new brokerage accounts where the accounts can be enabled for automated feed on the Compliance online platform and are held with permissible brokerage firms, as indicated by the Compliance Group. If a new account fails to meet this criterion, it shall not be a breach of this Policy if the Employee or Access Person promptly closes the account and provides statements relating to the duration of its existence. Please consult with the Compliance Group if you are not sure whether an account can be set up for feed.

Applicable Persons are required to disclose as soon as possible and in no event later than 30 days after the end of the calendar quarter any new brokerage accounts.

If a brokerage account pre-dates the Applicable Person's employment at ОНА, such brokerage account must be reported at the time of hire and ОНА may determine that such account is not permitted, in which case it must be closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting Requirements** 

In order to provide ОНА with information to enable it to determine with reasonable assurance any indications of scalping, front running, piggybacking, insider trading or the appearance of a conflict of interest with the trading for Clients, unless otherwise noted under *Exceptions to Reporting Requirements,* each Applicable Person shall submit the reports and forms described below to the Compliance Group showing all securities accounts, transactions and holdings in Reportable Securities in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership.

Note that transactions in Reportable Securities excepted from the Firm's pre-approval requirements pursuant to *Exceptions to Pre-Approval Requirement* above are nonetheless subject to reporting requirements.

Unless otherwise directed, all reports shall be submitted through the Compliance online platform.

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *New Employee and Access Person Securities Accounts and Holdings Reports* 

New Applicable Persons are required to report all of their personal securities accounts and holdings in Reportable Securities to the Compliance Group not later than 10 days of the commencement of their employment or their designation as Access Persons on the *Initial Holdings Reports Form* set out in *Exhibit A* hereto, or in such other manner as required by the Compliance Group. The report must be current as of a date not more than 45 days prior to the date the person becomes an Employee or Access Person.

For any reportable account, the Applicable Person shall be responsible for arranging consents from the account owners to disclosure of the account number(s), transaction information and any other information necessary to comply with applicable reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Annual Securities Accounts and Holdings Reports* 

Applicable Persons are required to provide the Compliance Group with a complete list of securities accounts and holdings in Reportable Securities on an annual basis, upon request by the Compliance Group. The report shall be current as of a date no earlier than 45 days prior to such reporting date, on the Compliance online platform.

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Quarterly Transaction Reports* 

Applicable Persons are required to disclose as soon as possible and in no event later than 30 days after the end of the calendar quarter the opening or closing of any brokerage accounts and any transactions in Reportable Securities (including private and publicly traded securities) entered into in such calendar quarter. Transactions may be disclosed on a duplicate brokerage account statement delivered to ОНА, or through the Compliance online platform (for additional details, see Section I below entitled *Copies of Duplicate Brokerage Account Statements).*

Transactions in publicly traded securities not disclosed on a brokerage account statement *(e.g.,* the exercise of a stock option) and transactions in privately held securities *(e.g.,* private placement) shall be reported on the Compliance online platform manually or in such other manner as required by the Compliance Group.

Please note that with respect to the disclosure of securities accounts, Applicable Persons must disclose the names of all applicable securities accounts, even if there are no Reportable Securities held in the account at the time of disclosure (or as of the reporting date).

Applicable Persons are reminded that the reporting requirements apply also to securities and accounts of Immediate Family Members living in their household.

&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Copies of Duplicate Brokerage Account Statements* 

In order to help reasonably ensure that duplicate brokerage account statements are received for all securities accounts in which an Employee or Access Person or their Immediate Family Member living in their household may transact in Reportable Securities, Applicable Persons are required to comply with all Compliance requests to set up automatic electronic feed into the Compliance online platform.

For reportable accounts that are permitted to remain open notwithstanding that they are not feed-eligible, the Employee or Access Person should maintain electronic delivery of brokerage account statements. If automatic electronic delivery is not possible, it is the responsibility of the Employee or Access Person to promptly deliver electronic copies of brokerage statements each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Exclusions from Reporting and Pre-Approval Requirements** 

On a case-by-case basis, the Compliance Group may permit exceptions from the pre-approval and transaction reporting obligations for certain accounts. These exceptions include:

Securities in an account over which the Employee or Access Person has no direct or indirect influence or control, excluding transactions in TROW Securities (please see *Trading in the T. Rowe Price Group Securities),* or holdings and transactions pursuant to an automatic investment plan. However, any transaction that overrides the pre-set schedule or allocations of the automatic investment plan must be pre-approved and reported.

In each case, the opening and closing of the account itself must be reported and is subject to review by the Compliance Group before designation as exempt from reporting and pre-approval.

For any such account, the Employee or Access Person undertakes not to instruct trading, whether directly or indirectly, and will promptly notify the Compliance Group should he/she believe that he/she (or any Immediate Family Member living in the same household) has influenced a trade in such an account.

Employees are not required to report OHA-sponsored 401(k) accounts, unless they have elected the brokerage-account option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in the T. Rowe Price Group Securities** 

ОНА is required to preclear any transaction in the T. Rowe Price Group ("TROW") common stock and any related options/derivatives ("TROW Securities") with the T. Rowe Price Code of Ethics team. Please note, the preclearance requirements also apply to any third-party managed accounts whose transactions Applicable Persons are not required to report or pre-clear with ОНА.

Any Employee or Access Person seeking to trade in TROW Securities must reach out the Compliance group and obtain pre-approval through the Compliance online platform.

Applicable Persons are not restricted in trading mutual funds managed by TROW or its affiliates.

**DIRECTORS OF COMPANIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Approval of Material Changes to Code of Ethics** 

The Board of a Company, including a majority of directors who are not "interested persons" within the meaning of Section 2(а)(19) of the 1940 Act (*i.e.,* "independent directors"), must approve any material changes to the Code of Ethics as it applies to the Company. Before approving any material change to the Code of Ethics, the Board must receive a certification from such Company and its advisor that each has adopted procedures reasonably necessary to prevent Applicable Persons from violating such Code of Ethics. The Board must approve material changes to the Code of Ethics no later than six months after adoption of the material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Applicability of Reporting and Pre-Approval to Board Members** 

Notwithstanding anything to the contrary elsewhere in this Policy, the Board members that are independent are exempt from all reporting and pre-approval requirements, *provided that* all Board members must seek pre-approval for and report any transactions and holdings in (i) shares of the relevant Company and (ii) interests in any Reportable Security if the Board member knew or, in the ordinary course of fulfilling his or her official duties as a Board member, should have known that during the 15-day period immediately before or after the director's transaction in a Reportable Security, such Company purchased or sold the Reportable Security, or such Company or its advisor on its behalf considered purchasing or selling the Reportable Security.

Independent board members that are required to seek pre-approval pursuant to the above paragraph should submit the *Independent Board member Pre-Approval Form,* attached as *Exhibit B* hereto, to a Company CCO. After completing any transaction pursuant to the above paragraph, independent board members should submit the *Independent* Board member *Transaction Report,* attached as *Exhibit C* hereto, to a Company CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Report to the Board** 

A Company CCO shall prepare and the Board shall consider, no less frequently than annually, a written report that (i) describes any issues under this Policy since the previous report including, but not limited to, information about material violations of this Policy and sanctions imposed in response to the material violations and (ii) certifies that such Company its advisor have adopted procedures reasonably necessary to prevent Applicable Persons from violating the Policy.

**RECORDS**

The Firm shall maintain records in such a manner as to be available for appropriate examination by representatives of the SEC, subject to attorney-client privilege. A copy of this Policy and any other Code of Ethics which is, or at any time within the past six years has been, in effect shall be preserved in an easily accessible place.

A copy of each report made pursuant to this Policy by the Compliance Group or another Employee, including any information provided in lieu of reports, shall be preserved by the Firm for at least six years from the date the document was created or last altered (whichever is more recent), the first two years in an easily accessible place.

A list of all persons who are, or within the past six years have been, required to make reports pursuant to this Policy, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place.

A record of any violation of this Policy, and of any action taken as a result of the violation, shall be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs.

With respect to a Company, a copy of each report required to be given to the Board of such Company shall be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place.

The Firm shall preserve a record of any decision, and the reasons supporting the decision, to approve the acquisition of interests in any IPO by an Employee or Access Person for at least six years from the date the document was created or last altered (whichever is more recent), the first two years in an easily accessible place.

**TRAINING**

The Compliance Group conducts periodic training programs on this Policy. All persons who are invited are required to attend.

**REVIEW**

The Compliance Group shall review at least annually the provisions of this Policy, including upon any material change to the Firm's business or operations and upon any other change in circumstances that may have a material impact upon this Policy.

**QUESTIONS**

Please direct any questions about this Policy to the Compliance Group.

**CERTIFICATION**

All Applicable Persons shall be required to certify upon commencement of their employment or upon becoming an Access Person that they have read and understand this Policy and that they agree to comply with it. In addition, all Applicable Persons shall be required to re-certify periodically (upon request) that they have read and understand this Policy and are in compliance with the current Policy.

**EXHIBIT A**

**INITIAL & ANNUAL HOLDINGS REPORT – SECURITIES ACCOUNT**

Employee:

This information is current as of the latest calendar quarter-end or, if later, my start date (whether as an Employee or Access Person). Start date (if applicable): <u> </u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Broker-Dealer or Bank** | &nbsp;&nbsp;**Account Title** (**as Shown on Statement**) | &nbsp;&nbsp;**Name on Account** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Can Account Hold Reportable Securities<sup>9</sup>** (**Y/N**) | &nbsp;&nbsp;**Managed Account** (**Y/N**) |

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*Use additional sheets as necessary.*

 

<sup>9</sup>"**Reportable Security**" means a security as defined in Section 202(а)(18) of the Advisers Act and 2(а)(36) of the 1940 Act and includes any note, stock, treasury stock, security future, 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, futures with underlying assets that are "Reportable Securities", any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing, <u>but does not include:</u> direct obligations of the Government of the United States; bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; shares issued by open-end funds (mutual funds), including money market funds; and transactions in currency, such as currency exchange.

I certify that this form fully discloses all securities accounts (including 401(k) and IRA accounts) in which I or an immediate family member<sup>10</sup> living in my household has a direct or indirect economic interest.<sup>11</sup>

Signature __________________________________ Date _____________________________________

<sup>10</sup> "Immediate family member" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and includes adoptive relationships. These Immediate Family Members are considered to be living in the same household if they share a primary residence or permanent residence. Children in college are generally considered to be living in the same household, notwithstanding that they reside in dormitories or off-campus housing during college years. Please reach out to the Compliance Group if specific facts merit a different conclusion.

<sup>11</sup> An "indirect economic interest" is an economic interest that you hold by reason of any contract, understanding or relationship (e.g., family) in securities held in the name of another person.

**INITIAL & ANNUAL HOLDINGS REPORT**

**PUBLICLY TRADED AND PRIVATELY HELD SECURITIES**

Employee:

This information is current as of the latest calendar quarter-end or, if later, my start date (whether as an Employee or Access Person).

Start date (if applicable): _____________________

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Name** | &nbsp;&nbsp;**Number of Shares** | &nbsp;&nbsp;**Principal Amount<sup>12</sup>** | &nbsp;&nbsp;**Security Type<sup>13</sup>** | &nbsp;&nbsp;**Ticker or CUSIP**<br> (if applicable) | &nbsp;&nbsp;**Custodian** (**Bank or Broker-Dealer**) |

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<sup>12</sup> For partnership or LLC interests, "**Principal Amount**" is your capital commitment or fair market value.

<sup>13</sup> Examples of "**Security Type**" include: equity, fixed income and LP or LLC interests.

**EXHIBIT B**

**COMPANY INDEPENDENT DIRECTOR PRE-APPROVAL FORM**<br> **\*\*AN EXECUTED COPY OF THIS FORM MUST BE PROVIDED TO A COMPANY CCO\*\***

TO: Chief Compliance Officer, Company

FROM: ______________________________

If you are seeking authorization to enter into a trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, or to amend a previously adopted plan, please check the following box, and <u>attach the trading plan to this Form</u>: ☐

If you are seeking authorization to execute a trade<sup>14</sup> in your personal brokerage account (or in the brokerage account of an immediate family member living in your household), please complete the following:

Date of Trade Authorization Request: <br> Type of Order (buy 500 shares, etc.): <u> Name of Security: Name and Address of Beneficial Owner: </u>

<sup>14</sup> All Company directors must seek pre-approval for and report any transactions and holdings in (1) shares of a Company and (2) interests in any Reportable Security if the director knew or, in the ordinary course of fulfilling his or her official duties as a director of a Company, should have known that during the 15-day period immediately before or after the director transaction in a Reportable Security, a Company purchased or sold the Reportable Security, or a Company or the Advisor on behalf of a Company considered purchasing or selling the Reportable Security.

**<u>All independent directors must answer the following:</u>**

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| | | |
|:---|:---|:---|
| To your knowledge, do you possess material non-public information regarding the security or the issuer of the security?<br>| &nbsp;&nbsp;Yes ____ | No ____ |
| To your knowledge, is there a blackout period in effect with respect to the security? | &nbsp;&nbsp;Yes ____ | No ____ |
| To your knowledge, in the fifteen (15) days before or after your proposed transaction, has Company purchased or sold the security, or considered purchasing or selling the security?<br>| &nbsp;&nbsp;Yes ____ | No ____ |
| Have you, (or any of your immediate family members living in your household) purchased or sold the security (or equivalent securities) in the <u>prior 30 calendar days?</u><br>| &nbsp;&nbsp;Yes ____ | No ____ |

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Authorization, if granted, to trade in the requested security shall expire ***at the end of the second business day following the date of approval or upon notification that authorization to trade in this security is terminated***. You may trade a smaller amount than approved, but trades exceeding approved amounts require separate approval.

ТО BE COMPLETED BY COMPANY ССO:

Has Company traded in the security within the five (5) business days prior to this trade request?

Approval Date <u> Chief Compliance Officer, Company </u> <u> Expiration Date </u>

<br> **EXHIBIT C**

**COMPANY INDEPENDENT DIRECTOR TRANSACTION REPORT**

**\*\*AN EXECUTED COPY OF THIS FORM MUST BE PROVIDED TO A COMPANY CCO\*\***

TO: Chief Compliance Officer, Company FROM:  

I hereby report the following trade<sup>15</sup> in my personal brokerage account (or in the brokerage account of an immediate family member living in my household):<sup>16</sup>

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| | |
|:---|:---|
| &nbsp;&nbsp; Date of Trade:<br>| &nbsp;&nbsp;Title of Security: |
| &nbsp;&nbsp; Type of Order (purchase, sale, other acquisition or disposition):<br>| &nbsp;&nbsp;Number of Shares/Principal Amount: |
| &nbsp;&nbsp; Interest Rate/Maturity Date (if applicable):<br>| &nbsp;&nbsp;Price: |
| &nbsp;&nbsp; Name of Broker, Dealer or Bank:<br>|  |

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<sup>15</sup> All Company directors must seek pre-approval for and report any transactions and holdings in (1) shares of a Company and (2) interests in any Reportable Security if the director knew or, in the ordinary course of fulfilling his or her official duties as a director of a Company, should have known that during the 15-day period immediately before or after the director's transaction in a Reportable Security, a Company purchased or sold the Reportable Security, or a Company or the Advisor on behalf of a Company considered purchasing or selling the Reportable Security.

<sup>16</sup> If trades are executed in separate tranches over multiple days, please provide information for each date/tranche by attaching duplicate sheets.

Report submitted by:

Signature

Date: